The full income statement, balance sheet, and cash-flow statement for Marsh (MRSH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 27.0B+10.3% | 24.5B+7.6% | 22.7B+9.7% | 20.7B+4.5% | 19.8B+15.1% | |
| 20.8B+11.4% | 18.6B+6.8% | 17.5B+6.2% | 16.4B+6.0% | 15.5B+9.5% | ||
| Restructuring | 222M-19.6% | 276M-8.3% | 301M-29.5% | 427M+510.0% | 70.0M-21.3% | |
| Amortization of intangibles | 549M+45.6% | 377M+9.9% | 343M+1.5% | 338M-7.4% | 365M+4.0% | |
| Provision for credit losses | 25.0M-19.4% | 31.0M+82.4% | 17.0M+0.0% | 17.0M-63.0% | 46.0M-2.1% | |
| Operating income | 6.22B+7.0% | 5.82B+10.1% | 5.28B+23.4% | 4.28B-0.7% | 4.31B+40.6% | |
| Interest expense | 960M+37.1% | 700M+21.1% | 578M+23.2% | 469M+5.6% | 444M-13.8% | |
| Interest & investment income | 48.0M-42.2% | 83.0M+6.4% | 78.0M+420.0% | 15.0M+650.0% | 2.00M-71.4% | |
| Gain (loss) on equity securities | — | — | -1.00M-109.1% | 11.0M+120.0% | 5.00M | |
| Pre-tax income | 5.54B+1.1% | 5.48B+9.0% | 5.03B+23.1% | 4.08B-3.0% | 4.21B+50.7% | |
| Income tax | 1.30B-4.3% | 1.36B+11.4% | 1.22B+23.0% | 995M-3.8% | 1.03B+38.4% | |
| 4.16B+2.5% | 4.06B+8.1% | 3.76B+23.1% | 3.05B-3.0% | 3.14B+55.9% | ||
| Net income to non-controlling interest | 74.0M+29.8% | 57.0M+23.9% | 46.0M+24.3% | 37.0M+19.4% | 31.0M+3.3% | |
| Net income to common | 4.16B+2.5% | 4.06B+8.1% | 3.76B+23.1% | 3.05B-3.0% | 3.14B+55.9% | |
| $8.43+3.1% | $8.18+8.6% | $7.53+24.7% | $6.04-1.5% | $6.13+55.6% | ||
| EPS (basic) | $8.48+2.7% | $8.26+8.7% | $7.60+24.4% | $6.11-1.5% | $6.20+55.8% | |
| Weighted-avg shares (basic) | 491M-0.2% | 492M-0.4% | 494M-1.0% | 499M-1.6% | 507M+0.2% | |
| Weighted-avg shares (diluted) | 494M-0.4% | 496M-0.6% | 499M-1.2% | 505M-1.6% | 513M+0.2% | |
| Dividends per share | $3.43+12.5% | $3.05+17.3% | $2.60+15.6% | $2.25+10.3% | $2.04+10.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 23.2B+4.9% | 22.1B+1.7% | 21.7B+14.7% | 19.0B+129.4% | 8.26B+1.3% | ||
| Cash & equivalents | 2.69B+12.1% | 2.40B-28.6% | 3.36B+132.9% | 1.44B-17.7% | 1.75B-16.1% | |
| Accounts receivable | 7.67B+7.2% | 7.16B+11.5% | 6.42B+9.7% | 5.85B+4.8% | 5.59B+4.9% | |
| Other current assets | 1.37B+6.4% | 1.29B+9.3% | 1.18B+17.2% | 1.00B+8.5% | 926M+25.1% | |
| 58.7B+3.9% | 56.5B+17.6% | 48.0B+8.9% | 44.1B+28.3% | 34.4B+4.1% | ||
| Property, plant & equipment | 829M-3.5% | 859M-2.6% | 882M+1.3% | 871M+2.8% | 847M-1.1% | |
| Operating lease right-of-use | 1.46B-2.5% | 1.50B-2.8% | 1.54B-1.3% | 1.56B-16.4% | 1.87B-1.4% | |
