What is MRSH revenue?

Marsh (MRSH) reported $28.46B of revenue for the twelve months ended Sep 30, 2026. That is up 7.6% from the year before. Revenue for fiscal 2025 was $26.98B.

Yes. Marsh earned $4.04B in net income for the twelve months ended Sep 30, 2026, a net margin of 14.2%.

How much cash and debt does MRSH have?

Marsh reported $1.84B in cash and cash equivalents and $20.53B of debt on its most recent balance sheet in SEC filings.

How fast is MRSH revenue growing?

Marsh's revenue changed +10.3% in fiscal 2025, to $26.98B. Its compound annual growth rate was +9.4% over 5 years.

What is MRSH free cash flow?

Marsh generated $4.15B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $4.47B less capital expenditures.

What is MRSH earnings per share?

Diluted earnings per share were $8.36 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.

When did MRSH last report financial results?

The latest statements here come from Marsh's 10-Q filed on Oct 15, 2026, covering the period ended Sep 30, 2026.

Where does this MRSH financial data come from?

Quantisnow builds these statements from the structured XBRL data Marsh files with the SEC. It is provided for information only and is not investment advice.

Financials · MRSH

Marsh (MRSH) financials

For the twelve months ended Sep 30, 2026, Marsh reported $28.46B of revenue and $4.04B of net income.

Revenue, TTM: $28.46B
Revenue growth, YoY: +7.6%
Net income, TTM: $4.04B
Net income growth, YoY: -2.1%
Net margin: 14.2%
Free cash flow, TTM: $4.15B
EPS, diluted, TTM: $8.36
EPS growth, YoY: +0.4%
Cash: $1.84B
Total debt: $20.53B
P/E: 24.05
P/S: 3.41
Market cap: $97.18B

Annual revenue$26.98B

FY2016FY2025

Annual net income$4.16B

FY2016FY2025

Annual free cash flow$5.00B

FY2016FY2025

MRSH revenue and earnings growth

MRSH revenueQ3 2026$6.86B

Quarter YoY: +8.1%
QoQ: -7.3%
FY YoY: +10.3%
5Y CAGR: +9.4%

MRSH revenue was $6.86B in fiscal Q3 2026 (ended Sep 30, 2026), up 8.1% from a year earlier and down 7.3% from the prior quarter. For the full fiscal 2025 it was $26.98B, up 10.3% from fiscal 2024. Compound annual growth was +9.4% over 5 years. It rose in each of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.

MRSH net incomeQ3 2026$808.00M

Quarter YoY: +8.2%
QoQ: -36.2%
FY YoY: +2.5%
5Y CAGR: +15.6%
10Y CAGR: +10.0%

MRSH net income was $808.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 8.2% from a year earlier and down 36.2% from the prior quarter. For the full fiscal 2025 it was $4.16B, up 2.5% from fiscal 2024. Compound annual growth was +15.6% over 5 years and +10.0% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MRSH EPSQ3 2026$1.69

Quarter YoY: +11.9%
QoQ: -35.7%
FY YoY: +3.1%
5Y CAGR: +16.4%
10Y CAGR: +11.0%

MRSH diluted EPS was $1.69 in fiscal Q3 2026 (ended Sep 30, 2026), up 11.9% from a year earlier and down 35.7% from the prior quarter. For the full fiscal 2025 it was $8.43, up 3.1% from fiscal 2024. Compound annual growth was +16.4% over 5 years and +11.0% over 10 years.

