Filing Flows › Marsh & McLennan Companies (MRSH) › Q3 2025
Marsh & McLennan Companies (MRSH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 16, 2025
Marsh & McLennan Companies (MRSH) reported revenue of $6.4B for the third quarter 2025 (Q3 2025), +11% from a year earlier and -9% from the quarter before. Operating margin was 18.4%, net earnings $747M (11.8% of revenue).
Marsh & McLennan Companies, Q3 2025: revenue $6.4B (+12% year over year), operating margin 18.4%, net earnings $747M, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.4B | -9% | +11% |
| Operating profit | $1.2B | -36% | +6% |
| Net earnings | $747M | -38% | 0% |
| Operating cash flow | $2.1B | +25% | +9% |
| Free cash flow | $2.0B | +25% | +9% |
What changed
Revenue was $6.4B in Q3 2025, up 11% year over year and down 9% from the previous quarter.
Operating profit was $1.2B, a 18.4% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, below the 19% margin then. Total costs grew 13% against revenue growth of 11%. Net earnings were $0.75B, roughly flat year over year. The effective tax rate was 25.0%.
Operating cash flow was $2.1B (up 9% year over year), 275% of net earnings. Non-cash charges added back $0.22B of depreciation and amortization and $0.10B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $0.07B left free cash flow of $2.0B.
Questions
What was Marsh & McLennan Companies' revenue in the third quarter 2025?
Marsh & McLennan Companies (MRSH) reported revenue of $6.4B for the third quarter 2025 (Q3 2025), +11% from a year earlier and -9% from the quarter before.
Was Marsh & McLennan Companies profitable in the third quarter 2025?
Operating profit was $1.2B (18.4% of revenue) and net earnings $747M.