Marsh & McLennan Cos Inc

Latest Results (13.03.2026):

Marsh & McLennan Cos Inc reported third quarter 2025 results: consolidated revenue of about $6.4 billion (GAAP +11%, underlying +4%), GAAP operating income of $1.17 billion (+6%) and adjusted operating income of $1.44 billion (+13%). GAAP EPS was $1.51 and adjusted EPS rose 11% to $1.85 for Q3 2025.

Consolidated results

Q3 2025 revenue $6,351M (+11% vs. Q3 2024; +4% underlying). GAAP operating income $1,170M (+6%); adjusted operating income $1,439M (+13%). Net income attributable to the company $747M.

Earnings per share

GAAP diluted EPS $1.51 for Q3 2025. Adjusted EPS was $1.85, an 11% increase year-over-year. Nine‑month results: GAAP diluted EPS $6.75 and adjusted EPS $7.63 (up 9%).

Segment performance

Risk & Insurance Services: revenue $3,907M (+13% GAAP; +3% underlying), operating income $750M, adjusted operating income $965M. Marsh: $3,400M (+16% GAAP; +4% underlying). Guy Carpenter: $398M (+5%). Consulting: revenue $2,465M (+9% GAAP; +5% underlying); Mercer $1,579M (+9%; +3% underlying), Oliver Wyman $886M (+9%; +8% underlying).

Adjusted margins & adjustments

Consolidated adjusted operating margin was ~22.7% in Q3 2025. Adjustments excluded noteworthy items (restructuring, acquisition/integration costs including McGriff impact, contingent consideration changes) and identified intangible amortization as described in the release.

Capital deployment

Share repurchases: ~1.9 million shares for $400M in Q3 2025; 4.6 million shares for $1.0B year-to-date through September 30, 2025. The company also disclosed dividends and paid $1.255B in dividends in the nine months ended Sept. 30, 2025 (per cash flow statement).

Balance sheet & liquidity

Total assets $58,783M; cash and cash equivalents $2,511M and cash held in a fiduciary capacity $12,001M. Short-term debt $1,263M; long-term debt $18,317M; total equity $15,359M.

Strategic update

The company announced a rebrand to "Marsh" effective January 2026, creation of a new Business and Client Services (BCS) unit to centralize investments in operations, data and AI, and a NYSE ticker change from MMC to MRSH in January 2026; full business adoption of the Marsh brand is planned through 2027.