Marsh & McLennan Companies, Inc. (MRSH) quarterly income statement — complete revenue, gross profit & net income history
Marsh & McLennan Companies, Inc. (MRSH) annual income statement — 30-year revenue, gross profit & net income history
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Sales/Revenue | 6.86B | 7.4B | 7.6B | 6.59B | 6.35B | 6.97B | 7.06B | 6.07B | 5.7B | 6.22B | 6.47B | 5.55B | 5.38B | 5.88B | 5.92B | 5.02B | 4.77B | 5.38B | 5.55B | 5.14B |
| Revenue Growth % | 8.06% | 6.17% | 7.59% | 8.7% | 11.48% | 12.1% | - | - | - | - | 9.27% | 10.59% | 12.83% | 9.24% | 6.76% | -2.24% | 4.08% | 7.22% | 9.17% | 16.33% |
| Cost of Goods Sold | 4.08B | 4.14B | 4.13B | 3.94B | 3.89B | 3.9B | 3.85B | 3.63B | 3.44B | 3.45B | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | 59.42% | 55.93% | 54.36% | 59.71% | 61.31% | 55.85% | 54.52% | 59.83% | 60.42% | 55.52% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.79B | 3.26B | 3.47B | 2.66B | 2.46B | 3.08B | 3.21B | 2.44B | 2.25B | 2.77B | 3B | 2.29B | 2.1B | 2.54B | 2.72B | 1.98B | 1.85B | 2.37B | 2.45B | 2.23B |
| Gross Margin % | 40.58% | 44.07% | 45.64% | 40.29% | 38.69% | 44.15% | 45.48% | 40.17% | 39.58% | 44.48% | 46.39% | 41.16% | 38.93% | 43.21% | 45.86% | 39.51% | 38.72% | 44.04% | 44.13% | 43.45% |
| Gross Profit Growth % | 13.35% | 5.98% | 7.97% | 9.03% | 8.96% | 11.28% | - | - | - | - | 10.53% | 15.22% | 13.43% | 7.18% | 10.94% | -11.11% | 6.76% | 9.83% | 7.6% | 26.39% |
| Operating Expenses | 1.57B | 1.36B | 1.71B | 1.44B | 1.29B | 1.25B | 1.21B | 1.29B | 1.15B | 1.13B | 1.08B | 1.18B | 1.1B | 1.08B | 991M | 1.3B | 1.06B | 1B | 1B | 1.25B |
| OpEx % of Revenue | 22.88% | 18.42% | 22.55% | 21.8% | 20.26% | 17.92% | 17.08% | 21.34% | 20.13% | 18.08% | 16.65% | 21.3% | 20.42% | 18.41% | 16.73% | 25.97% | 22.14% | 18.68% | 18.09% | 24.26% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.22B | 1.9B | 1.75B | 1.22B | 1.17B | 1.83B | 2B | 1.14B | 1.11B | 1.64B | 1.93B | 1.1B | 996M | 1.46B | 1.73B | 680M | 791M | 1.36B | 1.45B | 986M |
| Operating Margin % | 17.7% | 25.65% | 23.09% | 18.48% | 18.42% | 26.23% | 28.4% | 18.82% | 19.45% | 26.39% | 29.74% | 19.86% | 18.51% | 24.8% | 29.14% | 13.54% | 16.58% | 25.36% | 26.04% | 19.19% |
| Operating Income Growth % | 3.85% | 3.83% | -12.52% | 6.74% | 5.6% | 11.39% | - | - | - | - | 11.53% | 62.21% | 25.92% | 6.82% | 19.45% | -31.03% | 6.89% | 11.07% | 6.41% | 72.68% |
| EBITDA | 1.45B | 2.13B | 1.98B | 1.45B | 1.39B | 2.06B | 2.23B | 1.34B | 1.29B | 1.82B | 2.11B | 1.29B | 1.18B | 1.64B | 1.9B | 882M | 960M | 1.53B | 1.63B | 1.16B |
| EBITDA Margin % | 21.07% | 28.71% | 26.08% | 21.94% | 21.95% | 29.54% | 31.61% | 22.14% | 22.61% | 29.22% | 32.66% | 23.21% | 21.85% | 27.83% | 31.99% | 17.56% | 20.13% | 28.48% | 29.28% | 22.66% |
| EBITDA Growth % | 3.73% | 3.2% | -11.25% | 7.74% | 8.23% | 13.31% | - | - | - | - | 11.56% | 46.15% | 22.5% | 6.72% | 16.62% | -24.23% | 4.46% | 7.81% | 4.5% | 52.16% |
| D&A (Non-Cash Add-back) | 231M | 227M | 227M | 228M | 224M | 231M | 227M | 201M | 180M | 176M | 189M | 186M | 180M | 178M | 169M | 202M | 169M | 168M | 180M | 178M |
| EBIT | 1.28B | 1.2B | 1.34B | 1.28B | 1.25B | 1.89B | 2.07B | 1.24B | 1.19B | 1.72B | 2.03B | 1.2B | 1.07B | 1.53B | 1.8B | 740M | 851M | 1.43B | 1.53B | 1.07B |
