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MARSH & MCLENNAN COMPANIES, INC.

CIK: 62709 SIC: 6411
$26.98B
Revenue
$4.16B
Net Income
-
Gross Margin
23.06%
Op. Margin
$5.26B
Free Cash Flow
Financial Statements Annual (10-K)
Showing 5 of 17 annual reports available (2009 - 2025)
Breakdown TTM
(Dec 31, 2025)
FY 2025
(Dec 31, 2025)
FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
+ Total Revenue $26.98B $26.98B $24.46B $22.74B $20.72B $19.82B
Revenue Growth % 0.0% 10.3% 7.6% 9.7% 4.5% nan%
Operating Expenses $20.76B $20.76B $18.64B $17.45B $16.44B $15.51B
+ Operating Income $6.22B $6.22B $5.82B $5.28B $4.28B $4.31B
Operating Margin % 23.1% 23.1% 23.8% 23.2% 20.7% 21.8%
Interest Expense $885.00M $885.00M $591.00M $578.00M $469.00M $444.00M
Interest Income $48.00M $48.00M $83.00M $78.00M $15.00M $2.00M
Income Before Tax $5.54B $5.54B $5.48B $5.03B $4.08B $4.21B
Income Tax Expense $1.30B $1.30B $1.36B $1.22B $995.00M $1.03B
+ Net Income $4.16B $4.16B $4.06B $3.76B $3.05B $3.14B
Net Margin % 15.4% 15.4% 16.6% 16.5% 14.7% 15.9%
Basic EPS 8.48 8.48 8.26 7.60 6.11 6.20
Diluted EPS 8.43 8.43 8.18 7.53 6.04 6.13
Basic Shares Outstanding - 491.0M 492.0M 494.0M 499.0M 507.0M
Diluted Shares Outstanding - 494.0M 496.0M 499.0M 505.0M 513.0M
Breakdown FY 2025
(Dec 31, 2025)
FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
Cash & Cash Equivalents $2.69B $2.40B $3.36B $1.44B $1.75B
Accounts Receivable $7.67B $7.16B $6.42B $5.85B $5.59B
Other Current Assets $1.37B $1.29B $1.18B $1.00B $926.00M
Total Current Assets $23.20B $22.12B $21.75B $8.30B $8.26B
Property Plant & Equipment $829.00M $859.00M $882.00M $871.00M $847.00M
Goodwill $24.34B $23.31B $17.23B $16.25B $16.32B
Intangible Assets $4.75B $4.82B - $2.54B $2.81B
Other Non-current Assets $1.79B $1.73B $1.59B $1.45B $1.46B
Total Assets $58.71B $56.48B $48.03B $33.45B $34.39B
Short-term Debt $1.27B $519.00M $1.62B $268.00M $17.00M
Total Current Liabilities $21.06B $19.52B $19.80B $7.17B $6.65B
Long-term Debt $19.59B $19.95B $11.84B $11.23B $10.93B
Other Non-current Liabilities $1.41B $1.26B $1.27B $1.36B $1.71B
Common Stock $561.00M $561.00M $561.00M $561.00M $561.00M
Retained Earnings $27.77B $25.31B $22.76B $20.30B $18.39B
Treasury Stock - - - - $4.48B
Total Stockholders Equity $15.31B $13.54B $12.37B $10.75B $11.22B
Total Liabilities & Equity $58.71B $56.48B $48.03B $33.45B $34.39B
Breakdown TTM
(Dec 31, 2025)
FY 2025
(Dec 31, 2025)
FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
Net Income $4.16B $4.16B $4.06B $3.76B $3.05B $3.14B
Depreciation & Amortization - $361.00M $369.00M $370.00M - -
Stock-based Compensation $716.00M $394.00M $368.00M $363.00M $367.00M $348.00M
Deferred Income Tax - $123.00M $157.00M $-29.00M - $-63.00M
Change in Receivables $1.65B $128.00M $467.00M $467.00M $492.00M $252.00M
Operating Cash Flow $5.72B $5.29B $4.30B $4.26B $3.46B $3.52B
