Marsh McLennan balance sheet

At the end of fiscal 2025, Marsh McLennan had total assets of $58.71bn and shareholders' equity of $15.31bn. It held $2.69bn in cash against $19.59bn of debt: net debt of $16.90bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Marsh McLennan: balance sheet, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash and equivalents	1.0	1.2	1.1	1.2	2.1	1.8	1.4	3.4	2.4	2.7	1.8
Receivables	3.6	4.2	4.3	5.2	5.3	5.6	5.9	6.4	7.2	7.7	8.5
Total current assets	4.9	5.6	5.9	7.1	8.2	8.3	19.0	21.7	22.1	23.2	24.1
Goodwill	8.4	9.1	9.6	14.7	15.5	16.3	16.3	17.2	23.3	24.3	24.6
Total assets	18.2	20.4	21.6	31.4	33.0	44.0	44.1	48.0	56.5	58.7	59.8
Total current liabilities	4.1	4.3	4.9	6.7	6.6	6.7	17.8	19.8	19.5	21.1	22.1
Short-term debt	0.3	0.3	0.3	1.2	0.5	0.0	0.3	1.6	0.5	1.3	1.6
Long-term debt	4.5	5.2	5.5	10.7	10.8	10.9	11.2	11.8	19.4	18.3	18.9
Total debt	4.8	5.5	6.1	13.2	11.8	11.0	11.8	13.5	19.9	19.6	20.5
Shareholders' equity	6.3	7.4	7.6	7.9	9.3	11.2	10.7	12.4	13.5	15.3	14.9
Net debt (negative = net cash)	3.8	4.3	5.1	12.0	9.7	9.2	10.3	10.1	17.5	16.9	18.7
Shares outstanding	514m	509m	504m	504m	508m	504m	495m	492m	491m	485m	475m

US$ billions unless shown otherwise. Fiscal quarters.

Marsh McLennan: balance sheet, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Receivables	7.2	7.9	8.5	7.9	7.7	8.4	8.9	8.5
Total current assets	22.1	22.5	23.3	23.7	23.2	23.2	24.3	24.1
Goodwill	23.3	23.5	23.9	23.9	24.3	24.3	24.4	24.6
Total assets	56.5	57.0	58.6	58.8	58.7	58.6	59.7	59.8
Total current liabilities	19.5	19.8	19.4	21.1	21.1	20.9	21.4	22.1
Short-term debt	0.5	1.7	0.8	1.3	1.3	1.7	1.7	1.6
Long-term debt	19.4	18.9	19.0	18.3	18.3	18.9	18.9	18.9
Total debt	19.9	20.5	19.7	19.6	19.6	20.6	20.6	20.5
Shareholders' equity	13.5	14.3	16.0	15.4	15.3	14.8	15.4	14.9
Shares outstanding	491m	493m	492m	490m	485m	482m	478m	475m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Marsh McLennan's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Marsh McLennan.