Fundies.
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Marsh & McLennan Companies, Inc.

EDGAR
MMC Current report (8-K) · filed 2026-10-27

Annual consolidated revenue for 2025: about USD 26.98B, using the latest reported figures. The previous period, 2024, was about USD 24.46B.

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Watchlist

Latest quarter

Revenue

6.86 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Revenue: 6863000000 USD Source

Operating margin

17.7%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: 1215000000 USD Source
  • Revenue: 6863000000 USD Source

Operating cash flow

1.48 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2313000000 USD Source
  • Operating Cash Flow: 835000000 USD Source

Free cash flow

1.4 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2313000000 USD Source
  • Operating Cash Flow: 835000000 USD Source
  • Capital Expenditure: 215000000 USD Source
  • Capital Expenditure: 134000000 USD Source
Cash and cash equivalents
1.84 billion USD Source
Exact value

1842000000 USD

Long-term debt including current maturities
18.9 billion USD Source
Exact value

18910000000 USD

Shares outstanding
475 million shares Source
Exact value

475000000 shares

Reported share-count change

-3.06% · -15 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 490000000 shares · 2025-09-30· Source
  • 475000000 shares · 2026-09-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

28.5 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 26981000000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 20386000000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 7597000000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 7404000000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 6863000000 USD · 2026-07-01 – 2026-09-30 Source

Net income

4.04 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: 4160000000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 3339000000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 1146000000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 1266000000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: 808000000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

4.47 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 5292000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 3131000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -688000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 835000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -688000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 2313000000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 835000000 USD · 2026-01-01 – 2026-06-30 Source

Capital expenditure

320 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Capital expenditure: 291000000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 186000000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 62000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 134000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 62000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 215000000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 134000000 USD · 2026-01-01 – 2026-06-30 Source

Free cash flow

4.15 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 5292000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 3131000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -688000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 835000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -688000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 2313000000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 835000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 291000000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 186000000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 62000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 134000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 62000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 215000000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 134000000 USD · 2026-01-01 – 2026-06-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-27.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 4 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 4 of 11 periods available· newest 2025-12-31
  • liabilities: No compatible figures in this window
  • Current assets: 4 of 11 periods available· newest 2025-12-31
  • Current liabilities: 4 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 4 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 4 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 4 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +10.3%

    Prior period

    USD 24.46 billion

    –

    Current period

    USD 26.98 billion

    –

    Exact inputs and evidence

    26981000000 − 24458000000 = 2523000000 USD

    24458000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    26981000000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +2.5%

    Prior period

    USD 4.06 billion

    –

    Current period

    USD 4.16 billion

    –

    Exact inputs and evidence

    4160000000 − 4060000000 = 100000000 USD

    4060000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    4160000000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +23%

    Prior period

    USD 4.3 billion

    –

    Current period

    USD 5.29 billion

    –

    Exact inputs and evidence

    5292000000 − 4302000000 = 990000000 USD

    4302000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    5292000000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -7.9%

    Prior period

    USD 316 million

    –

    Current period

    USD 291 million

    –

    Exact inputs and evidence

    291000000 − 316000000 = -25000000 USD

    316000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    291000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 26.98 billion 100% of revenue
  • Operating costs Derived USD 20.76 billion 77% of revenue
  • Operating income USD 6.22 billion 23% of revenue
  • Tax, interest and other Derived USD 2.06 billion 7.6% of revenue
  • Net income USD 4.16 billion 15% of revenue

Cash

  • Operating cash flow USD 5.29 billion 20% of revenue
  • Capital expenditure USD 291 million 1.1% of revenue
  • Free cash flow Derived USD 5 billion 19% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2022 15%79%
  • 2023 17%77%
  • 2024 17%76%
  • 2025 15%77%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2022 2022-01-01 – 2022-12-3120720000000 16440000000 Derived 4280000000 1230000000 Derived 3050000000 2995000000 Derived
Source
2023 2023-01-01 – 2023-12-3122736000000 17454000000 Derived 5282000000 1526000000 Derived 3756000000 3842000000 Derived
Source
2024 2024-01-01 – 2024-12-3124458000000 18641000000 Derived 5817000000 1757000000 Derived 4060000000 3986000000 Derived
Source
2025 2025-01-01 – 2025-12-3126981000000 20758000000 Derived 6223000000 2063000000 Derived 4160000000 5001000000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 27B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.29.1B21.9B14.6B7.3B0.02022202320242025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Revenue20720000000
2023Revenue22736000000
2024Revenue24458000000
2025Revenue26981000000

Revenue growth

Change in revenue from the same financial period one year earlier.

