MRSH financial statements

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.

Shares outstanding (point-in-time)

2024-06 491.8M2024-09 491.1M2024-12 491.1M2025-03 492.7M2025-06 491.6M2025-09 489.9M2025-12 484.1M2026-03 481.8M2026-06 477.2M-3.0% over 8 periods

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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY+10.3%	24.5B YoY+7.6%	22.7B YoY+9.7%	20.7B YoY+4.5%	19.8B YoY+15.1%
	20.8B YoY+11.4%	18.6B YoY+6.8%	17.5B YoY+6.2%	16.4B YoY+6.0%	15.5B YoY+9.5%
Restructuring	222M YoY-19.6%	276M YoY-8.3%	301M YoY-29.5%	427M YoY+510.0%	70.0M YoY-21.3%
Amortization of intangibles	549M YoY+45.6%	377M YoY+9.9%	343M YoY+1.5%	338M YoY-7.4%	365M YoY+4.0%
Provision for credit losses	25.0M YoY-19.4%	31.0M YoY+82.4%	17.0M YoY+0.0%	17.0M YoY-63.0%	46.0M YoY-2.1%
Operating income	6.22B YoY+7.0%	5.82B YoY+10.1%	5.28B YoY+23.4%	4.28B YoY-0.7%	4.31B YoY+40.6%
Interest expense	960M YoY+37.1%	700M YoY+21.1%	578M YoY+23.2%	469M YoY+5.6%	444M YoY-13.8%
Interest & investment income	48.0M YoY-42.2%	83.0M YoY+6.4%	78.0M YoY+420.0%	15.0M YoY+650.0%	2.00M YoY-71.4%
Gain (loss) on equity securities	—	—	-1.00M YoY-109.1%	11.0M YoY+120.0%	5.00M
Pre-tax income	5.54B YoY+1.1%	5.48B YoY+9.0%	5.03B YoY+23.1%	4.08B YoY-3.0%	4.21B YoY+50.7%
Income tax	1.30B YoY-4.3%	1.36B YoY+11.4%	1.22B YoY+23.0%	995M YoY-3.8%	1.03B YoY+38.4%
	4.16B YoY+2.5%	4.06B YoY+8.1%	3.76B YoY+23.1%	3.05B YoY-3.0%	3.14B YoY+55.9%
Net income to non-controlling interest	74.0M YoY+29.8%	57.0M YoY+23.9%	46.0M YoY+24.3%	37.0M YoY+19.4%	31.0M YoY+3.3%
	$8.43 YoY+3.1%	$8.18 YoY+8.6%	$7.53 YoY+24.7%	$6.04 YoY-1.5%	$6.13 YoY+55.6%
EPS (basic)	$8.48 YoY+2.7%	$8.26 YoY+8.7%	$7.60 YoY+24.4%	$6.11 YoY-1.5%	$6.20 YoY+55.8%
	491M YoY-0.2%	492M YoY-0.4%	494M YoY-1.0%	499M YoY-1.6%	507M YoY+0.2%
	494M YoY-0.4%	496M YoY-0.6%	499M YoY-1.2%	505M YoY-1.6%	513M YoY+0.2%
Dividends per share	$3.43 YoY+12.5%	$3.05 YoY+17.3%	$2.60 YoY+15.6%	$2.25 YoY+10.3%	$2.04 YoY+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 YoY+4.9%	22.1B YoY+1.7%	21.7B YoY+14.7%	19.0B YoY+129.4%	8.26B YoY+1.3%
Cash & equivalents	2.69B YoY+12.1%	2.40B YoY-28.6%	3.36B YoY+132.9%	1.44B YoY-17.7%	1.75B YoY-16.1%
Accounts receivable	7.67B YoY+7.2%	7.16B YoY+11.5%	6.42B YoY+9.7%	5.85B YoY+4.8%	5.59B YoY+4.9%
Other current assets	1.37B YoY+6.4%	1.29B YoY+9.3%	1.18B YoY+17.2%	1.00B YoY+8.5%	926M YoY+25.1%
	58.7B YoY+3.9%	56.5B YoY+17.6%	48.0B YoY+8.9%	44.1B YoY+0.2%	44.0B YoY+33.2%
Property, plant & equipment	829M YoY-3.5%	859M YoY-2.6%	882M YoY+1.3%	871M YoY+2.8%	847M YoY-1.1%