MRSH free cash flowQ3 2026$1.40B

Quarter YoY: -30.5%
QoQ: -3.7%
FY YoY: +25.5%
5Y CAGR: +10.5%
10Y CAGR: +12.3%

MRSH free cash flow was $1.40B in fiscal Q3 2026 (ended Sep 30, 2026), down 30.5% from a year earlier and down 3.7% from the prior quarter. For the full fiscal 2025 it was $5.00B, up 25.5% from fiscal 2024. Compound annual growth was +10.5% over 5 years and +12.3% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$26.98B	$24.46B	$22.74B	$20.72B	$19.82B	$17.22B	$16.65B	$14.95B	$14.02B	$13.21B
Operating income	$6.22B	$5.82B	$5.28B	$4.28B	$4.31B	$3.07B	$2.68B	$2.76B	$2.65B	$2.43B
Interest expense	$960.00M	$700.00M	$578.00M	$469.00M	$444.00M	$515.00M	$524.00M	$290.00M	$237.00M	$189.00M
Pre-tax income	$5.54B	$5.48B	$5.03B	$4.08B	$4.21B	$2.79B	$2.44B	$2.24B	$2.64B	$2.48B
Income tax	$1.30B	$1.36B	$1.22B	$995.00M	$1.03B	$747.00M	$666.00M	$574.00M	$1.13B	$685.00M
Net income	$4.16B	$4.06B	$3.76B	$3.05B	$3.14B	$2.02B	$1.74B	$1.65B	$1.49B	$1.77B
EPS, basic	$8.48	$8.26	$7.60	$6.11	$6.20	$3.98	$3.44	$3.26	$2.91	$3.41
EPS, diluted	$8.43	$8.18	$7.53	$6.04	$6.13	$3.94	$3.41	$3.23	$2.87	$3.38
Diluted shares	494.0M	496.0M	499.0M	505.0M	513.0M	512.0M	511.0M	511.0M	519.0M	524.0M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$2.69B	$13.67B	$3.36B	$12.10B	$11.37B	$10.67B	$8.50B	$6.07B	$1.21B	$1.03B
Receivables	$7.67B	$7.16B	$6.42B	$5.85B	$5.59B	$5.33B	$5.24B	$4.32B	$4.13B	$3.64B
Current assets	$23.20B	$22.12B	$21.75B	$18.96B	$8.26B	$8.15B	$7.07B	$5.93B	$5.56B	$4.88B
Goodwill	$24.34B	$23.31B	$17.23B	$16.25B	$16.32B	$15.52B	$14.67B	$9.60B	$9.09B	$8.37B
Total assets	$58.71B	$56.48B	$48.03B	$44.11B	$44.01B	$33.05B	$31.36B	$21.58B	$20.43B	$18.19B
Current liabilities	$21.06B	$19.52B	$19.80B	$17.83B	$6.65B	$6.56B	$6.68B	$4.92B	$4.26B	$4.08B
Short-term debt	$1.27B	$519.00M	$1.62B	$268.00M	$17.00M	$517.00M	$1.22B	$314.00M	$262.00M	$312.00M
Long-term debt	$18.32B	$19.43B	$11.84B	$11.23B	$10.93B	$10.80B	$10.74B	$5.51B	$5.22B	$4.50B
Total debt	$19.59B	$19.95B	$13.46B	$11.49B	$10.95B	$11.31B	$11.96B	$5.82B	$5.49B	$4.81B
Total liabilities	$43.40B	$42.95B	$35.66B	$33.37B	$23.17B	$23.79B	$23.41B	$13.99B	$12.99B	$11.92B
Shareholders' equity	$15.31B	$13.54B	$12.37B	$10.75B	$11.22B	$9.26B	$7.94B	$7.58B	$7.44B	$6.27B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$5.29B	$4.30B	$4.26B	$3.46B	$3.52B	$3.38B	$2.36B	$2.43B	$1.89B	$2.01B
Capital expenditures	$291.00M	$316.00M	$416.00M	$470.00M	$406.00M	$348.00M	$421.00M	$314.00M	$302.00M	$253.00M
Free cash flow	$5.00B	$3.99B	$3.84B	$3.00B	$3.11B	$3.03B	$1.94B	$2.11B	$1.59B	$1.75B
Investing cash flow	-$845.00M	-$8.82B	-$1.42B	-$850.00M	-$1.16B	-$793.00M	-$4.39B	-$1.09B	-$956.00M	-$1.06B
Financing cash flow	-$4.63B	$4.46B	-$1.12B	-$1.05B	-$1.30B	-$925.00M	$4.33B	-$1.31B	-$1.01B	-$1.07B
Dividends paid	$1.70B	$1.51B	$1.30B	$1.14B	$1.03B	$943.00M	$890.00M	$807.00M	$740.00M	$682.00M
Share repurchases	$2.01B	$900.00M	$1.15B	$1.95B	$1.16B	$0	$485.00M	$675.00M	$900.00M	$800.00M
Stock-based compensation	$394.00M	$368.00M	$363.00M	$367.00M	$348.00M	$290.00M	$252.00M	$193.00M	$149.00M	$109.00M
Depreciation and amortization	$361.00M	$369.00M	$370.00M	$381.00M	$747.00M	$741.00M	$647.00M	$494.00M	$481.00M	$438.00M

