MARSH & MCLENNAN COMPANIES, INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MARSH & MCLENNAN COMPANIES, INC. reported revenue of $27.0B (+10.3% year on year) and net income of $4.2B (+2.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $27.0B | $24.5B | $22.7B | $20.7B |
| Compensation and benefits | $15.6B | $14.0B | $13.1B | $12.1B |
| Other operating expenses | $5.2B | $4.6B | $4.4B | $4.4B |
| Operating expenses | $20.8B | $18.6B | $17.5B | $16.4B |
| Operating income | $6.2B | $5.8B | $5.3B | $4.3B |
| Other net benefits credits | $194.0M | $268.0M | $239.0M | $235.0M |
| Interest income | $48.0M | $83.0M | $78.0M | $15.0M |
| Interest expense | ($960.0M) | ($700.0M) | ($578.0M) | ($469.0M) |
| Investment income | $34.0M | $12.0M | $5.0M | $21.0M |
| Income before income taxes | $5.5B | $5.5B | $5.0B | $4.1B |
| Income tax expense | $1.3B | $1.4B | $1.2B | $995.0M |
| Net income before non-controlling interests | $4.2B | $4.1B | $3.8B | $3.1B |
| Less: Net income attributable to non-controlling interests | $74.0M | $57.0M | $46.0M | $37.0M |
| Net income attributable to the Company | $4.2B | $4.1B | $3.8B | $3.0B |
| Basic (in dollars per share) | $8.48 | $8.26 | $7.60 | $6.11 |
| Diluted (in dollars per share) | $8.43 | $8.18 | $7.53 | $6.04 |
| Basic (in shares) | 491.0M | 492.0M | 494.0M | 499.0M |
| Diluted (in shares) | 494.0M | 496.0M | 499.0M | 505.0M |
| Shares outstanding (in shares) | 485.0M | 491.0M | 492.0M | 495.0M |
| Line item | Sep 30, 2026 · Q3 | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 |
|---|---|---|---|---|
| Revenue | $6.9B | $7.4B | $7.6B | $6.4B |
| Compensation and benefits | $4.1B | $4.1B | $4.1B | $3.9B |
| Other operating expenses | $1.6B | $1.4B | $1.7B | $1.3B |
| Operating expenses | $5.6B | $5.5B | $5.8B | $5.2B |
| Operating income | $1.2B | $1.9B | $1.8B | $1.2B |
| Other net benefit credits | $48.0M | $50.0M | $50.0M | $52.0M |
| Interest income | $10.0M | $8.0M | $11.0M | $10.0M |
| Interest expense | ($248.0M) | ($250.0M) | ($240.0M) | ($237.0M) |
| Investment income | $8.0M | ($5.0M) | $6.0M | $15.0M |
| Income before income taxes | $1.0B | $1.7B | $1.6B | $1.0B |
| Income tax expense | $221.0M | $411.0M | $395.0M | $253.0M |
| Net income before non-controlling interests | $812.0M | $1.3B | $1.2B | $757.0M |
| Less: Net income attributable to non-controlling interests | $4.0M | $25.0M | $40.0M | $10.0M |
| Net income attributable to the Company | $808.0M | $1.3B | $1.1B | $747.0M |
| Basic (in dollars per share) | $1.70 | $2.64 | $2.37 | $1.52 |
| Diluted (in dollars per share) | $1.69 | $2.63 | $2.36 | $1.51 |
| Basic (in shares) | 476.0M | 480.0M | 484.0M | 491.0M |
| Diluted (in shares) | 479.0M | 482.0M | 486.0M | 494.0M |
| Shares outstanding (in shares) | 475.0M | 478.0M | 482.0M | 490.0M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $2.7B | $2.4B | $3.4B | $1.4B |
| Cash and cash equivalents held in a fiduciary capacity | $11.5B | $11.3B | $10.8B | — |
| Commissions and fees | $7.0B | $6.5B | $5.8B | $5.3B |
| Advanced premiums and claims | $67.0M | $84.0M | $103.0M | $103.0M |
| Other | $750.0M | $706.0M | $660.0M | $616.0M |
| Gross receivables | $7.8B | $7.3B | $6.6B | $6.0B |
| Less – allowance for credit losses | ($162.0M) | ($167.0M) | ($151.0M) | ($160.0M) |