Operating lease right-of-use	1.46B YoY-2.5%	1.50B YoY-2.8%	1.54B YoY-1.3%	1.56B YoY-16.4%	1.87B YoY-1.4%
Goodwill	24.3B YoY+4.4%	23.3B YoY+35.3%	17.2B YoY+6.0%	16.3B YoY-0.4%	16.3B YoY+5.2%
Intangible assets	4.75B YoY-1.5%	4.82B YoY+83.3%	2.63B YoY+3.7%	2.54B YoY-9.7%	2.81B YoY+4.1%
Deferred tax assets	212M YoY-10.5%	237M YoY-33.6%	357M YoY-0.3%	358M YoY-35.0%	551M YoY-21.5%
Other non-current assets	1.79B YoY+3.2%	1.73B YoY+8.8%	1.59B YoY+9.7%	1.45B YoY-0.8%	1.46B YoY+0.2%
	21.1B YoY+7.9%	19.5B YoY-1.4%	19.8B YoY+11.0%	17.8B YoY+168.0%	6.65B YoY+1.5%
Accrued liabilities	3.65B YoY+7.3%	3.40B YoY-0.0%	3.40B YoY+3.8%	3.28B YoY+3.6%	3.17B YoY+3.8%
Short-term & current debt	1.27B YoY+144.1%	519M YoY-67.9%	1.62B YoY+504.1%	268M YoY+1476.5%	17.0M YoY-96.7%
Current lease liability	333M YoY+2.5%	325M YoY+4.2%	312M YoY+0.6%	310M YoY-6.6%	332M YoY-2.9%
Long-term debt	18.3B YoY-5.7%	19.4B YoY+64.0%	11.8B YoY+5.5%	11.2B YoY+2.7%	10.9B YoY+1.3%
Non-current lease liability	1.53B YoY-3.8%	1.59B YoY-4.3%	1.66B YoY-0.4%	1.67B YoY-11.3%	1.88B YoY-2.3%
Operating lease liability (total)	1.86B YoY-2.8%	1.92B YoY-2.9%	1.97B YoY-0.2%	1.98B YoY-10.6%	2.21B YoY-2.4%
Other non-current liabilities	1.41B YoY+11.6%	1.26B YoY-0.2%	1.27B YoY-7.0%	1.36B YoY-20.4%	1.71B YoY+15.3%
	15.3B YoY+13.2%	13.5B YoY+9.4%	12.4B YoY+15.1%	10.7B YoY-4.2%	11.2B YoY+21.2%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	561M YoY+0.0%	561M YoY+0.0%	561M YoY+0.0%	561M YoY+0.0%	561M YoY+0.0%
Additional paid-in capital	1.55B YoY+12.9%	1.37B YoY+10.3%	1.24B YoY+5.3%	1.18B YoY+6.0%	1.11B YoY+17.9%
Retained earnings	27.8B YoY+9.7%	25.3B YoY+11.2%	22.8B YoY+12.1%	20.3B YoY+10.4%	18.4B YoY+13.0%
Treasury stock	9.35B YoY+22.1%	7.66B YoY+8.2%	7.08B YoY+14.0%	6.21B YoY+38.6%	4.48B YoY+25.7%
Accumulated other comprehensive income	-5.43B YoY+13.0%	-6.24B YoY-17.8%	-5.29B YoY+0.4%	-5.31B YoY-16.2%	-4.58B YoY+10.5%
Non-controlling interest	215M YoY+11.4%	193M YoY+7.8%	179M YoY-21.8%	229M YoY+7.5%	213M YoY+36.5%
Total equity incl. non-controlling	15.3B YoY+13.2%	13.5B YoY+9.4%	12.4B YoY+15.1%	10.7B YoY-4.2%	11.2B YoY+21.2%
Total liabilities & equity	58.7B YoY+3.9%	56.5B YoY+17.6%	48.0B YoY+8.9%	44.1B YoY+28.3%	34.4B YoY+4.1%
	561M YoY+0.0%	561M YoY+0.0%	561M YoY+0.0%	561M YoY+0.0%	561M YoY+0.0%
	485M YoY-1.2%	491M YoY-0.2%	492M YoY-0.6%	495M YoY-1.8%	504M YoY-0.8%
	484M YoY-1.4%	491M YoY-0.1%	492M YoY-0.6%	495M YoY-1.6%	503M YoY-1.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.29B YoY+23.0%	4.30B YoY+1.0%	4.26B YoY+22.9%	3.46B YoY-1.5%	3.52B YoY+4.0%
