MARSH & MCLENNAN COMPANIES, INC. (MMC)
Q4-CY2025Q3-CY2025Q2-CY2025Q1-CY2025Q4-CY2024Q3-CY2024Q2-CY2024Q1-CY2024Q4-CY2023Q3-CY2023Q2-CY2023Q1-CY2023Q4-CY2022Q3-CY2022Q2-CY2022Q1-CY2022Q4-CY2021Q3-CY2021Q2-CY2021Q1-CY2021Q4-CY2020Q3-CY2020Q2-CY2020Q1-CY2020Q4-CY2019Q3-CY2019Q2-CY2019Q1-CY2019Q4-CY2018Q3-CY2018Q2-CY2018Q1-CY2018Q4-CY2017Q3-CY2017Q2-CY2017Q1-CY2017Q4-CY2016Q3-CY2016Q2-CY2016Q1-CY2016Q4-CY2015Q3-CY2015Q2-CY2015Q1-CY2015Q4-CY2014Q3-CY2014Q2-CY2014Q1-CY2014Q4-CY2013
Balance Sheet Date2025-Sep-302025-Jun-302025-Mar-312024-Dec-312024-Sep-302024-Jun-302024-Mar-312023-Dec-312023-Sep-302023-Jun-302023-Mar-312022-Dec-312022-Sep-302022-Jun-302022-Mar-312021-Dec-312021-Sep-302021-Jun-302021-Mar-312020-Dec-312020-Sep-302020-Jun-302020-Mar-312019-Dec-312019-Sep-302019-Jun-302019-Mar-312018-Dec-312018-Sep-302018-Jun-302018-Mar-312017-Dec-312017-Sep-302017-Jun-302017-Mar-312016-Dec-312016-Sep-302016-Jun-302016-Mar-312015-Dec-312015-Sep-302015-Jun-302015-Mar-312014-Dec-312014-Sep-302014-Jun-302014-Mar-312013-Dec-31
Fiscal PeriodQ3-FY2025Q2-FY2025Q1-FY2025Q4-FY2024Q3-FY2024Q2-FY2024Q1-FY2024Q4-FY2023Q3-FY2023Q2-FY2023Q1-FY2023Q4-FY2022Q3-FY2022Q2-FY2022Q1-FY2022Q4-FY2021Q3-FY2021Q2-FY2021Q1-FY2021Q4-FY2020Q3-FY2020Q2-FY2020Q1-FY2020Q4-FY2019Q3-FY2019Q2-FY2019Q1-FY2019Q4-FY2018Q3-FY2018Q2-FY2018Q1-FY2018Q4-FY2017Q3-FY2017Q2-FY2017Q1-FY2017Q4-FY2016Q3-FY2016Q2-FY2016Q1-FY2016Q4-FY2015Q3-FY2015Q2-FY2015Q1-FY2015Q4-FY2014Q3-FY2014Q2-FY2014Q1-FY2014Q4-FY2013
Total Revenue6,351,000,000$6,974,000,000$7,061,000,000$6,067,000,000$5,697,000,000$6,221,000,000$6,473,000,000$5,554,000,000$5,382,000,000$5,876,000,000$5,924,000,000$5,022,000,000$4,770,000,000$5,379,000,000$5,549,000,000$5,137,000,000$4,583,000,000$5,017,000,000$5,083,000,000$4,416,000,000$3,968,000,000$4,189,000,000$4,651,000,000$4,264,000,000$3,968,000,000$4,349,000,000$4,071,000,000$3,712,000,000$3,504,000,000$3,734,000,000$4,000,000,000$3,685,000,000$3,341,000,000$3,495,000,000$3,503,000,000$3,364,000,000$3,135,000,000$3,376,000,000$3,336,000,000$3,338,000,000$3,115,000,000$3,225,000,000$3,215,000,000$3,246,000,000$3,141,000,000$3,300,000,000$3,264,000,000$3,115,000,000$
QoQ%(8.93%)(1.23%)16.38%6.50%(8.42%)(3.89%)16.55%3.20%(8.41%)(.81%)17.96%5.28%(11.32%)(3.06%)8.02%12.09%(8.65%)(1.30%)15.10%11.29%(5.28%)(9.93%)9.08%7.46%(8.76%)6.83%9.67%5.94%(6.16%)(6.65%)8.55%10.30%(4.41%)(.23%)4.13%7.31%(7.14%)1.20%(.06%)7.16%(3.41%).31%(.96%)3.34%(4.82%)1.10%4.78%6.24%
YoY%11.48%12.10%9.08%9.24%5.85%5.87%9.27%10.59%12.83%9.24%6.76%(2.24%)4.08%7.22%9.17%16.33%15.50%19.77%9.29%3.57%.00%(3.68%)14.25%14.87%13.24%16.47%1.78%.73%4.88%6.84%14.19%9.54%6.57%3.53%5.01%.78%.64%4.68%3.76%2.83%(.83%)(2.27%)(1.50%)4.21%7.13%6.87%4.42%3.76%
Cost Of Revenue0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$
