Marsh McLennan income statement

In fiscal 2025, Marsh McLennan reported revenue of $26.98bn, up 10.3% on the year before, operating income of $6.22bn (a 23.1% margin) and net income of $4.16bn, or $8.43 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Marsh McLennan: income statement, 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
Revenue	13.2	14.0	15.0	16.7	17.2	19.8	20.7	22.7	24.5	27.0	28.5
Operating income	2.4	2.7	2.8	2.7	3.1	4.3	4.3	5.3	5.8	6.2	6.1
Interest expense	0.2	0.2	0.3	0.5	0.5	0.4	0.5	0.6	0.7	1.0	1.0
Income before tax	2.5	2.6	2.2	2.4	2.8	4.2	4.1	5.0	5.5	5.5	5.4
Income tax	0.7	1.1	0.6	0.7	0.7	1.0	1.0	1.2	1.4	1.3	1.2
Net income	1.8	1.5	1.7	1.7	2.0	3.1	3.1	3.8	4.1	4.2	4.0
Diluted EPS	$3.38	$2.87	$3.23	$3.41	$3.94	$6.13	$6.04	$7.53	$8.18	$8.43	$8.34
Diluted shares (average)	524m	519m	511m	511m	512m	513m	505m	499m	496m	494m	485m
EBITDA	2.9	3.1	3.3	3.3	3.8	5.1	4.7	5.7	6.2	6.6	6.4

US$ millions unless shown otherwise. Fiscal quarters.

Marsh McLennan: income statement, 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
Revenue	6,067	7,061	6,974	6,351	6,595	7,597	7,404	6,863
Operating income	1,142	2,005	1,829	1,170	1,219	1,754	1,899	1,215
Interest expense	231	245	243	237	235	240	250	248
Income before tax	1,009	1,827	1,646	1,010	1,056	1,581	1,702	1,033
Income tax	208	415	415	253	222	395	411	221
Net income	788	1,381	1,211	747	821	1,146	1,266	808
Diluted EPS	$1.59	$2.79	$2.45	$1.51	$1.68	$2.36	$2.63	$1.69
EBITDA	1,235	2,093	1,920	1,261	1,310	1,843	1,989	1,304

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.