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	10.3%	7.6%	9.7%	4.5%	15.1%	3.4%	11.4%	6.6%	6.2%	-
Net income growth, YoY	2.5%	8.1%	23.1%	-3.0%	55.9%	15.7%	5.6%	10.6%	-15.6%	10.6%
EPS growth, YoY	3.1%	8.6%	24.7%	-1.5%	55.6%	15.5%	5.6%	12.5%	-15.1%	13.4%
Operating margin	23.1%	23.8%	23.2%	20.7%	21.8%	17.8%	16.1%	18.5%	18.9%	18.4%
Net margin	15.4%	16.6%	16.5%	14.7%	15.9%	11.7%	10.5%	11.0%	10.6%	13.4%
Free cash flow margin	18.5%	16.3%	16.9%	14.5%	15.7%	17.6%	11.7%	14.1%	11.3%	13.3%
Return on equity	27.2%	30.0%	30.4%	28.4%	28.0%	21.8%	21.9%	21.8%	20.0%	28.2%
Return on assets	7.1%	7.2%	7.8%	6.9%	7.1%	6.1%	5.6%	7.6%	7.3%	9.7%
Current ratio	1.10	1.13	1.10	1.06	1.24	1.24	1.06	1.21	1.31	1.20
Debt to equity	1.28	1.47	1.09	1.07	0.98	1.22	1.51	0.77	0.74	0.77

Income statement

Income statement
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue	$6.86B	$7.40B	$7.60B	$6.59B	$6.35B	$6.97B	$7.06B	$6.07B	$5.70B	$6.22B	$6.47B	$5.55B
Operating income	$1.22B	$1.90B	$1.75B	$1.22B	$1.17B	$1.83B	$2.00B	$1.14B	$1.11B	$1.64B	$1.93B	$1.10B
Interest expense	$248.00M	$250.00M	$240.00M	$235.00M	$237.00M	$243.00M	$245.00M	$231.00M	$154.00M	$156.00M	$159.00M	$151.00M
Pre-tax income	$1.03B	$1.70B	$1.58B	$1.06B	$1.01B	$1.65B	$1.83B	$1.01B	$1.03B	$1.56B	$1.87B	$1.05B
Income tax	$221.00M	$411.00M	$395.00M	$222.00M	$253.00M	$415.00M	$415.00M	$208.00M	$283.00M	$425.00M	$447.00M	$283.00M
Net income	$808.00M	$1.27B	$1.15B	$821.00M	$747.00M	$1.21B	$1.38B	$788.00M	$747.00M	$1.13B	$1.40B	$756.00M
EPS, basic	$1.70	$2.64	$2.37	$1.69	$1.52	$2.46	$2.81	$1.62	$1.52	$2.28	$2.84	$1.53
EPS, diluted	$1.69	$2.63	$2.36	$1.68	$1.51	$2.45	$2.79	$1.58	$1.51	$2.27	$2.82	$1.52
Diluted shares	479.0M	482.0M	486.0M	-	494.0M	495.0M	495.0M	-	496.0M	496.0M	497.0M	-