Gross Profit6,351,000,000$6,974,000,000$7,061,000,000$6,067,000,000$5,697,000,000$6,221,000,000$6,473,000,000$5,554,000,000$5,382,000,000$5,876,000,000$5,924,000,000$5,022,000,000$4,770,000,000$5,379,000,000$5,549,000,000$5,137,000,000$4,583,000,000$5,017,000,000$5,083,000,000$4,416,000,000$3,968,000,000$4,189,000,000$4,651,000,000$4,264,000,000$3,968,000,000$4,349,000,000$4,071,000,000$3,712,000,000$3,504,000,000$3,734,000,000$4,000,000,000$3,685,000,000$3,341,000,000$3,495,000,000$3,503,000,000$3,364,000,000$3,135,000,000$3,376,000,000$3,336,000,000$3,338,000,000$3,115,000,000$3,225,000,000$3,215,000,000$3,246,000,000$3,141,000,000$3,300,000,000$3,264,000,000$3,115,000,000$
Gross Margin100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%
Operating Expenses5,181,000,000$5,145,000,000$5,056,000,000$4,925,000,000$4,589,000,000$4,579,000,000$4,548,000,000$4,451,000,000$4,386,000,000$4,419,000,000$4,198,000,000$4,342,000,000$3,979,000,000$4,015,000,000$4,104,000,000$4,151,000,000$3,843,000,000$3,789,000,000$3,725,000,000$3,845,000,000$3,428,000,000$3,304,000,000$3,581,000,000$3,672,000,000$3,501,000,000$3,669,000,000$3,133,000,000$3,091,000,000$2,963,000,000$3,043,000,000$3,092,000,000$3,015,000,000$2,806,000,000$2,794,000,000$2,754,000,000$2,964,000,000$2,563,000,000$2,650,000,000$2,603,000,000$2,744,000,000$2,654,000,000$2,596,000,000$2,480,000,000$2,710,000,000$2,696,000,000$2,653,000,000$2,591,000,000$2,626,000,000$
Operating Income1,170,000,000$1,829,000,000$2,005,000,000$1,142,000,000$1,108,000,000$1,642,000,000$1,925,000,000$1,103,000,000$996,000,000$1,457,000,000$1,726,000,000$680,000,000$791,000,000$1,364,000,000$1,445,000,000$986,000,000$740,000,000$1,228,000,000$1,358,000,000$571,000,000$540,000,000$885,000,000$1,070,000,000$592,000,000$467,000,000$680,000,000$938,000,000$621,000,000$541,000,000$691,000,000$908,000,000$670,000,000$535,000,000$701,000,000$749,000,000$633,000,000$572,000,000$726,000,000$733,000,000$594,000,000$461,000,000$629,000,000$735,000,000$536,000,000$445,000,000$647,000,000$673,000,000$489,000,000$
Operating Margin18.42%26.23%28.40%18.82%19.45%26.39%29.74%19.86%18.51%24.80%29.14%13.54%16.58%25.36%26.04%19.19%16.15%24.48%26.72%12.93%13.61%21.13%23.01%13.88%11.77%15.64%23.04%16.73%15.44%18.51%22.70%18.18%16.01%20.06%21.38%18.82%18.25%21.51%21.97%17.80%14.80%19.50%22.86%16.51%14.17%19.61%20.62%15.70%
Interest Income10,000,000$5,000,000$19,000,000$22,000,000$12,000,000$12,000,000$37,000,000$38,000,000$16,000,000$10,000,000$14,000,000$9,000,000$4,000,000$1,000,000$1,000,000$0$1,000,000$1,000,000$2,000,000$1,000,000$2,000,000$2,000,000$5,000,000$4,000,000$2,000,000$28,000,000$3,000,000$2,000,000$3,000,000$3,000,000$3,000,000$2,000,000$2,000,000$2,000,000$1,000,000$0$2,000,000$2,000,000$4,000,000$3,000,000$3,000,000$3,000,000$5,000,000$6,000,000$5,000,000$5,000,000$5,000,000$