Capital Expenditure $460.00M $291.00M $316.00M $416.00M $470.00M $406.00M
Acquisitions $732.00M $652.00M $8.54B $976.00M $572.00M $859.00M
Investing Cash Flow $-914.00M $-845.00M $-8.82B $-1.42B $-850.00M $-1.16B
Debt Repayment $1.53B $519.00M $1.62B $266.00M $365.00M $1.02B
Stock Repurchased $2.91B $2.01B $900.00M $1.15B $1.95B $1.16B
Dividends Paid $2.91B $1.70B $1.51B $1.30B $1.14B $1.03B
Financing Cash Flow $-6.61B $-4.63B $4.46B $-1.12B $-1.05B $-1.30B
Net Change in Cash $-131.00M $486.00M $-478.00M $2.05B $728.00M $700.00M
SEC Filing Format - Data shown as it appears in the Q3 2025 (10-Q) filing Period ended: Sep 30, 2025
Condensed Consolidated Statements of Operations
Description Sep 30, 2025 Sep 30, 2025
Current Prior Year Current YTD Prior Year YTD
Total Revenue $6.35B $5.70B $20.39B $18.39B
Operating Expenses $5.18B $4.59B $15.38B $13.72B
Operating Income $1.17B $1.11B $5.00B $4.67B
Interest Expense $237.00M $154.00M $725.00M $469.00M
Interest Income $10.00M $12.00M $34.00M $61.00M
Income Before Tax $1.01B $1.03B $4.48B $4.47B
Income Tax Expense $253.00M $283.00M $1.08B $1.16B
Net Income $747.00M $747.00M $3.34B $3.27B
Basic EPS 1.52 1.52 6.79 6.65
Diluted EPS 1.51 1.51 6.75 6.59
Basic Shares Outstanding $491.00M $492.00M $492.00M $492.00M
Diluted Shares Outstanding $494.00M $496.00M $495.00M $496.00M
Condensed Consolidated Balance Sheets
Description Sep 30, 2025 Dec 31, 2024
Cash & Cash Equivalents $2.51B $2.40B
Accounts Receivable $7.91B $7.16B
Other Current Assets $1.28B $1.29B
Total Current Assets $23.70B $22.12B
Property Plant & Equipment $820.00M $859.00M
Goodwill $23.95B $23.31B
Other Non-current Assets $1.75B $1.73B
Total Assets $58.78B $56.48B
Short-term Debt $1.26B $519.00M
Total Current Liabilities $21.10B $19.52B
Long-term Debt $18.32B $19.43B
Other Non-current Liabilities $1.42B $1.26B
Common Stock $561.00M $561.00M
Retained Earnings $26.95B $25.31B
Total Stockholders Equity $15.36B $13.54B
Total Liabilities & Equity $58.78B $56.48B
Condensed Consolidated Statements of Cash Flows
Description Sep 30, 2025 Sep 30, 2025
Current Prior Year Current YTD Prior Year YTD
Net Income $747.00M $747.00M $3.34B $3.27B
Stock-based Compensation - - $305.00M $283.00M
Change in Receivables - - $388.00M $821.00M
Operating Cash Flow - - $3.13B $2.35B
Capital Expenditure - - $186.00M $240.00M
Acquisitions - - $224.00M $1.04B
Investing Cash Flow - - $-322.00M $-1.18B
Debt Repayment - - $514.00M $1.61B
Stock Repurchased - - $1.00B $900.00M
Dividends Paid - - $1.25B $1.11B
Financing Cash Flow - - $-2.59B $-1.82B
Net Change in Cash - - $838.00M $-431.00M

All values are in USD (United States Dollars). Data is sourced from SEC EDGAR 10-K filings.

Annual data represents full fiscal year results. FY = Fiscal Year ending.

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