Core Insights - Marsh & McLennan Companies, Inc. (MMC) reported second-quarter 2025 adjusted earnings per share of $2.72, exceeding the Zacks Consensus Estimate by 2.3% and reflecting an 11% year-over-year increase [1][9] - Consolidated revenues reached $6.97 billion, marking a 12% year-over-year improvement and a 4% increase on an underlying basis, also surpassing the consensus mark by 0.8% [1][9] Financial Performance - Total operating expenses rose 12.4% year over year to $5.1 billion, driven by increased compensation and benefits costs [3] - Adjusted operating income improved 14% year over year to $2.06 billion, beating the estimate of $2.05 billion, with an adjusted operating margin of 29.5%, up 50 basis points year over year [4] Segment Performance Risk and Insurance Services - Revenues for this segment were $4.63 billion, a 15% year-over-year increase and 4% on an underlying basis, beating the Zacks Consensus Estimate by 0.4% [4] - Adjusted operating income for Risk and Insurance Services advanced 15.7% year over year to $1.6 billion, exceeding the consensus mark by 2.5% [4] - Marsh's revenues within this segment rose 18% year over year to $3.8 billion, while Guy Carpenter's revenues increased 5% year over year to $677 million [5][6] Consulting - The Consulting unit's revenues grew 7% year over year to $2.37 billion, surpassing the Zacks Consensus Estimate by 1.3% [7] - Adjusted operating income for Consulting climbed 9.4% year over year to $479 million, although it missed the consensus mark by 2.6% [7] - Mercer, a unit within Consulting, reported a 9% year-over-year revenue increase to $1.5 billion, beating the consensus estimate by 2.8% [8] Financial Position - As of June 30, 2025, Marsh & McLennan had cash and cash equivalents of $1.7 billion, down from $2.4 billion at the end of 2024, while total assets increased to $58.6 billion [11] - Long-term debt decreased to $19 billion from $19.4 billion, and total equity rose to $16 billion from $13.5 billion at the end of 2024 [11] Capital Deployment - In the second quarter, Marsh & McLennan repurchased 1.4 million shares for $300 million [13]

Marsh & McLennan Companies (MMC) Q2 2025 Earnings Call July 17, 2025 08:30 AM ET Company ParticipantsJohn Doyle - President, CEO & DirectorMark McGivney - SVP & CFOC. Gregory Peters - Managing Director - InsurancePat Tomlinson - President & CEO - MercerDean Klisura - President & CEO - Guy CarpenterMartin South - President & CEO - MarshNick Studer - President & CEO - Oliver Wyman GroupMeyer Shields - Managing DirectorConference Call ParticipantsMichael Zaremski - MD & Senior Equity Research AnalystJimmy Bhul ...

Key Takeaways MMC's Q2 earnings are projected to be $2.67 per share on revenues of $6.91B, both up nearly 11% YoY. Strong international performance and segment gains likely fueled revenue growth in Q2 for MMC. Higher expenses, including compensation and benefits, may pressure MMC's Q2 net margin year over year. Marsh & McLennan Companies, Inc. (MMC) is set to report second-quarter 2025 results on July 17, 2025, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings ...

Core Viewpoint - Marsh & McLennan Companies, Inc. (MMC) reported strong first-quarter 2025 results with adjusted earnings per share of $3.06, exceeding estimates, while revenues of $7.1 billion showed a year-over-year increase but slightly missed consensus expectations [1][2]. Financial Performance - Adjusted earnings per share of $3.06 surpassed the Zacks Consensus Estimate by 1.3% and increased by 5% year over year [1] - Consolidated revenues reached $7.1 billion, reflecting a 9% year-over-year growth, although it missed the consensus mark by 0.1% [1] - Total operating expenses rose 11.2% year over year to $5.1 billion, exceeding model estimates due to increased compensation and benefits [3] - Adjusted operating income improved 8% year over year to $2.2 billion but fell short of the estimate of $2.3 billion [4] Segment Performance Risk and Insurance Services - Revenues in this segment were $4.76 billion, up 11% year over year, but missed the Zacks Consensus Estimate of $4.78 billion [5] - Marsh's revenues increased 15% year over year to $3.5 billion, slightly beating estimates [6] - Guy Carpenter's revenues rose 5% year over year to $1.21 billion, missing the consensus mark [7] Consulting - Consulting segment revenues advanced 5% year over year to $2.31 billion, lagging behind the Zacks Consensus Estimate [8] - Mercer, a unit within Consulting, saw revenues grow 5% year over year to $1.5 billion, marginally beating estimates [9] - Oliver Wyman recorded revenues of $818 million, improving 4% year over year but falling short of consensus [10] Financial Update - As of March 31, 2025, cash and cash equivalents were $1.6 billion, down 33.1% from the end of 2024 [11] - Total assets increased by 0.9% to $57 billion, while long-term debt decreased by 2.9% to $18.9 billion [11] - Total equity rose 5.4% to $14.3 billion [11] Capital Deployment - The company repurchased 1.3 million shares for $300 million during the first quarter [13]