Interest Expenses159,000,000$151,000,000$145,000,000$146,000,000$136,000,000$127,000,000$118,000,000$114,000,000$110,000,000$109,000,000$107,000,000$110,000,000$118,000,000$128,000,000$128,000,000$132,000,000$127,000,000$130,000,000$133,000,000$141,000,000$120,000,000$92,000,000$69,000,000$68,000,000$61,000,000$59,000,000$60,000,000$60,000,000$58,000,000$48,000,000$47,000,000$48,000,000$46,000,000$46,000,000$41,000,000$40,000,000$36,000,000$36,000,000$45,000,000$42,000,000$42,000,000$43,000,000$
Income Before Tax1,010,000,000$1,646,000,000$1,827,000,000$1,009,000,000$1,035,000,000$1,565,000,000$1,871,000,000$1,048,000,000$930,000,000$1,384,000,000$1,664,000,000$613,000,000$733,000,000$1,312,000,000$1,424,000,000$961,000,000$716,000,000$1,209,000,000$1,322,000,000$540,000,000$459,000,000$787,000,000$1,007,000,000$531,000,000$414,000,000$550,000,000$944,000,000$224,000,000$385,000,000$719,000,000$916,000,000$642,000,000$537,000,000$711,000,000$753,000,000$588,000,000$525,000,000$681,000,000$686,000,000$551,000,000$457,000,000$595,000,000$704,000,000$368,000,000$432,000,000$608,000,000$649,000,000$438,000,000$
Tax Expenses253,000,000$415,000,000$415,000,000$208,000,000$283,000,000$425,000,000$447,000,000$283,000,000$192,000,000$337,000,000$412,000,000$142,000,000$181,000,000$334,000,000$338,000,000$154,000,000$174,000,000$382,000,000$324,000,000$161,000,000$139,000,000$207,000,000$240,000,000$135,000,000$108,000,000$206,000,000$217,000,000$65,000,000$106,000,000$183,000,000$220,000,000$614,000,000$140,000,000$204,000,000$175,000,000$147,000,000$141,000,000$201,000,000$196,000,000$171,000,000$128,000,000$166,000,000$206,000,000$99,000,000$127,000,000$168,000,000$192,000,000$131,000,000$
Net Income757,000,000$1,231,000,000$1,412,000,000$801,000,000$752,000,000$1,140,000,000$1,424,000,000$765,000,000$738,000,000$1,047,000,000$1,252,000,000$471,000,000$552,000,000$978,000,000$1,086,000,000$807,000,000$542,000,000$827,000,000$998,000,000$379,000,000$320,000,000$580,000,000$767,000,000$396,000,000$306,000,000$344,000,000$727,000,000$159,000,000$279,000,000$536,000,000$696,000,000$30,000,000$397,000,000$507,000,000$578,000,000$441,000,000$384,000,000$480,000,000$490,000,000$381,000,000$331,000,000$429,000,000$495,000,000$299,000,000$304,000,000$438,000,000$456,000,000$307,000,000$
Profit Margin11.92%17.65%20.00%13.20%13.20%18.33%22.00%13.77%13.71%17.82%21.13%9.38%11.57%18.18%19.57%15.71%11.83%16.48%19.63%8.58%8.07%13.85%16.49%9.29%7.71%7.91%17.86%4.28%7.96%14.36%17.40%.81%11.88%14.51%16.50%13.11%12.25%14.22%14.69%11.41%10.63%13.30%15.40%9.21%9.68%13.27%13.97%9.86%
