Saturday 17 October 2026 Export MRSH’s income statement to Excel — free account

Marsh

Marsh’s revenue for fiscal 2025 (year ended December 2025) was $27.0 billion, up 10.3% from fiscal 2024. In the quarter to September 2026, revenue grew 8.06%, EPS grew 12.2%, free cash flow fell 9.99% and total debt rose 3.12%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for three.

188.35 1.81 +0.97%

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Market cap: $89.0B
P/E: 22.4×
Fwd P/E: 19.2×
Dividend yield: 2.01%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 18.91

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	—	—	3	—	—	1	3	1	2	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 89,020.00

Revenue 28,459.00

Net Income 4,123.00

Free Cash Flow 4,154.00

Net Debt 4,774.00

Current Ratio 1.09

Debt/Equity 1.27

P/E ratio 22.41

Fwd P/E 19.20

P/S ratio 3.15

P/B ratio 5.81

Past 5Y EPS Growth 16.43%

This Y EPS Growth 7.28%

Next Y EPS Growth 9.36%

Next Y revenue growth 5.83%

Next 5Y EPS Growth 8.77%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 24.92%

10-year low 10-year high

P/S against its own 10 years 37.82%

10-year low 10-year high

P/B against its own 10 years 28.75%

10-year low 10-year high

Dividends

Payout Ratio 0.45

Annual Dividend Rate 3.78

Annual Dividend Yield 2.01%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	3.78	0.90 0.90 0.99 0.99
2025	3.43	0.82 0.82 0.90 0.90
2024	3.05	0.71 0.71 0.82 0.82
2023	2.60	0.59 0.59 0.71 0.71
2022	2.25	0.54 0.54 0.59 0.59
2021	2.00	0.47 0.47 0.54 0.54
2020	1.84	0.46 0.46 0.47 0.47
2019	1.74	0.42 0.42 0.46 0.46
2018	1.58	0.38 0.38 0.42 0.42
2017	1.43	0.34 0.34 0.38 0.38
2016	1.30	0.31 0.31 0.34 0.34

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	14,152	13,674	14,160	14,115
Receivables	6,418	7,156	7,670	8,548
Inventory	—	—	—	—
Other	1,178	1,287	1,370	1,444
	21,748	22,117	23,200	24,107

	2023	2024	2025	Q'26
Payables	3,403	3,402	3,652	4,054
ST’ Debt	—	—	—	—
Other	10,794	11,276	11,473	12,273
	19,795	19,518	21,060	22,109

Compound Annual Growth %

	10y	5y	3y
Sales	7.66%	9.39%	9.20%
Cash Flow	10.86%	9.37%	15.16%
Earnings	10.03%	15.59%	10.90%
Book Value	8.78%	10.59%	12.53%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	7,597	7,404	6,863	—	—
’25	7,061	6,974	6,351	6,595	26,981
’24	6,473	6,221	5,697	6,067	24,458
’23	5,924	5,876	5,382	5,554	22,736
’22	5,549	5,379	4,770	5,022	20,720
’21	5,083	5,017	4,583	5,137	19,820
’20	4,651	4,189	3,968	4,416	17,224

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(688)	1,523	1,478	—	—
’25	(622)	1,671	2,082	2,161	5,292
’24	(781)	1,215	1,912	1,956	4,302
’23	(819)	1,484	1,810	1,783	4,258
’22	(702)	1,282	1,383	1,502	3,465
’21	(408)	1,158	1,324	1,442	3,516
’20	(638)	1,216	1,421	1,383	3,382

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(750)	1,451	1,397	—	—
’25	(677)	1,612	2,010	2,056	5,001
’24	(868)	1,135	1,839	1,880	3,986
’23	(903)	1,383	1,699	1,663	3,842
’22	(824)	1,165	1,255	1,399	2,995
’21	(477)	1,076	1,207	1,304	3,110
’20	(756)	1,134	1,343	1,313	3,034

