Marsh Financial Statements
NYSE: MRSHFinanceSpecialty InsurersUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Marsh revenue and earnings
In fiscal 2025, Marsh generated $26.98 billion in revenue, up 10.3% from fiscal 2024, its 10th consecutive year of revenue growth. Net income was $4.16 billion (+2.5% year over year), for a net margin of 15.4% versus a median of 15.9% in the prior 5 years. Operating margin was 23.1%.
Diluted earnings per share came in at $8.43, up from $8.18. Over the last 5 fiscal years, MRSH's revenue has grown at a 9.4% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
Marsh income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 26.98B | 24.46B | 22.74B | 20.72B | 19.82B | 17.22B | 16.65B | 14.95B | 14.02B | 13.21B |
| Revenue growth (YoY) | +10.32% | +7.57% | +9.73% | +4.54% | +15.07% | +3.44% | +11.38% | +6.60% | +6.15% | +2.47% |
| Operating Expenses | 20.76B | 18.64B | 17.45B | 16.44B | 15.51B | 14.16B | 13.97B | 12.19B | 11.37B | 10.78B |
| Operating Income | 6.22B | 5.82B | 5.28B | 4.28B | 4.31B | 3.07B | 2.68B | 2.76B | 2.65B | 2.43B |
| Interest Expense | 960.00M | 700.00M | 578.00M | 469.00M | 444.00M | 515.00M | 524.00M | 290.00M | 237.00M | 189.00M |
| Pretax Income | 5.54B | 5.48B | 5.03B | 4.08B | 4.21B | 2.79B | 2.44B | 2.24B | 2.64B | 2.48B |
| Income Tax | 1.30B | 1.36B | 1.22B | 995.00M | 1.03B | 747.00M | 666.00M | 574.00M | 1.13B | 685.00M |
| Net Income | 4.16B | 4.06B | 3.76B | 3.05B | 3.14B | 2.02B | 1.74B | 1.65B | 1.49B | 1.77B |
| Net Income growth (YoY) | +2.46% | +8.09% | +23.15% | -2.96% | +55.90% | +15.73% | +5.58% | +10.59% | -15.61% | +10.57% |
| EPS (Basic) | 8.48 | 8.26 | 7.60 | 6.11 | 6.20 | 3.98 | 3.44 | 3.26 | 2.91 | 3.41 |
| EPS (Diluted) | 8.43 | 8.18 | 7.53 | 6.04 | 6.13 | 3.94 | 3.41 | 3.23 | 2.87 | 3.38 |
| Shares Outstanding (Basic) | 491.00M | 492.00M | 494.00M | 499.00M | 507.00M | 506.00M | 506.00M | 506.00M | 513.00M | 519.00M |
| Shares Outstanding (Diluted) | 494.00M | 496.00M | 499.00M | 505.00M | 513.00M | 512.00M | 511.00M | 511.00M | 519.00M | 524.00M |
| EBITDA | 6.58B | 6.19B | 5.65B | 4.66B | 5.06B | 3.81B | 3.32B | 3.25B | 3.14B | 2.87B |
| Operating Margin | 23.06% | 23.78% | 23.23% | 20.66% | 21.76% | 17.80% | 16.08% | 18.47% | 18.93% | 18.40% |
| Net Margin | 15.42% | 16.60% | 16.52% | 14.72% | 15.86% | 11.70% | 10.46% | 11.04% | 10.64% | 13.38% |
This table shows 10 annual periods of Marsh's income statement, from FY 2025 back to FY 2016, across 14 line items including revenue, operating expenses, operating income. Values in USD; B = billions, M = millions. Fiscal periods follow MRSH's reporting calendar. What is a income statement?