Strong Top-Line Revenue Growth
MMC grew total revenue by 10.3% year-over-year to $26.98B in FY2025, up from $24.46B in the prior year, reflecting broad-based business momentum across its segments.
Source: 10-K Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
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AI Takeaway
MMC delivered strong FY2025 revenue growth of 10.3% to $26.98B, with operating cash flow surging 23.0% to $5.29B, though net income grew more modestly at 2.5% to $4.16B amid a slight operating margin compression.
Revenue
$26.98B
+10.32% YoY
EPS (Diluted)
$8.43
+3.06% YoY
Operating Income
$6.22B
+6.98% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Source: SEC XBRL
Marsh & Mclennan (MMC) reported FY2025 revenue of $26.98B, up 10.3% year over year. Operating margin was 23.1%, down 0.7 points from 23.8% a year earlier. Operating cash flow was $5.29B, up 23.0% year over year.
Compiled by AI from this SEC filing
MMC grew total revenue by 10.3% year-over-year to $26.98B in FY2025, up from $24.46B in the prior year, reflecting broad-based business momentum across its segments.
Source: 10-K Income Statement
Operating cash flow jumped 23.0% to $5.29B in FY2025 from $4.30B in FY2024, demonstrating significantly improved cash generation efficiency relative to earnings growth.
Source: 10-K Cash Flow Statement
Operating margin declined modestly by approximately 0.7 percentage points to 23.1% in FY2025 from 23.8% in FY2024, suggesting that revenue growth was accompanied by proportionally higher operating costs.
Source: 10-K Income Statement & Key Ratios
MMC more than doubled its share repurchase activity, spending $2.01B on buybacks in FY2025 versus $900M in FY2024, a 123.6% increase, signaling management's confidence in the company's financial position.
Source: 10-K Cash Flow Statement
Investing cash outflows fell dramatically to -$845M in FY2025 from -$8.82B in FY2024, likely reflecting the absence of large acquisitions that occurred in the prior year period.
Source: 10-K Cash Flow Statement
Compiled by AI from this SEC filing · 1 high, 4 medium, 0 low
MMC carries $19.59B in long-term debt as of FY2025, representing a substantial leverage position relative to its asset base of $58.71B. While debt declined slightly by 1.8%, the interest burden remains significant and could constrain financial flexibility if earnings deteriorate.
Source: 10-K Balance Sheet
MMC's current ratio stands at approximately 1.10 in FY2025, with current liabilities growing 7.9% to $21.06B outpacing current asset growth of 4.9% to $23.20B. This narrow liquidity cushion leaves limited buffer against unexpected short-term cash demands.
Source: 10-K Balance Sheet & Key Ratios
Operating margin compressed by approximately 0.7 percentage points to 23.1% in FY2025, indicating that cost growth is outpacing revenue growth. Sustained margin erosion could weigh on profitability even as top-line revenues expand.
Source: 10-K Income Statement & Key Ratios
Despite 10.3% revenue growth, net income grew only 2.5% to $4.16B in FY2025, suggesting meaningful below-the-line cost pressures such as higher interest expense, taxes, or non-operating charges that are dampening earnings conversion.
Source: 10-K Income Statement
Financing cash flow swung dramatically from a positive $4.46B inflow in FY2024 to a -$4.63B outflow in FY2025, a shift of over $9B, driven in part by increased buybacks and likely debt repayment or reduced debt issuance. This limits future financial flexibility.
Source: 10-K Cash Flow Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 26.98 $B | 24.46 $B | +10.32% |
Operating Income $B | 6.22 $B | 5.82 $B | +6.98% |
Net Income $B | 4.16 $B | 4.06 $B | +2.46% |
EPS (Basic) $ | 8.48 $ | 8.26 $ | +2.66% |
EPS (Diluted) $ | 8.43 $ | 8.18 $ | +3.06% |
Answers draw on this SEC filing and the data on this page
MMC's Q2 FY2026 revenue grew 6% to $7.4 billion and diluted EPS rose 7% to $2.63, driven by strong Consulting segment growth (10%), while operating cash flow declined 20.4% YTD partly due to a $425 million Greensill litigation charge recorded in Q1 2026.
MMC reported Q1 2026 revenue growth of 7.6% to $7.60B, but operating income fell 12.5% and net income dropped 17.0% to $1.15B, reflecting significant margin compression and negative operating cash flow.
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