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Marsh McLennan Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved 10% total revenue growth to $27B in 2025, with 4% underlying growth and 11% adjusted operating income growth year-over-year.
Adjusted EPS increased 9% to $9.75 for the year; Q4 adjusted EPS up 10% to $2.12.
Completed integration of McGriff, launched new brand and Thrive program, and executed $2B in share repurchases.
Thrive program focuses on growth, efficiency, and investment in AI, digital infrastructure, and talent.
Financial highlights
Q4 consolidated revenue increased 9% to $6.6B, with 4% underlying growth.
Adjusted operating income grew 12% to $1.6B; adjusted EPS was $2.12, up 10% year-over-year.
Free cash flow grew 25% to $5B for the year; $1B in share repurchases in Q4.
Full-year adjusted operating income was $7.3B, adjusted EPS $9.75.
Full-year net income attributable to the company was $4.2B, or $8.43 per diluted share.
Outlook and guidance
Expect underlying revenue growth in 2026 to be similar to 2025, with continued margin expansion and solid adjusted EPS growth.
Anticipate adjusted effective tax rate of 24.5%-25.5% in 2026.
Plan to deploy ~$5B in capital across dividends, acquisitions, and share repurchases in 2026.
Positioned for sustained momentum in 2026, with management citing strong team performance in a complex environment.
McGriff's expected 2026 revenue contribution?
Thrive program's expected annual savings?
Reason for fiduciary interest income decline?
What is AI's expected impact on headcount?
How to grow amid reinsurance rate reductions?
What is the revenue impact of digital infrastructure?
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Next Marsh McLennan earnings date
Q1 202616 Apr, 2026
Marsh McLennan
Next Marsh McLennan earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
Multinational Professional Services
Marsh McLennan Companies is an American professional services firm with multinational operations. The company operates through four main subsidiaries: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Through these subsidiaries, it offers a variety of services in consulting, risk management, investments, insurance, and more. The company is headquartered in NYC, and its shares are listed on the NYSE.
Insurance Broking to Comprehensive Professional Services
Founded in 1905 in Chicago by Henry W. Marsh and Donald R. McLennan, the firm initially focused on insurance broking. The early decades saw steady growth and expansion in the insurance sector, something which continued into the latter half of the century. Some notable milestones for the company include the acquisition of Guy Carpenter, a reinsurance specialist, and the formation of Mercer, focusing on human resource consulting. The early 2000s were marked by strategic acquisitions to broaden its service portfolio, most notably acquiring Oliver Wyman. Professional services is a competitive field, and some of the company’s peers are Aon, Willis Towers Watsons, and Brown & Brown.
The Subsidiaries
The company operates through four main subsidiaries, each specializing in different aspects of professional services.
Marsh: Specializing in insurance broking and risk management, Marsh provides clients with strategic advice and solutions for managing risk. The subsidiary works across various industries, offering tailored risk management solutions to meet the specific needs of their clients.
Guy Carpenter: This subsidiary focuses on providing risk and reinsurance intermediary services. It helps its clients manage and mitigate risks, particularly in the reinsurance sector.
Mercer: Mercer's expertise lies in health, wealth, and career consulting. This subsidiary provides guidance on health benefits, retirement planning, and talent management, among other areas.
Oliver Wyman: Delivers services in strategy, operations, risk management, and organization transformation. They work with clients across various sectors to develop and implement customized solutions to complex business challenges.
Client Centricity
Marsh & McLennan's operating model emphasizes a client-centric approach, using the specialized expertise of its subsidiaries to provide comprehensive, integrated solutions to its clients. Each of these subsidiaries operates semi-autonomously under the broader Marsh & McLennan umbrella, allowing them to specialize deeply in their respective fields while benefiting from the resources and global reach of the parent company.
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