| Net Interest Income | -238M | -242M | -229M | -221M | -227M | -238M | -226M | -209M | -142M | -144M | -122M | -113M | -129M | -136M | -122M | -118M | -114M | -113M | -109M | -109M |
| Interest Income | 10M | 8M | 11M | 14M | 10M | 5M | 19M | 22M | 12M | 12M | 37M | 38M | 16M | 10M | 14M | 9M | 4M | 1M | 1M | 0 |
| Interest Expense | 248M | 250M | 240M | 235M | 237M | 243M | 245M | 231M | 154M | 156M | 159M | 151M | 145M | 146M | 136M | 127M | 118M | 114M | 110M | 109M |
| Other Income/Expense | -182M | -197M | -173M | -163M | -160M | -183M | -178M | -133M | -73M | -77M | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.03B | 1.7B | 1.58B | 1.06B | 1.01B | 1.65B | 1.83B | 1.01B | 1.03B | 1.56B | 1.87B | 1.05B | 930M | 1.38B | 1.66B | 613M | 733M | 1.31B | 1.42B | 961M |
| Pretax Margin % | 15.05% | 22.99% | 20.81% | 16.01% | 15.9% | 23.6% | 25.87% | 16.63% | 18.17% | 25.16% | 28.9% | 18.87% | 17.28% | 23.55% | 28.09% | 12.21% | 15.37% | 24.39% | 25.66% | 18.71% |
| Income Tax | 221M | 411M | 395M | 222M | 253M | 415M | 415M | 208M | 283M | 425M | 447M | 283M | 192M | 337M | 412M | 142M | 181M | 334M | 338M | 154M |
| Effective Tax Rate % | 21.39% | 24.15% | 24.98% | 21.02% | 25.05% | 25.21% | 22.71% | 20.61% | 27.34% | 27.16% | 23.89% | 27% | 20.65% | 24.35% | 24.76% | 23.16% | 24.69% | 25.46% | 23.74% | 16.02% |
| Net Income | 808M | 1.27B | 1.15B | 821M | 747M | 1.21B | 1.38B | 788M | 747M | 1.13B | 1.4B | 756M | 730M | 1.03B | 1.24B | 466M | 546M | 967M | 1.07B | 803M |
| Net Margin % | 11.77% | 17.1% | 15.08% | 12.45% | 11.76% | 17.36% | 19.56% | 12.99% | 13.11% | 18.08% | 21.63% | 13.61% | 13.56% | 17.61% | 20.85% | 9.28% | 11.45% | 17.98% | 19.3% | 15.63% |
| Net Income Growth % | 8.17% | 4.54% | -17.02% | 4.19% | 0% | 7.64% | - | - | - | - | 13.36% | 62.23% | 33.7% | 7.03% | 15.31% | -41.97% | 1.68% | 17.93% | 8.95% | 114.71% |
| Net Income (Continuing) | 812M | 1.29B | 1.19B | 834M | 757M | 1.23B | 1.41B | 801M | 752M | 1.14B | 1.42B | 765M | 738M | 1.05B | 1.25B | 471M | 552M | 978M | 1.09B | 807M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 235M | 250M | 237M | 215M | 206M | 209M | 203M | 193M | 194M | 198M | 200M | 179M | 180M | 178M | 243M | 229M | 226M | 224M | 219M | 213M |
| EPS (Diluted) | 1.69 | 2.63 | 2.36 | 1.68 | 1.51 | 2.45 | 2.79 | 1.59 | 1.51 | 2.27 | 2.82 | 1.52 | 1.46 | 2.07 | 2.47 | 0.93 | 1.09 | 1.91 | 2.10 | 1.57 |
| EPS Growth % | 11.92% | 7.35% | -15.41% | 5.66% | 0% | 7.93% | - | - | - | - | 14.17% | 63.44% | 33.95% | 8.38% | 17.62% | -40.76% | 3.81% | 19.38% | 9.95% | 115.07% |
| EPS (Basic) | 1.70 | 2.63 | 2.37 | 1.69 | 1.52 | 2.46 | 2.81 | 1.60 | 1.52 | 2.29 | 2.85 | 1.53 | 1.48 | 2.09 | 2.49 | 0.94 | 1.10 | 1.93 | 2.13 | 1.59 |
| Diluted Shares Outstanding | 479M | 484M | 486M | 490M | 494M | 495M | 495M | 496M | 496M | 496M | 497M | 498M | 499M | 499M | 500M | 501M | 503M | 506M | 509M | 511M |
| Basic Shares Outstanding | 476M | 482M | 484M | 487M | 491M | 492M | 492M | 492M | 492M | 492M | 492M | 493M | 494M | 495M | 495M | 496M | 498M | 501M | 503M | 504M |
| Dividend Payout Ratio | - | 34.6% | 38.39% | 54.08% | 59.57% | 33.44% | 29.33% | 51.14% | 54.08% | 31.29% | 25.29% | 46.83% | 48.36% | 28.5% | 23.97% | 63.95% | 53.66% | 28.44% | 25.4% | 32.88% |