TTM15.88%16.26%16.39%16.83%17.04%17.21%17.07%16.72%15.80%15.39%15.42%14.90%16.43%16.53%16.08%16.01%14.38%13.66%12.90%11.88%12.08%12.00%10.52%10.65%9.54%9.65%11.32%11.17%10.33%11.24%11.23%10.78%14.03%14.15%14.08%13.59%13.16%12.78%12.53%12.69%12.14%11.91%11.91%11.56%11.74%11.58%11.43%11.30%
Earnings to Minority10,000,000$20,000,000$31,000,000$13,000,000$5,000,000$15,000,000$24,000,000$9,000,000$8,000,000$12,000,000$17,000,000$5,000,000$6,000,000$11,000,000$15,000,000$4,000,000$5,000,000$7,000,000$15,000,000$5,000,000$4,000,000$8,000,000$13,000,000$5,000,000$3,000,000$12,000,000$11,000,000$6,000,000$3,000,000$5,000,000$6,000,000$1,000,000$4,000,000$6,000,000$9,000,000$5,000,000$5,000,000$8,000,000$9,000,000$6,000,000$8,000,000$10,000,000$13,000,000$5,000,000$7,000,000$7,000,000$13,000,000$4,000,000$
Earnings to Common Shareholders747,000,000$1,211,000,000$1,381,000,000$788,000,000$747,000,000$1,125,000,000$1,400,000,000$756,000,000$730,000,000$1,035,000,000$1,235,000,000$466,000,000$546,000,000$967,000,000$1,071,000,000$803,000,000$537,000,000$820,000,000$983,000,000$374,000,000$316,000,000$572,000,000$754,000,000$391,000,000$303,000,000$332,000,000$716,000,000$153,000,000$276,000,000$531,000,000$690,000,000$29,000,000$393,000,000$501,000,000$569,000,000$436,000,000$379,000,000$472,000,000$481,000,000$375,000,000$323,000,000$419,000,000$482,000,000$294,000,000$297,000,000$431,000,000$443,000,000$303,000,000$
QoQ%(38.32%)(12.31%)75.25%5.49%(33.60%)(19.64%)85.19%3.56%(29.47%)(16.19%)165.02%(14.65%)(43.54%)(9.71%)33.38%49.53%(34.51%)(16.58%)162.83%18.35%(44.76%)(24.14%)92.84%29.04%(8.74%)(53.63%)367.97%(44.57%)(48.02%)(23.04%)2,279.31%(92.62%)(21.56%)(11.95%)30.51%15.04%(19.70%)(1.87%)28.27%16.10%(22.91%)(13.07%)63.95%(1.01%)(31.09%)(2.71%)46.21%19.76%
YoY%.00%7.64%(1.36%)4.23%2.33%8.70%13.36%62.23%33.70%7.03%15.31%(41.97%)1.68%17.93%8.95%114.71%69.94%43.36%30.37%(4.35%)4.29%72.29%5.31%155.56%9.78%(37.48%)3.77%427.59%(29.77%)5.99%21.27%(93.35%)3.69%6.14%18.30%16.27%17.34%12.65%(.21%)27.55%8.75%(2.78%)8.80%(2.97%)17.39%11.08%7.26%16.99%
Earnings Per Share, Basic1.52$2.46$2.81$1.60$1.52$2.29$2.85$1.54$1.48$2.09$2.49$0.94$1.10$1.93$2.13$1.59$1.06$1.61$1.93$0.74$0.62$1.13$1.49$0.77$0.60$0.65$1.42$0.30$0.55$1.05$1.36$0.06$0.77$0.97$1.10$0.84$0.73$0.91$0.92$0.72$0.61$0.78$0.89$0.55$0.55$0.79$0.81$0.55$
Earnings Per Share, Diluted1.51$2.45$2.79$1.59$1.51$2.27$2.82$1.52$1.46$2.07$2.47$0.93$1.09$1.91$2.10$1.57$1.05$1.60$1.91$0.73$0.62$1.12$1.48$0.77$0.59$0.65$1.40$0.30$0.54$1.04$1.34$0.06$0.76$0.96$1.09$0.84$0.72$0.90$0.91$0.71$0.61$0.77$0.88$0.54$0.54$0.78$0.80$0.54$
Unlevered FCF Per Share, Basic4.09$3.28$(1.38$)3.82$3.74$2.31$(1.76$)3.38$3.44$2.79$(1.82$)2.83$2.52$2.33$(1.64$)2.58$2.39$2.12$(0.94$)2.59$2.65$2.24$(1.50$)1.84$1.83$0.85$(0.69$)2.01$1.63$1.38$(0.83$)1.31$1.41$1.28$(0.90$)1.58$1.59$1.43$(1.21$)1.58$1.52$0.05$(1.14$)1.66$1.47$0.97$(0.87$)1.19$