| Goodwill | 24.3B+4.4% | 23.3B+35.3% | 17.2B+6.0% | 16.3B-0.4% | 16.3B+5.2% | |
| Intangible assets | 4.75B-1.5% | 4.82B+83.3% | 2.63B+3.7% | 2.54B-9.7% | 2.81B+4.1% | |
| Deferred tax assets | 212M-10.5% | 237M-33.6% | 357M-0.3% | 358M-35.0% | 551M-21.5% | |
| Other non-current assets | 1.79B+3.2% | 1.73B+8.8% | 1.59B+9.7% | 1.45B-0.8% | 1.46B+0.2% | |
| 21.1B+7.9% | 19.5B-1.4% | 19.8B+11.0% | 17.8B+168.0% | 6.65B+1.5% | ||
| Accrued liabilities | 3.65B+7.3% | 3.40B-0.0% | 3.40B+3.8% | 3.28B+3.6% | 3.17B+3.8% | |
| Short-term & current debt | 1.27B+144.1% | 519M-67.9% | 1.62B+504.1% | 268M+1476.5% | 17.0M-96.7% | |
| Current lease liability | 333M+2.5% | 325M+4.2% | 312M+0.6% | 310M-6.6% | 332M-2.9% | |
| 43.4B+1.0% | 42.9B+20.4% | 35.7B+6.9% | 33.4B+44.0% | 23.2B-2.6% | ||
| Long-term debt | 18.3B-5.7% | 19.4B+64.0% | 11.8B+5.5% | 11.2B+2.7% | 10.9B+1.3% | |
| Non-current lease liability | 1.53B-3.8% | 1.59B-4.3% | 1.66B-0.4% | 1.67B-11.3% | 1.88B-2.3% | |
| Operating lease liability (total) | 1.86B-2.8% | 1.92B-2.9% | 1.97B-0.2% | 1.98B-10.6% | 2.21B-2.4% | |
| Other non-current liabilities | 1.41B+11.6% | 1.26B-0.2% | 1.27B-7.0% | 1.36B-20.4% | 1.71B+15.3% | |
| 15.1B+13.2% | 13.3B+9.4% | 12.2B+15.9% | 10.5B-4.4% | 11.0B+20.9% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 561M+0.0% | 561M+0.0% | 561M+0.0% | 561M+0.0% | 561M+0.0% | |
| Additional paid-in capital | 1.55B+12.9% | 1.37B+10.3% | 1.24B+5.3% | 1.18B+6.0% | 1.11B+17.9% | |
| Retained earnings | 27.8B+9.7% | 25.3B+11.2% | 22.8B+12.1% | 20.3B+10.4% | 18.4B+13.0% | |
| Treasury stock | 9.35B+22.1% | 7.66B+8.2% | 7.08B+14.0% | 6.21B+38.6% | 4.48B+25.7% | |
| Accumulated other comprehensive income | -5.43B+13.0% | -6.24B-17.8% | -5.29B+0.4% | -5.31B-16.2% | -4.58B+10.5% | |
| Non-controlling interest | 215M+11.4% | 193M+7.8% | 179M-21.8% | 229M+7.5% | 213M+36.5% | |
| Total equity incl. non-controlling | 15.3B+13.2% | 13.5B+9.4% | 12.4B+15.1% | 10.7B-4.2% | 11.2B+21.2% | |
| Total liabilities & equity | 58.7B+3.9% | 56.5B+17.6% | 48.0B+8.9% | 44.1B+28.3% | 34.4B+4.1% | |
| Common shares issued | 561M+0.0% | 561M+0.0% | 561M+0.0% | 561M+0.0% | 561M+0.0% | |
| Common shares outstanding | 485M-1.2% | 491M-0.2% | 492M-0.6% | 495M-1.8% | 504M-0.8% | |
| Shares outstanding (cover) | 484M-1.4% | 491M-0.1% | 492M-0.6% | 495M-1.6% | 503M-1.1% | |
| Treasury shares | 75.8M+9.5% | 69.2M+0.9% | 68.6M+4.2% | 65.9M+15.3% | 57.1M+7.9% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 5.29B+23.0% | 4.30B+1.0% | 4.26B+22.9% | 3.46B-1.5% | 3.52B+4.0% | ||
