MMC has maintained strong operational momentum, evidenced by quarterly revenue reaching $6.4 billion in 2025Q3 and a resilient combined ratio that has fluctuated between 70.3% and 81.6% over the last ten quarters.
Marsh & McLennan Companies, Inc. (MRSH) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 28.46B | 26.98B | 24.46B | 22.74B | 20.72B | 19.82B | 17.22B | 16.65B | 14.95B | 14.02B | 13.21B | 12.89B | 12.95B | 12.26B | 11.92B | 11.53B | 10.55B | 9.83B | 10.73B | 11.18B | 11.92B | 11.65B | 11.76B | 11.59B | 10.44B | 9.87B | 10.31B | 9.16B | 7.19B | 6.01B | 4.4B |
| Revenue Growth % | 7.58% | 10.32% | 7.57% | 9.73% | 4.54% | 15.07% | 3.44% | 11.38% | 6.6% | 6.15% | - | -0.45% | 5.63% | 2.83% | 3.45% | 9.25% | 7.31% | -8.38% | -4% | -6.24% | 2.31% | -0.93% | 1.49% | 11% | 5.79% | -4.26% | 12.57% | 27.36% | 19.65% | 36.44% | 11.85% |
| Cost of Goods Sold | 16.29B | 15.58B | 14B | 13.1B | 12.07B | 11.43B | 10.13B | 9.73B | 8.61B | 8.09B | 7.69B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | 57.73% | 57.22% | 57.61% | 58.26% | 57.64% | 58.81% | 58.46% | 57.56% | 57.65% | 58.24% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 12.17B | 11.4B | 10.46B | 9.64B | 8.65B | 8.39B | 7.09B | 6.92B | 6.34B | 5.94B | 5.52B | 5.56B | 5.44B | 5.04B | 4.79B | 4.56B | 4.08B | 9.83B | 10.73B | 11.18B | 4.81B | 7.84B | 8.28B | 2.5B | 2.27B | 1.94B | 2.18B | 1.9B | 1.69B | 997M | 855M |
| Gross Margin % | 42.77% | 42.27% | 42.78% | 42.39% | 41.74% | 42.36% | 41.19% | 41.54% | 42.44% | 42.35% | 41.76% | 43.12% | 41.97% | 41.07% | 40.17% | 39.54% | 38.72% | 100% | 100% | 100% | 40.33% | 67.29% | 70.36% | 21.54% | 21.78% | 19.63% | 21.12% | 20.73% | 23.53% | 16.59% | 19.41% |
| Gross Profit Growth % | - | 9% | 8.56% | 11.42% | 3.03% | 18.32% | 2.56% | 9.03% | 6.84% | 7.65% | - | 2.26% | 7.96% | 5.11% | 5.11% | 11.55% | -58.45% | -8.38% | -4% | 132.47% | -38.68% | -5.24% | 231.53% | 9.76% | 17.4% | -11.02% | 14.7% | 12.17% | 69.71% | 16.61% | 3.01% |
| Operating Expenses | 6.08B | 5.18B | 4.64B | 4.36B | 4.37B | 4.08B | 4.03B | 4.24B | 3.58B | 3.28B | 3.09B | 3.14B | 3.13B | 2.96B | 2.96B | 2.92B | 3.15B | 9.05B | 10.05B | 10.33B | 3.35B | 6.99B | 7.67B | 0 | 0 | 174M | -2M | 431M | 272M | 199M | 140M |
| OpEx % of Revenue | - | 19.2% | 18.99% | 19.15% | 21.09% | 20.6% | 23.39% | 25.47% | 23.97% | 23.42% | 23.36% | 24.35% | 24.21% | 24.13% | 24.83% | 25.33% | 29.82% | 92.09% | 93.67% | 92.43% | 28.1% | 59.95% | 65.26% | - | - | 1.76% | -0.02% | 4.71% | 3.78% | 3.31% | 3.18% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.73B | 8.61B | 8.09B | 7.69B | 7.33B | 7.51B | 7.23B | 7.13B | 6.97B | 6.46B | 6.18B | 6.83B | 10.33B | 9.39B | 9.49B | 6.71B | 9.05B | 8.11B | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | 58.46% | 57.56% | 57.65% | 58.24% | 56.88% | 58.03% | 58.93% | 59.83% | 60.46% | 61.28% | 62.88% | 63.65% | 92.43% | 78.79% | 81.46% | 57.02% | 78.08% | 77.72% | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 5.18B | 4.64B | 4.36B | 4.37B | 4.08B | 4.03B | -5.49B | -5.02B | -4.8B | -4.61B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 6.09B | 6.22B | 5.82B | 5.28B | 4.28B | 4.31B | 3.07B | 2.68B | 2.76B | 2.65B | 2.43B | 2.42B | 2.3B | 2.08B | 1.83B | 1.64B | 939M | 778M | 679M | 846M | 948M | 590M | 600M | 2.5B | 2.27B | 1.76B | 2.18B | 1.47B | 1.42B | 798M | 715M |
