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) Net margin
Marsh's net margin over the twelve months to 30 September 2026 was 14.2%, down 1.2 percentage points from fiscal 2025 (15.4%). Over the past ten years it has ranged from 10.5% (fiscal 2019) to 16.6% (fiscal 2024); the current reading is higher than 73% of that period. That is above the Insurance Brokers industry median of 8.77% and above the Financial sector median of 13.5%.
Net margin, annual
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Annual newest first
| Period | Net margin | Change (points) |
|---|---|---|
| FY2025 | 15.4% | (1.18) |
| FY2024 | 16.6% | 0.08 |
| FY2023 | 16.5% | 1.80 |
| FY2022 | 14.7% | (1.14) |
| FY2021 | 15.9% | 4.16 |
| FY2020 | 11.7% | 1.24 |
| FY2019 | 10.5% | (0.58) |
| FY2018 | 11.0% | 0.40 |
| FY2017 | 10.6% | (2.74) |
| FY2016 | 13.4% | 0.98 |
Quarterly newest first
| Period | Net margin | Change (points) |
|---|---|---|
| Sep 2026 | 11.8% | (5.33) |
| Jun 2026 | 17.1% | 2.02 |
| Mar 2026 | 15.1% | 2.63 |
| Dec 2025 | 12.5% | 0.69 |
| 43 more quarters | Free account |
Against its own ten years
Net margin against peers
| Company | Net margin |
|---|---|
| AON Aon plc compare | 22.3% |
| BRO Brown & Brown, Inc. compare | 17.6% |
| WTW Willis Towers Watson Public Limited Company compare | 15.5% |
| MRSH Marsh | 14.2% |
| ERIE Erie Indemnity Company compare | 14.0% |
| CRVL CorVel Corp. compare | 11.7% |
| AJG Arthur J. Gallagher & Co. compare | 9.95% |
| BWIN Baldwin Insurance Group, Inc. compare | −4.67% |
| ARX Accelerant Holdings compare | −119.3% |
| Insurance Brokers industry median | 8.77% |
| Financial sector median | 13.5% |
| Market median | 0.45% |
What Net margin is
Net Profit Margin tells an investor how much of each unit of revenue ends up as profit for shareholders after all costs, interest and taxes.
Net Income Allotted to Shareholders ÷ Revenue
More on MRSH
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating 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