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NYSE · Financials

Marsh & McLennan Companies, Inc. (MRSH)

As-reported financials and SEC filings for Marsh & McLennan Companies, Inc. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Marsh & McLennan Companies, Inc.

Marsh & McLennan Companies, Inc. provides risk management, insurance and reinsurance brokerage, and consulting services worldwide. Its Risk and Insurance Services segment includes Marsh Risk, which offers insurance broking, risk advisory, and program management, and Guy Carpenter, which specializes in reinsurance broking and strategic advisory. The Consulting segment delivers health, wealth, career advice, and management consulting services through Mercer and Marsh Management Consulting to organizations globally.

Snapshot

Revenue
$26.98B
Revenue growth (YoY)
10.3%
Net income
$4.16B
Diluted EPS
$8.43
Gross margin
—
Operating margin
23.1%
Net margin
15.4%
FCF margin
18.5%
ROE
27.2%
net income / fiscal-year-end equity
P/E
21.8×
trailing when available, otherwise FY EPS
Market cap
$85.13B
Long-term debt / equity
1.20×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Marsh & McLennan Companies

  • Revenue grew 10.3% to $27.0B in FY2025, faster than the 7.6% the year before.
  • Operating margin is 23.1% in FY2025, +1.3 pp against 21.8% in FY2021.
  • Most recent quarter Q3 FY2026: revenue $6.9B, up 8.1% from Q3 FY2025.
  • Free cash flow was $5.0B in FY2025, 18.5% of revenue.
  • Net income rose 2.5% to $4.2B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Marsh & McLennan Companies’s fundamentals sit among the 88 insurance companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin23.1%
77th percentile of 27
Net margin15.4%
69th percentile of 82
FCF margin18.5%
57th percentile of 55
Revenue growth (YoY)+10.3%
55th percentile of 88
ROE27.2%
83rd percentile of 73
P/E21.8×
81st percentile of 69
Long-term debt / equity1.20×
87th percentile of 48
Short interest1.87d
23rd percentile of 87

Marsh & McLennan Companies’s long-term debt to equity of 1.20 ranks in the 87th percentile of the 48 insurance companies reporting it.

No reported insider purchases (code P) in the last 90 days; 6 insider sales totaling $8.2M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
4
+5 quant / multi-strat
Initiated / added
3
1 new, 2 added
Reduced / exited
7
5 trimmed, 2 exited
Combined position
$2.26B
reported long value
InvestorAs ofPosition valueSharesChange
Harris Associates (Oakmark)Q2 2026$1.45B8.7MAdded
AQR Capital ManagementquantQ2 2026$432.1M2.6MReduced
D. E. ShawquantQ2 2026$139.9M839.6KReduced
Markel GroupQ2 2026$127.3M763.5KHeld
Citadel AdvisorsquantQ2 2026$38.5M230.8KAdded
Two Sigma InvestmentsquantQ2 2026$33.7M202.3KReduced
Gotham Asset ManagementQ2 2026$26.3M158.1KReduced
Millennium ManagementquantQ2 2026$11.9M71.5KReduced
Bridgewater AssociatesQ2 2026$3.0M17.9KNew

No longer held by: Renaissance Technologies (as of Q2 2026), Yacktman Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
6
$8.2M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-02
filed 2026-09-03
John Q. DoylePresident and CEOSell16.7K$188.51$3.1M
2026-09-02
filed 2026-09-03
Katherine BrennanSVP and General CounselSell1.2K$187.90$225K
2026-08-06
filed 2026-08-07
John Jude JonesChief Marketing OfficerSell6.5K$191.96$1.2M
2026-07-29
filed 2026-07-31
Paul BeswickSVP, Chief Information OfficerSell713$198.00$141K
2026-07-28
filed 2026-07-29
Martin SouthChief Client OfficerSell7.1K$189.99$1.3M
2026-07-23
filed 2026-07-24
Lloyd M. YatesDirectorSell12.0K$175.65$2.1M
2026-06-02
filed 2026-06-03
John Q. DoylePresident and CEOSell16.7K$161.71$2.7M

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
6.3M
settled 2026-09-30
Change vs prior
+8.2%
vs previous settlement
Days to cover
1.87
at avg daily volume
Avg daily volume
3.4M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-306.3M+8.2%1.87
2026-09-155.9M-11.4%2.77
2026-08-316.6M-10.3%3.16
2026-08-147.4M-1.5%4.32
2026-07-317.5M+11.3%2.41
2026-07-156.7M-0.0%2.95
2025-12-315.0M-5.2%2.08
2025-12-155.2M+5.6%1.85

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$26.98B$24.46B$22.74B$20.72B$19.82B
Gross profit—————
Operating income$6.22B$5.82B$5.28B$4.28B$4.31B
Net income$4.16B$4.06B$3.76B$3.05B$3.14B
Diluted EPS$8.43$8.18$7.53$6.04$6.13

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$2.69B$2.40B$3.36B$1.44B$1.75B
Current assets$23.20B$22.12B$21.75B$18.96B$8.26B
Total assets$58.71B$56.48B$48.03B$44.11B$44.01B
Current liabilities$21.06B$19.52B$19.80B$17.83B$6.65B
Long-term debt$18.32B$19.43B$11.84B$11.23B$10.93B
Total liabilities
Total equity$15.31B$13.54B$12.37B$10.75B$11.22B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$5.29B$4.30B$4.26B$3.46B$3.52B
Capital expenditure$291.0M$316.0M$416.0M$470.0M$406.0M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$6.86B8.1%$808.0M$1.69
Q2 FY2026$7.40B6.2%$1.27B$2.63
Q1 FY2026$7.60B7.6%$1.15B$2.36
Q4 FY20258.7%
Q3 FY2025$6.35B11.5%$747.0M$1.51
Q2 FY2025$6.97B12.1%$1.21B$2.45
Q1 FY2025$7.06B9.1%$1.38B$2.79
Q4 FY20249.2%

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryInsurance Agents, Brokers & Service
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ3 FY2026 (ended September 30, 2026)
Oldest indexed filing2018
SEC CIK62709

Selected SEC filings

10-Q2026-10-15
View on EDGAR →
10-Q2026-07-21
View on EDGAR →
10-Q2026-04-16
View on EDGAR →
8-K2026-10-15
View on EDGAR →
8-K2026-07-21
View on EDGAR →
8-K2026-06-04
View on EDGAR →
8-K2026-05-22
View on EDGAR →

Largest insurance peers

All insurance stocks →All Financials companies →

MRSH head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.