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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 Quarterly (10-Q)
Showing 14 of 48 quarterly reports available
Breakdown Q4 2025
(Dec 31, 2025)
Q3 2025
(Sep 30, 2025)
Q2 2025
(Jun 30, 2025)
Q1 2025
(Mar 31, 2025)
Q4 2024
(Dec 31, 2024)
Q3 2024
(Sep 30, 2024)
Q2 2024
(Jun 30, 2024)
Q1 2024
(Mar 31, 2024)
Q4 2023
(Dec 31, 2023)
Q3 2023
(Sep 30, 2023)
Q2 2023
(Jun 30, 2023)
Q1 2023
(Mar 31, 2023)
Q4 2022
(Dec 31, 2022)
Q3 2022
(Sep 30, 2022)
+ Total Revenue $6.59B $6.35B $6.97B $7.06B $6.07B $5.70B $6.22B $6.47B $5.55B $5.38B $5.88B $5.92B $5.02B $4.77B
Revenue Growth % (YoY) 8.7% 11.5% 12.1% 9.1% 9.2% 5.9% 5.9% 9.3% 10.6% 12.8% nan% nan% nan% nan%
Operating Expenses $5.38B $5.18B $5.14B $5.06B $4.92B $4.59B $4.58B $4.55B $4.45B $4.39B $4.42B $4.20B $4.34B $3.98B
+ Operating Income $1.22B $1.17B $1.83B $2.00B $1.14B $1.11B $1.64B $1.93B $1.10B $996.00M $1.46B $1.73B $680.00M $791.00M
Operating Margin % 18.5% 18.4% 26.2% 28.4% 18.8% 19.4% 26.4% 29.7% 19.9% 18.5% 24.8% 29.1% 13.5% 16.6%
Interest Expense $160.00M $237.00M $243.00M $245.00M $122.00M $154.00M $156.00M $159.00M $151.00M $145.00M $146.00M $136.00M $127.00M $118.00M
Interest Income $14.00M $10.00M $5.00M $19.00M $22.00M $12.00M $12.00M $37.00M $38.00M $16.00M $10.00M $14.00M $9.00M $4.00M
Income Before Tax $1.06B $1.01B $1.65B $1.83B $1.01B $1.03B $1.56B $1.87B $1.05B $930.00M $1.38B $1.66B $613.00M $733.00M
Income Tax Expense $222.00M $253.00M $415.00M $415.00M $208.00M $283.00M $425.00M $447.00M $283.00M $192.00M $337.00M $412.00M $142.00M $181.00M
+ Net Income $821.00M $747.00M $1.21B $1.38B $788.00M $747.00M $1.12B $1.40B $756.00M $730.00M $1.03B $1.24B $466.00M $546.00M
Net Margin % 12.4% 11.8% 17.4% 19.6% 13.0% 13.1% 18.1% 21.6% 13.6% 13.6% 17.6% 20.8% 9.3% 11.4%
Basic EPS 1.69 1.52 2.46 2.81 1.61 1.52 2.28 2.84 1.53 1.48 2.09 2.50 0.95 1.10
Diluted EPS 1.68 1.51 2.45 2.79 1.59 1.51 2.27 2.82 1.52 1.47 2.07 2.47 0.93 1.08
Basic Shares Outstanding - 491.0M 492.0M 492.0M - 492.0M 492.0M 492.0M - 494.0M 495.0M 495.0M -2.0M 498.0M
Diluted Shares Outstanding - 494.0M 495.0M 495.0M - 496.0M 496.0M 497.0M - 499.0M 499.0M 500.0M -1.0M 503.0M
Breakdown Q4 2025
(Dec 31, 2025)
Q3 2025
(Sep 30, 2025)
Q2 2025
(Jun 30, 2025)
Q1 2025
(Mar 31, 2025)
Q4 2024
(Dec 31, 2024)
Q3 2024
(Sep 30, 2024)
Q2 2024
(Jun 30, 2024)
Q1 2024
(Mar 31, 2024)
Q4 2023
(Dec 31, 2023)
Q3 2023
(Sep 30, 2023)
Q2 2023
(Jun 30, 2023)
Q1 2023
(Mar 31, 2023)
Q4 2022
(Dec 31, 2022)
Q3 2022
(Sep 30, 2022)
Cash & Cash Equivalents $2.69B $2.51B $1.68B $1.60B $2.40B $1.80B $1.65B $1.45B $3.36B $2.90B $1.17B $1.01B $1.44B $802.00M
Accounts Receivable $7.67B $7.91B $8.46B $7.87B $7.16B $7.42B $7.74B $7.22B $6.42B $6.52B $6.99B $6.70B $5.85B $5.82B
Other Current Assets $1.37B $1.28B $1.33B $1.41B $1.29B $1.14B $1.13B $1.17B $1.18B $1.03B $1.08B $1.41B $1.00B $953.00M
Total Current Assets $23.20B $23.70B $23.33B $22.46B $22.12B $22.29B $22.02B $21.30B $21.75B $22.28B $20.80B $9.11B $8.30B $7.57B
Property Plant & Equipment $829.00M $820.00M $839.00M $840.00M $859.00M $884.00M $879.00M $877.00M $882.00M $859.00M $870.00M $867.00M $871.00M $865.00M
Goodwill $24.34B $23.95B $23.92B $23.54B $23.31B $18.23B $17.52B $17.31B $17.23B $16.66B $16.62B $16.30B $16.25B $15.58B
Intangible Assets $4.75B - - - $4.82B - - - - - - - $2.54B -
Other Non-current Assets $1.79B $1.75B $1.74B $1.69B $1.73B $1.63B $1.60B $1.57B $1.59B $1.53B $1.50B $1.47B $1.45B $1.38B
