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Stocks · Financials · Insurance Agents, Brokers & Service

Marsh McLennan

MRSH Clue Score53
United States Fiscal year ends December CIK 0000062709
$175.76 -0.52% Close, 9 Oct 2026
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Price $175.76 +12.08% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue13.21Operating income2.43Net income1.77EPS, diluted3.38Fiscal year 2017Revenue14.02 +6.2%Operating income2.66Net income1.49 −15.6%EPS, diluted2.87 −15.1%Fiscal year 2018Revenue14.95 +6.6%Operating income2.76Net income1.65 +10.6%EPS, diluted3.23 +12.5%Fiscal year 2019Revenue16.65 +11.4%Operating income2.68Net income1.74 +5.6%EPS, diluted3.41 +5.6%Fiscal year 2020Revenue17.22 +3.4%Operating income3.07Net income2.02 +15.7%EPS, diluted3.94 +15.5%Fiscal year 2021Revenue19.82 +15.1%Operating income4.31Net income3.14 +55.9%EPS, diluted6.13 +55.6%Fiscal year 2022Revenue20.72 +4.5%Operating income4.28Net income3.05 −3.0%EPS, diluted6.04 −1.5%Fiscal year 2023Revenue22.74 +9.7%Operating income5.28Net income3.76 +23.1%EPS, diluted7.53 +24.7%Fiscal year 2024Revenue24.46 +7.6%Operating income5.82Net income4.06 +8.1%EPS, diluted8.18 +8.6%Fiscal year 2025Revenue26.98 +10.3%Operating income6.22Net income4.16 +2.5%EPS, diluted8.43 +3.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 13.21 14.02 14.95 16.65 17.22 19.82 20.72 22.74 24.46 26.98
Growth +6.2% +6.6% +11.4% +3.4% +15.1% +4.5% +9.7% +7.6% +10.3%
Operating income 2.43 2.66 2.76 2.68 3.07 4.31 4.28 5.28 5.82 6.22
Net income 1.77 1.49 1.65 1.74 2.02 3.14 3.05 3.76 4.06 4.16
Growth −15.6% +10.6% +5.6% +15.7% +55.9% −3.0% +23.1% +8.1% +2.5%
EPS, diluted 3.38 2.87 3.23 3.41 3.94 6.13 6.04 7.53 8.18 8.43
Growth −15.1% +12.5% +5.6% +15.5% +55.6% −1.5% +24.7% +8.6% +3.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin18.4%Net margin13.4%Free cash flow margin13.3%Fiscal year 2017Operating margin18.9%Net margin10.6%Free cash flow margin11.3%Fiscal year 2018Operating margin18.5%Net margin11.0%Free cash flow margin14.1%Fiscal year 2019Operating margin16.1%Net margin10.5%Free cash flow margin11.7%Fiscal year 2020Operating margin17.8%Net margin11.7%Free cash flow margin17.6%Fiscal year 2021Operating margin21.8%Net margin15.9%Free cash flow margin15.7%Fiscal year 2022Operating margin20.7%Net margin14.7%Free cash flow margin14.5%Fiscal year 2023Operating margin23.2%Net margin16.5%Free cash flow margin16.9%Fiscal year 2024Operating margin23.8%Net margin16.6%Free cash flow margin16.3%Fiscal year 2025Operating margin23.1%Net margin15.4%Free cash flow margin18.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 18.4% 18.9% 18.5% 16.1% 17.8% 21.8% 20.7% 23.2% 23.8% 23.1%
Net margin 13.4% 10.6% 11.0% 10.5% 11.7% 15.9% 14.7% 16.5% 16.6% 15.4%
Free cash flow margin 13.3% 11.3% 14.1% 11.7% 17.6% 15.7% 14.5% 16.9% 16.3% 18.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.01Capital expenditure−0.25Free cash flow1.75Buybacks−0.80Dividends paid−0.68Fiscal year 2017Operating cash flow1.89Capital expenditure−0.30Free cash flow1.59 −9.3%Buybacks−0.90Dividends paid−0.74Fiscal year 2018Operating cash flow2.43Capital expenditure−0.31Free cash flow2.11 +32.9%Buybacks−0.68Dividends paid−0.81Fiscal year 2019Operating cash flow2.36Capital expenditure−0.42Free cash flow1.94 −8.2%Buybacks−0.49Dividends paid−0.89Fiscal year 2020Operating cash flow3.38Capital expenditure−0.35Free cash flow3.03 +56.4%Buybacks0.00Dividends paid−0.94Fiscal year 2021Operating cash flow3.52Capital expenditure−0.41Free cash flow3.11 +2.5%Buybacks−1.16Dividends paid−1.03Fiscal year 2022Operating cash flow3.47Capital expenditure−0.47Free cash flow3.00 −3.7%Buybacks−1.95Dividends paid−1.14Fiscal year 2023Operating cash flow4.26Capital expenditure−0.42Free cash flow3.84 +28.3%Buybacks−1.15Dividends paid−1.30Fiscal year 2024Operating cash flow4.30Capital expenditure−0.32Free cash flow3.99 +3.7%Buybacks−0.90Dividends paid−1.51Fiscal year 2025Operating cash flow5.29Capital expenditure−0.29Free cash flow5.00 +25.5%Buybacks−2.01Dividends paid−1.70
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.01 1.89 2.43 2.36 3.38 3.52 3.47 4.26 4.30 5.29
Capital expenditure −0.25 −0.30 −0.31 −0.42 −0.35 −0.41 −0.47 −0.42 −0.32 −0.29
Free cash flow 1.75 1.59 2.11 1.94 3.03 3.11 3.00 3.84 3.99 5.00
Growth −9.3% +32.9% −8.2% +56.4% +2.5% −3.7% +28.3% +3.7% +25.5%
Buybacks −0.80 −0.90 −0.68 −0.49 0.00 −1.16 −1.95 −1.15 −0.90 −2.01
Dividends paid −0.68 −0.74 −0.81 −0.89 −0.94 −1.03 −1.14 −1.30 −1.51 −1.70

