Marsh & McLennan Companies, Inc. (MMC)

Marsh & McLennan Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	26,453	24,458	22,736	20,720	19,820	17,224
Revenue Growth (YoY)	10.47%	7.57%	9.73%	4.54%	15.07%	3.44%
Cost of Revenue	14,826	13,565	12,712	11,725	11,110	9,872
Gross Profit	11,627	10,893	10,024	8,995	8,710	7,352
Other Operating Expenses	4,780	4,413	4,157	4,053	3,958	4,029
Operating Expenses	4,780	4,413	4,157	4,053	3,958	4,029
Operating Income	6,847	6,480	5,867	4,942	4,752	3,323
Interest Expense	-956	-700	-578	-469	-444	-515
Interest & Investment Income	92	95	83	36	63	7
EBT Excluding Unusual Items	5,983	5,875	5,372	4,509	4,371	2,815
Merger & Restructuring Charges	-215	-119	-45	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	-	-22
Other Unusual Items	-276	-276	-301	-427	-163	-
Pretax Income	5,492	5,480	5,026	4,082	4,208	2,793
Income Tax Expense	1,291	1,363	1,224	995	1,034	747
Earnings From Continuing Operations	4,201	4,117	3,802	3,087	3,174	2,046
Net Income to Company	4,201	4,117	3,802	3,087	3,174	2,046
Minority Interest in Earnings	-74	-57	-46	-37	-31	-30
Net Income	4,127	4,060	3,756	3,050	3,143	2,016
Net Income to Common	4,127	4,060	3,756	3,050	3,143	2,016
Net Income Growth	2.46%	8.09%	23.15%	-2.96%	55.90%	15.73%
Shares Outstanding (Basic)	492	492	494	499	507	506
Shares Outstanding (Diluted)	495	496	499	505	513	512
Shares Change (YoY)	-0.30%	-0.60%	-1.19%	-1.56%	0.19%	0.20%
EPS (Basic)	8.39	8.25	7.60	6.11	6.20	3.98
EPS (Diluted)	8.34	8.18	7.53	6.04	6.13	3.94
EPS Growth	2.86%	8.63%	24.67%	-1.47%	55.58%	15.54%
Free Cash Flow	4,825	3,986	3,842	2,995	3,110	3,034
Free Cash Flow Per Share	9.74	8.04	7.70	5.93	6.06	5.93
Dividend Per Share	3.430	3.155	2.720	2.305	2.070	1.850
Dividend Growth	12.46%	15.99%	18.00%	11.35%	11.89%	3.93%
Gross Margin	43.95%	44.54%	44.09%	43.41%	43.95%	42.69%
Operating Margin	25.88%	26.49%	25.80%	23.85%	23.98%	19.29%
Profit Margin	15.60%	16.60%	16.52%	14.72%	15.86%	11.71%
Free Cash Flow Margin	18.24%	16.30%	16.90%	14.46%	15.69%	17.61%
EBITDA	7,730	7,226	6,580	5,661	5,499	4,064
EBITDA Margin	29.22%	29.54%	28.94%	27.32%	27.74%	23.59%
D&A For EBITDA	883	746	713	719	747	741
EBIT	6,847	6,480	5,867	4,942	4,752	3,323
EBIT Margin	25.88%	26.49%	25.80%	23.85%	23.98%	19.29%
Effective Tax Rate	23.51%	24.87%	24.35%	24.38%	24.57%	26.75%

Updated Oct 16, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q