Marsh & McLennan Companies, Inc. (MRSH) financials

NYSE · Financial Services · Insurance - Brokers · 95,000 employees · CEO John Q. Doyle

Price: $200.62 +1.82%
Market cap: $95.7B
Enterprise value: $116B
Last report: Q3 '26 filed 2026-10-15
Next report: 2027-01-28 EPS est. $2.20

Revenue (TTM)$28.5B+7.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)21.4%-1.8 pp vs a year agoOperating income $6.09B

Net income (TTM)$4.04B-2.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$4.15B-13.9% vs a year agoCapex $320M

Diluted EPS (TTM)$8.36+0.2% vs a year agoSum of the last 4 quarters

Net cash-$20.5B-8.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $95.7B
Revenue: $28.5B
Revenue growth: +7%
Profit margin: 14.2%
P/E: 23.9×
P/S: 3.4×
EV / EBITDA: 19.3×
Free cash flow: $4.15B
Net income: $4.04B
Revenue estimate: $28.8B
Earnings: 2027-01-28
Dividend: $3.78

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-15): revenue beat by 3.3%, EPS beat by 3.0%Revenue $6.86B vs $6.64B expected (+3.3%); EPS $2.03 vs $1.97 (+3.0%).
Revenue growth steady: 8.1% year on yearQ3 '26 revenue $6.86B, against an average of 8.5% over the four quarters before.
Operating margin 21.4% (TTM), -1.8 pp on a year agoOperating income grew -1.0% while revenue grew 7.6%.
13.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $5.37B vs operating income $6.09B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 1.1% of revenue (a year ago 1.0%)$320M invested in the last 4 quarters (+22.1% on a year earlier). Free cash flow $4.15B = 102.8% of net income.
Returned $4.16B to shareholders = 100.1% of free cash flowBuybacks $2.84B (a year earlier $831M), dividends $1.32B, stock-based pay $396M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 3.0% in a year479M diluted shares in Q3 '26, 494M a year earlier.
Net debt $20.5BCash + short-term investments $1.84B, debt incl. leases $22.3B; a year ago net debt $18.9B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$6.86B	$6.35B	+8.1%
Gross margin	40.6%	38.7%	+1.9 pp
Operating income	$1.22B	$1.17B	+3.8%
Operating margin	17.7%	18.4%	-0.7 pp
Net income	$808M	$747M	+8.2%
Diluted EPS	$1.69	$1.51	+11.9%
Operating cash flow	$1.48B	$2.08B	-29.0%
Capex	$81M	$72M	+12.5%
Free cash flow	$1.4B	$2.01B	-30.5%
R&D	$0	$0	–
Stock-based compensation	$94M	$95M	-1.1%

Reported vs consensus

2026-10-15

	Actual	Consensus	vs consensus
Revenue	$6.86B	$6.64B	+3.3%
EPS (as estimated)	$2.03	$1.97	+3.0%

From the report of 2026-10-15 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Risk and Insurance Services	–	–	–	–	–
Risk and Insurance Services Segment	$4.2B	–	61.0%	–	–
Risk And Insurance Services Segment	–	–	–	–	–
Consulting Segment	$2.69B	+8.9%	39.0%	–	–
Consulting	–	–	–	–	–
Corporate/Eliminations	–	–	–	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Risk And Insurance Services Segment	$1.53B	+16.3%	100.0%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Riskand Insurance Services Segment	–	–	–	–	–	–	–
Consulting Segment	–	–	–	–	–	–	–
Corporate And Eliminations	–	–	–	–	–	–	–
Risk And Insurance Services Segment	–	–	–	–	–	–	–
Risk And Insurance Services Segment	–	–	$745M	-0.7%	–	–	–
Consulting Segment	–	–	$563M	+12.4%	–	–	$2.07B
Corporate And Eliminations	–	–	-$93M	-14.8%	–	–	-$350M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $4.47B
Capex: -$320M
Buybacks: -$2.84B
Dividends: -$1.32B
Acquisitions: -$1.59B
Net debt issued: $366M
Stock-based compensation: $396M
Free cash flow: $4.15B
Returned to shareholders / FCF: 100.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	23.9×	25.5×	21.9× – 28.0×
EV / EBITDA	19.3×	17.2×	14.8× – 18.4×
EV / Sales	4.1×	4.7×	4.0× – 5.1×
Price / FCF	23.0×	24.9×	18.1× – 28.3×
Price / Book	6.5×	7.5×	6.0× – 8.0×
FCF yield	4.3%	4.1%	3.5% – 5.5%
Return on invested capital	11.8%	12.1%	11.6% – 13.2%
Return on equity	27.2%	29.3%	27.5% – 30.8%

Analysts

Consensus target $205.43 (+2.4%)
range $182.00 – $234.00 · rating Hold

Strong buy1

Buy10

Hold22

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$28.8B	+6.6%	$10.49	+24.4%	19.1×	14
FY2027	$30.2B	+5.0%	$11.46	+9.3%	17.5×	14
FY2028	$31.8B	+5.3%	$12.59	+9.8%	15.9×	6

