M

Marsh & McLennan Companies, Inc.

MMC · CIK 0000062709Insurance lens

19 fiscal years · 71 SEC filings · every number carries its receipt

Revenue (FY)
$26.98B10.3%
FY2025
Net income (FY)
$4.16B2.5%
FY2025
Free cash flow (FY)
$5.00B25.5%
FY2025
Diluted EPS (FY)
$8.433.1%
FY2025
The story, charted

The shape of the business

FY2016–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10B$20BFY2016 · Revenue $13.21B · Net income $1.77B · 0000062709-19-000010 · filed 2019-02-21FY16Revenue $13.21BNet income $1.77B0000062709-19-000010 · filed 2019-02-21FY2017 · Revenue $14.02B · Net income $1.49B · 0000062709-20-000010 · filed 2020-02-20FY17Revenue $14.02BNet income $1.49B0000062709-20-000010 · filed 2020-02-20FY2018 · Revenue $14.95B · Net income $1.65B · 0000062709-21-000008 · filed 2021-02-17FY18Revenue $14.95BNet income $1.65B0000062709-21-000008 · filed 2021-02-17FY2019 · Revenue $16.65B · Net income $1.74B · 0000062709-22-000009 · filed 2022-02-16FY19Revenue $16.65BNet income $1.74B0000062709-22-000009 · filed 2022-02-16FY2020 · Revenue $17.22B · Net income $2.02B · 0000062709-23-000014 · filed 2023-02-13FY20Revenue $17.22BNet income $2.02B0000062709-23-000014 · filed 2023-02-13FY2021 · Revenue $19.82B · Net income $3.14B · 0000062709-24-000016 · filed 2024-02-12FY21Revenue $19.82BNet income $3.14B0000062709-24-000016 · filed 2024-02-12FY2022 · Revenue $20.72B · Net income $3.05B · 0000062709-25-000015 · filed 2025-02-10FY22Revenue $20.72BNet income $3.05B0000062709-25-000015 · filed 2025-02-10FY2023 · Revenue $22.74B · Net income $3.76B · 0000062709-26-000022 · filed 2026-02-09FY23Revenue $22.74BNet income $3.76B0000062709-26-000022 · filed 2026-02-09FY2024 · Revenue $24.46B · Net income $4.06B · 0000062709-26-000022 · filed 2026-02-09FY24Revenue $24.46BNet income $4.06B0000062709-26-000022 · filed 2026-02-09FY2025 · Revenue $26.98B · Net income $4.16B · 0000062709-26-000022 · filed 2026-02-09FY25Revenue $26.98BNet income $4.16B0000062709-26-000022 · filed 2026-02-09FY25Revenue $26.98BNet income $4.16B0000062709-26-000022 · filed 2026-02-09FY17FY19FY21FY23FY25

revenue 2.0× since FY2016 · net margin 13.4% → 15.4%

MarginsNet marginFCF margin
0%10%20%FY2016 · Net margin 13.4% · FCF margin 13.3%FY16Net margin 13.4%FCF margin 13.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 10.6% · FCF margin 11.3%FY17Net margin 10.6%FCF margin 11.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 11.0% · FCF margin 14.1%FY18Net margin 11.0%FCF margin 14.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 10.5% · FCF margin 11.7%FY19Net margin 10.5%FCF margin 11.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 11.7% · FCF margin 17.6%FY20Net margin 11.7%FCF margin 17.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 15.9% · FCF margin 15.7%FY21Net margin 15.9%FCF margin 15.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 14.7% · FCF margin 14.5%FY22Net margin 14.7%FCF margin 14.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 16.5% · FCF margin 16.9%FY23Net margin 16.5%FCF margin 16.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 16.6% · FCF margin 16.3%FY24Net margin 16.6%FCF margin 16.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 15.4% · FCF margin 18.5%FY25Net margin 15.4%FCF margin 18.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 15.4%FCF margin 18.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’17’19’21’23’25