| Operating Margin % | 21.39% | 23.06% | 23.78% | 23.23% | 20.66% | 21.76% | 17.8% | 16.08% | 18.47% | 18.93% | 18.4% | 18.76% | 17.77% | 16.94% | 15.34% | 14.21% | 8.9% | 7.91% | 6.33% | 7.57% | 7.95% | 5.06% | 5.1% | 21.54% | 21.78% | 17.86% | 21.14% | 16.02% | 19.75% | 13.28% | 16.24% |
| Operating Income Growth % | - | 6.98% | 10.13% | 23.41% | -0.74% | 40.64% | 14.53% | -3.04% | 3.99% | 9.21% | - | 5.13% | 10.78% | 13.56% | 11.66% | 74.44% | 20.69% | 14.58% | -19.74% | -10.76% | 60.68% | -1.67% | -75.96% | 9.76% | 28.98% | -19.09% | 48.53% | 3.31% | 77.94% | 11.61% | 2.89% |
| EBITDA | 7B | 7.13B | 6.56B | 6B | 5B | 5.06B | 3.81B | 3.32B | 3.25B | 3.14B | 2.87B | 2.84B | 2.69B | 2.44B | 2.18B | 1.97B | 1.3B | 1.14B | 1.08B | 1.29B | 1.44B | 1.08B | 1.06B | 2.89B | 2.63B | 2.28B | 2.67B | 1.9B | 1.69B | 997M | 855M |
| EBITDA Margin % | 24.6% | 26.44% | 26.83% | 26.37% | 24.13% | 25.52% | 22.1% | 19.96% | 21.77% | 22.36% | 21.72% | 22.04% | 20.76% | 19.86% | 18.27% | 17.09% | 12.28% | 11.63% | 10.09% | 11.52% | 12.05% | 9.27% | 8.98% | 24.91% | 25.22% | 23.13% | 25.87% | 20.73% | 23.53% | 16.59% | 19.41% |
| EBITDA Growth % | -0.41% | 8.69% | 9.47% | 19.92% | -1.19% | 32.89% | 14.53% | 2.12% | 3.79% | 9.31% | - | 5.69% | 10.43% | 11.8% | 10.56% | 52.01% | 13.39% | 5.54% | -15.92% | -10.31% | 32.96% | 2.27% | -63.42% | 9.65% | 15.33% | -14.4% | 40.52% | 12.17% | 69.71% | 16.61% | 3.01% |
| D&A (Non-Cash Add-back) | 913M | 910M | 746M | 713M | 719M | 747M | 741M | 647M | 494M | 481M | 438M | 423M | 388M | 358M | 349M | 332M | 357M | 365M | 404M | 442M | 488M | 490M | 456M | 391M | 359M | 520M | 488M | 431M | 272M | 199M | 140M |
| EBIT | 5.1B | 6.49B | 6.18B | 5.6B | 4.55B | 4.65B | 3.31B | 2.96B | 2.53B | 2.88B | 2.67B | 2.47B | 2.22B | 2.14B | 1.88B | 1.6B | 1B | 793M | 714M | 846M | 948M | 590M | 600M | 2.5B | 2.27B | 1.76B | 2.18B | 1.47B | 1.42B | 798M | 715M |
| Net Interest Income | -930M | -912M | -617M | -500M | -454M | -442M | -508M | -485M | -279M | -228M | -184M | -150M | -144M | -149M | -157M | -171M | -213M | -224M | -173M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 43M | 48M | 83M | 78M | 15M | 2M | 7M | 39M | 11M | 9M | 5M | 13M | 21M | 18M | 24M | 28M | 20M | 17M | 47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 973M | 960M | 700M | 578M | 469M | 444M | 515M | 524M | 290M | 237M | 189M | 163M | 165M | 167M | 181M | 199M | 233M | 241M | 220M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -715M | -684M | -337M | -256M | -198M | -104M | -273M | -238M | -517M | -12M | 49M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 5.37B | 5.54B | 5.48B | 5.03B | 4.08B | 4.21B | 2.79B | 2.44B | 2.24B | 2.64B | 2.48B | 2.31B | 2.06B | 1.97B | 1.7B | 1.4B | 769M | 552M | 494M | 847M | 1.22B | 571M | 402M | 2.33B | 2.13B | 1.59B | 1.96B | 1.25B | 1.3B | 715M | 668M |
| Pretax Margin % | 18.88% | 20.53% | 22.41% | 22.11% | 19.7% | 21.23% | 16.22% | 14.65% | 15.01% | 18.85% | 18.77% | 17.89% | 15.88% | 16.09% | 14.22% | 12.18% | 7.29% | 5.61% | 4.6% | 7.58% | 10.23% | 4.9% | 3.42% | 20.15% | 20.43% | 16.11% | 18.97% | 13.65% | 18.15% | 11.9% | 15.17% |
| Income Tax | 1.25B | 1.3B | 1.36B | 1.22B | 995M | 1.03B | 747M | 666M | 574M | 1.13B | 685M | 671M | 586M | 594M | 492M | 422M | 204M | 21M | 113M | 295M | 388M | 192M | 240M | 770M | 747M | 599M | 753M | 524M | 509M | 281M | 209M |
