Marsh & McLennan Companies, Inc. financials

  1. Home
  2. Company Facts
  3. MRSH
MRSH CIK 0000062709

Source: EDGAR filings · raw companyfacts JSON · Built 2026-04-25T10:11:23Z

Key metrics by reporting period

Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.

Derived Metrics

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Free Cash Flow 5.00B 3.99B 3.84B 3.00B 3.11B 3.03B
EBITDA 6.58B 6.19B 5.65B 4.66B 5.06B 3.81B
Working Capital 2.14B 2.60B 1.95B 1.13B 1.61B 1.60B
Net Debt 18.76B 19.46B 12.08B 12.30B 11.43B 12.01B
Operating Margin 23.06% 23.78% 23.23% 20.66% 21.76% 17.80%
Net Margin 15.42% 16.60% 16.52% 14.72% 15.86% 11.70%
Return on Equity (ROE) 27.16% 30.00% 30.36% 28.37% 28.01% 21.77%
Return on Assets (ROA) 7.09% 7.19% 7.82% 6.91% 7.14% 6.10%
Current Ratio 1.1016 1.1332 1.0987 1.0632 1.242 1.2439
Debt-to-Equity 1.4005 1.6152 1.2479 1.2783 1.1744 1.5222
Effective Tax Rate 23.56% 24.87% 24.35% 24.38% 24.57% 26.75%
Cash Conversion Ratio 1.2721 1.0596 1.1337 1.1361 1.1187 1.6776
Accruals Ratio -0.0193 -0.0043 -0.0105 -0.0094 -0.0085 -0.0413
SBC % of Revenue 1.46% 1.50% 1.60% 1.77% 1.76% 1.68%
CapEx Coverage 18.1856 13.6139 10.2356 7.3723 8.6601 9.7184
Free Cash Flow Per Share $10.12 $8.04 $7.70 $5.93 $6.06 $5.93

Valuation Metrics

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
P/E Trailing (Diluted) 22.0071 25.967 25.162 27.3974 28.3556 29.6954
P/FCF 18.3257 26.4313 24.6084 27.9023 28.6718 19.7442
FCF Yield 5.46% 3.78% 4.06% 3.58% 3.49% 5.06%
EV / EBITDA 16.5157 20.006 18.6301 20.2125 19.5755 18.7662
P/S 3.3348 4.2642 4.1001 3.9533 4.42 3.4508
P/B 5.8751 7.7055 7.5359 7.6205 7.8066 6.4186

Income Statement

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue from Contract with Customer, Excluding Assessed Tax 26.98B 24.46B 22.74B 20.72B — —
Operating Expenses 20.76B 18.64B 17.45B 16.44B 15.51B 14.16B
Operating Income (Loss) 6.22B 5.82B 5.28B 4.28B 4.31B 3.07B
Income Tax Expense (Benefit) 1.30B 1.36B 1.22B 995.00M 1.03B 747.00M
Net Income (Loss) Attributable to Parent 4.16B 4.06B 3.76B 3.05B 3.14B 2.02B
Earnings Per Share, Basic $8.48 $8.26 $7.60 $6.11 $6.20 $3.98
Weighted Average Number of Shares Outstanding, Basic 491.00M 492.00M 494.00M 499.00M 507.00M 506.00M
Earnings Per Share, Diluted $8.43 $8.18 $7.53 $6.04 $6.13 $3.94
Weighted Average Number of Shares Outstanding, Diluted 494.00M 496.00M 499.00M 505.00M 513.00M 512.00M

Balance Sheet

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash and Cash Equivalents, at Carrying Value 2.69B 2.40B 3.36B 1.44B 1.75B 2.09B
Assets, Current 23.20B 22.12B 21.75B 18.96B 8.26B 8.15B
Assets 58.71B 56.48B 48.03B 44.11B 44.01B 33.05B
Long-term Debt 19.59B 19.95B 13.46B 11.49B 10.95B 11.31B
Liabilities, Current 21.06B 19.52B 19.80B 17.83B 6.65B 6.56B
Long-term Debt, Excluding Current Maturities 18.32B 19.43B 11.84B 11.23B 10.93B 10.80B
Common Stock, Shares, Outstanding 485.00M 491.00M 492.00M 495.00M 504.00M 508.00M

