# Marsh McLennan (MMC) Reports Q2 2025 Results on NYSE
**Release Date:** July 17, 2025
Marsh McLennan (NYSE: MMC) has announced its financial results for the second quarter ended June 30, 2025, showcasing substantial growth across various metrics. Below is a summary of the highlights from the report:
## Key Financial Metrics
– **Consolidated Results:**
– **Total Revenue:** $7.0 billion
– **Growth:** +12% compared to Q2 2024
– **Underlying Revenue Growth:** +4%
– **Operating Income:** $1.8 billion
– **Growth:** +11%
– **Adjusted Operating Income:** $2.1 billion
– **Growth:** +14%
– **Net Income:** $1.2 billion
– **GAAP EPS:** $2.45
– **Growth:** +8%
– **Adjusted EPS:** $2.72
– **Growth:** +11%
– **Six-Month Results:**
– **Total Revenue:** $14.0 billion
– **Growth:** +11% on a GAAP basis
– **Underlying Revenue Growth:** +4%
– **Operating Income:** $3.8 billion
– **Growth:** +7%
– **Adjusted Operating Income:** $4.3 billion
– **Growth:** +11%
– **Net Income:** $2.6 billion
– **GAAP EPS:** $5.23
– **Growth:** +3%
– **Adjusted EPS:** $5.78
– **Growth:** +8%
## Segment Performance
– **Risk & Insurance Services:**
– **Revenue:** $4.6 billion
– **Growth:** +15%
– **Underlying Growth:** +4%
– **Operating Income:** $1.4 billion
– **Growth:** +11%
– **Adjusted Operating Income:** $1.6 billion
– **Growth:** +16%
– **Consulting Services:**
– **Revenue:** $2.4 billion
– **Growth:** +7%
– **Underlying Growth:** +3%
– **Operating Income:** $456 million
– **Growth:** +11%
– **Adjusted Operating Income:** $479 million
– **Growth:** +9%
### Sub-segment Revenue:
– **Marsh:**
– **Revenue:** $3.8 billion
– **Growth:** +18%
– **Underlying Growth:** +5%
– **Guy Carpenter:**
– **Revenue:** $677 million
– **Growth:** +7%
– **Underlying Growth:** +5%
– **Mercer:**
– **Revenue:** $1.5 billion
– **Growth:** +9%
– **Underlying Growth:** +3%
– **Oliver Wyman:**
– **Revenue:** $873 million
– **Growth:** +5%
– **Underlying Growth:** +3%
## Capital Return Actions
– **Dividend Increase:**
– **Declared Dividend:** Increased by 10% to $0.900 per share
– **Payment Date:** Payable on August 15, 2025
– **Share Repurchase:**
– **Repurchased Shares:** 1.4 million shares for $300 million in Q2 2025
– **Total Repurchased in Six Months:** 2.7 million shares for $600 million
## Conclusion
Marsh McLennan’s performance in Q2 2025 demonstrates robust growth across its services with meaningful contributions from both revenue and adjusted income. The company continues to enhance shareholder value through increased dividend distributions and share repurchases.
Here are the extracted tables in HTML format:
### Consolidated Statements of Income (In millions, except per share data)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2025 | 2024 | June 30, 2025 | 2024 | |
| Revenue | $6,974 | $6,221 | $14,035 | $12,694 |
| Expense: | ||||
| Compensation and benefits | $3,895 | $3,454 | $7,745 | $6,924 |
| Other operating expenses | $1,250 | $1,125 | $2,456 | $2,203 |
| Operating expenses | $5,145 | $4,579 | $10,201 | $9,127 |
| Operating income | $1,829 | $1,642 | $3,834 | $3,567 |
| Other net benefit credits | $48 | $66 | $91 | $133 |
| Interest income | $5 | $12 | $24 | $49 |
| Interest expense | -$243 | -$156 | -$488 | -$315 |
| Investment income | $7 | $1 | $12 | $2 |
| Income before income taxes | $1,646 | $1,565 | $3,473 | $3,436 |
| Income tax expense | $415 | $425 | $830 | $872 |
| Net income before non-controlling interests | $1,231 | $1,140 | $2,643 | $2,564 |
| Less: Net income attributable to non-controlling interests | $20 | $15 | $51 | $39 |
| Net income attributable to the Company | $1,211 | $1,125 | $2,592 | $2,525 |
| Net income per share attributable to the Company: | ||||
| – Basic | $2.46 | $2.28 | $5.27 | $5.13 |
| – Diluted | $2.45 | $2.27 | $5.23 | $5.08 |
| Average number of shares outstanding: | ||||
| – Basic | 492 | 492 | 492 | 492 |
| – Diluted | 495 | 496 | 495 | 497 |
| Shares outstanding at June 30 | 492 | 492 | 492 | 492 |
### Consolidated Balance Sheets (In millions)
| ASSETS | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $1,677 | $2,398 |
| Cash and cash equivalents held in a fiduciary capacity | $11,871 | $11,276 |
| Net receivables | $8,457 | $7,156 |
| Other current assets | $1,329 | $1,287 |
| Total current assets | $23,334 | $22,117 |
| Goodwill and intangible assets | $28,689 | $28,126 |
| Fixed assets, net | $839 | $859 |
| Pension related assets | $2,203 | $1,914 |
| Right of use assets | $1,471 | $1,498 |
| Deferred tax assets | $280 | $237 |
| Other assets | $1,739 | $1,730 |
| TOTAL ASSETS | $58,555 | $56,481 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Short-term debt | $769 | $519 |
| Accounts payable and accrued liabilities | $3,434 | $3,402 |
| Accrued compensation and employee benefits | $2,372 | $3,620 |
| Current lease liabilities | $335 | $325 |
| Accrued income taxes | $619 | $376 |
| Fiduciary liabilities | $11,871 | $11,276 |
| Total current liabilities | $19,400 | $19,518 |
| Long-term debt | $18,960 | $19,428 |
| Pension, post-retirement and post-employment benefits | $816 | $840 |
| Long-term lease liabilities | $1,546 | $1,590 |
| Liabilities for errors and omissions | $280 | $305 |
| Other liabilities | $1,577 | $1,265 |
| Total equity | $15,976 | $13,535 |
| TOTAL LIABILITIES AND EQUITY | $58,555 | $56,481 |
