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Marsh & McLennan Companies, Inc., a professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide. The company operates through Risk and Insurance Services, and Consulting segments. The Risk and Insurance Services segment offers risk management services, such as risk management, insurance broking, insurance program management, risk consulting, analytical modeling, and alternative risk financing services. This segment also offers insurance and reinsurance broking, strategic advisory and actuarial services, and analytics solutions. It serves businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Consulting segment provides health, wealth and career advice, solutions and products; and specialized management, strategic, economic, and brand consulting services. Marsh & McLennan Companies, Inc. was founded in 1871 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $27.0B | $7.4B | $4.2B | $5.0B | 27.5% | 10.3% | 2.5% |
| 2024 | $24.5B | $6.9B | $4.1B | $4.0B | 30.4% | 7.6% | 8.1% |
| 2023 | $22.7B | $6.3B | $3.8B | $3.8B | 30.8% | 9.7% | 23.1% |
| 2022 | $20.7B | $5.3B | $3.0B | $3.0B | 29.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 20,720 | 22,736 | 24,458 | 26,981 |
| Operating Revenue | - | 20,720 | 22,798 | 24,528 | 27,059 |
| Cost Of Revenue | - | 12,071 | 13,099 | 13,996 | 15,577 |
| Gross Profit | - | 8,649 | 9,637 | 10,462 | 11,404 |
| Operating Expense | - | 4,369 | 4,355 | 4,645 | 5,181 |
| Total Expenses | - | 16,440 | 17,454 | 18,641 | 20,758 |
| Operating Income | - | 4,280 | 5,282 | 5,817 | 6,223 |
| Total Operating Income As Reported | - | 4,280 | 5,282 | 5,817 | 6,223 |
| EBITDA | - | 5,270 | 6,317 | 6,926 | 7,409 |
| Normalized EBITDA | - | 5,249 | 6,312 | 6,914 | 7,375 |
| EBIT | - | 4,551 | 5,604 | 6,180 | 6,499 |
| Interest Income | - | 15 | 78 | 83 | 48 |
| Interest Expense | - | 469 | 578 | 700 | 960 |
| Net Interest Income | - | -454 | -500 | -617 | -912 |
| Other Non Operating Income Expenses | - | 235 | 239 | 268 | 194 |
| Other Income Expense | - | 256 | 244 | 280 | 228 |
| Interest Income Non Operating | - | 15 | 78 | 83 | 48 |
| Interest Expense Non Operating | - | 469 | 578 | 700 | 960 |
| Net Non Operating Interest Income Expense | - | -454 | -500 | -617 | -912 |
| Pretax Income | - | 4,082 | 5,026 | 5,480 | 5,539 |
| Tax Provision | - | 995 | 1,224 | 1,363 | 1,305 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 5.12 | 1.22 | 2.99 | 8.02 |
| Net Income Continuous Operations | - | 3,087 | 3,802 | 4,117 | 4,234 |
| Net Income From Continuing And Discontinued Operation | - | 3,050 | 3,756 | 4,060 | 4,160 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,050 | 3,756 | 4,060 | 4,160 |
| Net Income | - | 3,050 | 3,756 | 4,060 | 4,160 |
| Net Income Common Stockholders | - | 3,050 | 3,756 | 4,060 | 4,160 |
| Net Income Including Noncontrolling Interests | - | 3,087 | 3,802 | 4,117 | 4,234 |
| Normalized Income | - | 3,034.12 | 3,752.22 | 4,050.99 | 4,134.02 |
| Diluted NI Availto Com Stockholders | - | 3,050 | 3,756 | 4,060 | 4,160 |
| Basic Average Shares | - | 499 | 494 | 492 | 491 |
| Diluted Average Shares | - | 505 | 499 | 496 | 494 |
| Reconciled Depreciation | - | 719 | 713 | 746 | 910 |
| Reconciled Cost Of Revenue | - | 12,071 | 13,099 | 13,996 | 15,577 |
| Total Unusual Items | - | 21 | 5 | 12 | 34 |
| Total Unusual Items Excluding Goodwill | - | 21 | 5 | 12 | 34 |
| Minority Interests | - | -37 | -46 | -57 | -74 |
| Special Income Charges | 0 | - | - | - | - |
| Restructuring And Mergern Acquisition | 0 | - | - | - | - |
| Gain On Sale Of Security | - | 21 | 5 | 12 | 34 |
| Other Operating Expenses | - | 4,369 | 4,355 | 4,645 | 5,181 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Marsh & McLennan Companies, Inc.this co. | MRSH | $77.7B | 18.68↓ discount | 5.15 | 27.5% | 13.02 |
| The PNC Financial Services Group, Inc. | PNC | $91.2B | 13.87 | 1.51 | 10.9% | - |
| KKR & Co. Inc. | KKR | $89.0B | 37.55 | 3.14 | 8.4% | 12.45 |
| U.S. Bancorp | USB | $86.0B | 11.96 | 1.32 | 11.0% | - |
| Intercontinental Exchange, Inc. |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| ICE |
| $80.3B |
| 24.23 |
| 2.78 |
| 11.5% |
| 14.46 |
| Robinhood Markets, Inc. | HOOD | $79.5B | 42.24 | 8.70 | 20.6% | 39.87 |
| Moody's Corporation | MCO | $78.5B | 31.91 | 19.35 | 60.7% | 21.44 |
| Apollo Global Management, Inc. | APO | $74.0B | 21.20 | 3.37 | 15.9% | 8.04 |
| Aon plc | AON | $68.8B | 18.63 | 7.36 | 39.5% | 12.80 |
| Peer Median | - | 22.72 | 3.26 | 13.7% | 13.63 | |