Marsh McLennan (MRSH): financials, SEC filings and peers

Marsh McLennan (MRSH) is an insurance brokers company in the Financials sector of the S&P 500, headquartered in New York City, New York.

It was founded in 1905 and joined the S&P 500 on August 31, 1987.

Its fiscal year ends in December, and its shares trade on the NYSE.

In its SEC filings it is classified as “Insurance Agents, Brokers & Service”.

Marsh McLennan at a glance

Revenue (12 months): $27.9B
Revenue growth: +8.3%
Operating margin: 21.6%
Net income (12 months): $4.0B
Free cash flow (12 months): $4.8B
Cash: $1.7B
Debt: $20.6B
Diluted EPS (12 months): $8.18

Twelve months to June 30, 2026, from the 10-Q filed July 21, 2026.

Latest twelve months

Over the twelve months to June 30, 2026, Marsh McLennan reported revenue of $27.9 billion, up 8.3% from a year earlier.

Its operating margin was 21.6%, down 2.0 percentage points from a year earlier: for every $100 of sales, about $22 was left as operating profit.

Net income was $4.0 billion (14.2% of revenue), 3.6% lower than a year earlier.

Operating cash flow was $5.1 billion and capital spending $311 million, leaving free cash flow of $4.8 billion (17.1% of revenue).

At the end of the period it held $1.7 billion in cash and $20.6 billion in debt, a net debt position of $18.9 billion.

The diluted share count fell 2.6% in a year, typically the result of buybacks.

Five-year trend

Revenue went from $17.2 billion in fiscal 2020 to $27.0 billion in fiscal 2025, about 9.4% a year.
Revenue has grown for 5 fiscal years in a row.
Operating margin widened from 17.8% to 23.1% over the same years.
Free cash flow was positive in each of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$19.8B	$20.7B	$22.7B	$24.5B	$27.0B
Revenue growth	15.1%	4.5%	9.7%	7.6%	10.3%
Operating margin	21.8%	20.7%	23.2%	23.8%	23.1%
Net income	$3.1B	$3.0B	$3.8B	$4.1B	$4.2B
Free cash flow	$3.1B	$3.0B	$3.8B	$4.0B	$5.0B
Diluted EPS	$6.13	$6.04	$7.53	$8.18	$8.43

Fiscal years as reported in Marsh McLennan’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

10-Q filed July 21, 2026 — quarterly report
8-K filed July 21, 2026 — Earnings results
8-K filed June 4, 2026 — Material agreement; Agreement terminated
8-K filed May 22, 2026 — Shareholder vote results
10-Q filed April 16, 2026 — quarterly report
8-K filed April 16, 2026 — Earnings results
8-K filed April 14, 2026 — Executive or director change
8-K filed March 10, 2026 — Executive or director change

All Marsh McLennan filings on SEC EDGAR

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Questions about Marsh McLennan

Is Marsh McLennan's revenue growing?

Yes. Revenue for the twelve months to June 30, 2026 was $27.9 billion, up 8.3% from a year earlier, according to its SEC filings.

Is Marsh McLennan profitable?

Yes. It earned $4.0 billion in net income over the twelve months to June 30, 2026, a net margin of 14.2%.

Does Marsh McLennan have more cash or more debt?

At June 30, 2026 it had $1.7 billion in cash and $20.6 billion in debt, so more debt than cash.

When did Marsh McLennan last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on July 21, 2026.

Which companies are similar to Marsh McLennan?

In the S&P 500, Marsh McLennan is grouped in Insurance Brokers within the Financials sector. Arthur J. Gallagher & Co. (AJG), Aon plc (AON), Brown & Brown (BRO), Erie Indemnity (ERIE), Willis Towers Watson (WTW) are in the same group.

Understand the numbers

Source: Marsh McLennan’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.