| Depreciation & amortization | 910M+22.0% | 746M+4.6% | 713M-0.8% | 719M-3.7% | 747M+0.8% | |
| Intangible amortization | 549M+45.6% | 377M+9.9% | 343M+1.5% | 338M-7.4% | 365M+4.0% | |
| Share-based compensation | 394M+7.1% | 368M+1.4% | 363M-1.1% | 367M+5.5% | 348M+20.0% | |
| Deferred income taxes | 123M-21.7% | 157M+641.4% | -29.0M+32.6% | -43.0M+31.7% | -63.0M-257.5% | |
| -845M+90.4% | -8.82B-522.5% | -1.42B-66.7% | -850M+27.0% | -1.16B-46.8% | ||
| Capital expenditure | 291M-7.9% | 316M-24.0% | 416M-11.5% | 470M+15.8% | 406M+16.7% | |
| Free cash flow | 5.00B+25.5% | 3.99B+3.7% | 3.84B+28.3% | 3.00B-3.7% | 3.11B+2.5% | |
| Acquisitions | 652M-92.4% | 8.54B+775.2% | 976M+70.6% | 572M-33.4% | 859M+32.8% | |
| Other investing activities | -2.00M-100.0% | -1.00M+90.9% | -11.0M-22.2% | -9.00M-125.0% | -4.00M-233.3% | |
| -4.63B-204.0% | 4.46B+498.1% | -1.12B-7.0% | -1.05B+19.4% | -1.30B-40.2% | ||
| Long-term debt issued | 0.00-100.0% | 8.17B+276.7% | 2.17B+120.4% | 984M+32.4% | 743M+0.8% | |
| Long-term debt repaid | 519M-67.9% | 1.62B+507.9% | 266M-27.1% | 365M-64.1% | 1.02B-59.6% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 2.01B+123.6% | 900M-21.7% | 1.15B-41.0% | 1.95B+68.2% | 1.16B | |
| Dividends paid | 1.70B+12.3% | 1.51B+16.6% | 1.30B+14.1% | 1.14B+10.9% | 1.03B+8.8% | |
| FX effect on cash | 673M+262.6% | -414M-226.2% | 328M+139.0% | -841M-136.9% | -355M-169.5% | |
| Net change in cash | 486M+201.7% | -478M-123.3% | 2.05B+181.6% | 728M+4.0% | 700M-67.8% | |
| Interest paid | 885M+49.7% | 591M+18.4% | 499M+15.8% | 431M-2.3% | 441M-8.3% | |
| Income taxes paid | 1.29B+7.7% | 1.20B+9.1% | 1.10B+4.9% | 1.05B-1.9% | 1.07B+58.8% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 90.0B-13.7% | 104B+11.6% | 93.4B+13.8% | 82.1B-6.3% | 87.6B+47.4% | |
| P/E | 21.6×-15.8% | 25.7×-4.7% | 27.0×+11.2% | 24.2×-13.1% | 27.9×-5.5% | |
| P/S | 3.3×-21.8% | 4.3×+1.3% | 4.2×+6.8% | 3.9×-10.9% | 4.4×+28.1% | |
| P/B | 6.0×-23.8% | 7.8×-4.6% | 8.2×-4.6% | 8.6×+7.8% | 8.0×+21.9% | |
| P/FCF | 18.0×-31.2% | 26.2×+0.2% | 26.1×-7.7% | 28.3×+0.5% | 28.2×+43.8% | |
| Earnings yield | 4.6%+18.8% | 3.9%+4.9% | 3.7%-10.1% | 4.1%+15.0% | 3.6%+5.8% | |
| FCF yield | 5.6%+45.4% | 3.8%-0.2% | 3.8%+8.4% | 3.5%-0.5% | 3.6%-30.5% | |
| Dividend yield | 1.8%+28.8% | 1.4%+4.6% | 1.4%+0.9% | 1.4%+15.8% | 1.2%-26.0% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: MRSH’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MRSH filings on SEC EDGAR → Not investment advice.