10.3% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.11.1%8.4%5.6%2.8%0.0%2022202320242025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2022Year over yearNo prior comparable period
2023Year over year9.7%
2024Year over year7.6%
2025Year over year10.3%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 23.1% 2025
Net margin 15.4% 2025
Free cash flow margin 18.5% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.25.7%19.3%12.8%6.4%0.0%2022202320242025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2022Operating margin20.7%
2023Operating margin23.2%
2024Operating margin23.8%
2025Operating margin23.1%
2022Net margin14.7%
2023Net margin16.5%
2024Net margin16.6%
2025Net margin15.4%
2022Free cash flow margin14.5%
2023Free cash flow margin16.9%
2024Free cash flow margin16.3%
2025Free cash flow margin18.5%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 5.3B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.5.7B4.3B2.9B1.4B0.02022202320242025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Operating cash flow3465000000
2023Operating cash flow4258000000
2024Operating cash flow4302000000
2025Operating cash flow5292000000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 5B 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.5.4B4.1B2.7B1.4B0.02022202320242025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Free cash flow2995000000
2023Free cash flow3842000000
2024Free cash flow3986000000
2025Free cash flow5001000000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

Not enough comparable data to show this history.
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2022-12-31Liabilities / assetsNot reported
2023-12-31Liabilities / assetsNot reported
2024-12-31Liabilities / assetsNot reported
2025-12-31Liabilities / assetsNot reported

Current assets to current liabilities

Current assets divided by current liabilities.

1.1× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.22×0.92×0.61×0.31×0.00×2022202320242025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2022Current assets / current liabilities1.06×
2023Current assets / current liabilities1.1×
2024Current assets / current liabilities1.13×
2025Current assets / current liabilities1.1×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 1.77 billion
Exact value

Exact value: 1768000000 USD

2016-01-01 – 2016-12-31: 1768000000 USD Inspect Net Income Open source
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USD 2.01 billion
Exact value

Exact value: 2007000000 USD

2016-01-01 – 2016-12-31: 2007000000 USD Inspect Operating Cash Flow Open source
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USD 253 million
Exact value

Exact value: 253000000 USD

2016-01-01 – 2016-12-31: 253000000 USD Inspect Capital Expenditure Open source
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USD 1.75 billion
Calculation and evidence

2007000000 − 253000000 USD

Exact free cash flow: 1754000000 USD

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2017 2017-01-01 – 2017-12-31
USD 1.49 billion
Exact value

Exact value: 1492000000 USD

2017-01-01 – 2017-12-31: 1492000000 USD Inspect Net Income Open source
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USD 1.89 billion
Exact value

Exact value: 1893000000 USD

2017-01-01 – 2017-12-31: 1893000000 USD Inspect Operating Cash Flow Open source
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USD 302 million
Exact value

Exact value: 302000000 USD

2017-01-01 – 2017-12-31: 302000000 USD Inspect Capital Expenditure Open source
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USD 1.59 billion
Calculation and evidence

1893000000 − 302000000 USD

Exact free cash flow: 1591000000 USD

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2018 2018-01-01 – 2018-12-31
USD 1.65 billion
Exact value

Exact value: 1650000000 USD

2018-01-01 – 2018-12-31: 1650000000 USD Inspect Net Income Open source
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USD 2.43 billion
Exact value

Exact value: 2428000000 USD

2018-01-01 – 2018-12-31: 2428000000 USD Inspect Operating Cash Flow Open source
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USD 314 million
Exact value

Exact value: 314000000 USD

2018-01-01 – 2018-12-31: 314000000 USD Inspect Capital Expenditure Open source
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USD 2.11 billion
Calculation and evidence

2428000000 − 314000000 USD

Exact free cash flow: 2114000000 USD

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2019 2019-01-01 – 2019-12-31
USD 1.74 billion
Exact value

Exact value: 1742000000 USD

2019-01-01 – 2019-12-31: 1742000000 USD Inspect Net Income Open source
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USD 2.36 billion
Exact value

Exact value: 2361000000 USD

2019-01-01 – 2019-12-31: 2361000000 USD Inspect Operating Cash Flow Open source
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USD 421 million
Exact value

Exact value: 421000000 USD

2019-01-01 – 2019-12-31: 421000000 USD Inspect Capital Expenditure Open source
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USD 1.94 billion
Calculation and evidence