Balance sheet

Balance sheet
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Cash and equivalents	$1.84B	$1.70B	$1.61B	$2.69B	$2.51B	$1.68B	$1.60B	$13.67B	$1.80B	$1.65B	$1.45B	$3.36B
Receivables	$8.55B	$8.94B	$8.43B	$7.67B	$7.91B	$8.46B	$7.87B	$7.16B	$7.42B	$7.74B	$7.22B	$6.42B
Current assets	$24.11B	$24.33B	$23.24B	$23.20B	$23.70B	$23.33B	$22.46B	$22.12B	$22.29B	$22.02B	$21.30B	$21.75B
Goodwill	$24.61B	$24.35B	$24.27B	$24.34B	$23.95B	$23.92B	$23.54B	$23.31B	$18.23B	$17.52B	$17.31B	$17.23B
Total assets	$59.81B	$59.68B	$58.55B	$58.71B	$58.78B	$58.55B	$57.02B	$56.48B	$49.86B	$48.59B	$47.57B	$48.03B
Current liabilities	$22.11B	$21.36B	$20.91B	$21.06B	$21.10B	$19.40B	$19.77B	$19.52B	$19.60B	$18.86B	$18.66B	$19.80B
Short-term debt	$1.64B	$1.67B	$1.70B	$1.27B	$1.26B	$769.00M	$1.67B	$519.00M	$518.00M	$1.27B	$1.17B	$1.62B
Long-term debt	$18.89B	$18.89B	$18.90B	$18.32B	$18.32B	$18.96B	$18.86B	$19.43B	$12.33B	$12.28B	$12.30B	$11.84B
Total debt	$20.53B	$20.56B	$20.60B	$19.59B	$19.58B	$19.73B	$20.53B	$19.95B	$12.85B	$13.54B	$13.47B	$13.46B
Total liabilities	$44.90B	$44.25B	$43.75B	$43.40B	$43.42B	$42.58B	$42.75B	$42.95B	$35.98B	$35.03B	$34.95B	$35.66B
Shareholders' equity	$14.91B	$15.43B	$14.81B	$15.31B	$15.36B	$15.98B	$14.27B	$13.54B	$13.88B	$13.56B	$12.62B	$12.37B

Cash flow

Cash flow
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Operating cash flow	$1.48B	$1.52B	-$688.00M	$2.16B	$2.08B	$1.67B	-$622.00M	$1.96B	$1.91B	$1.22B	-$781.00M	$1.78B
Capital expenditures	$81.00M	$72.00M	$62.00M	$105.00M	$72.00M	$59.00M	$55.00M	$76.00M	$73.00M	$80.00M	$87.00M	$120.00M
Free cash flow	$1.40B	$1.45B	-$750.00M	$2.06B	$2.01B	$1.61B	-$677.00M	$1.88B	$1.84B	$1.14B	-$868.00M	$1.66B
Investing cash flow	-$228.00M	-$161.00M	-$104.00M	-$523.00M	-$227.00M	-$121.00M	$26.00M	-$7.64B	-$393.00M	-$415.00M	-$368.00M	-$474.00M
Financing cash flow	-$1.08B	-$800.00M	$114.00M	-$2.05B	-$753.00M	-$1.70B	-$138.00M	$6.28B	-$1.44B	-$519.00M	$135.00M	-$2.33B
Dividends paid	$476.00M	$438.00M	$440.00M	$444.00M	$445.00M	$405.00M	$405.00M	$403.00M	$404.00M	$352.00M	$354.00M	$354.00M
Share repurchases	$504.00M	$757.00M	$755.00M	$1.01B	$402.00M	$300.00M	$300.00M	$0	$300.00M	$300.00M	$300.00M	$250.00M
Stock-based compensation	$94.00M	$96.00M	$139.00M	$89.00M	$95.00M	$98.00M	$112.00M	$85.00M	$90.00M	$90.00M	$103.00M	$90.00M
Depreciation and amortization	$89.00M	$90.00M	$89.00M	$91.00M	$91.00M	$91.00M	$88.00M	$93.00M	$90.00M	$87.00M	$99.00M	-

