A leading global professional services firm offering comprehensive risk management, insurance brokerage, and employee benefits solutions across major markets worldwide.
Investors may favor MRSH for its consistent ability to generate strong operating profits exceeding $6 billion annually, supported by a resilient franchise model in the insurance brokerage industry. The company's massive cash balance of $2.69B provides ample liquidity to fund acquisitions and repurchase shares, enhancing earnings per share over time.
Concerns regarding heavy debt obligations totaling over $18 billion and significant accumulated losses could weigh on shareholder returns if credit conditions tighten or claims reserves deteriorate. The substantial non-operating losses in the latest period suggest potential volatility in investment portfolios that may impact overall profitability in future quarters.
Marsh & McLennan Companies (MRSH) is a global professional services firm providing risk management, insurance brokerage, advisory, and employee benefits solutions primarily to businesses, governments, and individuals in the United States, Europe, Asia, and Latin America. The company leverages its extensive network of brokerages and consulting firms to help clients navigate complex risk landscapes while generating robust operating profits.
In 2025, the company reported revenue growth to $26.98B driven by strong demand for risk management services, resulting in a net profit of $4.23B despite significant non-operating losses and high accumulated other comprehensive income deficits. Operating expenses increased proportionally with revenue as the firm invested in digital capabilities and talent acquisition to support its expanding footprint.
The global professional services industry is characterized by consolidation and a shift toward integrated risk solutions as clients seek end-to-end advice on cyber, climate, and geopolitical risks. Companies with broad geographic reach like Marsh & McLennan are well-positioned to capture value from this evolving demand landscape.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $20.72B | $22.74B | $24.46B | $26.98B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $20.72B | $22.74B | $24.46B | $26.98B |
| Operating Expenses | $16.44B | $17.45B | $18.64B | $20.76B |
| Operating Income | $4.28B | $5.28B | $5.82B | $6.22B |
| Stock-Based Comp | $367.0M | $363.0M | $368.0M | $394.0M |
| D&A | $719.0M | $713.0M | $369.0M | $361.0M |
| Depreciation | $381.0M | $370.0M | $369.0M | $361.0M |
| Amortization | $338.0M | $343.0M | $377.0M | $549.0M |
| Non-Operating Income | $-198.0M | $-256.0M | $-337.0M | $-684.0M |
| Interest Expense | $469.0M | $578.0M | — | — |
| Interest Income | $15.0M | $78.0M | $83.0M | $48.0M |
| Pre-Tax Income | $4.08B | $5.03B | $5.48B | $5.54B |
| Income Tax | $995.0M | $1.22B | $1.36B | $1.30B |
| Continuing Ops | $3.09B | $3.80B | $4.12B | $4.23B |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $3.09B | $3.80B | $4.12B | $4.23B |
| Minority Interest | $37.0M | $46.0M | $57.0M | $74.0M |
| Net to Common | $3.05B | $3.76B | $4.06B | $4.16B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $8.30B | $21.75B | $22.12B | $23.20B |
| Cash & Equivalents | $1.44B | $3.36B | $2.40B | $2.69B |
| Other Current Assets | $6.86B | $18.39B | $19.72B | $20.51B |
| Long-Term Assets | $25.16B | $26.28B | $34.36B | $35.51B |
| PP&E (Net) | $871.0M | $882.0M | $859.0M | $829.0M |
| Intangibles | $2.54B | — | — | — |
| Goodwill | $16.25B | $17.23B | $23.31B | $24.34B |
| Operating Leases | $1.56B | $1.54B | $1.50B | $1.46B |
| Other LT Assets | $3.72B | $6.36B | $8.44B | $8.58B |
| Total Assets | $33.45B | $48.03B | $56.48B | $58.71B |
| Current Liabilities | $7.17B | $19.80B | $19.52B | $21.06B |
| Current Debt | $268.0M | $1.62B | $519.0M | $1.27B |
| Current Leases | $310.0M | $312.0M | $325.0M | $333.0M |
| Taxes Payable | $221.0M | $321.0M | $376.0M | $373.0M |
| Other Current Liab | $6.37B | $17.54B | $18.30B | $19.09B |
| Long-Term Liabilities | $15.53B | $15.87B | $23.43B | $22.34B |
| Long-Term Debt | $11.23B | $11.84B | $19.43B | $18.32B |
| LT Operating Leases | $1.67B | $1.66B | $1.59B | $1.53B |
| Other LT Liab | $2.64B | $2.36B | $2.41B | $2.49B |
| Total Liabilities | $22.70B | $35.66B | $42.95B | $43.40B |
| Shareholders' Equity | $10.75B | $12.37B | $13.54B | $15.31B |
| Retained Earnings | $20.30B | $22.76B | $25.31B | $27.77B |
| AOCI | $-5.31B | $-5.29B | $-6.24B | $-5.43B |
| Total L&E | $33.45B | $48.03B | $56.48B | $58.71B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $3.09B | $3.80B | $4.12B | $4.23B |
| Non-Cash Adjustments | $-546.0M | $-529.0M | $-769.0M | $775.0M |
| Working Capital Changes | $924.0M | $985.0M | $954.0M | $283.0M |
| Cash from Operations | $3.46B | $4.26B | $4.30B | $5.29B |
| Capital Expenditures | $470.0M | $416.0M | $316.0M | $291.0M |
| Cash from Investing | $-850.0M | $-1.42B | $-8.82B | $-845.0M |
| Debt Repayments | $365.0M | $266.0M | $1.62B | $519.0M |
| Share Buybacks | $1.95B | $1.15B | $900.0M | $2.01B |
| Dividends Paid | $1.14B | $1.30B | $1.51B | $1.70B |
| Cash from Financing | $-1.05B | $-1.12B | $4.46B | $-4.63B |
| FX Effect | $-841.0M | $328.0M | $-414.0M | $673.0M |
| Net Change in Cash | $728.0M | $2.05B | $-478.0M | $486.0M |
| Beginning Cash | $11.37B | $12.10B | $14.15B | $13.67B |
| Ending Cash | $12.10B | $14.15B | $13.67B | $14.16B |
The company's revenue is driven by four primary segments: Marsh McLennan Solutions (MMS) which includes commercial and specialty insurance brokerages, Guy Carpenter focusing on global property and casualty risks, Oliver Wyman providing actuarial and risk consulting services, and Aon managing employee benefits and health solutions.
The company faces significant exposure to liability reserves from its brokerage subsidiaries which are sensitive to natural disasters and macroeconomic shifts. High levels of long-term debt relative to equity could constrain capital flexibility during periods of rising interest rates or credit tightening.
Marsh & McLennan benefits from a massive global network of over 100,000 employees across more than 100 countries, creating high switching costs for enterprise clients. Its diversified portfolio across multiple lines of business provides stable cash flows that can weather economic downturns better than single-line competitors.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.