Security
MRSH · MARSH & MCLENNAN COMPANIES, INC.
MRSHNYSECommon stockCurrentCIK 62709Updated Sep 29, 2026
Name history
MARSH & MCLENNAN COMPANIES INC · through Jan 31, 2005
MRSH price & chart
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Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 58,710,000,000Source | 56,481,000,000Source | 48,030,000,000Source | 33,454,000,000Source |
| Property, Plant and Equipment, NetUSD | 829,000,000Source | 859,000,000Source | 882,000,000Source | 871,000,000Source |
| GoodwillUSD | 24,337,000,000Source | 23,306,000,000Source | 17,231,000,000Source | 16,251,000,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | — | — | — | 2,537,000,000Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 2,687,000,000Source | 2,398,000,000Source | 3,358,000,000Source | 1,442,000,000Source |
| Assets, CurrentUSD | 23,200,000,000Source | 22,117,000,000Source | 21,748,000,000Source | 8,299,000,000Source |
| Operating Lease, Right-of-Use AssetUSD | 1,460,000,000Source | 1,498,000,000Source | 1,541,000,000Source | 1,562,000,000Source |
| Other Assets, NoncurrentUSD | 1,786,000,000Source | 1,730,000,000Source | 1,590,000,000Source | 1,449,000,000Source |
| LIABILITIES AND EQUITY | ||||
| Commitments and ContingenciesUSD | 0Source | 0Source | 0Source | 0Source |
| Stockholders’ equity: | ||||
| Preferred Stock, Value, IssuedUSD | 0Source | 0Source | 0Source | 0Source |
| Common Stock, Value, IssuedUSD | 561,000,000Source | 561,000,000Source | 561,000,000Source | 561,000,000Source |
| Retained Earnings (Accumulated Deficit)USD | 27,767,000,000Source | 25,306,000,000Source | 22,759,000,000Source | 20,301,000,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -5,429,000,000Source | -6,240,000,000Source | -5,295,000,000Source | -5,314,000,000Source |
| Additional Paid in Capital, Common StockUSD | 1,547,000,000Source | 1,370,000,000Source | 1,242,000,000Source | 1,179,000,000Source |
| Liabilities and EquityUSD | 58,710,000,000Source | 56,481,000,000Source | 48,030,000,000Source | 33,454,000,000Source |
| Current liabilities: | ||||
| Liabilities, CurrentUSD | 21,060,000,000Source | 19,518,000,000Source | 19,795,000,000Source | 7,172,000,000Source |
| Operating Lease, Liability, CurrentUSD | 333,000,000Source | 325,000,000Source | 312,000,000Source | 310,000,000Source |
| Operating Lease, Liability, NoncurrentUSD | 1,529,000,000Source | 1,590,000,000Source | 1,661,000,000Source | 1,667,000,000Source |
| Other Liabilities, NoncurrentUSD | 1,412,000,000Source | 1,265,000,000Source | 1,267,000,000Source | 1,363,000,000Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 215,000,000Source | 193,000,000Source | 179,000,000Source | 229,000,000Source |
| Additional Financial Items | ||||
| Deferred Tax Liabilities, NetUSD | 537,000,000Source | 454,000,000Source | — | — |
| Long-term Debt, Excluding Current Maturities | — | — | — | — |
| Long-term Debt, Current MaturitiesUSD | 1,267,000,000Source | 519,000,000Source | 1,619,000,000Source | 268,000,000Source |
| Long-term Debt, Excluding Current MaturitiesUSD | 18,320,000,000Source | 19,428,000,000Source | 11,844,000,000Source | 11,227,000,000Source |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | 4,234,000,000Source | 4,117,000,000Source | 3,802,000,000Source | 3,087,000,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, Depletion and AmortizationUSD | 361,000,000Source | 369,000,000Source | 713,000,000Source | 719,000,000Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | 394,000,000Source | 368,000,000Source | 363,000,000Source | 367,000,000Source |
| Deferred Income Tax Expense (Benefit)USD | 123,000,000Source | 157,000,000Source | -29,000,000Source | -43,000,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | 5,292,000,000Source | 4,302,000,000Source | 4,258,000,000Source | 3,465,000,000Source |