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 290 figures Marsh & McLennan Companies, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	0.7%2026-06-30	–	–	–	–	–
Accounts Payable and Accrued Liabilities, Current	$3.58B	$3.36B	+6.8%	$3.65B	$3.4B	+7.3%
Accounts Receivable, Allowance for Credit Loss, Current	$163M	$173M	-5.8%	$162M	$167M	-3.0%
Accounts Receivable, before Allowance for Credit Loss, Current	$8.71B	$8.08B	+7.8%	$7.83B	$7.32B	+7.0%
Accounts Receivable, Credit Loss Expense (Reversal)	–	–	–	$25M	$31M	-19.4%
Accrued Income Taxes, Current	$485M	$617M	-21.4%	$373M	$376M	-0.8%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.75B	$1.67B	+5.1%	$1.67B	$1.54B	+8.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$5.51B	-$5.44B	-1.3%	-$5.43B	-$6.24B	+13.0%
Additional Paid in Capital, Common Stock	$1.62B	$1.46B	+10.8%	$1.55B	$1.37B	+12.9%
Amortization of Intangible Assets	$142M	$133M	+6.8%	$549M	$377M	+45.6%
Assets	$59.8B	$58.8B	+1.7%	$58.7B	$56.5B	+3.9%
Assets for Plan Benefits, Defined Benefit Plan	$2.3B	$2.21B	+4.0%	$2.14B	$1.91B	+11.8%
Assets, Current	$24.1B	$23.7B	+1.7%	$23.2B	$22.1B	+4.9%
Assets, Fair Value Disclosure	$390M	–	–	$847M	$637M	+33.0%
Business Acquisition, Pro Forma Earnings Per Share, Basic	$1.70	$1.53	+11.1%	$8.53	$8.38	+1.8%
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$1.69	$1.52	+11.2%	$8.48	$8.31	+2.0%
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Basic	$1.522025-09-30	$1.49	+2.0%	$3.282018-12-31	$2.92	+12.3%
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Diluted	$1.522025-09-30	$1.48	+2.7%	$3.252018-12-31	$2.88	+12.8%
Business Acquisition, Pro Forma Net Income (Loss)	$809M	$751M	+7.7%	$4.18B	$4.12B	+1.5%
Business Acquisition, Pro Forma Revenue	$6.87B	$6.43B	+6.8%	$27.1B	$26.2B	+3.7%
Business Combination, Acquisition Related Costs	$41M	$81M	-49.4%	$282M	$119M	+137.0%
Business Combination, Consideration Transferred	$369M	$189M	+95.2%	$857M	$9.4B	-90.9%
Business Combination, Consideration Transferred, Liabilities Incurred	$21M2025-09-30	$122M	-82.8%	$182M2023-12-31	$49M	+271.4%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$2M	$7M	-71.4%	$37M	-$77M	+148.1%
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	$1M	$2M	-50.0%	$7M	$34M	-79.4%
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$34M	$19M	+78.9%	$72M	$451M	-84.0%
Capitalized Computer Software, Accumulated Amortization	$2.3B2025-12-31	$2.1B	+9.5%	$2.3B	$2.1B	+9.5%
Capitalized Computer Software, Net	$466M2025-12-31	$474M	-1.7%	$466M	$474M	-1.7%
Capitalized Contract Cost, Amortization	–	–	–	$2.1B	$1.9B	+10.5%
Cash and Cash Equivalents, at Carrying Value	$1.84B	$2.51B	-26.6%	$2.69B	$2.4B	+12.1%
Cash and Cash Equivalents, Fair Value Disclosure	$149M	–	–	$633M	$353M	+79.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$14.1B	$14.5B	-2.7%	$14.2B	$13.7B	+3.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$212M	$964M	-78.0%	$486M	-$478M	+201.7%
Commercial Paper	$1.6B	–	–	$0	$0	–
Commitments and Contingencies	$0	$0	–	$0	$0	–
Common Stock, Dividends, Per Share, Declared	$1.98	$1.80	+10.0%	$3.43	$3.05	+12.5%
Common Stock, Par or Stated Value Per Share	$1.00	$1.00	0.0%	$1.00	$1.00	0.0%
Common Stock, Shares Authorized	1.6B	1.6B	0.0%	1.6B	1.6B	0.0%
Common Stock, Shares, Issued	561M	561M	0.0%	561M	561M	0.0%
Common Stock, Shares, Outstanding	475M	490M	-3.1%	485M	491M	-1.2%
Common Stock, Value, Issued	$561M	$561M	0.0%	$561M	$561M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$4M	$10M	-60.0%	$74M	$57M	+29.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$869M	$550M	+58.0%	$4.97B	$3.12B	+59.6%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$873M	$560M	+55.9%	$5.05B	$3.17B	+59.0%
Contract with Customer, Asset, after Allowance for Credit Loss	$675M	$557M	+21.2%	$290M2021-12-31	$236M	+22.9%
Contract with Customer, Asset, before Allowance for Credit Loss	$540M2025-12-31	$473M	+14.2%	$540M	$473M	+14.2%
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress	–	–	–	$1.05B	$963M	+8.6%
Contract with Customer, Asset, Reclassified to Receivable	–	–	–	-$984M	-$844M	-16.6%
Contract with Customer, Liability	$1.02B	$919M	+11.0%	$927M	$866M	+7.0%
Contract with Customer, Liability, Revenue Recognized	$116M	$119M	-2.5%	-$846M	-$835M	-1.3%
Contract with Customer, Performance Obligation Satisfied in Previous Period	$15M	$18M	-16.7%	$83M	$73M	+13.7%
Current Federal Tax Expense (Benefit)	–	–	–	$203M	$247M	-17.8%
Current Foreign Tax Expense (Benefit)	–	–	–	$848M	$836M	+1.4%
Current Income Tax Expense (Benefit)	–	–	–	$1.18B	$1.21B	-2.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$131M	$123M	+6.5%
Debt, Current	$1.64B	$1.26B	+30.2%	$1.27B	$519M	+144.1%
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$69M2025-09-30	$66M	+4.5%	–	–	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$73M	$53M	+37.7%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$34M	$84M	-59.5%
Deferred Income Tax Assets, Net	$195M	$248M	-21.4%	$212M	$237M	-10.5%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01