Filing Flows › Marsh & McLennan Companies (MRSH) › Q2 2025
Marsh & McLennan Companies (MRSH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 17, 2025
Marsh & McLennan Companies (MRSH) reported revenue of $7.0B for the second quarter 2025 (Q2 2025), +12% from a year earlier and -1% from the quarter before. Operating margin was 26.2%, net earnings $1.2B (17.4% of revenue).
Marsh & McLennan Companies, Q2 2025: revenue $7.0B (+12% year over year), operating margin 26.2%, net earnings $1.2B, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.0B | -1% | +12% |
| Operating profit | $1.8B | -9% | +11% |
| Net earnings | $1.2B | -12% | +8% |
| Operating cash flow | $1.7B | — | +38% |
| Free cash flow | $1.6B | — | +42% |
What changed
Revenue was $7.0B in Q2 2025, up 12% year over year and down 1% from the previous quarter.
Operating profit was $1.8B, a 26.2% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, below the 26% margin then. Total costs grew 12% against revenue growth of 12%. Net earnings were $1.2B, up 8% year over year. The effective tax rate was 25.2%.
Operating cash flow was $1.7B (up 38% year over year), 136% of net earnings. Non-cash charges added back $0.23B of depreciation and amortization and $0.10B of share-based compensation. Working capital and other items added $0.11B. Capital expenditures of $0.06B left free cash flow of $1.6B.
Questions
What was Marsh & McLennan Companies' revenue in the second quarter 2025?
Marsh & McLennan Companies (MRSH) reported revenue of $7.0B for the second quarter 2025 (Q2 2025), +12% from a year earlier and -1% from the quarter before.
Was Marsh & McLennan Companies profitable in the second quarter 2025?
Operating profit was $1.8B (26.2% of revenue) and net earnings $1.2B.