Cash Flow Statement

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Net Cash Provided by (Used in) Operating Activities 5.29B 4.30B 4.26B 3.46B 3.52B 3.38B
Payments to Acquire Property, Plant, and Equipment 291.00M 316.00M 416.00M 470.00M 406.00M 348.00M
Net Cash Provided by (Used in) Investing Activities -845.00M -8.82B -1.42B -850.00M -1.16B -793.00M
Payments for Repurchase of Common Stock 2.01B 900.00M 1.15B 1.95B 1.16B 0
Net Cash Provided by (Used in) Financing Activities -4.63B 4.46B -1.12B -1.05B -1.30B -925.00M

Raw XBRL tagging for a single filing

Every us-gaap and custom concept the filer tagged for one fiscal period, grouped by statement. Start here when a number in the trend table above surprises you and you want to see the exact tag behind it. Derived and valuation rows are omitted here because they already appear in the trend table.

Most recent filing shown by default.

Compare filings side-by-side

Diff any two filings with deltas and added / removed tags.

Immaterial rows are USD line items under 1% of the period's revenue — the noise floor below which a single tag rarely moves the investment thesis. Revenue is read from the filer's top-line concept (Revenues / RevenueFromContractWithCustomerExcludingAssessedTax, with a fallback chain). Non-USD rows, rows without a numeric value, and every row on a filing with no identifiable revenue anchor stay visible. Flip the switch off to see every tag the filer reported for the period.

Income Statement

25 concepts 3 units
Unit US$ · 19 concepts
Label Value Period
Revenue from Contract with Customer, Excluding Assessed Tax 7.60B 2026-01-01 → 2026-03-31
Sublease Income 6.00M 2026-01-01 → 2026-03-31
Amortization of Intangible Assets 138.00M 2026-01-01 → 2026-03-31
Restructuring Charges 45.00M 2026-01-01 → 2026-03-31
Business Combination, Acquisition Related Costs 48.00M 2026-01-01 → 2026-03-31
Operating Lease, Impairment Loss 3.00M 2026-01-01 → 2026-03-31
Other Cost and Expense, Operating 1.71B 2026-01-01 → 2026-03-31
Labor and Related Expense 4.13B 2026-01-01 → 2026-03-31
Gain (Loss) on Disposition of Other Assets 7.00M 2026-01-01 → 2026-03-31
Operating Expenses 5.84B 2026-01-01 → 2026-03-31
Operating Income (Loss) 1.75B 2026-01-01 → 2026-03-31
Gain (Loss) on Investments 6.00M 2026-01-01 → 2026-03-31
Investment Income, Interest 11.00M 2026-01-01 → 2026-03-31
InterestExpenseNonoperating 240.00M 2026-01-01 → 2026-03-31
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 1.58B 2026-01-01 → 2026-03-31
Income Tax Expense (Benefit) 395.00M 2026-01-01 → 2026-03-31
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 1.19B 2026-01-01 → 2026-03-31
Net Income (Loss) Attributable to Noncontrolling Interest 40.00M 2026-01-01 → 2026-03-31
Net Income (Loss) Attributable to Parent 1.15B 2026-01-01 → 2026-03-31
Unit shares · 3 concepts
Label Value Period
Weighted Average Number of Shares Outstanding, Basic 484.00M 2026-01-01 → 2026-03-31
Weighted Average Number of Shares Outstanding, Diluted 486.00M 2026-01-01 → 2026-03-31
Weighted Average Number Diluted Shares Outstanding Adjustment 2.00M 2026-01-01 → 2026-03-31
Unit US$ / share · 3 concepts
Label Value Period
Earnings Per Share, Basic $2.37 2026-01-01 → 2026-03-31
Earnings Per Share, Diluted $2.36 2026-01-01 → 2026-03-31
Common Stock, Dividends, Per Share, Declared $1.80 2026-01-01 → 2026-03-31

Comprehensive Income

9 concepts 1 unit
Unit US$ · 9 concepts
Label Value Period
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax -29.00M 2026-01-01 → 2026-03-31
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax -198.00M 2026-01-01 → 2026-03-31
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax -98.00M 2026-01-01 → 2026-03-31
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 1.01B 2026-01-01 → 2026-03-31
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest 40.00M 2026-01-01 → 2026-03-31
Other Comprehensive Income (Loss), before Tax -100.00M 2026-01-01 → 2026-03-31
Other Comprehensive Income (Loss), Tax 31.00M 2026-01-01 → 2026-03-31
Other Comprehensive Income (Loss), Net of Tax -131.00M 2026-01-01 → 2026-03-31
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 1.05B 2026-01-01 → 2026-03-31