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.36	2.63	1.70	—	—
’25	2.79	2.45	1.51	1.68	8.43
’24	2.82	2.27	1.51	1.59	8.18
’23	2.47	2.07	1.47	1.52	7.53
’22	2.10	1.91	1.08	0.93	6.04
’21	1.91	1.60	1.05	1.57	6.13
’20	1.48	1.12	0.62	0.73	3.94

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	50.81	66.75	74.30	77.85	74.33	106.95	142.80	151.86	188.31	174.18	Analyst estimates 2026–2028 Powerpack
	High	69.77	86.54	89.59	113.94	120.97	175.12	183.14	202.81	235.50	248.00
People
People	Employees	60,000	65,000	65,000	76,000	76,000	83,000	85,000	85,000	90,000	95,000
	Revenue/emp, $m	0.22	0.22	0.23	0.22	0.23	0.24	0.24	0.27	0.27	0.28
Income, $m
Income, $m	Revenue	13,211	14,024	14,950	16,652	17,224	19,820	20,720	22,736	24,458	26,981
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	2,480	2,643	2,244	2,439	2,793	4,208	4,082	5,026	5,480	5,539
	EBT margin, %	18.77	18.85	15.01	14.65	16.22	21.23	19.70	22.11	22.41	20.53
	Net income	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117	4,234
	Depreciation	438	481	494	647	741	747	719	713	746	910
Per share, $
Per share, $	Revenue	25.45	27.34	29.55	32.91	34.04	39.09	41.52	46.02	49.71	54.95
	Earnings	3.41	2.91	3.26	3.44	3.98	6.20	6.11	7.60	8.26	8.48
	Cash flow	3.87	3.69	4.80	4.67	6.68	6.93	6.94	8.62	8.74	10.78
	Capex	(0.48)	(0.57)	(0.61)	(0.83)	(0.69)	(0.80)	(0.94)	(0.84)	(0.64)	(0.59)
	Free cash flow	3.39	3.12	4.18	3.83	6.00	6.13	6.00	7.78	8.10	10.19
	Book value	12.08	14.51	14.99	15.70	18.30	22.13	21.54	25.04	27.51	31.19
	Shares, m	519	513	506	506	506	507	499	494	492	491
Valuation, ×
Valuation, ×	P/E	19.90	27.63	24.46	32.29	29.40	28.08	27.21	25.02	25.78	21.88
	P/S	2.67	2.94	2.70	3.39	3.44	4.45	4.00	4.13	4.27	3.38
	P/B	5.62	5.54	5.32	7.10	6.39	7.85	7.71	7.59	7.72	5.95
	EV/Sales	2.93	3.23	3.00	3.96	3.94	4.91	3.96	4.03	4.51	3.53
	EV/FCF	22.01	28.31	21.16	34.00	22.38	31.29	27.36	23.85	27.66	19.05
Cash, $m
Cash, $m	Operating cash flow	2,007	1,893	2,428	2,361	3,382	3,516	3,465	4,258	4,302	5,292
	Capex	(249)	(294)	(311)	(421)	(348)	(406)	(470)	(416)	(316)	(291)
	Free cash flow	1,758	1,599	2,117	1,940	3,034	3,110	2,995	3,842	3,986	5,001
Balance, $m
Balance, $m	Working capital	802	1,300	1,010	389	1,599	1,610	1,127	1,953	2,599	2,140
	Total debt	4,495	5,225	5,510	10,741	10,796	10,933	11,227	11,844	19,428	18,320
	Net debt	3,469	4,020	4,444	9,586	8,707	9,181	(875)	(2,308)	5,754	4,160
	Shareholders’ equity	6,272	7,442	7,584	7,943	9,260	11,222	10,749	12,370	13,535	15,315
Returns, %
Returns, %	ROA	9.71	7.73	7.86	6.58	6.26	9.32	7.77	8.15	7.77	7.22
	ROIC	15.60	14.48	14.35	9.54	10.67	13.21	27.09	32.81	18.85	19.97
	ROE	27.47	21.76	21.96	22.44	23.44	30.69	27.76	32.49	31.35	28.84