| Effective Tax Rate % | 23.25% | 23.56% | 24.87% | 24.35% | 24.38% | 24.57% | 26.75% | 27.31% | 25.58% | 42.87% | 27.62% | 29.09% | 28.49% | 30.11% | 29.01% | 30.06% | 26.53% | 3.8% | 22.87% | 34.83% | 31.83% | 33.63% | 59.7% | 32.98% | 35.02% | 37.67% | 38.52% | 41.92% | 39% | 39.3% | 31.29% |
| Net Income | 4.04B | 4.16B | 4.06B | 3.76B | 3.05B | 3.14B | 2.02B | 1.74B | 1.65B | 1.49B | 1.77B | 1.6B | 1.47B | 1.36B | 1.18B | 993M | 855M | 227M | -73M | 2.48B | 990M | 404M | 376M | 1.54B | 1.36B | 974M | 1.18B | 726M | 796M | 434M | 459M |
| Net Margin % | 14.2% | 15.42% | 16.6% | 16.52% | 14.72% | 15.86% | 11.7% | 10.46% | 11.04% | 10.64% | 13.38% | 12.4% | 11.31% | 11.07% | 9.86% | 8.62% | 8.1% | 2.31% | -0.68% | 22.14% | 8.3% | 3.47% | 3.2% | 13.29% | 13.07% | 9.87% | 11.46% | 7.93% | 11.07% | 7.22% | 10.42% |
| Net Income Growth % | -2.08% | 2.46% | 8.09% | 23.15% | -2.96% | 55.9% | 15.73% | 5.58% | 10.59% | -15.61% | - | 9.15% | 7.96% | 15.39% | 18.43% | 16.14% | 276.65% | 410.96% | -102.95% | 150% | 145.05% | 7.45% | -75.58% | 12.82% | 40.14% | -17.53% | 62.67% | -8.79% | 83.41% | -5.45% | 13.92% |
| Net Income (Continuing) | 4.12B | 4.23B | 4.12B | 3.8B | 3.09B | 3.17B | 2.05B | 1.77B | 1.67B | 1.51B | 1.79B | 1.64B | 1.47B | 1.38B | 1.2B | 982M | 565M | 531M | 381M | 552M | 831M | 377M | 354M | 1.54B | 1.36B | 991M | 1.2B | 726M | 796M | 434M | 459M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 26M | 6M | 0 | 33M | 306M | -290M | -443M | 1.94B | -199M | -176M | 22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 235M | 215M | 193M | 179M | 229M | 213M | 156M | 150M | 73M | 83M | 80M | 89M | 79M | 70M | 64M | 57M | 47M | 35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.44 | 8.43 | 8.18 | 7.53 | 6.04 | 6.13 | 3.94 | 3.41 | 3.23 | 2.87 | 3.37 | 2.98 | 2.65 | 2.43 | 2.13 | 1.80 | 1.57 | 0.46 | -0.14 | 4.53 | 1.78 | 0.74 | 0.33 | 2.81 | 2.45 | 1.70 | 2.08 | 1.33 | 1.51 | 0.80 | 1.04 |
| EPS Growth % | 0.24% | 3.06% | 8.63% | 24.67% | -1.47% | 55.58% | 15.54% | 5.57% | 12.54% | -14.84% | - | 12.45% | 9.05% | 14.08% | 18.33% | 14.65% | 241.3% | 428.57% | -103.09% | 154.49% | 140.54% | 124.24% | -88.26% | 14.69% | 44.12% | -18.27% | 56.39% | -11.92% | 88.75% | -23.08% | 14.29% |
| EPS (Basic) | - | 8.48 | 8.25 | 7.60 | 6.11 | 6.20 | 3.98 | 3.44 | 3.26 | 2.91 | 3.41 | 3.01 | 2.69 | 2.47 | 2.16 | 1.83 | 1.58 | 0.46 | -0.14 | 4.59 | 1.80 | 0.75 | 0.33 | 2.89 | 2.52 | 1.77 | 2.17 | 1.38 | 1.55 | 0.81 | 1.06 |
| Diluted Shares Outstanding | 479M | 490M | 496M | 499M | 505M | 513M | 512M | 511M | 511M | 519M | 524M | 536M | 553M | 558M | 552M | 551M | 544M | 524M | 515M | 546M | 557M | 543M | 535M | 548M | 557M | 572.94M | 568M | 544M | 528M | 501.73M | 441.35M |
| Basic Shares Outstanding | 476M | 487M | 492M | 494M | 499M | 507M | 506M | 506M | 506M | 513M | 519M | 531M | 545M | 549M | 544M | 542M | 540M | 522M | 514M | 539M | 549M | 538M | 526M | 533M | 541M | 550M | 544M | 526M | 512M | 490.4M | 435.07M |
| Dividend Payout Ratio | - | 40.84% | 37.27% | 34.56% | 37.31% | 32.64% | 46.78% | 50.52% | 48.91% | 49.6% | 38.57% | 39.52% | 39.73% | 39.28% | 42.26% | 48.34% | 52.87% | 189.87% | - | 16.69% | 37.78% | 89.85% | 181.12% | 40.97% | 43.44% | 58.21% | 43.52% | 61.57% | 47.11% | 70.51% | 52.07% |
Quick answers to the most common questions about buying MRSH stock.
For fiscal year 2025, Marsh & McLennan Companies, Inc. (MRSH) reported total revenue of $26.98B. This represents a 512.6% increase compared to $4.40B in 1996.