Balance Sheet

58 concepts 3 units
Unit US$ · 50 concepts
Label Value Period
Cash and Cash Equivalents, at Carrying Value 1.61B as of 2026-03-31
Restricted Cash, Current 540.00M as of 2026-03-31
Restricted Cash and Cash Equivalents, Current 11.74B as of 2026-03-31
Equity Securities, FV-NI 13.00M as of 2026-03-31
Accounts Receivable, before Allowance for Credit Loss, Current 8.59B as of 2026-03-31
Accounts Receivable, Allowance for Credit Loss, Current 159.00M as of 2026-03-31
Receivables, Net, Current 8.43B as of 2026-03-31
Other Assets, Current 1.45B as of 2026-03-31
Assets, Current 23.24B as of 2026-03-31
Operating Lease, Right-of-Use Asset 1.46B as of 2026-03-31
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 1.70B as of 2026-03-31
Property, Plant and Equipment, Net 814.00M as of 2026-03-31
Equity Method Investments 324.00M as of 2026-03-31
Contract with Customer, Asset, after Allowance for Credit Loss 577.00M as of 2026-03-31
Dividends Payable, Current 436.00M as of 2026-03-31
Goodwill 24.27B as of 2026-03-31
Indefinite-lived Intangible Assets (Excluding Goodwill) 0 as of 2026-03-31
Finite-Lived Intangible Assets, Gross 7.49B as of 2026-03-31
Finite-Lived Intangible Assets, Accumulated Amortization 2.88B as of 2026-03-31
Finite-Lived Intangible Assets, Net 4.61B as of 2026-03-31
Other Assets, Noncurrent 1.80B as of 2026-03-31
Contract with Customer, Liability 1.04B as of 2026-03-31
Deferred Income Tax Assets, Net 193.00M as of 2026-03-31
Assets for Plan Benefits, Defined Benefit Plan 2.17B as of 2026-03-31
Restructuring Reserve 94.00M as of 2026-03-31
Operating Lease, Liability 1.85B as of 2026-03-31
Assets 58.55B as of 2026-03-31
Employee-related Liabilities, Current 1.95B as of 2026-03-31
Accrued Income Taxes, Current 572.00M as of 2026-03-31
Accounts Payable and Accrued Liabilities, Current 4.18B as of 2026-03-31
Commercial Paper 1.00B as of 2026-03-31
Long-term Debt 19.55B as of 2026-03-31
Short-term Debt 1.05B as of 2026-03-31
Long-term Debt, Current Maturities 653.00M as of 2026-03-31
Debt, Current 1.70B as of 2026-03-31
Liabilities, Current 20.91B as of 2026-03-31
Long-term Debt, Excluding Current Maturities 18.90B as of 2026-03-31
Liability, Defined Benefit Plan, Noncurrent 752.00M as of 2026-03-31
Other Liabilities, Noncurrent 1.38B as of 2026-03-31
Operating Lease, Liability, Noncurrent 1.52B as of 2026-03-31
Commitments and Contingencies 0 as of 2026-03-31
Preferred Stock, Value, Issued 0 as of 2026-03-31
Common Stock, Value, Issued 561.00M as of 2026-03-31
Additional Paid in Capital, Common Stock 1.47B as of 2026-03-31
Treasury Stock, Common, Value 9.94B as of 2026-03-31
Accumulated Other Comprehensive Income (Loss), Net of Tax -5.56B as of 2026-03-31
Retained Earnings (Accumulated Deficit) 28.04B as of 2026-03-31
Stockholders' Equity Attributable to Noncontrolling Interest 237.00M as of 2026-03-31
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 14.81B as of 2026-03-31
Liabilities and Equity 58.55B as of 2026-03-31
Unit shares · 6 concepts
Label Value Period
Preferred Stock, Shares Authorized 6.00M as of 2026-03-31
Preferred Stock, Shares Issued 0 as of 2026-03-31
Common Stock, Shares Authorized 1.60B as of 2026-03-31
Common Stock, Shares, Issued 560.64M as of 2026-03-31
Common Stock, Shares, Outstanding 482.00M as of 2026-03-31
Treasury Stock, Common, Shares 78.47M as of 2026-03-31
Unit US$ / share · 2 concepts
Label Value Period
Preferred Stock, Par or Stated Value Per Share $1.00 as of 2026-03-31
Common Stock, Par or Stated Value Per Share $1.00 as of 2026-03-31

