Marsh has reported net income attributable to the company of $821m for the fourth quarter of 2025 (Q4 2025), a 4.2% increase compared to $788m in the same period last year. Revenue for the three months ending 31 December 2025 reached $6.6bn, an 8.7% rise over the previous year’s quarter. Operating income increased by 6.7%, standing at $1.2bn. Notably, as part of previously announced brand restructuring, Marsh has begun reporting results for what was formerly referred to as the Marsh business under a ne ...

Core Insights - Marsh & McLennan Companies, Inc. (MRSH) reported fourth-quarter 2025 adjusted earnings per share of $2.12, exceeding the Zacks Consensus Estimate by 7.6% and reflecting a 10% year-over-year increase [1][10] - Consolidated revenues reached $6.6 billion, marking a 9% year-over-year improvement and a 4% increase on an underlying basis, also surpassing the consensus mark by 1.2% [1][10] Financial Performance - Total operating expenses rose 9.2% year over year to $5.4 billion, driven by increased compensation and benefits costs [3] - Adjusted operating income improved 12% year over year to $1.6 billion, with an adjusted operating margin of 23.7%, up 40 basis points year over year [4][10] Segment Performance Risk and Insurance Services - Revenues for this segment were $4 billion, up 9% year over year and 2% on an underlying basis, aligning with the Zacks Consensus Estimate [5] - Adjusted operating income for the segment increased 11% year over year to $1.1 billion, beating the consensus mark by 1.4% [5] - Marsh Risk revenues rose 10% year over year to $3.7 billion, with U.S./Canada operations growing 3% on an underlying basis [6] - Guy Carpenter's revenues increased 7% year over year to $215 million, surpassing the consensus mark by 1.5% [7] Consulting - Consulting unit revenues advanced 8% year over year to $2.6 billion, exceeding the Zacks Consensus Estimate by 3% [8] - Adjusted operating income for the consulting segment climbed 10% year over year to $550 million, beating the consensus mark by 4% [8] - Mercer revenues grew 9% year over year to $1.6 billion, also surpassing the Zacks Consensus Estimate by 3% [9] Financial Update - As of December 31, 2025, cash and cash equivalents stood at $2.7 billion, up from $2.4 billion at the end of 2024 [12] - Total assets increased to $58.7 billion from $56.5 billion, while long-term debt decreased to $18.3 billion from $19.4 billion [12] - Operating cash flow for 2025 was $5.3 billion, an increase from $4.3 billion the previous year [13] Capital Deployment - In 2025, Marsh repurchased 10.1 million shares for a total of $2 billion [14] Full-Year Results - For the full year 2025, MRSH reported revenues of $27 billion, a 10% increase from $24.5 billion in 2024, with a 4% rise on an underlying basis [15] - Full-year adjusted EPS was $9.75, reflecting a 9% year-over-year increase [15]