Marsh & McLennan Companies, Inc. (MRSH) is profitable, generating $4.16B in net income for the fiscal year ending 2025 with a net profit margin of 15.4%.
Marsh & McLennan Companies, Inc. (MRSH) reported an operating income of $6.22B, resulting in an operating profit margin of 23.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Marsh & McLennan Companies, Inc. (MRSH) generated $11.40B in gross profit for the year, representing a gross profit margin of 42.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Wage inflation margin compression
Metrics are mathematically derived from official filings.
Sustained Revenue Momentum Amid Cycles
As reported in recent financial filings, MMC has maintained a consistent growth trajectory, with quarterly revenue reaching $6.4 billion in 2025Q3, reflecting an 11.5% year-over-year increase that underscores the firm's ability to capture value from the ongoing hard insurance market cycle and high client retention rates.
The firm's ability to consistently grow top-line revenue suggests that its brokerage operations are effectively leveraging rising premium rates. Investors should monitor whether this growth remains sustainable if the current hard market conditions begin to soften or if client demand for consulting services faces cyclical headwinds.
Underwriting Efficiency and Margin Resilience
Based on the provided income statement data, MMC has demonstrated robust underwriting discipline, with the combined ratio fluctuating between 70.3% and 81.6% over the last ten quarters, indicating that the firm maintains a significant buffer against operational volatility while effectively managing its core brokerage cost structure.
The stability of the combined ratio suggests that MMC is successfully balancing its high-variable compensation costs against commission-based revenue growth. This performance appears to indicate that the firm's shared services platform is providing meaningful operating leverage, though investors should remain cautious regarding potential wage inflation impacts on future margins.
Operating Scale and Efficiency Drivers
According to historical performance metrics, MMC's operating income has shown significant resilience, peaking at $2.0 billion in 2025Q1, which suggests that the firm's global scale allows for efficient absorption of professional services costs despite the inherent labor-intensive nature of its consulting and brokerage business models.
The firm's ability to scale operating income alongside revenue growth implies that its integration of acquired entities is yielding the expected synergies. However, the reliance on human capital suggests that any disruption in talent retention or a spike in compensation costs could quickly erode these operating efficiencies.
Sensitivity to Macroeconomic Policy Shifts
While MMC's recent earnings have been bolstered by favorable interest rate environments, the lack of explicit investment income disclosure in the provided data warrants further investigation into whether current profitability levels are overly dependent on transient fiduciary interest income rather than core organic brokerage growth.
The firm's reliance on interest earned on premiums held in transit may mask underlying weaknesses in organic growth if interest rates were to decline. Analysts should consider whether the current valuation adequately prices in the risk of a reversal in these high-margin, non-operating revenue streams.