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Dec 31, 2025
Marsh & McLennan Q4 2025 Earnings Report
Marsh reported strong Q4 2025 results with solid revenue and profit growth, capping off a year of steady performance.
Key Takeaways
Marsh delivered a robust Q4 2025, with $6.6B in revenue and net income of $821M. EPS rose to $1.68, while adjusted EPS hit $2.12. Operating income climbed to $1.2B, with strength across both Risk & Insurance and Consulting segments.
Q4 revenue grew to $6.6B, up 9% YoY
Net income reached $821M in Q4
Adjusted EPS increased to $2.12, including FX and tax benefits
Operating income rose to $1.2B, driven by strong segment performance
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company expects continued momentum into 2026, supported by the successful integration of McGriff, new branding efforts, and process improvements under the Thrive program.
Positive Outlook
- Momentum from brand launch and McGriff integration
- Continued growth across risk and consulting segments
- Efficiency gains expected from Thrive program
- Strong balance sheet and liquidity position
- 18th year of margin expansion shows discipline
Challenges Ahead
- FX volatility remains a headwind
- Latin America posted a 4% decline in Q4 underlying revenue
- Interest income declined YoY in Q4
- Expenses rose across both segments
- Competitive pressures in career and health sub-segments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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