# Marsh & McLennan Companies, Inc.: financial statements, quarterly

MRSH · NYSE · CIK 62709 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/mrsh.md) · [Financials](/companies/mrsh/financials.md) · [Filings](/companies/mrsh/filings.md) · [Insiders](/companies/mrsh/insiders.md)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/mrsh/financials.md?period=annual).

## Income statement

| Line item | Unit | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [5,554 d](/filings/0000062709-26-000022.md) | [6,473](/filings/0000062709-25-000028.md) | [6,221](/filings/0000062709-25-000069.md) | [5,697](/filings/0000062709-25-000125.md) | [6,067 d](/filings/0000062709-26-000022.md) | [7,061](/filings/0000062709-26-000098.md) | [6,974](/filings/0000062709-26-000195.md) | [6,351](/filings/0000062709-26-000258.md) | [6,595 d](/filings/0000062709-26-000022.md) | [7,597](/filings/0000062709-26-000098.md) | [7,404](/filings/0000062709-26-000195.md) | [6,863](/filings/0000062709-26-000258.md) |
| Operating income | $m | [1,103 d](/filings/0000062709-26-000022.md) | [1,925](/filings/0000062709-25-000028.md) | [1,642](/filings/0000062709-25-000069.md) | [1,108](/filings/0000062709-25-000125.md) | [1,142 d](/filings/0000062709-26-000022.md) | [2,005](/filings/0000062709-26-000098.md) | [1,829](/filings/0000062709-26-000195.md) | [1,170](/filings/0000062709-26-000258.md) | [1,219 d](/filings/0000062709-26-000022.md) | [1,754](/filings/0000062709-26-000098.md) | [1,899](/filings/0000062709-26-000195.md) | [1,215](/filings/0000062709-26-000258.md) |
| Interest expense | $m | [151 d](/filings/0000062709-24-000016.md) | [159](/filings/0000062709-24-000037.md) | [156](/filings/0000062709-25-000069.md) | [154](/filings/0000062709-25-000125.md) | [231 d](/filings/0000062709-26-000022.md) | [245](/filings/0000062709-26-000098.md) | [243](/filings/0000062709-26-000195.md) | [237](/filings/0000062709-26-000258.md) | [235 d](/filings/0000062709-26-000022.md) | [240](/filings/0000062709-26-000098.md) | [250](/filings/0000062709-26-000195.md) | [248](/filings/0000062709-26-000258.md) |
| Income tax | $m | [283 d](/filings/0000062709-26-000022.md) | [447](/filings/0000062709-25-000028.md) | [425](/filings/0000062709-25-000069.md) | [283](/filings/0000062709-25-000125.md) | [208 d](/filings/0000062709-26-000022.md) | [415](/filings/0000062709-26-000098.md) | [415](/filings/0000062709-26-000195.md) | [253](/filings/0000062709-26-000258.md) | [222 d](/filings/0000062709-26-000022.md) | [395](/filings/0000062709-26-000098.md) | [411](/filings/0000062709-26-000195.md) | [221](/filings/0000062709-26-000258.md) |
| Net income | $m | [756 d](/filings/0000062709-26-000022.md) | [1,400](/filings/0000062709-25-000028.md) | [1,125](/filings/0000062709-25-000069.md) | [747](/filings/0000062709-25-000125.md) | [788 d](/filings/0000062709-26-000022.md) | [1,381](/filings/0000062709-26-000098.md) | [1,211](/filings/0000062709-26-000195.md) | [747](/filings/0000062709-26-000258.md) | [821 d](/filings/0000062709-26-000022.md) | [1,146](/filings/0000062709-26-000098.md) | [1,266](/filings/0000062709-26-000195.md) | [808](/filings/0000062709-26-000258.md) |
| Diluted EPS | $ per share | not reported | [2.82](/filings/0000062709-25-000028.md) | [2.27](/filings/0000062709-25-000069.md) | [1.51](/filings/0000062709-25-000125.md) | not reported | [2.79](/filings/0000062709-26-000098.md) | [2.45](/filings/0000062709-26-000195.md) | [1.51](/filings/0000062709-26-000258.md) | not reported | [2.36](/filings/0000062709-26-000098.md) | [2.63](/filings/0000062709-26-000195.md) | [1.69](/filings/0000062709-26-000258.md) |
| Basic EPS | $ per share | not reported | [2.84](/filings/0000062709-25-000028.md) | [2.28](/filings/0000062709-25-000069.md) | [1.52](/filings/0000062709-25-000125.md) | not reported | [2.81](/filings/0000062709-26-000098.md) | [2.46](/filings/0000062709-26-000195.md) | [1.52](/filings/0000062709-26-000258.md) | not reported | [2.37](/filings/0000062709-26-000098.md) | [2.64](/filings/0000062709-26-000195.md) | [1.70](/filings/0000062709-26-000258.md) |

- Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
- Operating income: us-gaap:OperatingIncomeLoss
- Interest expense: us-gaap:InterestExpense, us-gaap:InterestExpenseNonoperating
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $bn | [3.4](/filings/0000062709-26-000022.md) | [1.5](/filings/0000062709-25-000028.md) | [1.7](/filings/0000062709-25-000069.md) | [1.8](/filings/0000062709-25-000125.md) | [2.4](/filings/0000062709-26-000022.md) | [1.6](/filings/0000062709-26-000098.md) | [1.7](/filings/0000062709-26-000195.md) | [2.5](/filings/0000062709-26-000258.md) | [2.7](/filings/0000062709-26-000258.md) | [1.6](/filings/0000062709-26-000098.md) | [1.7](/filings/0000062709-26-000195.md) | [1.8](/filings/0000062709-26-000258.md) |
| Current assets | $bn | [21.7](/filings/0000062709-25-000015.md) | [21.3](/filings/0000062709-24-000037.md) | [22.0](/filings/0000062709-24-000071.md) | [22.3](/filings/0000062709-24-000092.md) | [22.1](/filings/0000062709-26-000022.md) | [22.5](/filings/0000062709-25-000028.md) | [23.3](/filings/0000062709-25-000069.md) | [23.7](/filings/0000062709-25-000125.md) | [23.2](/filings/0000062709-26-000258.md) | [23.2](/filings/0000062709-26-000098.md) | [24.3](/filings/0000062709-26-000195.md) | [24.1](/filings/0000062709-26-000258.md) |
| Total assets | $bn | [48.0](/filings/0000062709-25-000015.md) | [47.6](/filings/0000062709-24-000037.md) | [48.6](/filings/0000062709-24-000071.md) | [49.9](/filings/0000062709-24-000092.md) | [56.5](/filings/0000062709-26-000022.md) | [57.0](/filings/0000062709-25-000028.md) | [58.6](/filings/0000062709-25-000069.md) | [58.8](/filings/0000062709-25-000125.md) | [58.7](/filings/0000062709-26-000258.md) | [58.6](/filings/0000062709-26-000098.md) | [59.7](/filings/0000062709-26-000195.md) | [59.8](/filings/0000062709-26-000258.md) |
| Current liabilities | $bn | [19.8](/filings/0000062709-25-000015.md) | [18.7](/filings/0000062709-24-000037.md) | [18.9](/filings/0000062709-24-000071.md) | [19.6](/filings/0000062709-24-000092.md) | [19.5](/filings/0000062709-26-000022.md) | [19.8](/filings/0000062709-25-000028.md) | [19.4](/filings/0000062709-25-000069.md) | [21.1](/filings/0000062709-25-000125.md) | [21.1](/filings/0000062709-26-000258.md) | [20.9](/filings/0000062709-26-000098.md) | [21.4](/filings/0000062709-26-000195.md) | [22.1](/filings/0000062709-26-000258.md) |
| Long-term debt | $bn | [11.8](/filings/0000062709-25-000015.md) | [12.3](/filings/0000062709-24-000037.md) | [12.3](/filings/0000062709-24-000071.md) | [12.3](/filings/0000062709-24-000092.md) | [19.4](/filings/0000062709-26-000022.md) | [18.9](/filings/0000062709-25-000028.md) | [19.0](/filings/0000062709-25-000069.md) | [18.3](/filings/0000062709-25-000125.md) | [18.3](/filings/0000062709-26-000258.md) | [18.9](/filings/0000062709-26-000098.md) | [18.9](/filings/0000062709-26-000195.md) | [18.9](/filings/0000062709-26-000258.md) |
| Current portion of debt | $bn | [1.6](/filings/0000062709-25-000015.md) | [1.1](/filings/0000062709-24-000037.md) | [0.5](/filings/0000062709-24-000071.md) | [0.5](/filings/0000062709-24-000092.md) | [0.5](/filings/0000062709-26-000022.md) | [0.6](/filings/0000062709-25-000028.md) | [0.6](/filings/0000062709-25-000069.md) | [1.3](/filings/0000062709-25-000125.md) | [1.3](/filings/0000062709-26-000258.md) | [0.7](/filings/0000062709-26-000098.md) | [0.6](/filings/0000062709-26-000195.md) | [0.0](/filings/0000062709-26-000258.md) |
| Short-term borrowings | $bn | [0.0](/filings/0000062709-25-000015.md) | [0.1](/filings/0000062709-24-000037.md) | [0.7](/filings/0000062709-24-000071.md) | [0.0](/filings/0000062709-24-000092.md) | [0.0](/filings/0000062709-25-000125.md) | [1.0](/filings/0000062709-25-000028.md) | [0.2](/filings/0000062709-25-000069.md) | [0.0](/filings/0000062709-25-000125.md) | [0.0](/filings/0000062709-26-000258.md) | [1.0](/filings/0000062709-26-000098.md) | [1.0](/filings/0000062709-26-000195.md) | [1.6](/filings/0000062709-26-000258.md) |
| Shareholders' equity | $bn | [12.4](/filings/0000062709-26-000022.md) | [12.6](/filings/0000062709-25-000028.md) | [13.6](/filings/0000062709-25-000069.md) | [13.9](/filings/0000062709-25-000125.md) | [13.5](/filings/0000062709-26-000022.md) | [14.3](/filings/0000062709-26-000098.md) | [16.0](/filings/0000062709-26-000195.md) | [15.4](/filings/0000062709-26-000258.md) | [15.3](/filings/0000062709-26-000258.md) | [14.8](/filings/0000062709-26-000098.md) | [15.4](/filings/0000062709-26-000195.md) | [14.9](/filings/0000062709-26-000258.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Long-term debt: us-gaap:LongTermDebtNoncurrent
- Current portion of debt: us-gaap:LongTermDebtCurrent
- Short-term borrowings: us-gaap:CommercialPaper, us-gaap:ShortTermBorrowings
- Shareholders' equity: us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