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 16 Oct 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MRSH Marsh	$89.0B	22.4×	19.2×	+8.06% (above 0%: growing)	+12.23% (above 0%: growing)	−9.99% (below 0%: shrinking)	100.00%	17.70%
AJG Arthur J. Gallagher & Co.	$64.1B	41.6×	23.0×	+24.24% (above 0%: growing)	−11.89% (below 0%: shrinking)	+91.16% (above 0%: growing)	41.79%	14.54%	Compare
AON Aon plc	$60.8B	16.0×	21.1×	+2.19% (above 0%: growing)	−3.73% (below 0%: shrinking)	−34.02% (below 0%: shrinking)	46.51%	21.55%	Compare
WTW Willis Towers Watson Public Limited Company	$28.8B	19.3×	15.3×	+9.07% (above 0%: growing)	−27.25% (below 0%: shrinking)	+42.76% (above 0%: growing)	100.00%	14.76%	Compare
BRO Brown & Brown, Inc.	$22.8B	19.3×	17.6×	+30.43% (above 0%: growing)	+8.86% (above 0%: growing)	+6.75% (above 0%: growing)	50.00%	28.82%	Compare
ERIE Erie Indemnity Company	$11.1B	19.7×	18.0×	+2.80% (above 0%: growing)	+3.20% (above 0%: growing)	+10.22% (above 0%: growing)	18.73%	18.73%	Compare
BWIN Baldwin Insurance Group, Inc.	$4.5B	— (loss-making)	— (loss-making)	+30.13% (above 0%: growing)	n/m	+208.10% (above 0%: growing)	31.81%	(1.69%)	Compare
ARX Accelerant Holdings	$4.3B	— (loss-making)	143×	+62.89% (above 0%: growing)	+620.00% (above 0%: growing)	−139.56% (below 0%: shrinking)	100.00%	30.96%	Compare
CRVL CorVel Corp.	$4.1B	35.4×	—	+10.74% (above 0%: growing)	+18.87% (above 0%: growing)	+8.94% (above 0%: growing)	26.08%	16.67%	Compare
Median of peers	$16.9B	19.5×	19.6×	+17.49%	+3.20%	+9.58%	44.15%	17.70%

All 22 Insurance Brokers stocks →

Marsh (MRSH) key facts

Strength: Marsh’s revenue for fiscal 2025 (year ended December 2025) was $27.0 billion, up 10.3% from fiscal 2024.
Strength: Net income was $4.2 billion, or $8.48 per share (basic), a net margin of 15.4%.
Marsh (MRSH) is an Insurance Brokers company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, MRSH traded at $188.35, a market capitalization of $89.0 billion.
At that price the stock trades at 22.4× trailing-twelve-month earnings and 3.2× sales; its P/E is higher than 25% of its own readings over the past ten years.
Marsh pays an annual dividend of $3.78 per share, a yield of 2.01%, with a payout ratio of 45.2%.
Return on equity was 28.8% and debt-to-equity 1.27.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 16, 2026.

Financial Analysis (summary)

Updated 15 October 2026

Marsh reported revenue of $27.0 billion in FY2025, with operating income of $6.2 billion in FY2025 and net income of $4.2 billion in FY2025. Revenue was $7.4 billion in Q2 FY2026, while operating income was $1.9 billion in Q2 FY2026 and net income was $1.3 billion in Q2 FY2026.

Revenue was $27.9 billion in TTM to Q2 FY2026, up 8.33% in TTM to Q2 FY2026 against TTM to Q2 FY2025. Net income was $4.1 billion in TTM to Q2 FY2026, down −3.05% in TTM to Q2 FY2026 against TTM to Q2 FY2025. Net debt was $5.0 billion in Q2 FY2026.

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