Total Assets $58.71B $58.78B $58.55B $57.02B $56.48B $49.86B $48.59B $47.57B $48.03B $48.00B $46.57B $34.36B $33.45B $32.02B
Short-term Debt $1.27B $1.26B $769.00M $1.67B $519.00M $518.00M $1.27B $1.17B $1.62B $1.87B $2.38B $2.11B $268.00M $967.00M
Total Current Liabilities $21.06B $21.10B $19.40B $19.77B $19.52B $19.60B $18.86B $18.66B $19.80B $20.61B $19.81B $7.91B $7.17B $7.29B
Long-term Debt $19.59B $18.32B $18.96B $18.86B $19.95B $12.33B $12.28B $12.30B $11.84B $11.78B $10.25B $10.84B $11.23B $10.40B
Other Non-current Liabilities $1.41B $1.42B $1.58B $1.41B $1.26B $1.40B $1.26B $1.32B $1.27B $1.23B $1.44B $1.43B $1.36B $1.28B
Common Stock $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M $561.00M
Retained Earnings $27.77B $26.95B $27.09B $25.88B $25.31B $24.52B $24.58B $23.46B $22.76B $22.01B $21.98B $20.95B $20.30B $19.84B
Treasury Stock - - - - - - - - - - - - - $5.90B
Total Stockholders Equity $15.31B $15.36B $15.98B $14.27B $13.54B $13.88B $13.56B $12.62B $12.37B $11.59B $12.14B $11.20B $10.75B $9.79B
Total Liabilities & Equity $58.71B $58.78B $58.55B $57.02B $56.48B $49.86B $48.59B $47.57B $48.03B $48.00B $46.57B $34.36B $33.45B $32.02B
Breakdown Q4 2025
(Dec 31, 2025)
Q3 2025
(Sep 30, 2025)
Q2 2025
(Jun 30, 2025)
Q1 2025
(Mar 31, 2025)
Q4 2024
(Dec 31, 2024)
Q3 2024
(Sep 30, 2024)
Q2 2024
(Jun 30, 2024)
Q1 2024
(Mar 31, 2024)
Q4 2023
(Dec 31, 2023)
Q3 2023
(Sep 30, 2023)
Q2 2023
(Jun 30, 2023)
Q1 2023
(Mar 31, 2023)
Q4 2022
(Dec 31, 2022)
Q3 2022
(Sep 30, 2022)
Net Income $821.00M $747.00M $1.21B $1.38B $788.00M $747.00M $1.12B $1.40B $756.00M $3.00B $2.27B $1.24B $466.00M $546.00M
Stock-based Compensation $89.00M $305.00M $210.00M $112.00M $85.00M $283.00M $193.00M $103.00M $90.00M $273.00M $191.00M $99.00M $84.00M $283.00M
Change in Receivables $-260.00M $388.00M $921.00M $599.00M $-354.00M $821.00M $1.29B $742.00M $-203.00M $670.00M $1.03B $775.00M $-253.00M $745.00M
Operating Cash Flow $2.16B $3.13B $1.05B $-622.00M $1.96B $2.35B $434.00M $-781.00M $1.78B $2.48B $665.00M $-819.00M $1.50B $1.96B
Capital Expenditure $105.00M $186.00M $114.00M $55.00M $76.00M $240.00M $167.00M $87.00M $120.00M $296.00M $185.00M $84.00M $103.00M $367.00M
Acquisitions $428.00M $224.00M $62.00M $18.00M $7.50B $1.04B - - $357.00M - - - - -
Investing Cash Flow $-523.00M $-322.00M $-95.00M $26.00M $-7.64B $-1.18B $-783.00M $-368.00M $-474.00M $-943.00M $-501.00M $-368.00M $-487.00M $-363.00M
Debt Repayment $5.00M $514.00M $510.00M $505.00M $4.00M $1.61B $1.61B $1.00B $254.00M $12.00M $8.00M $4.00M $351.00M $14.00M
Stock Repurchased $1.01B $1.00B $600.00M $300.00M - $900.00M $600.00M $300.00M $250.00M $900.00M $600.00M $300.00M $350.00M $1.60B
Dividends Paid $444.00M $1.25B $810.00M $405.00M $403.00M $1.11B $706.00M $354.00M $354.00M $944.00M $591.00M $296.00M $298.00M $840.00M
Financing Cash Flow $-2.05B $-2.59B $-1.83B $-138.00M $6.28B $-1.82B $-384.00M $135.00M $-2.33B $1.22B $227.00M $773.00M $-1.07B $28.00M
Net Change in Cash $-352.00M $838.00M $-126.00M $-491.00M $-47.00M $-431.00M $-1.00B $-1.24B $-577.00M $2.63B $633.00M $-262.00M $692.00M $36.00M
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-Q filings.

Quarterly data represents single quarter results (Q1-Q4). Some items may show year-to-date values if quarterly breakdown is unavailable.

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