## Cash flow

| Line item | Unit | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [1,783 d](/filings/0000062709-26-000022.md) | [(781)](/filings/0000062709-25-000028.md) | [1,215 d](/filings/0000062709-25-000069.md) | [1,912 d](/filings/0000062709-25-000125.md) | [1,956 d](/filings/0000062709-26-000022.md) | [(622)](/filings/0000062709-26-000098.md) | [1,671 d](/filings/0000062709-26-000195.md) | [2,082 d](/filings/0000062709-26-000258.md) | [2,161 d](/filings/0000062709-26-000022.md) | [(688)](/filings/0000062709-26-000098.md) | [1,523 d](/filings/0000062709-26-000195.md) | [1,478 d](/filings/0000062709-26-000258.md) |
| Capital expenditure | $m | [120 d](/filings/0000062709-26-000022.md) | [87.0](/filings/0000062709-25-000028.md) | [80.0 d](/filings/0000062709-25-000069.md) | [73.0 d](/filings/0000062709-25-000125.md) | [76.0 d](/filings/0000062709-26-000022.md) | [55.0](/filings/0000062709-26-000098.md) | [59.0 d](/filings/0000062709-26-000195.md) | [72.0 d](/filings/0000062709-26-000258.md) | [105 d](/filings/0000062709-26-000022.md) | [62.0](/filings/0000062709-26-000098.md) | [72.0 d](/filings/0000062709-26-000195.md) | [81.0 d](/filings/0000062709-26-000258.md) |
| Dividends paid | $m | [354 d](/filings/0000062709-26-000022.md) | [354](/filings/0000062709-25-000028.md) | [352 d](/filings/0000062709-25-000069.md) | [404 d](/filings/0000062709-25-000125.md) | [403 d](/filings/0000062709-26-000022.md) | [405](/filings/0000062709-26-000098.md) | [405 d](/filings/0000062709-26-000195.md) | [445 d](/filings/0000062709-26-000258.md) | [444 d](/filings/0000062709-26-000022.md) | [440](/filings/0000062709-26-000098.md) | [438 d](/filings/0000062709-26-000195.md) | [476 d](/filings/0000062709-26-000258.md) |
| Share repurchases | $m | [250 d](/filings/0000062709-26-000022.md) | [300](/filings/0000062709-25-000028.md) | [300 d](/filings/0000062709-25-000069.md) | [300 d](/filings/0000062709-25-000125.md) | [0.0 d](/filings/0000062709-26-000022.md) | [300](/filings/0000062709-26-000098.md) | [300 d](/filings/0000062709-26-000195.md) | [402 d](/filings/0000062709-26-000258.md) | [1,010 d](/filings/0000062709-26-000022.md) | [755](/filings/0000062709-26-000098.md) | [757 d](/filings/0000062709-26-000195.md) | [504 d](/filings/0000062709-26-000258.md) |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
- Dividends paid: us-gaap:PaymentsOfDividendsCommonStock
- Share repurchases: us-gaap:PaymentsForRepurchaseOfCommonStock

## Shares

| Line item | Unit | Q1 FY2023 (2023-03-31) | Q2 FY2023 (2023-06-30) | Q3 FY2023 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [500](/filings/0000062709-24-000037.md) | [499](/filings/0000062709-24-000071.md) | [499](/filings/0000062709-24-000092.md) | [497](/filings/0000062709-25-000028.md) | [496](/filings/0000062709-25-000069.md) | [496](/filings/0000062709-25-000125.md) | [495](/filings/0000062709-26-000098.md) | [495](/filings/0000062709-26-000195.md) | [494](/filings/0000062709-26-000258.md) | [486](/filings/0000062709-26-000098.md) | [482](/filings/0000062709-26-000195.md) | [479](/filings/0000062709-26-000258.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 475,514,327 at 2026-10-12, from the cover of the [10-Q filed 2026-10-15](/filings/0000062709-26-000258.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:19 ET. No prices; not investment advice.