| Cash flows from investing activities: | ||||
| Payments to Acquire Businesses, Net of Cash AcquiredUSD | 652,000,000Source | 8,542,000,000Source | -976,000,000Source | 572,000,000Source |
| Net Cash Provided by (Used in) Investing ActivitiesUSD | -845,000,000Source | -8,821,000,000Source | -1,417,000,000Source | -850,000,000Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | -2,000,000Source | -1,000,000Source | -11,000,000Source | -9,000,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | 291,000,000Source | 316,000,000Source | 416,000,000Source | 470,000,000Source |
| Cash flows from financing activities: | ||||
| Payment, Tax Withholding, Share-based Payment ArrangementUSD | 148,000,000Source | 180,000,000Source | 148,000,000Source | 198,000,000Source |
| Payments for Repurchase of Common StockUSD | 2,012,000,000Source | 900,000,000Source | 1,150,000,000Source | 1,950,000,000Source |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | -4,634,000,000Source | 4,455,000,000Source | -1,119,000,000Source | -1,046,000,000Source |
| Payments of Ordinary Dividends, Common StockUSD | 1,699,000,000Source | 1,513,000,000Source | 1,298,000,000Source | 1,138,000,000Source |
| Repayments of Long-term DebtUSD | 519,000,000Source | 1,617,000,000Source | 266,000,000Source | 365,000,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | 486,000,000Source | -478,000,000Source | 2,050,000,000Source | 728,000,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 14,160,000,000Source | 13,674,000,000Source | 14,152,000,000Source | 12,102,000,000Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 885,000,000Source | 591,000,000Source | 499,000,000Source | 431,000,000Source |
| Income Taxes Paid, NetUSD | 1,292,000,000Source | 1,239,000,000Source | 1,119,000,000Source | 1,049,000,000Source |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 673,000,000Source | -414,000,000Source | 328,000,000Source | -841,000,000Source |
| Additional Financial Items | ||||
| Share-based Payment Arrangement, ExpenseUSD | 394,000,000Source | 368,000,000Source | 363,000,000Source | 367,000,000Source |
| Amortization of Intangible AssetsUSD | 549,000,000Source | 377,000,000Source | 343,000,000Source | 338,000,000Source |
| Deconsolidation, Gain (Loss), AmountUSD | — | 0Source | 0Source | -39,000,000Source |
| DepreciationUSD | 361,000,000Source | 369,000,000Source | 370,000,000Source | 381,000,000Source |
| Equity Securities, FV-NI, Gain (Loss)USD | — | — | -1,000,000Source | — |
| Equity Securities, FV-NI, Realized Gain (Loss)USD | — | — | — | 11,000,000Source |
| Gain (Loss) on InvestmentsUSD | 34,000,000Source | 12,000,000Source | 5,000,000Source | 21,000,000Source |
| Gain (Loss) on Disposition of Other AssetsUSD | 13,000,000Source | 48,000,000Source | -16,000,000Source | 127,000,000Source |
| GoodwillUSD | 24,337,000,000Source | 23,306,000,000Source | 17,231,000,000Source | 16,251,000,000Source |
| Income Tax Expense (Benefit)USD | 1,305,000,000Source | 1,363,000,000Source | 1,224,000,000Source | 995,000,000Source |
| InterestExpenseNonoperatingUSD | 960,000,000Source | 700,000,000Source | — | — |
| Investment Income, InterestUSD | 48,000,000Source | 83,000,000Source | 78,000,000Source | 15,000,000Source |
| Net Income (Loss) Attributable to ParentUSD | 4,160,000,000Source | 4,060,000,000Source | 3,756,000,000Source | 3,050,000,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | 74,000,000Source | 57,000,000Source | 46,000,000Source | 37,000,000Source |
| Operating ExpensesUSD | 20,758,000,000Source | 18,641,000,000Source | 17,454,000,000Source | 16,440,000,000Source |
| Operating Lease, Impairment LossUSD | 11,000,000Source | 15,000,000Source | 27,000,000Source | 118,000,000Source |