Depreciation & amortization	361M YoY-2.2%	369M YoY-0.3%	370M YoY-2.9%	381M YoY-49.0%	747M YoY+0.8%
Intangible amortization	549M YoY+45.6%	377M YoY+9.9%	343M YoY+1.5%	338M YoY-7.4%	365M YoY+4.0%
Share-based compensation	394M YoY+7.1%	368M YoY+1.4%	363M YoY-1.1%	367M YoY+5.5%	348M YoY+20.0%
Deferred income taxes	123M YoY-21.7%	157M YoY+641.4%	-29.0M YoY+32.6%	-43.0M YoY+31.7%	-63.0M YoY-257.5%
	-845M YoY+90.4%	-8.82B YoY-522.5%	-1.42B YoY-66.7%	-850M YoY+27.0%	-1.16B YoY-46.8%
Capital expenditure	291M YoY-7.9%	316M YoY-24.0%	416M YoY-11.5%	470M YoY+15.8%	406M YoY+16.7%
Free cash flow	5.00B YoY+25.5%	3.99B YoY+3.7%	3.84B YoY+28.3%	3.00B YoY-3.7%	3.11B YoY+2.5%
Acquisitions	652M YoY-92.4%	8.54B YoY+775.2%	976M YoY+70.6%	572M YoY+166.6%	-859M YoY-232.8%
Other investing activities	-2.00M YoY-100.0%	-1.00M YoY+90.9%	-11.0M YoY-22.2%	-9.00M YoY-125.0%	-4.00M YoY-233.3%
	-4.63B YoY-204.0%	4.46B YoY+498.1%	-1.12B YoY-7.0%	-1.05B YoY+19.4%	-1.30B YoY-40.2%
Long-term debt issued	0.00 YoY-100.0%	8.17B YoY+276.7%	2.17B YoY+120.4%	984M YoY+32.4%	743M YoY+0.8%
Long-term debt repaid	519M YoY-67.9%	1.62B YoY+507.9%	266M YoY-27.1%	365M YoY-64.1%	1.02B YoY-59.6%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.01B YoY+123.6%	900M YoY-21.7%	1.15B YoY-41.0%	1.95B YoY+68.2%	1.16B
Dividends paid	1.70B YoY+12.3%	1.51B YoY+16.6%	1.30B YoY+14.1%	1.14B YoY+10.9%	1.03B YoY+8.8%
FX effect on cash	673M YoY+262.6%	-414M YoY-226.2%	328M YoY+139.0%	-841M YoY-136.9%	-355M YoY-169.5%
Net change in cash	486M YoY+201.7%	-478M YoY-123.3%	2.05B YoY+181.6%	728M YoY+4.0%	700M YoY-67.8%
Interest paid	885M YoY+49.7%	591M YoY+18.4%	499M YoY+15.8%	431M YoY-2.3%	441M YoY-8.3%
Income taxes paid	1.29B YoY+7.7%	1.20B YoY+9.1%	1.10B YoY+4.9%	1.05B YoY-1.9%	1.07B YoY+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	89.8B YoY-13.9%	104B YoY+11.7%	93.4B YoY+13.8%	82.1B YoY-6.1%	87.4B YoY+47.0%
P/E	21.6× YoY-16.0%	25.7× YoY-4.7%	27.0× YoY+11.2%	24.2× YoY-12.8%	27.8× YoY-5.7%
P/S	3.3× YoY-22.0%	4.3× YoY+1.4%	4.2× YoY+6.8%	3.9× YoY-10.7%	4.4× YoY+27.7%
P/B	5.9× YoY-23.9%	7.7× YoY-4.4%	8.1× YoY-3.8%	8.4× YoY+7.6%	7.8× YoY+21.3%
P/FCF	18.0× YoY-31.4%	26.2× YoY+0.2%	26.1× YoY-7.7%	28.3× YoY+0.7%	28.1× YoY+43.4%
	4.6% YoY+19.0%	3.9% YoY+4.9%	3.7% YoY-10.1%	4.1% YoY+14.7%	3.6% YoY+6.1%
	5.6% YoY+45.7%	3.8% YoY-0.2%	3.8% YoY+8.4%	3.5% YoY-0.7%	3.6% YoY-30.3%
	1.8% YoY+28.8%	1.4% YoY+4.6%	1.4% YoY+0.9%	1.4% YoY+15.8%	1.2% YoY-26.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

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.