2361000000 − 421000000 USD

Exact free cash flow: 1940000000 USD

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2020 2020-01-01 – 2020-12-31
USD 2.02 billion
Exact value

Exact value: 2016000000 USD

2020-01-01 – 2020-12-31: 2016000000 USD Inspect Net Income Open source
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USD 3.38 billion
Exact value

Exact value: 3382000000 USD

2020-01-01 – 2020-12-31: 3382000000 USD Inspect Operating Cash Flow Open source
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USD 348 million
Exact value

Exact value: 348000000 USD

2020-01-01 – 2020-12-31: 348000000 USD Inspect Capital Expenditure Open source
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USD 3.03 billion
Calculation and evidence

3382000000 − 348000000 USD

Exact free cash flow: 3034000000 USD

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2021 2021-01-01 – 2021-12-31
USD 3.14 billion
Exact value

Exact value: 3143000000 USD

2021-01-01 – 2021-12-31: 3143000000 USD Inspect Net Income Open source
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USD 3.52 billion
Exact value

Exact value: 3516000000 USD

2021-01-01 – 2021-12-31: 3516000000 USD Inspect Operating Cash Flow Open source
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USD 406 million
Exact value

Exact value: 406000000 USD

2021-01-01 – 2021-12-31: 406000000 USD Inspect Capital Expenditure Open source
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USD 3.11 billion
Calculation and evidence

3516000000 − 406000000 USD

Exact free cash flow: 3110000000 USD

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2022 2022-01-01 – 2022-12-31
USD 3.05 billion
Exact value

Exact value: 3050000000 USD

2022-01-01 – 2022-12-31: 3050000000 USD Inspect Net Income Open source
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USD 3.47 billion
Exact value

Exact value: 3465000000 USD

2022-01-01 – 2022-12-31: 3465000000 USD Inspect Operating Cash Flow Open source
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USD 470 million
Exact value

Exact value: 470000000 USD

2022-01-01 – 2022-12-31: 470000000 USD Inspect Capital Expenditure Open source
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USD 3 billion
Calculation and evidence

3465000000 − 470000000 USD

Exact free cash flow: 2995000000 USD

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2023 2023-01-01 – 2023-12-31
USD 3.76 billion
Exact value

Exact value: 3756000000 USD

2023-01-01 – 2023-12-31: 3756000000 USD Inspect Net Income Open source
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USD 4.26 billion
Exact value

Exact value: 4258000000 USD

2023-01-01 – 2023-12-31: 4258000000 USD Inspect Operating Cash Flow Open source
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USD 416 million
Exact value

Exact value: 416000000 USD

2023-01-01 – 2023-12-31: 416000000 USD Inspect Capital Expenditure Open source
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USD 3.84 billion
Calculation and evidence

4258000000 − 416000000 USD

Exact free cash flow: 3842000000 USD

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2024 2024-01-01 – 2024-12-31
USD 4.06 billion
Exact value

Exact value: 4060000000 USD

2024-01-01 – 2024-12-31: 4060000000 USD Inspect Net Income Open source
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USD 4.3 billion
Exact value

Exact value: 4302000000 USD

2024-01-01 – 2024-12-31: 4302000000 USD Inspect Operating Cash Flow Open source
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USD 316 million
Exact value

Exact value: 316000000 USD

2024-01-01 – 2024-12-31: 316000000 USD Inspect Capital Expenditure Open source
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USD 3.99 billion
Calculation and evidence

4302000000 − 316000000 USD

Exact free cash flow: 3986000000 USD

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2025 2025-01-01 – 2025-12-31
USD 4.16 billion
Exact value

Exact value: 4160000000 USD

2025-01-01 – 2025-12-31: 4160000000 USD Inspect Net Income Open source
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USD 5.29 billion
Exact value

Exact value: 5292000000 USD

2025-01-01 – 2025-12-31: 5292000000 USD Inspect Operating Cash Flow Open source
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USD 291 million
Exact value

Exact value: 291000000 USD

2025-01-01 – 2025-12-31: 291000000 USD Inspect Capital Expenditure Open source
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USD 5 billion
Calculation and evidence

5292000000 − 291000000 USD

Exact free cash flow: 5001000000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

339 filings · 7,279 latest values · 7,279 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000062709, 62709, MMC, MRSH, edgar:62709

Also known as MARSH & MCLENNAN COMPANIES INC, MARSH & MCLENNAN COMPANIES, INC., Marsh & McLennan Companies, Inc., Marsh & McLennan Companies, Inc.