Marsh & McLennan Companies (MRSH) 10-K Summary — Year Ended Dec 31, 2023
Marsh McLennan is a leading professional services firm in risk, strategy, and people. The company reported revenue growth and strong operating cash flow in the latest fiscal year.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Marsh McLennan is a leading professional services firm in risk, strategy, and people. The company reported revenue growth and strong operating cash flow in the latest fiscal year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$22.7B
Revenue reported for the fiscal year.
Operating income
$5.3B
Income from operations reported for the year.
Net income
$3.8B
Net income reported for the year.
Operating cash flow
$4.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $20.7B | n/a |
| Dec 31, 2023 | $22.7B | +9.7% |
Business overview
The company operates through four businesses: Marsh provides risk advisory and insurance solutions; Guy Carpenter offers reinsurance and capital strategies; Mercer delivers advice on work, retirement, and health; and Oliver Wyman provides strategic and economic consulting. These businesses collaborate to address complex client risks.
Financial performance
Revenue increased compared to the prior year, driven by growth across segments. Operating income and net income remained solid, and cash flow from operations was robust.
Material risks
The company operates in a dynamic business environment where new risks frequently emerge. Forward-looking statements are subject to uncertainties and should not be relied upon unduly.
Liquidity and capital
The company generated strong operating cash flow, supporting its liquidity position and capital allocation flexibility.
What to watch
Monitor how the four businesses collaborate to deliver integrated solutions for clients.