| Net receivables | $7.7B | $7.2B | $6.4B | $5.9B |
| Other current assets | $1.4B | $1.3B | $1.2B | $1.0B |
| Total current assets | $23.2B | $22.1B | $21.7B | $8.3B |
| Goodwill | $24.3B | $23.3B | $17.2B | $16.3B |
| Other intangible assets | $4.7B | $4.8B | $2.6B | $2.5B |
| Fixed assets, net | $829.0M | $859.0M | $882.0M | $871.0M |
| Pension related assets | $2.1B | $1.9B | $2.1B | $2.1B |
| Right of use assets | $1.5B | $1.5B | $1.5B | $1.6B |
| Deferred tax assets | $212.0M | $237.0M | $357.0M | $358.0M |
| Other assets | $1.8B | $1.7B | $1.6B | $1.4B |
| Total assets | $58.7B | $56.5B | $48.0B | $33.5B |
| Short-term debt | $1.3B | $519.0M | $1.6B | $268.0M |
| Accounts payable and accrued liabilities | $3.7B | $3.4B | $3.4B | $3.3B |
| Accrued compensation and employee benefits | $4.0B | $3.6B | $3.3B | $3.1B |
| Current lease liabilities | $333.0M | $325.0M | $312.0M | $310.0M |
| Accrued income taxes | $373.0M | $376.0M | $321.0M | $221.0M |
| Fiduciary liabilities | $11.5B | $11.3B | $10.8B | $10.7B |
| Total current liabilities | $21.1B | $19.5B | $19.8B | $7.2B |
| Long-term debt | $18.3B | $19.4B | $11.8B | $11.2B |
| Pension, post-retirement and post-employment benefits | $786.0M | $840.0M | $779.0M | $921.0M |
| Long-term lease liabilities | $1.5B | $1.6B | $1.7B | $1.7B |
| Liability for errors and omissions | $288.0M | $305.0M | $314.0M | $355.0M |
| Other liabilities | $1.4B | $1.3B | $1.3B | $1.4B |
| Commitments and contingencies | $0 | $0 | $0 | $0 |
| Preferred stock, $1 par value, authorized 6,000,000 shares, none issued | 0 | 0 | 0 | 0 |
| Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2025 and 2024 | 561.0M | 561.0M | 561.0M | 561.0M |
| Additional paid-in capital | $1.5B | $1.4B | $1.2B | $1.2B |
| Retained earnings | $27.8B | $25.3B | $22.8B | $20.3B |
| Accumulated other comprehensive loss | ($5.4B) | ($6.2B) | ($5.3B) | ($5.3B) |
| Non-controlling interests | $215.0M | $193.0M | $179.0M | $229.0M |
| Stockholders equity subtotal before treasury stock | $24.7B | $21.2B | $19.4B | $17.0B |
| Less – treasury shares, at cost, 75,783,063 shares at December 31, 2025 and 69,239,488 shares at December 31, 2024 | -9.3B | -7.7B | -7.1B | -6.2B |
| Total equity | $15.3B | $13.5B | $12.4B | $10.7B |
| Total liabilities and stockholders' equity | $58.7B | $56.5B | $48.0B | $33.5B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.8B | $1.7B | $1.6B | $2.5B |
| Cash and cash equivalents held in a fiduciary capacity | $12.3B | $12.2B | $11.7B | $12.0B |
| Commissions and fees | $7.9B | $8.3B | $7.8B | $7.3B |
| Advanced premiums and claims | $92.0M | $86.0M | $60.0M | $63.0M |
| Other | $760.0M | $727.0M | $749.0M | $760.0M |
| Gross receivables | $8.7B | $9.1B | $8.6B | $8.1B |
| Less-allowance for credit losses | ($163.0M) | ($159.0M) | ($159.0M) | ($173.0M) |
| Net receivables | $8.5B | $8.9B | $8.4B | $7.9B |
| Other current assets | $1.4B | $1.5B | $1.5B | $1.3B |
| Total current assets | $24.1B | $24.3B | $23.2B | $23.7B |
| Goodwill | $24.6B | $24.4B | $24.3B | $23.9B |
| Other intangible assets | $4.5B | $4.5B | $4.6B | $4.7B |
| Fixed assets (net of accumulated depreciation and amortization of $1,754 at September 30, 2026 and $1,669 at December 31, 2025) | $815.0M | $806.0M | $814.0M | $820.0M |