FY2025: net 15.4% · free cash flow 18.5% of revenue

Cash engineOperating cash flowFree cash flow
$0$2B$4BFY2007 · OCF −$303.0M · FCF −$681.0M · 0001193125-10-042765 · filed 2010-02-26FY07OCF −$303.0MFCF −$681.0M0001193125-10-042765 · filed 2010-02-26FY2008 · OCF $940.0M · FCF $554.0M · 0001193125-11-047795 · filed 2011-02-28FY08OCF $940.0MFCF $554.0M0001193125-11-047795 · filed 2011-02-28FY2009 · OCF $640.0M · FCF $335.0M · 0000062709-12-000016 · filed 2012-02-28FY09OCF $640.0MFCF $335.0M0000062709-12-000016 · filed 2012-02-28FY2010 · OCF $722.0M · FCF $451.0M · 0000062709-13-000004 · filed 2013-02-27FY10OCF $722.0MFCF $451.0M0000062709-13-000004 · filed 2013-02-27FY2011 · OCF $1.71B · FCF $1.43B · 0000062709-14-000008 · filed 2014-02-27FY11OCF $1.71BFCF $1.43B0000062709-14-000008 · filed 2014-02-27FY2012 · OCF $1.32B · FCF $1.00B · 0000062709-15-000005 · filed 2015-02-26FY12OCF $1.32BFCF $1.00B0000062709-15-000005 · filed 2015-02-26FY2013 · OCF $1.34B · FCF $940.0M · 0000062709-16-000040 · filed 2016-02-24FY13OCF $1.34BFCF $940.0M0000062709-16-000040 · filed 2016-02-24FY2014 · OCF $2.12B · FCF $1.75B · 0000062709-17-000008 · filed 2017-02-24FY14OCF $2.12BFCF $1.75B0000062709-17-000008 · filed 2017-02-24FY2015 · OCF $1.89B · FCF $1.56B · 0000062709-18-000007 · filed 2018-02-22FY15OCF $1.89BFCF $1.56B0000062709-18-000007 · filed 2018-02-22FY2016 · OCF $2.01B · FCF $1.75B · 0000062709-19-000010 · filed 2019-02-21FY16OCF $2.01BFCF $1.75B0000062709-19-000010 · filed 2019-02-21FY2017 · OCF $1.89B · FCF $1.59B · 0000062709-20-000010 · filed 2020-02-20FY17OCF $1.89BFCF $1.59B0000062709-20-000010 · filed 2020-02-20FY2018 · OCF $2.43B · FCF $2.11B · 0000062709-21-000008 · filed 2021-02-17FY18OCF $2.43BFCF $2.11B0000062709-21-000008 · filed 2021-02-17FY2019 · OCF $2.36B · FCF $1.94B · 0000062709-22-000009 · filed 2022-02-16FY19OCF $2.36BFCF $1.94B0000062709-22-000009 · filed 2022-02-16FY2020 · OCF $3.38B · FCF $3.03B · 0000062709-23-000014 · filed 2023-02-13FY20OCF $3.38BFCF $3.03B0000062709-23-000014 · filed 2023-02-13FY2021 · OCF $3.52B · FCF $3.11B · 0000062709-24-000016 · filed 2024-02-12FY21OCF $3.52BFCF $3.11B0000062709-24-000016 · filed 2024-02-12FY2022 · OCF $3.46B · FCF $3.00B · 0000062709-25-000015 · filed 2025-02-10FY22OCF $3.46BFCF $3.00B0000062709-25-000015 · filed 2025-02-10FY2023 · OCF $4.26B · FCF $3.84B · 0000062709-26-000022 · filed 2026-02-09FY23OCF $4.26BFCF $3.84B0000062709-26-000022 · filed 2026-02-09FY2024 · OCF $4.30B · FCF $3.99B · 0000062709-26-000022 · filed 2026-02-09FY24OCF $4.30BFCF $3.99B0000062709-26-000022 · filed 2026-02-09FY2025 · OCF $5.29B · FCF $5.00B · 0000062709-26-000022 · filed 2026-02-09FY25OCF $5.29BFCF $5.00B0000062709-26-000022 · filed 2026-02-09FY25OCF $5.29BFCF $5.00B0000062709-26-000022 · filed 2026-02-09’09’13’17’21’25

FY2025: $5.29B operating cash − $291.0M capex = $5.00B free cash flow

Returns on capitalReturn on equityReturn on assets
0%10%20%30%FY2008 · ROE -1.3% · ROA -0.5%FY08ROE -1.3%ROA -0.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 3.9% · ROA 1.5%FY09ROE 3.9%ROA 1.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 13.3% · ROA 5.6%FY10ROE 13.3%ROA 5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 16.7% · ROA 6.4%FY11ROE 16.7%ROA 6.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 17.8% · ROA 7.2%FY12ROE 17.8%ROA 7.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 17.0% · ROA 8.0%FY13ROE 17.0%ROA 8.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 20.5% · ROA 8.2%FY14ROE 20.5%ROA 8.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 24.2% · ROA 8.8%FY15ROE 24.2%ROA 8.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 28.2% · ROA 9.7%FY16ROE 28.2%ROA 9.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 20.0% · ROA 7.3%FY17ROE 20.0%ROA 7.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 21.8% · ROA 7.6%FY18ROE 21.8%ROA 7.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 21.9% · ROA 5.6%FY19ROE 21.9%ROA 5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 21.8% · ROA 6.1%FY20ROE 21.8%ROA 6.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 28.0% · ROA 9.1%FY21ROE 28.0%ROA 9.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 28.4% · ROA 6.9%FY22ROE 28.4%ROA 6.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 30.4% · ROA 7.8%FY23ROE 30.4%ROA 7.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 30.0% · ROA 7.2%FY24ROE 30.0%ROA 7.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 27.2% · ROA 7.1%FY25ROE 27.2%ROA 7.1%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 27.2%ROA 7.1%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity -1% (FY2008) → 27% (FY2025) · on assets 7.1%

The receipts

Insurance lens

Specialized rows for insurer companies — not in the generic statement table above.

USD millions (ratios as %)

Premiums earned and policyholder benefits & claims are as-reported XBRL components — absent (not zero) for insurance brokers such as Aon and Marsh McLennan, which earn fees and commissions rather than underwriting premiums, so these rows are correctly blank for them. The loss ratio (policyholder benefits ÷ premiums earned) is computed by stonks for full fiscal years only.