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Friday 6 November 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.
- Revenue
- +8.06%
- EPS
- +11.8%
- Free cash flow
- −30.5%
- Total debt
- +3.12%
Quarter to September 2026, against a year earlier
204.43
5.00
−2.39%
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Marsh (MRSH) 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 15.8% 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 | Free account |
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 | 28.3% |
| AON Aon plc compare | 26.3% |
| WTW Willis Towers Watson Public Limited Company compare | 22.0% |
| MRSH Marsh | 21.4% |
| ERIE Erie Indemnity Company compare | 17.9% |
| AJG Arthur J. Gallagher & Co. compare | 17.2% |
| CRVL CorVel Corp. compare | 15.9% |
| RYAN Ryan Specialty Holdings Inc. compare | 15.6% |
| BWIN Baldwin Insurance Group, Inc. compare | −6.88% |
| Insurance Brokers industry median | 15.8% |
| 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
More on MRSH
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross 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