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.
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Marsh (MRSH) Free cash flow
Marsh's free cash flow for fiscal 2025 was $5.0B, up 25.5% from $4.0B in fiscal 2024. Over the twelve months to 30 September 2026 it was $4.2B. Over the past ten years it has ranged from $1.6B (fiscal 2015) to $5.0B (fiscal 2025) — the current reading is the highest in ten years. Free cash flow has risen for 3 consecutive fiscal years. Marsh ranks 1st of 22 Insurance Brokers companies by free cash flow.
Free cash flow, annual
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Annual newest first
| Period | Free cash flow | Change |
|---|---|---|
| FY2025 | $5.0B | 25.46% |
| FY2024 | $4.0B | 3.75% |
| FY2023 | $3.8B | 28.28% |
| FY2022 | $3.0B | (3.70%) |
| FY2021 | $3.1B | 2.50% |
| FY2020 | $3.0B | 56.39% |
| FY2019 | $1.9B | (8.36%) |
| FY2018 | $2.1B | 32.40% |
| FY2017 | $1.6B | (9.04%) |
| FY2016 | $1.8B | 12.33% |
Quarterly newest first
| Period | Free cash flow | Change |
|---|---|---|
| Sep 2026 | $1.4B | (3.72%) |
| Jun 2026 | $1.5B | — |
| Mar 2026 | −$750.0M | — |
| Dec 2025 | $2.1B | 2.29% |
| 43 more quarters | Free account |
Against its own ten years
Free cash flow against peers
| Company | Free cash flow |
|---|---|
| MRSH Marsh | $4.2B |
| AON Aon plc compare | $3.2B |
| AJG Arthur J. Gallagher & Co. compare | $2.3B |
| WTW Willis Towers Watson Public Limited Company compare | $1.7B |
| BRO Brown & Brown, Inc. compare | $1.4B |
| ERIE Erie Indemnity Company compare | $553.1M |
| CRVL CorVel Corp. compare | $113.8M |
| BWIN Baldwin Insurance Group, Inc. compare | $43.7M |
| ARX Accelerant Holdings compare | $1.8M |
What Free cash flow is
Free Cash Flow tells an investor how much cash a company’s operations generate after paying for its investment in physical and intangible assets.
Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)
More on MRSH
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- The full statement