Filing Flows › Marsh & McLennan Companies (MRSH) › Q4 2025
Marsh & McLennan Companies (MRSH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 9, 2026
Marsh & McLennan Companies (MRSH) reported revenue of $6.6B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before. Operating margin was 18.5%, net earnings $821M (12.4% of revenue).
Marsh & McLennan Companies, Q4 2025: revenue $6.6B (+9% year over year), operating margin 18.5%, net earnings $821M, operating cash flow $2.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.6B | +4% | +9% |
| Operating profit | $1.2B | +4% | +7% |
| Net earnings | $821M | +10% | +4% |
| Operating cash flow | $2.2B | +4% | +10% |
| Free cash flow | $2.1B | +2% | +9% |
What changed
Revenue was $6.6B in Q4 2025, up 9% year over year and up 4% from the previous quarter.
Operating profit was $1.2B, a 18.5% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 19% margin then. Total costs grew 9% against revenue growth of 9%. Net earnings were $0.82B, up 4% year over year. The effective tax rate was 21.0%.
Operating cash flow was $2.2B (up 10% year over year), 259% of net earnings. Non-cash charges added back $0.23B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $0.10B left free cash flow of $2.1B.
Questions
What was Marsh & McLennan Companies' revenue in the fourth quarter 2025?
Marsh & McLennan Companies (MRSH) reported revenue of $6.6B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before.
Was Marsh & McLennan Companies profitable in the fourth quarter 2025?
Operating profit was $1.2B (18.5% of revenue) and net earnings $821M.