Friday 6 November 2026 Export MRSH’s income statement to Excel — free account

Marsh

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

208.57 1.81 −0.86%

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Market cap: $99.6B
P/E: 24.8×
Fwd P/E: 23.3×
Dividend yield: 1.81%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Marsh (MRSH) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Risk and Insurance Services	17,265	63.99%
Consulting	9,794	36.30%
Gross margin		100.00%
Operating margin		23.06%
Pre-tax margin		20.53%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Risk and Insurance Services	17,265 63.99%	15,395 62.94%	14,089 61.97%	12,645 61.03%	12,085 60.97%	10,337 60.02%	9,599 57.64%	8,228 55.04%	7,630 54.41%	7,143 54.07%
Consulting	9,794 36.30%	9,133 37.34%	8,709 38.30%	8,139 39.28%	7,789 39.30%	6,976 40.50%	7,143 42.90%	6,779 45.34%	6,444 45.95%	6,112 46.26%
Eliminations	—	—	—	—	—	(89) (0.52%)	(90) (0.54%)	—	—	—
Revenue	26,981	24,458	22,736	20,720	19,820	17,224	16,652	14,950	14,024	13,211

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Risk and Insurance Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Consulting	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2018	FY2017	FY2016
United States	13,344 49.46%	11,671 47.72%	10,924 48.05%	10,215 49.30%	9,343 47.14%	7,219 48.29%	6,870 48.99%	6,573 49.75%
Other	9,899 36.69%	9,262 37.87%	8,319 36.59%	7,455 35.98%	7,401 37.34%	1,235 8.26%	1,378 9.83%	1,278 9.67%
United Kingdom	3,816 14.14%	3,595 14.70%	3,555 15.64%	3,114 15.03%	3,130 15.79%	2,243 15.00%	2,112 15.06%	2,019 15.28%
Europe	—	—	—	—	—	2,694 18.02%	2,197 15.67%	2,022 15.31%
Asia Pacific	—	—	—	—	—	1,616 10.81%	1,517 10.82%	1,363 10.32%
Revenue	26,981	24,458	22,736	20,720	19,820	14,950	14,024	13,211

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.