Marsh & McLennan Companies (MRSH) 10-K Summary — Year Ended Dec 31, 2025
Marsh & McLennan is a global professional services firm advising clients on risk, reinsurance, capital, people and investments, and management consulting. It operates through two segments: Risk and Insurance Services and Consulting, and recently updated its brand names to reflect a simplified structure.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Marsh & McLennan is a global professional services firm advising clients on risk, reinsurance, capital, people and investments, and management consulting. It operates through two segments: Risk and Insurance Services and Consulting, and recently updated its brand names to reflect a simplified structure.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$27B
Revenue reported for the fiscal year.
Operating income
$6.2B
Income from operations reported for the year.
Net income
$4.2B
Net income reported for the year.
Operating cash flow
$5.3B
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% |
| Dec 31, 2024 | $24.5B | +7.6% |
| Dec 31, 2025 | $27B | +10.3% |
Business overview
The Risk and Insurance Services segment, conducted through Marsh Risk and Guy Carpenter, provides risk management and insurance/reinsurance broking. The Consulting segment, operated via Mercer and Marsh Management Consulting, offers health, wealth and career advice, along with specialized management, strategic, economic and brand consulting.
Financial performance
Annual revenue continued its upward trend, with growth accelerating in the most recent period. Both operating income and net income reached strong levels, and operating cash flow remained robust, reflecting solid operational performance across the company.
Material risks
The filing notes that the company operates in a dynamic business environment where new risks frequently emerge, and it cautions against undue reliance on forward-looking statements. No specific risk factors beyond this general disclaimer are detailed in the supplied context.
Liquidity and capital
The supplied filing does not provide sufficient detail on liquidity or capital allocation themes to form a meaningful summary beyond noting that the company references its liquidity and capital resources in prior periods.
What to watch
Monitor the transition of the Mercer and Guy Carpenter brands to their new names, as the filing indicates they will continue under current brands during a transition period.