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MMC

Marsh & McLennan Companies, Inc.

MMC

Marsh & McLennan Companies, Inc. • NYSE
$183.45 ▲ 0.41% (+0.75)
Market Cap $90.26 B
52w High $248.00
52w Low $174.18
Dividend Yield 3.60%
P/E 21.97
Volume 1.28M
Outstanding Shares 492.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.351B ▼ $1.287B ▲ $747M ▼ 11.762% ▼ $1.52 ▼ $1.394B ▼
Q2-2025 $6.974B ▼ $1.25B ▲ $1.211B ▼ 17.364% ▼ $2.46 ▼ $2.12B ▼
Q1-2025 $7.061B ▲ $1.206B ▼ $1.381B ▲ 19.558% ▲ $2.81 ▲ $2.299B ▲
Q4-2024 $6.067B ▲ $1.295B ▲ $788M ▲ 12.988% ▼ $1.6 ▲ $1.441B ▲
Q3-2024 $5.697B $1.147B $747M 13.112% $1.52 $1.369B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.511B ▲ $58.783B ▲ $43.424B ▲ $15.153B ▼
Q2-2025 $1.677B ▲ $58.555B ▲ $42.579B ▼ $15.767B ▲
Q1-2025 $1.604B ▼ $57.015B ▲ $42.747B ▼ $14.065B ▲
Q4-2024 $2.398B ▲ $56.481B ▲ $42.946B ▲ $13.342B ▼
Q3-2024 $1.798B $49.864B $35.982B $13.688B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.528B ▼ $2.331B ▲ $-227M ▼ $-1.002B ▲ $834M ▲ $2.298B ▲
Q2-2025 $1.896B ▲ $1.671B ▲ $-121M ▼ $-1.695B ▼ $73M ▲ $1.612B ▲
Q1-2025 $1.412B ▲ $-622M ▼ $26M ▲ $-138M ▼ $-491M ▼ $-677M ▼
Q4-2024 $801M ▲ $1.956B ▲ $-7.645B ▼ $6.275B ▲ $-47M ▼ $1.88B ▲
Q3-2024 $747M $1.912B $-393M $-1.436B $571M $1.839B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Consulting Segment
Consulting Segment
 $2.44Bn ▲$2.31Bn ▼$2.37Bn ▲$2.46Bn ▲
Risk And Insurance Services Segment
Risk And Insurance Services Segment
 $3.65Bn ▲$4.76Bn ▲$4.63Bn ▼$3.91Bn ▼

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a company with steady, durable growth and improving profitability. Revenue has risen each year, and profits have grown even faster than sales, which suggests better pricing power, operating efficiency, or both. Margins appear to have expanded over time, and earnings per share have almost doubled over the last five years, pointing to both profit growth and disciplined capital management. The pattern is one of a mature, resilient business that still finds ways to grow in a relatively stable, fee-based model rather than a highly cyclical one.

Balance Sheet

Balance Sheet The balance sheet reflects a larger, more complex company than it was a few years ago. Total assets and shareholders’ equity have both increased at a healthy pace, helped by retained earnings and likely by acquisitions. At the same time, debt has climbed meaningfully in recent years, and cash balances have moved around rather than building steadily. That combination points to a more leveraged profile and active use of the balance sheet to fund growth. Overall, it looks solid but more debt-reliant than before, so ongoing attention to interest costs and refinancing risk is important.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has grown steadily, tracking profit growth, and free cash flow remains strong after only modest spending on capital investments. The business is asset‑light, does not require heavy reinvestment to maintain operations, and converts a large share of accounting earnings into cash. This gives management flexibility to fund dividends, buybacks, and acquisitions without depending entirely on new borrowing, even though they have chosen to make active use of debt as well.

Competitive Edge

Competitive Edge Marsh & McLennan operates from a position of considerable strength in insurance brokerage and related advisory services. Its advantages come from global scale, a wide range of offerings across risk, reinsurance, human capital, and consulting, and very sticky client relationships. Risk and insurance decisions are mission‑critical, switching costs are high, and the firm’s long track record builds trust that is hard for newcomers to replicate. Strategic acquisitions have deepened its reach and reinforced a “network effect” in data, expertise, and carrier relationships. The main structural risks are regulatory changes, competition from a few other large global brokers, and potential disruption if technology shifts the value captured in the insurance ecosystem.

Innovation and R&D

Innovation and R&D Innovation for MMC is less about traditional lab research and more about embedding data, analytics, and AI into its services. The company has set up digital labs, an innovation centre, and a cloud‑first strategy with a major technology partner to modernize its platforms. Tools like Sentrisk for supply chain risk, cyber and ESG self‑assessment tools, and proprietary modeling platforms in reinsurance and HR all show a push to turn its data into differentiated, tech‑driven solutions. New internal units focused on business services and AI, along with efficiency programs like “Thrive” and an upcoming unified Marsh brand, are aimed at both lowering costs and deepening integration across businesses. Execution risk is real, but the direction is clearly toward being a technology‑enabled risk and advisory platform rather than a traditional broker only.

Summary

Overall, Marsh & McLennan looks like a high‑quality, fee‑based business with consistent growth, expanding profitability, and strong cash generation. Its competitive moat rests on scale, expertise, relationships, and increasingly on proprietary data and technology, which together create high switching costs for clients. On the risk side, rising debt levels, ongoing acquisition integration, regulatory exposure, and the need to successfully deliver on its digital and AI ambitions deserve monitoring. If it manages those challenges well, the financial and strategic profile points to a resilient franchise that is adapting proactively to a more complex and data‑driven risk landscape.

NEWS

November 20, 2025 · 3:00 PM UTC

Marsh McLennan Authorizes Renewal of Share Repurchase Program

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November 20, 2025 · 10:49 AM UTC

Oliver Wyman announces newly elected Partners and Executive Directors for 2026

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November 20, 2025 · 9:00 AM UTC

Oliver Wyman Announces Newly Elected Partners and Executive Directors for 2026

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November 18, 2025 · 10:00 AM UTC

Mercer Survey Finds US Employers and Workers Will Face Affordability Crunch as Health Insurance Cost Is Expected to Exceed $18,500 Per Employee in 2026

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November 12, 2025 · 10:30 AM UTC

Mercer's Research Shows US Defined Contribution (DC) Plan Sponsors Are Prioritizing Financial Wellness, AI Integration and Delegation in 2026

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