Marsh & McLennan Companies, Inc.
NYSE: MRSH · FINANCIAL SERVICES · INSURANCE BROKERS
Updated 2026-06-05
Marsh & McLennan Companies, Inc. (MRSH) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.92B | $11.18B | $10.73B | $9.83B | $10.55B | $11.53B | $11.92B | $12.26B | $12.95B | $12.89B | $13.21B | $14.02B | $14.95B | $16.65B | $17.22B | $19.82B | $20.72B | $22.74B | $24.46B | $26.98B |
| Revenue growth (YoY) | — | -6.2% | -4.0% | -8.4% | +7.3% | +9.3% | +3.5% | +2.8% | +5.6% | -0.4% | +2.5% | +6.2% | +6.6% | +11.4% | +3.4% | +15.1% | +4.5% | +9.7% | +7.6% | +10.3% |
| Cost of revenue | $7.11B | — | — | — | $6.46B | $6.97B | $7.13B | $7.23B | $7.51B | $7.33B | $7.69B | $8.09B | $8.61B | $9.73B | $10.13B | $11.43B | $12.07B | $13.10B | $14.00B | $15.58B |
| Gross profit | $4.81B | $11.18B | $10.73B | $9.83B | $4.08B | $4.56B | $4.79B | $5.04B | $5.44B | $5.56B | $5.52B | $5.94B | $6.34B | $6.92B | $7.09B | $8.39B | $8.65B | $9.64B | $10.46B | $11.40B |
| Gross margin | 40.3% | 100.0% | 100.0% | 100.0% | 38.7% | 39.5% | 40.2% | 41.1% | 42.0% | 43.1% | 41.8% | 42.3% | 42.4% | 41.5% | 41.2% | 42.4% | 41.7% | 42.4% | 42.8% | 42.3% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | — | — | $6.83B | $6.18B | $6.46B | $6.97B | $7.13B | $7.23B | $7.51B | $7.33B | $7.69B | $8.09B | $8.61B | $9.73B | — | — | — | — | — | — |
| Operating income | $948.00M | $846.00M | $679.00M | $778.00M | $939.00M | $1.64B | $1.83B | $2.08B | $2.30B | $2.42B | $2.43B | $2.65B | $2.76B | $2.68B | $3.07B | $4.31B | $4.28B | $5.28B | $5.82B | $6.22B |
| Operating margin | 8.0% | 7.6% | 6.3% | 7.9% | 8.9% | 14.2% | 15.3% | 16.9% | 17.8% | 18.8% | 18.4% | 18.9% | 18.5% | 16.1% | 17.8% | 21.8% | 20.7% | 23.2% | 23.8% | 23.1% |
| EBITDA | $1.44B | $1.29B | $1.12B | $1.16B | $1.36B | $1.94B | $2.23B | $2.50B | $2.61B | $2.89B | $3.11B | $3.36B | $3.03B | $3.61B | $4.05B | $5.40B | $5.27B | $6.32B | $6.93B | $7.39B |
| EBITDA margin | 12.0% | 11.5% | 10.4% | 11.8% | 12.9% | 16.8% | 18.7% | 20.4% | 20.2% | 22.4% | 23.5% | 24.0% | 20.3% | 21.7% | 23.5% | 27.2% | 25.4% | 27.8% | 28.3% | 27.4% |
| EBIT | $948.00M | $846.00M | $714.00M | $793.00M | $1.00B | $1.60B | $1.88B | $2.14B | $2.22B | $2.47B | $2.67B | $2.88B | $2.53B | $2.96B | $3.31B | $4.65B | $4.55B | $5.60B | $6.18B | $6.49B |
| Interest expense | — | — | $220.00M | $241.00M | $233.00M | $199.00M | $181.00M | $167.00M | $165.00M | $163.00M | $189.00M | $237.00M | $290.00M | $524.00M | $515.00M | $444.00M | $469.00M | $578.00M | $700.00M | $960.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $990.00M | $2.48B | $-73.00M | $227.00M | $855.00M | $993.00M | $1.18B | $1.36B | $1.47B | $1.60B | $1.77B | $1.49B | $1.65B | $1.74B | $2.02B | $3.14B | $3.05B | $3.76B | $4.06B | $4.16B |
| Net income growth (YoY) | — | +150.0% | -102.9% | +411.0% | +276.7% | +16.1% | +18.4% | +15.4% | +8.0% | +9.1% | +10.6% | -15.6% | +10.6% | +5.6% | +15.7% | +55.9% | -3.0% | +23.1% | +8.1% | +2.5% |
| Profit margin | 8.3% | 22.1% | -0.7% | 2.3% | 8.1% | 8.6% | 9.9% | 11.1% | 11.3% | 12.4% | 13.4% | 10.6% | 11.0% | 10.5% | 11.7% | 15.9% | 14.7% | 16.5% | 16.6% | 15.4% |
Frequently asked questions
What is Marsh & McLennan Companies, Inc.'s revenue?
Marsh & McLennan Companies, Inc.'s trailing twelve-month revenue is $27.52B, and consensus projects about $35.60B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MRSH?
In its most recent fiscal year, MRSH ran a gross margin of 42.27%, an operating margin of 23.06%, and a net margin of 15.42%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MRSH generate?
MRSH produced $5.00B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MRSH's balance sheet healthy?
MRSH holds $2.69B in cash and equivalents against $18.32B in long-term debt, on $15.10B of shareholder equity. That debt is best read against the cash flow the business throws off each year.