| Pension related assets | $2.3B | $2.2B | $2.2B | $2.2B |
| Right of use assets | $1.4B | $1.4B | $1.5B | $1.4B |
| Deferred tax assets | $195.0M | $199.0M | $193.0M | $248.0M |
| Other assets | $1.9B | $1.8B | $1.8B | $1.7B |
| Total assets | $59.8B | $59.7B | $58.6B | $58.8B |
| Short-term debt | $1.6B | $1.7B | $1.7B | $1.3B |
| Accounts payable and accrued liabilities | $3.6B | $4.1B | $4.2B | $3.4B |
| Accrued compensation and employee benefits | $3.3B | $2.6B | $1.9B | $3.1B |
| Current lease liabilities | $324.0M | $327.0M | $326.0M | $332.0M |
| Accrued income taxes | $485.0M | $479.0M | $572.0M | $617.0M |
| Dividends payable | $471.0M | — | $436.0M | $441.0M |
| Fiduciary liabilities | $12.3B | $12.2B | $11.7B | $12.0B |
| Total current liabilities | $22.1B | $21.4B | $20.9B | $21.1B |
| Long-term debt | $18.9B | $18.9B | $18.9B | $18.3B |
| Pension, post-retirement and post-employment benefits | $693.0M | $739.0M | $752.0M | $791.0M |
| Long-term lease liabilities | $1.5B | $1.5B | $1.5B | $1.5B |
| Liabilities for errors and omissions | $281.0M | $280.0M | $286.0M | $285.0M |
| Other liabilities | $1.4B | $1.5B | $1.4B | $1.4B |
| Commitments and contingencies | $0 | $0 | $0 | $0 |
| Preferred stock, $1 par value, authorized 6,000,000 shares, none issued | 0 | 0 | 0 | 0 |
| Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at September 30, 2026 and December 31, 2025 | 561.0M | 561.0M | 561.0M | 561.0M |
| Additional paid-in capital | $1.6B | $1.6B | $1.5B | $1.5B |
| Retained earnings | $29.2B | $29.3B | $28.0B | $26.9B |
| Accumulated other comprehensive loss | ($5.5B) | ($5.6B) | ($5.6B) | ($5.4B) |
| Non-controlling interests | $235.0M | $250.0M | $237.0M | $206.0M |
| Stockholders' equity before treasury stock | $26.1B | $26.1B | $24.7B | $23.7B |
| Less – treasury shares, at cost, 85,230,515 shares at September 30, 2026 and 75,783,063 shares at December 31, 2025 | -11.1B | -10.7B | -9.9B | -8.4B |
| Total equity | $14.9B | $15.4B | $14.8B | $15.4B |
| Total liabilities and stockholders' equity | $59.8B | $59.7B | $58.6B | $58.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income before non-controlling interests | $4.2B | $4.1B | $3.8B | $3.1B |
| Depreciation and amortization of fixed assets and capitalized software | $361.0M | $369.0M | $370.0M | $381.0M |
| Amortization of intangible assets | $549.0M | $377.0M | $343.0M | $338.0M |
| Non-cash lease expense | $295.0M | $280.0M | $288.0M | $404.0M |
| Adjustments and payments related to contingent consideration assets and liabilities | $37.0M | ($77.0M) | ($11.0M) | $11.0M |
| Gain on consolidation of entity | ($13.0M) | $0 | $0 | ($2.0M) |
| Net (gain) on investments | ($34.0M) | ($9.0M) | ($5.0M) | — |
| Net (gain) loss on disposition of assets | ($13.0M) | ($48.0M) | $16.0M | ($127.0M) |
| Share-based compensation expense | $394.0M | $368.0M | $363.0M | $367.0M |
| Net receivables | ($128.0M) | ($467.0M) | ($467.0M) | ($492.0M) |
| Other assets | ($143.0M) | ($217.0M) | ($154.0M) | ($122.0M) |
| Accrued compensation and employee benefits | $242.0M | $92.0M | $195.0M | $171.0M |
| Provision for taxes, net of payments and refunds | $12.0M | $123.0M | $105.0M | ($54.0M) |