Unlevered FCF Per Share, Diluted4.07$3.26$(1.37$)3.80$3.71$2.29$(1.75$)3.34$3.40$2.77$(1.81$)2.79$2.50$2.30$(1.62$)2.55$2.35$2.10$(0.93$)2.55$2.62$2.22$(1.48$)1.83$1.81$0.84$(0.68$)2.00$1.61$1.37$(0.82$)1.30$1.39$1.27$(0.88$)1.56$1.57$1.42$(1.20$)1.57$1.51$0.05$(1.13$)1.63$1.45$0.96$(0.86$)1.17$
Average Shares, Basic491,000,000492,000,000492,000,000492,000,000492,000,000492,000,000492,000,000492,000,000494,000,000495,000,000495,000,000494,000,000498,000,000501,000,000503,000,000505,000,000506,000,000508,000,000509,000,000506,000,000507,000,000506,000,000505,000,000506,000,000506,000,000507,000,000505,000,000505,000,000504,000,000507,000,000508,000,000511,000,000512,000,000514,000,000515,000,000516,000,000518,000,000521,000,000521,000,000522,000,000528,000,000535,000,000539,000,000539,000,000544,000,000549,000,000548,000,000548,000,000
Average Shares, Diluted494,000,000495,000,000495,000,000495,000,000496,000,000496,000,000497,000,000498,000,000499,000,000499,000,000500,000,000502,000,000503,000,000506,000,000509,000,000512,000,000513,000,000513,000,000514,000,000515,000,000512,000,000511,000,000510,000,000510,000,000511,000,000512,000,000511,000,000508,000,000510,000,000512,000,000514,000,000515,000,000519,000,000520,000,000522,000,000522,000,000523,000,000525,000,000526,000,000525,000,000533,000,000541,000,000545,000,000549,000,000551,000,000556,000,000556,000,000558,000,000
EBIT1,010,000,000$1,646,000,000$1,827,000,000$1,009,000,000$1,035,000,000$1,565,000,000$2,030,000,000$1,199,000,000$1,075,000,000$1,530,000,000$1,800,000,000$740,000,000$851,000,000$1,426,000,000$1,534,000,000$1,070,000,000$823,000,000$1,319,000,000$1,440,000,000$668,000,000$587,000,000$919,000,000$1,134,000,000$661,000,000$547,000,000$691,000,000$1,064,000,000$316,000,000$454,000,000$787,000,000$977,000,000$701,000,000$597,000,000$771,000,000$811,000,000$636,000,000$572,000,000$729,000,000$732,000,000$597,000,000$498,000,000$635,000,000$740,000,000$404,000,000$477,000,000$650,000,000$691,000,000$481,000,000$
EBITDA1,101,000,000$1,737,000,000$1,915,000,000$1,102,000,000$1,125,000,000$1,652,000,000$2,129,000,000$1,199,000,000$1,075,000,000$1,530,000,000$1,800,000,000$740,000,000$851,000,000$1,426,000,000$1,534,000,000$1,070,000,000$823,000,000$1,319,000,000$1,440,000,000$668,000,000$587,000,000$919,000,000$1,134,000,000$661,000,000$547,000,000$691,000,000$1,064,000,000$316,000,000$454,000,000$787,000,000$977,000,000$701,000,000$597,000,000$771,000,000$811,000,000$636,000,000$572,000,000$729,000,000$732,000,000$597,000,000$498,000,000$635,000,000$740,000,000$404,000,000$477,000,000$650,000,000$691,000,000$481,000,000$