MRSH · XBRL financial data

Marsh & McLennan Companies financial statements, every fiscal year

The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal years (MRSH's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue from contracts with customers	—	—	20,720	22,736	24,458	26,981
Total operating expenses	14,158	15,508	16,440	17,454	18,641	20,758
Operating income (loss)	3,066	4,312	4,280	5,282	5,817	6,223
Interest income	7	2	15	78	83	48
Interest expense	515	444	469	578	700	960
Income tax expense (benefit)	747	1,034	995	1,224	1,363	1,305
Net income (loss)	2,016	3,143	3,050	3,756	4,060	4,160
Earnings per share, basic USD per share	3.98	6.20	6.11	7.60	8.26	8.48
Earnings per share, diluted USD per share	3.94	6.13	6.04	7.53	8.18	8.43
Weighted average shares, basic millions of shares	506	507	499	494	492	491
Weighted average shares, diluted millions of shares	512	513	505	499	496	494

Fiscal years (MRSH's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	2,089	1,752	1,442	3,358	2,398	2,687
Total current assets	8,155	8,264	8,299	21,748	22,117	23,200
Property and equipment, net	856	847	871	882	859	829
Right-of-use asset	1,894	1,868	1,562	1,541	1,498	1,460
Goodwill	15,517	16,317	16,251	17,231	23,306	24,337
Total assets	33,049	34,388	33,454	48,030	56,481	58,710
Commercial paper	0	0	0	0	0	0
Current portion of long-term debt	517	17	268	1,619	519	1,267
Total current liabilities	6,556	6,654	7,172	19,795	19,518	21,060
Long-term debt	10,796	10,933	11,227	11,844	19,428	18,320
Lease liability, non-current	1,924	1,880	1,667	1,661	1,590	1,529
Retained earnings	16,272	18,389	20,301	22,759	25,306	27,767
Total liabilities and equity	33,049	34,388	33,454	48,030	56,481	58,710
Common shares outstanding (cover page) millions of shares	508	503	495	492	491	484

Fiscal years (MRSH's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	2,016	3,143	3,050	3,756	4,060	4,160
Stock-based compensation	290	348	367	363	368	394
Depreciation and amortization	741	747	719	713	369	361
Net cash from operating activities	3,382	3,516	3,465	4,258	4,302	5,292
Purchases of property and equipment	348	406	470	416	316	291
Net cash from investing activities	(814)	(1,164)	(850)	(1,417)	(8,821)	(845)
Proceeds from issuing equity	132	161	126	199	264	250
Share repurchases	0	1,159	1,950	1,150	900	2,012
Dividends paid	943	1,026	1,138	1,298	1,513	1,699
Repayments of long-term debt	2,515	1,016	365	266	1,617	519
Net cash from financing activities	(1,880)	(1,297)	(1,046)	(1,119)	4,455	(4,634)
Net change in cash	934	700	728	2,050	(478)	486

SIC 6411 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 6411 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
* marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Quarter
Marsh & McLennan Companies	1,842	6,863	1,478*	475.5M	Q3 FY26 10-QSep 30, 2026
Aon	2,017	4,101	1,191*	212.2M	Q3 FY26 10-QSep 30, 2026
Arthur J. Gallagher	1,386	4,003	10*	256.3M	Q2 FY26 10-QJun 30, 2026
Brown & Brown	1,099	1,725	532*	331.7M	Q3 FY26 10-QSep 30, 2026
Willis Towers Watson	1,946	2,404	739*	92.2M	Q3 FY26 10-QSep 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.