Cash Flow Statement

36 concepts 1 unit
Unit US$ · 36 concepts
Label Value Period
Depreciation 89.00M 2026-01-01 → 2026-03-31
Depreciation, Depletion and Amortization 89.00M 2026-01-01 → 2026-03-31
Share-based Payment Arrangement, Noncash Expense 139.00M 2026-01-01 → 2026-03-31
Operating Lease, Payments 103.00M 2026-01-01 → 2026-03-31
Payments for Restructuring 79.00M 2026-01-01 → 2026-03-31
Payments to Acquire Long-term Investments 8.00M 2026-01-01 → 2026-03-31
Proceeds from Issuance of Debt 595.00M 2026-01-01 → 2026-03-31
Interest Paid, Excluding Capitalized Interest, Operating Activities 343.00M 2026-01-01 → 2026-03-31
Income Taxes Paid, Net 238.00M 2026-01-01 → 2026-03-31
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability 10.00M 2026-01-01 → 2026-03-31
Stock Issued 335.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Receivables 784.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Other Noncurrent Assets 122.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Employee Related Liabilities -2.00B 2026-01-01 → 2026-03-31
Increase (Decrease) in Income Taxes Payable 157.00M 2026-01-01 → 2026-03-31
IncreaseDecreaseInOperatingLeaseLiability -86.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Other Operating Liabilities 587.00M 2026-01-01 → 2026-03-31
Net Cash Provided by (Used in) Operating Activities -688.00M 2026-01-01 → 2026-03-31
Payments to Acquire Property, Plant, and Equipment 62.00M 2026-01-01 → 2026-03-31
Proceeds from Sale and Maturity of Other Investments 1.00M 2026-01-01 → 2026-03-31
Payments to Acquire Businesses, Gross 43.00M 2026-01-01 → 2026-03-31
Payments to Acquire Businesses, Net of Cash Acquired 41.00M 2026-01-01 → 2026-03-31
Proceeds from Divestiture of Businesses, Net of Cash Divested 12.00M 2026-01-01 → 2026-03-31
Payments for (Proceeds from) Other Investing Activities 6.00M 2026-01-01 → 2026-03-31
Net Cash Provided by (Used in) Investing Activities -104.00M 2026-01-01 → 2026-03-31
Proceeds from (Repayments of) Commercial Paper 1.05B 2026-01-01 → 2026-03-31
Repayments of Long-term Debt 605.00M 2026-01-01 → 2026-03-31
Proceeds from Issuance or Sale of Equity 63.00M 2026-01-01 → 2026-03-31
Payments for Repurchase of Common Stock 755.00M 2026-01-01 → 2026-03-31
Payments of Ordinary Dividends, Common Stock 440.00M 2026-01-01 → 2026-03-31
Payments of Ordinary Dividends, Noncontrolling Interest 17.00M 2026-01-01 → 2026-03-31
Payment, Tax Withholding, Share-based Payment Arrangement 118.00M 2026-01-01 → 2026-03-31
Net Cash Provided by (Used in) Financing Activities 114.00M 2026-01-01 → 2026-03-31
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents -127.00M 2026-01-01 → 2026-03-31
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect -805.00M 2026-01-01 → 2026-03-31
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 13.36B as of 2026-03-31

