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

Marsh

MRSH Financial Insurance Brokers

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%
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

Marsh (MRSH) Financial Analysis

Updated · Covers results through Q2 FY2026 · Sources · How this is made

Snapshot

Marsh generated revenue of $27.0 billion in FY2025, compared with $24.5 billion in FY2024. Operating income was $6.2 billion in FY2025, compared with $5.8 billion in FY2024, while net income was $4.2 billion in FY2025, compared with $4.1 billion in FY2024. Diluted EPS was $8.43 in FY2025, compared with $8.18 in FY2024.

Revenue was $7.4 billion in Q2 FY2026, compared with $7.6 billion in Q1 FY2026 and $7.0 billion in Q2 FY2025. Operating income was $1.9 billion in Q2 FY2026, while net income was $1.3 billion in Q2 FY2026 and diluted EPS was $2.63 in Q2 FY2026. Market capitalisation was $85.6 billion as of October 14, 2026.

Growth

Revenue grew 10.3% in FY2025 against FY2024, reaching $27.0 billion in FY2025. Revenue compound annual growth was 9.20% in FY2022–FY2025 and 9.39% in FY2020–FY2025. Diluted EPS grew 3.06% in FY2025 against FY2024 to $8.43 in FY2025; its compound annual growth was 11.8% in FY2022–FY2025 and 16.4% in FY2020–FY2025. Free cash flow grew 25.5% in FY2025 against FY2024 to $5.0 billion in FY2025, with compound annual growth of 18.6% in FY2022–FY2025.

Revenue declined −2.54% in Q2 FY2026 against Q1 FY2026 but increased 6.17% in Q2 FY2026 against Q2 FY2025. Diluted EPS increased 11.4% in Q2 FY2026 against Q1 FY2026 and 7.35% in Q2 FY2026 against Q2 FY2025. Free cash flow was $1.5 billion in Q2 FY2026, versus −$750.0 million in Q1 FY2026 and $1.6 billion in Q2 FY2025.

Profitability

Gross margin was 100.0% in FY2025, unchanged by 0.0 percentage points in FY2024–FY2025 and unchanged by 0.0 percentage points in FY2020–FY2025. Operating margin was 23.1% in FY2025, down −0.7 percentage points in FY2024–FY2025 but up 5.3 percentage points in FY2020–FY2025. Pre-tax margin was 20.5% in FY2025, down −1.9 percentage points in FY2024–FY2025 and up 4.3 percentage points in FY2020–FY2025.

Net margin was 15.7% in FY2025, down −1.1 percentage points in FY2024–FY2025 and up 3.8 percentage points in FY2020–FY2025. Return on equity was 28.8% in FY2025, compared with 31.4% in FY2024. Return on assets was 7.22% in FY2025, compared with 7.77% in FY2024. Return on invested capital was 20.0% in FY2025, compared with 18.9% in FY2024.

Balance sheet

Total debt was $18.3 billion in FY2025, down from $19.4 billion in FY2024. Cash and short-term investments were $14.2 billion in FY2025, compared with $13.7 billion in FY2024. Net debt was $4.2 billion in FY2025, compared with $5.8 billion in FY2024. Working capital was $2.1 billion in FY2025, compared with $2.6 billion in FY2024.

Shareholders’ equity was $15.3 billion in FY2025, up from $13.5 billion in FY2024, and book value per share was $31.19 in FY2025, compared with $27.51 in FY2024. Net debt was $5.0 billion in Q2 FY2026, compared with $5.5 billion in Q1 FY2026. The current ratio was 1.1× in Q2 FY2026, and debt to equity was 1.2× in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $5.3 billion in FY2025, up 23.0% in FY2025 against FY2024. Capital expenditure was $291.0 million in FY2025, compared with $316.0 million in FY2024. Free cash flow was $5.0 billion in FY2025, up 25.5% in FY2025 against FY2024, and represented 118.1% of net income in FY2025. Free cash flow compound annual growth was 18.6% in FY2022–FY2025.

Dividends paid were $1.8 billion in FY2025, while net share repurchases were $1.8 billion in FY2025. Capital returned to shareholders was $3.5 billion in FY2025 and $13.0 billion in FY2021–FY2025. Weighted average shares were 491.0 million shares in FY2025, and the share count changed −2.96% in FY2020–FY2025. Weighted average shares were 480.0 million shares in Q2 FY2026.

Valuation

P/E was 21.7× as of October 14, 2026, below the five-year median of 25.8× as of October 14, 2026, over the five fiscal years to FY2025, and the ten-year median of 26.5× as of October 14, 2026, over the ten fiscal years to FY2025. P/E was below the industry median of 25.4× as of October 14, 2026.

P/S was 3.1× as of October 14, 2026, below the five-year median of 4.1× as of October 14, 2026, over the five fiscal years to FY2025, and the ten-year median of 3.4× as of October 14, 2026, over the ten fiscal years to FY2025. P/S was higher than the industry median of 2.6× as of October 14, 2026.

P/B was 5.5× as of October 14, 2026, below the five-year median of 7.7× as of October 14, 2026, over the five fiscal years to FY2025, and the ten-year median of 6.7× as of October 14, 2026, over the ten fiscal years to FY2025. P/B was higher than the industry median of 2.9× as of October 14, 2026.

What changed since last quarter

Revenue was $7.4 billion in Q2 FY2026, down −2.54% in Q2 FY2026 against Q1 FY2026 and up 6.17% in Q2 FY2026 against Q2 FY2025. Diluted EPS was $2.63 in Q2 FY2026, up 11.4% in Q2 FY2026 against Q1 FY2026 and up 7.35% in Q2 FY2026 against Q2 FY2025. Operating margin was 25.6% in Q2 FY2026, up 2.6 percentage points in Q2 FY2026 against Q1 FY2026 but down −0.6 percentage points in Q2 FY2026 against Q2 FY2025.

Free cash flow was $1.5 billion in Q2 FY2026, compared with −$750.0 million in Q1 FY2026 and $1.6 billion in Q2 FY2025. Net debt declined −$557.0 million in Q2 FY2026 against Q1 FY2026 and −$424.0 million in Q2 FY2026 against Q2 FY2025. Management commentary covers Q3 FY2026 rather than Q2 FY2026 and therefore does not attribute the Q2 FY2026 movements.

Open questions

  • What factors drove the sequential decline in revenue during Q2 FY2026?
  • What explains the difference between higher Q2 FY2026 diluted EPS and lower operating margin versus Q2 FY2025?
  • How will changes in working capital affect operating cash flow in subsequent periods?
  • How will the Program’s charges and expected savings affect operating expenses over its duration?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.