Marsh McLennan (MMC) Q3 2025 Financial Results Summary
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Marsh McLennan (MMC) Q3 2025 Financial Results Summary
On October 16, 2025, Marsh McLennan (NYSE: MMC) reported its financial results for the third quarter ended September 30, 2025.
Key Financial Highlights
- Revenue:
- Consolidated revenue for Q3 2025 was $6.4 billion.
- This represents an 11% increase compared to Q3 2024.
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Underlying revenue growth was 4%.
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Operating Income:
- GAAP operating income increased by 6% to $1.2 billion.
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Adjusted operating income rose 13% to $1.4 billion.
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Earnings Per Share (EPS):
- Q3 GAAP EPS stood at $1.51.
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Adjusted EPS increased by 11% to $1.85.
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Nine-Month Performance:
- For the nine months ended September 30, 2025, consolidated revenue was $20.4 billion, which is an 11% increase year-over-year.
- Nine-month GAAP EPS reached $6.75, compared to $6.59 in the same period last year.
- Adjusted EPS for the nine months increased by 9% to $7.63.
Segment Performance
- Risk & Insurance Services:
- Revenue for Q3: $3.9 billion, up 13%.
- Underlying revenue growth: 3%.
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Operating income increased by 3% to $750 million.
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Marsh:
- Revenue was $3.4 billion, up 16% or 4% on an underlying basis.
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Revenue growth in the U.S./Canada was 3%, with international operations producing underlying revenue growth of 5%.
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Guy Carpenter:
- Revenue of $398 million, an increase of 5% (GAAP and underlying basis).
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Underlying revenue growth for the nine-month period was 5%.
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Consulting:
- Revenue for Q3 was $2.5 billion, a 9% increase.
- Adjusted operating income grew 11% to $545 million.
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Nine-month revenue for Consulting was up 7% to $7.2 billion.
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Mercer:
- Revenue grew 9% to $1.6 billion in Q3, with a 6% growth in Health revenue.
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Nine-month growth was 3%, totaling $4.6 billion.
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Oliver Wyman:
- Q3 revenue increased 9% to $886 million.
- Nine-month total was $2.6 billion, up 6%.
Additional Actions
- Share Repurchase:
- The company repurchased approximately 1.9 million shares at a cost of $400 million in Q3 2025.
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For the first nine months of 2025, Marsh McLennan repurchased a total of 4.6 million shares for $1.0 billion.
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Dividend Declaration:
- A dividend of $441 million was declared for the quarter, compared to no dividends declared the previous year.
Future Outlook
- The company announced a rebranding initiative to Marsh starting January 2026.
- A new business unit, Business and Client Services (BCS), aims to improve innovation and operational excellence.
- Marsh McLennan will transition all its business entities to the new brand by 2027.
- The stock ticker symbol on the NYSE will change from MMC to MRSH in January 2026.
Marsh McLennan’s third quarter performance highlights the company’s stable growth trajectory, marked by solid revenue and EPS increases across its core segments.
Consolidated Statements of Income
(In millions, except per share data)
| Three Months Ended | September 30, 2025 | 2024 | Nine Months Ended | September 30, 2025 | 2024 | |
|---|---|---|---|---|---|---|
| Revenue | $6,351 | $5,697 | $20,386 | $18,391 | ||
| Expense: | ||||||
| Compensation and benefits | 3,894 | 3,442 | 11,639 | 10,366 | ||
| Other operating expenses | 1,287 | 1,147 | 3,743 | 3,350 | ||
| Operating expenses | 5,181 | 4,589 | 15,382 | 13,716 | ||
| Operating income | 1,170 | 1,108 | 5,004 | 4,675 | ||
| Other net benefit credits | 52 | 68 | 143 | 201 | ||
| Interest income | 10 | 12 | 34 | 61 | ||
| Interest expense | -237 | -154 | -725 | -469 | ||
| Investment income | 15 | 1 | 27 | 3 | ||
| Income before income taxes | 1,010 | 1,035 | 4,483 | 4,471 | ||
| Income tax expense | 253 | 283 | 1,083 | 1,155 | ||
| Net income before non-controlling interests | 757 | 752 | 3,400 | 3,316 | ||
| Less: Net income attributable to non-controlling interests | 10 | 5 | 61 | 44 | ||
| Net income attributable to the Company | $747 | $747 | $3,339 | $3,272 | ||
| Net income per share attributable to the Company: | ||||||
| – Basic | $1.52 | $1.52 | $6.79 | $6.65 | ||
| – Diluted | $1.51 | $1.51 | $6.75 | $6.59 | ||
| Average number of shares outstanding: | ||||||
| – Basic | 491 | 492 | 492 | 492 | ||
| – Diluted | 494 | 496 | 495 | 496 | ||
| Shares outstanding at September 30 | 490 | 491 | 490 | 491 | ||
Consolidated Balance Sheets
(In millions)
| (Unaudited) | September 30, 2025 | December 31, 2024 | |
|---|---|---|---|
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $2,511 | $2,398 | |
| Cash and cash equivalents held in a fiduciary capacity | 12,001 | 11,276 | |
| Net receivables | 7,906 | 7,156 | |
| Other current assets | 1,281 | 1,287 | |
| Total current assets | 23,699 | 22,117 | |
| Goodwill and intangible assets | 28,620 | 28,126 | |
| Fixed assets, net | 820 | 859 | |
| Pension related assets | 2,212 | 1,914 | |
| Right of use assets | 1,436 | 1,498 | |
| Deferred tax assets | 248 | 237 | |
| Other assets | 1,748 | 1,730 | |
| TOTAL ASSETS | $58,783 | $56,481 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Short-term debt | $1,263 | $519 | |
| Accounts payable and accrued liabilities | 3,355 | 3,402 | |
| Accrued compensation and employee benefits | 3,089 | 3,620 | |
| Current lease liabilities | 332 | 325 | |
| Accrued income taxes | 617 | 376 | |
| Dividends payable | 441 | — | |
| Fiduciary liabilities | 12,001 | 11,276 | |
| Total current liabilities | 21,098 | 19,518 | |
| Long-term debt | 18,317 | 19,428 | |
| Pension, post-retirement and post-employment benefits | 791 | 840 | |
| Long-term lease liabilities | 1,514 | 1,590 | |
| Liabilities for errors and omissions | 285 | 305 | |
| Other liabilities | 1,419 | 1,265 | |
| Total equity | 15,359 | 13,535 | |
| TOTAL LIABILITIES AND EQUITY | $58,783 | $56,481 | |