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.03Total debt0.26Net cash (debt)0.76Shareholders’ equity6.27Debt to equity0.04Fiscal year 2017Cash1.21Total debt0.26Net cash (debt)0.94Shareholders’ equity7.44Debt to equity0.04Fiscal year 2018Cash1.07Total debt5.82Net cash (debt)−4.76Shareholders’ equity7.58Debt to equity0.77Fiscal year 2019Cash1.16Total debt11.96Net cash (debt)−10.80Shareholders’ equity7.94Debt to equity1.51Fiscal year 2020Cash2.09Total debt11.31Net cash (debt)−9.22Shareholders’ equity9.26Debt to equity1.22Fiscal year 2021Cash1.75Total debt10.95Net cash (debt)−9.20Shareholders’ equity11.22Debt to equity0.98Fiscal year 2022Cash1.44Total debt11.50Net cash (debt)−10.05Shareholders’ equity10.75Debt to equity1.07Fiscal year 2023Cash3.36Total debt13.46Net cash (debt)−10.11Shareholders’ equity12.37Debt to equity1.09Fiscal year 2024Cash2.40Total debt19.95Net cash (debt)−17.55Shareholders’ equity13.54Debt to equity1.47Fiscal year 2025Cash2.69Total debt19.59Net cash (debt)−16.90Shareholders’ equity15.32Debt to equity1.28
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.03 1.21 1.07 1.16 2.09 1.75 1.44 3.36 2.40 2.69
Total debt 0.26 0.26 5.82 11.96 11.31 10.95 11.50 13.46 19.95 19.59
Net cash (debt) 0.76 0.94 −4.76 −10.80 −9.22 −9.20 −10.05 −10.11 −17.55 −16.90
Shareholders’ equity 6.27 7.44 7.58 7.94 9.26 11.22 10.75 12.37 13.54 15.32
Debt to equity 0.04 0.04 0.77 1.51 1.22 0.98 1.07 1.09 1.47 1.28

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
13.21 14.02 14.95 16.65 17.22 19.82 20.72 22.74 24.46 26.98
Growth +6.2% +6.6% +11.4% +3.4% +15.1% +4.5% +9.7% +7.6% +10.3%
2.43 2.66 2.76 2.68 3.07 4.31 4.28 5.28 5.82 6.22
Growth +9.2% +4.0% −3.0% +14.5% +40.6% −0.7% +23.4% +10.1% +7.0%
2.48 2.64 2.24 2.44 2.79 4.21 4.08 5.03 5.48 5.54
0.69 1.13 0.57 0.67 0.75 1.03 1.00 1.22 1.36 1.31
1.77 1.49 1.65 1.74 2.02 3.14 3.05 3.76 4.06 4.16
Growth −15.6% +10.6% +5.6% +15.7% +55.9% −3.0% +23.1% +8.1% +2.5%
Per share
3.41 2.91 3.26 3.44 3.98 6.20 6.11 7.60 8.26 8.48
3.38 2.87 3.23 3.41 3.94 6.13 6.04 7.53 8.18 8.43
Growth −15.1% +12.5% +5.6% +15.5% +55.6% −1.5% +24.7% +8.6% +3.1%
519.0 513.0 506.0 506.0 506.0 507.0 499.0 494.0 492.0 491.0
524.0 519.0 511.0 511.0 512.0 513.0 505.0 499.0 496.0 494.0
Growth −1.0% −1.5% +0.0% +0.2% +0.2% −1.6% −1.2% −0.6% −0.4%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 9.4% a year over five years, and earnings per share grew 16.4% a year.
  • The diluted share count fell 3.5% in five years, so buybacks did some of the work per share.
  • Operating margin is up 5.3 points on five years ago, at 23.1%.
  • Profitable in every one of the 10 years on file.