Key ratios

Key ratios
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue growth, YoY	8.1%	6.2%	7.6%	8.7%	11.5%	12.1%	9.1%	9.2%	5.9%	5.9%	9.3%	10.6%
Net income growth, YoY	8.2%	4.5%	-17.0%	4.2%	0.0%	7.6%	-1.4%	4.2%	2.3%	8.7%	13.4%	62.2%
EPS growth, YoY	11.9%	7.3%	-15.4%	6.3%	0.0%	7.9%	-1.1%	3.9%	2.7%	9.7%	14.2%	60.0%
Operating margin	17.7%	25.6%	23.1%	18.5%	18.4%	26.2%	28.4%	18.8%	19.4%	26.4%	29.7%	19.9%
Net margin	11.8%	17.1%	15.1%	12.4%	11.8%	17.4%	19.6%	13.0%	13.1%	18.1%	21.6%	13.6%
Free cash flow margin	20.4%	19.6%	-9.9%	31.2%	31.6%	23.1%	-9.6%	31.0%	32.3%	18.2%	-13.4%	29.9%
Current ratio	1.09	1.14	1.11	1.10	1.12	1.20	1.14	1.13	1.14	1.17	1.14	1.10
Debt to equity	1.38	1.33	1.39	1.28	1.27	1.23	1.44	1.47	0.93	1.00	1.07	1.09

Source: XBRL data Marsh files with the SEC, latest filing dated Oct 15, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MRSH peers

Company	Revenue	Growth	Net income	Net margin	Market cap
MRSH	$28.46B	+7.6%	$4.04B	14.2%	$97.18B
AJGArthur J. Gallagher & Co.	$16.36B	+25.6%	$1.70B	10.4%	$71.95B
AONAon plc	$17.68B	+3.8%	$3.93B	22.2%	$71.24B
WTWWillis Towers Watson Public Limited Company	$10.27B	+4.8%	$1.56B	15.2%	$30.16B
BROBrown & Brown Inc.	$6.91B	+26.1%	$1.22B	17.7%	$23.55B
EQHEquitable Holdings Inc.	$13.05B	+8.7%	$1.50B	11.5%	$14.78B
ERIEErie Indemnity Company	$4.12B	+2.0%	$576.14M	14.0%	$12.50B
FNFFidelity National Financial Inc.	$14.91B	+6.4%	$1.05B	7.0%	$12.08B
RYANRyan Specialty Holdings Inc.	$3.25B	+9.8%	$193.64M	6.0%	$11.85B

MRSH FAQ

8 questions

What is MRSH revenue?
Marsh (MRSH) reported $28.46B of revenue for the twelve months ended Sep 30, 2026. That is up 7.6% from the year before. Revenue for fiscal 2025 was $26.98B.
Is MRSH profitable?
Yes. Marsh earned $4.04B in net income for the twelve months ended Sep 30, 2026, a net margin of 14.2%.
How much cash and debt does MRSH have?
Marsh reported $1.84B in cash and cash equivalents and $20.53B of debt on its most recent balance sheet in SEC filings.
How fast is MRSH revenue growing?
Marsh's revenue changed +10.3% in fiscal 2025, to $26.98B. Its compound annual growth rate was +9.4% over 5 years.
What is MRSH free cash flow?
Marsh generated $4.15B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $4.47B less capital expenditures.
What is MRSH earnings per share?
Diluted earnings per share were $8.36 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
When did MRSH last report financial results?
The latest statements here come from Marsh's 10-Q filed on Oct 15, 2026, covering the period ended Sep 30, 2026.
Where does this MRSH financial data come from?
Quantisnow builds these statements from the structured XBRL data Marsh files with the SEC. It is provided for information only and is not investment advice.