| Payments of Financing CostsUSD | 0Source | 23,000,000Source | — | — |
| Proceeds from Stock Options ExercisedUSD | 147,000,000Source | 137,000,000Source | 116,000,000Source | 50,000,000Source |
| Revenue from Contract with Customer, Including Assessed TaxUSD | — | — | 22,736,000,000Source | 20,720,000,000Source |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueUSD | 26,981,000,000Source | 24,458,000,000Source | — | — |
| Operating Income (Loss)USD | 6,223,000,000Source | 5,817,000,000Source | 5,282,000,000Source | 4,280,000,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | 5,539,000,000Source | 5,480,000,000Source | 5,026,000,000Source | 4,082,000,000Source |
| Income Tax Expense (Benefit)USD | 1,305,000,000Source | 1,363,000,000Source | 1,224,000,000Source | 995,000,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | 74,000,000Source | 57,000,000Source | 46,000,000Source | 37,000,000Source |
| Net Income (Loss) Attributable to ParentUSD | 4,160,000,000Source | 4,060,000,000Source | 3,756,000,000Source | 3,050,000,000Source |
| Earnings Per Share, BasicUSD per share | 8.48Source | 8.26Source | 7.6Source | 6.11Source |
| Earnings Per Share, DilutedUSD per share | 8.43Source | 8.18Source | 7.53Source | 6.04Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 491,000,000Source | 492,000,000Source | 494,000,000Source | 499,000,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 494,000,000Source | 496,000,000Source | 499,000,000Source | 505,000,000Source |
| Interest Expense (non-operating)USD | 960,000,000Source | 700,000,000Source | — | — |
| Additional Financial Items | ||||
| Amortization of Intangible AssetsUSD | 549,000,000Source | 377,000,000Source | 343,000,000Source | 338,000,000Source |
| Business Combination, Acquisition Related CostsUSD | 282,000,000Source | 119,000,000Source | 45,000,000Source | 24,000,000Source |
| Common Stock, Dividends, Per Share, DeclaredUSD per share | 3.43Source | 3.05Source | — | — |
| Current Income Tax Expense (Benefit)USD | 1,182,000,000Source | 1,206,000,000Source | 1,253,000,000Source | 1,038,000,000Source |
| Equity Securities, FV-NI, Realized Gain (Loss)USD | — | — | — | 11,000,000Source |
| Gain (Loss) on InvestmentsUSD | 34,000,000Source | 12,000,000Source | 5,000,000Source | 21,000,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, DomesticUSD | 1,986,000,000Source | 1,894,000,000Source | 1,823,000,000Source | 1,468,000,000Source |
| Interest ExpenseUSD | — | — | 578,000,000Source | 469,000,000Source |
| Investment Income, InterestUSD | 48,000,000Source | 83,000,000Source | 78,000,000Source | 15,000,000Source |
| Labor and Related ExpenseUSD | 15,577,000,000Source | 13,996,000,000Source | 13,099,000,000Source | 12,071,000,000Source |
| Operating ExpensesUSD | 20,758,000,000Source | 18,641,000,000Source | 17,454,000,000Source | 16,440,000,000Source |
| Other Cost and Expense, OperatingUSD | 5,181,000,000Source | 4,645,000,000Source | 4,355,000,000Source | 4,369,000,000Source |
| Restructuring and Related Cost, Incurred CostUSD | 150,000,000Source | — | — | — |
| Revenue from Contract with Customer, Including Assessed TaxUSD | — | — | 22,736,000,000Source | 20,720,000,000Source |
Filing attachments
d112193dex41.htm · 8-K · 2026-02-19
EX-4.1 3 d112193dex41.htm EX-4.1 EX-4.1 Exhibit 4.1 MARSH & McLENNAN COMPANIES, INC., Issuer, and The Bank of New York Mellon, Trustee TWENTY-FIRST SUPPLEMENTAL INDENTURE Dated as of February 19, 2026 $600,000,000 aggregate principal amount of 4.950% Senior Notes due 2036 TWENTY-FIRST SUPPLEMENTAL INDENTURE, dated as of February 19, 2026, between MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation,…
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