Notes

56 concepts 5 units
Unit US$ · 47 concepts
Label Value Period
Cash and Cash Equivalents, Fair Value Disclosure 138.00M as of 2026-03-31
Operating Lease, Liability, Current 326.00M as of 2026-03-31
Share-based Payment Arrangement, Expense 139.00M 2026-01-01 → 2026-03-31
Other Assets, Fair Value Disclosure 197.00M as of 2026-03-31
Restructuring and Related Cost, Incurred Cost 37.00M 2026-01-01 → 2026-03-31
Contract with Customer, Performance Obligation Satisfied in Previous Period 25.00M 2026-01-01 → 2026-03-31
Restructuring and Related Cost, Cost Incurred to Date 187.00M as of 2026-03-31
Restructuring and Related Cost, Expected Cost 500.00M as of 2026-03-31
Contract with Customer, Liability, Revenue Recognized 380.00M 2026-01-01 → 2026-03-31
Business Combination, Consideration Transferred 45.00M 2026-01-01 → 2026-03-31
Equity Securities without Readily Determinable Fair Value, Amount 16.00M as of 2026-03-31
Restructuring Reserve, Settled without Cash 1.00M 2026-01-01 → 2026-03-31
Finite-Lived Intangible Asset, Expected Amortization, Year One 502.00M as of 2026-03-31
Finite-Lived Intangible Asset, Expected Amortization, Year Two 477.00M as of 2026-03-31
Finite-Lived Intangible Asset, Expected Amortization, Year Three 445.00M as of 2026-03-31
Finite-Lived Intangible Asset, Expected Amortization, Year Four 447.00M as of 2026-03-31
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year 411.00M as of 2026-03-31
Treasury Stock, Value, Acquired, Cost Method 750.00M 2026-01-01 → 2026-03-31
Defined Benefit Plan, Other Cost (Credit) -50.00M 2026-01-01 → 2026-03-31
Other Intangible Assets, Net 4.61B as of 2026-03-31
Goodwill, Acquired During Period 26.00M 2026-01-01 → 2026-03-31
Goodwill, Other Increase (Decrease) -90.00M 2026-01-01 → 2026-03-31
Unrecorded Unconditional Purchase Obligation 45.00M as of 2026-03-31
Operating Lease, Cost 90.00M 2026-01-01 → 2026-03-31
Short-term Lease, Cost 1.00M 2026-01-01 → 2026-03-31
Variable Lease, Cost 34.00M 2026-01-01 → 2026-03-31
Lease, Cost 119.00M 2026-01-01 → 2026-03-31
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 85.00M 2026-01-01 → 2026-03-31
Business Acquisition, Pro Forma Revenue 7.60B 2026-01-01 → 2026-03-31
Lessee, Operating Lease, Liability, to be Paid, Year One 365.00M as of 2026-03-31
Business Acquisition, Pro Forma Net Income (Loss) 1.15B 2026-01-01 → 2026-03-31
Lessee, Operating Lease, Liability, to be Paid, Year Two 290.00M as of 2026-03-31
Lessee, Operating Lease, Liability, to be Paid, Year Three 244.00M as of 2026-03-31
Lessee, Operating Lease, Liability, to be Paid, Year Four 209.00M as of 2026-03-31
Lessee, Operating Lease, Liability, to be Paid, Year Five 186.00M as of 2026-03-31
Lessee, Operating Lease, Liability, to be Paid, after Year Five 519.00M as of 2026-03-31
Lessee, Operating Lease, Liability, to be Paid 2.11B as of 2026-03-31
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual 6.00M 2026-01-01 → 2026-03-31
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year 293.00M as of 2026-03-31
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual 0 2026-01-01 → 2026-03-31
Lessee, Operating Lease, Liability, Undiscounted Excess Amount 257.00M as of 2026-03-31
Deferred Tax Assets, Net 1.60B as of 2026-03-31
Assets, Fair Value Disclosure 348.00M as of 2026-03-31
Financial and Nonfinancial Liabilities, Fair Value Disclosure 266.00M as of 2026-03-31
Finite-lived Intangible Assets Acquired 15.00M 2026-01-01 → 2026-03-31
Unrecognized Tax Benefits 114.00M as of 2026-03-31
Other Receivables, Gross, Current 749.00M as of 2026-03-31
Unit shares · 1 concept
Label Value Period
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period 1.50M 2026-01-01 → 2026-03-31
Unit US$ / share · 2 concepts
Label Value Period
Business Acquisition, Pro Forma Earnings Per Share, Basic $2.37 2026-01-01 → 2026-03-31
Business Acquisition, Pro Forma Earnings Per Share, Diluted $2.36 2026-01-01 → 2026-03-31
Unit pure · 4 concepts
Label Value Period
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent -0.003 2026-01-01 → 2026-03-31
Effective Income Tax Rate Reconciliation, Percent 0.25 2026-01-01 → 2026-03-31
Operating Lease, Weighted Average Discount Rate, Percent 0.0382 as of 2026-03-31
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase 0.0312 2026-01-01 → 2026-03-31
Unit segment · 2 concepts
Label Value Period
Number of Operating Segments 2 2026-01-01 → 2026-03-31
Number of Reportable Segments 2 2026-01-01 → 2026-03-31

Methodology

All facts on this page come straight from SEC EDGAR XBRL company-facts filings (MRSH CIK 0000062709), grouped by financial statement using FASB's base us-gaap presentation taxonomy. Filers may re-parent concepts onto different statements in their own extension taxonomy, so a handful of rows can show up under a different statement than on the actual 10-K / 10-Q; custom concepts and any we couldn't map fall into Other. Hover a cell to see the fully-qualified concept name and the filer's description.

For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.