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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) Operating margin

Alert me on Operating margin

Marsh's operating margin over the twelve months to 30 September 2026 was 21.4%, down 1.7 percentage points from fiscal 2025 (23.1%). Over the past ten years it has ranged from 16.1% (fiscal 2019) to 23.8% (fiscal 2024); the current reading is higher than 82% of that period. That is above the Insurance Brokers industry median of 15.4% and above the Financial sector median of 0.00%.

Operating margin, annual

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Annual newest first

Period Operating margin Change (points)
FY2025 23.1% (0.72)
FY2024 23.8% 0.55
FY2023 23.2% 2.57
FY2022 20.7% (1.10)
FY2021 21.8% 3.96
FY2020 17.8% 1.72
FY2019 16.1% (2.39)
FY2018 18.5% (0.46)
FY2017 18.9% 0.53
FY2016 18.4% (0.36)

Quarterly newest first

Period Operating margin Change (points)
Sep 2026 17.7% (7.95)
Jun 2026 25.7% 2.56
Mar 2026 23.1% 4.61
Dec 2025 18.5% 0.06
43 more quarters

Against its own ten years

Low 16.1% High 23.8%
Ten-year median 18.9%
Current reading's percentile 58

Operating margin against peers

Company Operating margin
BRO Brown & Brown, Inc. compare 28.7%
AON Aon plc compare 26.5%
WTW Willis Towers Watson Public Limited Company compare 22.2%
MRSH Marsh 21.4%
ARX Accelerant Holdings compare 21.2%
ERIE Erie Indemnity Company compare 17.9%
AJG Arthur J. Gallagher & Co. compare 16.7%
CRVL CorVel Corp. compare 15.4%
BWIN Baldwin Insurance Group, Inc. compare −6.88%
Insurance Brokers industry median 15.4%
Financial sector median 0.00%
Market median 0.00%

What Operating margin is

EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.

EBIT ÷ Revenue

The full definition of Operating margin →

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