| Contributions to pension and other benefit plans in excess of current year credit | ($259.0M) | ($352.0M) | ($335.0M) | ($385.0M) |
| Other liabilities | $93.0M | $55.0M | $64.0M | $193.0M |
| Operating lease liabilities | ($335.0M) | ($309.0M) | ($316.0M) | ($323.0M) |
| Net cash provided by (used for) operations | $5.3B | $4.3B | $4.3B | $3.5B |
| Purchase of treasury shares | -2.0B | -900.0M | -1.1B | -1.9B |
| Issuance of commercial paper with maturity greater than 90 days | $0 | $0 | $146.0M | — |
| Repayment of commercial paper with maturity greater than 90 days | $0 | $0 | ($146.0M) | — |
| Proceeds from issuance of debt | $0 | $8.2B | $2.2B | $984.0M |
| Repayments of debt | ($519.0M) | ($1.6B) | ($266.0M) | ($365.0M) |
| Payment of bridge loan commitment fees | $0 | ($23.0M) | — | — |
| Purchase of non-controlling interests | $0 | ($7.0M) | ($139.0M) | ($7.0M) |
| Shares withheld for taxes on vested units – treasury shares | -148.0M | -180.0M | -148.0M | -198.0M |
| Issuance of common stock from treasury shares | 250.0M | 264.0M | 199.0M | 126.0M |
| Payments of deferred and contingent consideration for acquisitions | ($67.0M) | ($113.0M) | ($202.0M) | ($158.0M) |
| Receipts of deferred and contingent consideration for dispositions | $0 | $3.0M | — | — |
| Distributions of non-controlling interests | ($57.0M) | ($40.0M) | ($31.0M) | ($27.0M) |
| Dividends paid | ($1.7B) | ($1.5B) | ($1.3B) | ($1.1B) |
| Change in fiduciary liabilities | ($382.0M) | $411.0M | ($255.0M) | $1.7B |
| Net cash provided by (used for) financing activities | ($4.6B) | $4.5B | ($1.1B) | ($1.0B) |
| Capital expenditures | ($291.0M) | ($316.0M) | ($416.0M) | ($470.0M) |
| Purchases of long-term investments | ($26.0M) | ($108.0M) | ($57.0M) | ($22.0M) |
| Sales of long-term investments | $100.0M | $55.0M | $38.0M | $86.0M |
| Dispositions | $22.0M | $89.0M | ($17.0M) | $119.0M |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | ($652.0M) | ($8.5B) | ($976.0M) | ($572.0M) |
| Other, net | $2.0M | $1.0M | $11.0M | $9.0M |
| Net cash provided by (used for) investing activities | ($845.0M) | ($8.8B) | ($1.4B) | ($850.0M) |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $673.0M | ($414.0M) | $328.0M | ($841.0M) |
| Increase (decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $486.0M | ($478.0M) | $2.0B | $728.0M |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of year | $13.7B | $14.2B | $12.1B | $11.4B |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of year | $14.2B | $13.7B | $14.2B | $12.1B |
| Cash and cash equivalents | $2.7B | $2.4B | $3.4B | $1.4B |
| Cash and cash equivalents held in a fiduciary capacity | $11.5B | $11.3B | $10.8B | $10.7B |
| Line item | Sep 30, 2026 · YTD | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD |
|---|---|---|---|---|
| Net income before non-controlling interests | $3.3B | $2.5B | $1.2B | $3.4B |
| Depreciation and amortization of fixed assets and capitalized software | $268.0M | $179.0M | $89.0M | $270.0M |
| Amortization of intangible assets | $417.0M | $275.0M | $138.0M | $412.0M |
| Non-cash lease expense | $223.0M | $151.0M | $76.0M | $219.0M |
| Adjustments and payments related to contingent consideration assets and liabilities | ($31.0M) | ($33.0M) | $10.0M | $18.0M |
| Gain on consolidation of entity | ($126.0M) | $0 | — | ($13.0M) |
