Company file · MRSH
Marsh McLennan
Marsh McLennan's revenue rose 10.3% in FY2025, to $27.0B, and net income rose 2.5% to $4.2B
Revenue rose 10.3% to $27.0B in FY2025, from $24.5B in FY2024. Net income rose 2.5% to $4.2B. Risk and Insurance Services was the largest segment, at 64% of revenue.
Key facts
Marsh McLennan (NYSE: MRSH) closed fiscal 2025 on Dec 31, 2025 with revenue of $27.0B, up 10.3% from a year before; net income came to $4.2B, up 2.5%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $6.9B, up 8.1% on the same stretch of the prior year, and net income of $808M. Broken down by segment, Risk and Insurance Services led with 64% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 9, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 15, 2026).
Source: 10-K FY2025, filed Feb 9, 2026
Source: 10-Q filed Apr 16, 2026 · 10-Q filed Jul 21, 2026 · 10-Q filed Oct 15, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Risk and Insurance Services (64%) and Consulting (36%), as shares of total revenue. Total revenue was $27.0B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Marsh McLennan 10-Q for the quarter ended Sep 30, 2026, filed Oct 15, 2026
By segment
Source: Marsh McLennan 10-Q for the quarter ended Sep 30, 2026, filed Oct 15, 2026
The bull case and the bear case
The bull case
- Revenue rose 10.3% in FY2025 to $27.0B, from $24.5B a year earlier. 10-K, FY2025
- Net income rose 2.5% in FY2025 to $4.2B, from $4.1B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $6.9B, up 8.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $808M, up 8.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include catastrophes and claims; reserves; investments and rates. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Marsh McLennan is in the insurance brokers industry, part of the financials sector. The SEC files it under Insurance Agents, Brokers & Service.
Marsh McLennan reports 2 segments: Risk and Insurance Services and Consulting.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the insurance brokers industry. They are not a summary of Marsh McLennan’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Catastrophes and claimsStorms, disasters and large claims can cause losses that are hard to predict.
- ReservesInsurers estimate future claims, and estimates can turn out too low.
- Investments and ratesReturns on the investment portfolio move with interest rates and markets.
- RegulationState and national insurance rules shape pricing, capital and products.
- Competition and pricingRivals can cut prices, and premiums may not keep pace with claims costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator
About these numbers
- Marsh McLennan's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 15, 2026 | Sep 30, 2026 |
| 10-Q | Jul 21, 2026 | Jun 30, 2026 |
| 10-Q | Apr 16, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 31, 2026 | May 21, 2026 |
| 10-K | Feb 9, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Marsh McLennan
How does Marsh McLennan make money?
Fiscal 2025 revenue: $27.0B. By segment in FY2025: Risk and Insurance Services (64%) and Consulting (36%), as shares of total revenue. Total revenue was $27.0B. Source: 10-K for fiscal 2025, filed Feb 9, 2026.
What was Marsh McLennan's revenue in fiscal 2025?
$27.0B, up 10.3% from fiscal 2024 ($24.5B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $22.7B. Source: 10-K for fiscal 2025, filed Feb 9, 2026.
Is Marsh McLennan profitable?
Net income was $4.2B in fiscal 2025 (up 2.5%; fiscal 2024 was $4.1B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $808M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 9, 2026.
What did Marsh McLennan report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $6.9B (up 8.1% from $6.4B) and net income $808M (up 8.2% from $747M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 15, 2026.
What are the main risks Marsh McLennan faces?
Marsh McLennan's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 9, 2026. Risks that are common among companies in the insurance brokers industry include Catastrophes and claims; reserves; investments and rates; regulation; competition and pricing. The first: Storms, disasters and large claims can cause losses that are hard to predict. Source: 10-K, Item 1A Risk Factors.
Where do these Marsh McLennan numbers come from?
The 10-K filed Feb 9, 2026 (fiscal 2025) and the 10-Q filed Oct 15, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in MRSH
- The editor holds no position in Marsh McLennan (MRSH). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell MRSH from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 29, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MRSH, and it doesn't consider your situation.
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