| Net (gain) on investments | ($9.0M) | ($1.0M) | ($6.0M) | ($27.0M) |
| Net (gain) on disposition of assets | ($12.0M) | ($7.0M) | — | ($17.0M) |
| Share-based compensation expense | $329.0M | $235.0M | $139.0M | $305.0M |
| Net receivables | ($872.0M) | ($1.4B) | ($784.0M) | ($388.0M) |
| Other assets | ($197.0M) | ($154.0M) | ($122.0M) | ($39.0M) |
| Accrued compensation and employee benefits | ($639.0M) | ($1.3B) | ($2.0B) | ($610.0M) |
| Provision for taxes, net of payments and refunds | $69.0M | $169.0M | $157.0M | $197.0M |
| Contributions to pension and other benefit plans in excess of current year credit | ($210.0M) | ($123.0M) | ($61.0M) | ($190.0M) |
| Other liabilities | $66.0M | $521.0M | $587.0M | ($157.0M) |
| Operating lease liabilities | ($252.0M) | ($170.0M) | ($86.0M) | ($249.0M) |
| Net cash provided by (used for) operations | $2.3B | $835.0M | ($688.0M) | $3.1B |
| Purchase of treasury shares | -2.0B | -1.5B | -755.0M | -1.0B |
| Net proceeds from issuance of commercial paper | $1.6B | $1.0B | $1.0B | — |
| Proceeds from issuance of debt | $595.0M | $595.0M | $595.0M | $0 |
| Repayments of debt | ($1.2B) | ($610.0M) | ($605.0M) | ($514.0M) |
| Payment to acquire non-controlling interest | ($54.0M) | ($54.0M) | — | $0 |
| Shares withheld for taxes on vested units – treasury shares | -124.0M | -123.0M | -118.0M | -148.0M |
| Issuance of common stock from treasury shares | 118.0M | 91.0M | 63.0M | 212.0M |
| Payments of deferred and contingent consideration for acquisitions | ($145.0M) | ($61.0M) | ($31.0M) | ($64.0M) |
| Receipts of deferred and contingent consideration for dispositions | $12.0M | $12.0M | $12.0M | $0 |
| Distributions of non-controlling interests | ($41.0M) | ($30.0M) | ($17.0M) | ($46.0M) |
| Dividends paid | ($1.4B) | ($878.0M) | ($440.0M) | ($1.3B) |
| Change in fiduciary liabilities | $869.0M | $860.0M | $361.0M | $231.0M |
| Net cash provided by (used for) financing activities | ($1.8B) | ($686.0M) | $114.0M | ($2.6B) |
| Capital expenditures | ($215.0M) | ($134.0M) | ($62.0M) | ($186.0M) |
| Purchases of long-term investments | ($20.0M) | ($9.0M) | ($8.0M) | ($17.0M) |
| Sales of long-term investments | $3.0M | $1.0M | $1.0M | $96.0M |
| Dispositions | $16.0M | $12.0M | $12.0M | $15.0M |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | ($263.0M) | ($129.0M) | ($41.0M) | ($224.0M) |
| Other, net | ($14.0M) | ($6.0M) | ($6.0M) | ($6.0M) |
| Net cash provided by (used for) investing activities | ($493.0M) | ($265.0M) | ($104.0M) | ($322.0M) |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ($101.0M) | ($141.0M) | ($127.0M) | $615.0M |
| Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ($45.0M) | ($257.0M) | ($805.0M) | $838.0M |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period | $14.2B | $14.2B | $14.2B | $13.7B |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period | $14.1B | $13.9B | $13.4B | $14.5B |
| Cash and cash equivalents | $1.8B | $1.7B | $1.6B | $2.5B |
| Cash and cash equivalents held in a fiduciary capacity | $12.3B | $12.2B | $11.7B | $12.0B |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $14.1B | $13.9B | $13.4B | $14.5B |
MARSH & MCLENNAN COMPANIES, INC. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.