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Stocks MRSH

Marsh MRSH

US equityMarket cap rank #205
$169.29
−$1.09 (-0.64%)
Market open · Sep 24, 1:10 pm ET
After hours $170.38 0.00%
Open$170.81
Prev close$170.38
Day range$169.03 – $171.71
Volume799.9K
Market cap$80.79B
P/E (TTM)20.7
Dividend yield2.13%

Fundamentals

Latest reported quarter: Q2, ended Jun 2026

Revenue$7.40B+6.2% YoY
Operating profit$1.90B+3.8% YoY
Net profit$1.29B+4.9% YoY
Diluted EPS$2.63+7.3% YoY
Free cash flow$1.45B-10.0% YoY
Operating cash flow$1.52B

Revenue, last 8 quarters

$5.7BSep '24$6.1BDec '24$7.1BMar '25$7.0BJun '25$6.4BSep '25$6.6BDec '25$7.6BMar '26$7.4BJun '26

Net profit, last 8 quarters

$752.0MSep '24$801.0MDec '24$1.4BMar '25$1.2BJun '25$757.0MSep '25$834.0MDec '25$1.2BMar '26$1.3BJun '26

Diluted EPS by quarter

1.51Sep '241.59Dec '242.79Mar '252.45Jun '251.51Sep '251.68Dec '252.36Mar '262.63Jun '26

Free cash flow by quarter

$1.8BSep '24$1.9BDec '24$-677.0MMar '25$1.6BJun '25$2.0BSep '25$2.1BDec '25$-750.0MMar '26$1.5BJun '26

Annual revenue

$17.2BFY20$19.8BFY21$20.7BFY22$22.7BFY23$24.5BFY24$27.0BFY25

Profitability & balance sheet

Gross margin42.4%
Operating margin21.6%
Net margin14.2%
Return on equity25.7%
Return on assets6.7%
Return on invested capital12.5%
Current ratio1.14
Liabilities / assets74.1%
Cash & investments$1.70B
Total debt$22.06B
Net cash (debt)-$20.36B
Free cash flow / sales17.1%

Where the revenue comes from

Quarter 2026/Q2

By business line

  • Risk and Insurance Services$4.82B 65.0%
  • Consulting$2.60B 35.0%

Income statement

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Revenue as Reported $7.40B $7.60B $26.98B $6.60B $6.35B
Total Operating Revenue $7.40B $7.60B $26.98B $6.60B $6.35B
Cost of Revenue $4.14B $4.13B $15.58B $3.94B $3.89B
Gross Profit $3.26B $3.47B $11.40B $2.66B $2.46B
Operating Expense $1.36B $1.71B $5.18B $1.44B $1.29B
Other Operating Expenses $1.36B $1.71B $5.18B $1.44B $1.29B
Operating Profit $1.90B $1.75B $6.22B $1.22B $1.17B
Net Non-Operating Interest Income (Expense) -$242.00M -$229.00M -$912.00M -$221.00M -$227.00M
Non-Operating Interest Income $8.00M $11.00M $48.00M $14.00M $10.00M
Non-Operating Interest Expense $250.00M $240.00M $960.00M $235.00M $237.00M
Other Income (Expense) $45.00M $56.00M $228.00M $58.00M $67.00M
Gain on Sale of Security -$5.00M $6.00M $34.00M $7.00M $15.00M
Other Non-Operating Income (Expenses) $50.00M $50.00M $194.00M $51.00M $52.00M
Pretax Profit $1.70B $1.58B $5.54B $1.06B $1.01B
Tax $411.00M $395.00M $1.31B $222.00M $253.00M
Net Profit $1.29B $1.19B $4.23B $834.00M $757.00M
Profit from Continuing Operations $1.29B $1.19B $4.23B $834.00M $757.00M
Minority Interests $25.00M $40.00M $74.00M $13.00M $10.00M
Net Income to Parent Company $1.27B $1.15B $4.16B $821.00M $747.00M
Net Income to Common Stockholders $1.27B $1.15B $4.16B $821.00M $747.00M
Basic EPS $2.64 $2.37 $8.48 $1.69 $1.52
Diluted EPS $2.63 $2.36 $8.43 $1.68 $1.51
Dividend Per Share $0.90 $0.90 $3.43 $0.90 $0.90

Balance sheet

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Assets $59.68B $58.55B $58.71B $58.71B $58.78B
Total Current Assets $24.33B $23.24B $23.20B $23.20B $23.70B
Cash and Cash Equivalents & Short-Term Investments $1.70B $1.61B $2.69B $2.69B $2.51B
-Cash and Cash Equivalents $1.70B $1.61B $2.69B $2.69B $2.51B
Receivables $8.94B $8.43B $7.67B $7.67B $7.91B
-Accounts Receivable $8.29B $7.78B $7.02B $7.02B $7.26B
-Other Receivables $813.00M $809.00M $817.00M $817.00M $823.00M
-Receivables Adjustments Allowances -$159.00M -$159.00M -$162.00M -$162.00M -$173.00M
Restricted Cash $12.20B $11.74B $11.47B $11.47B $12.00B
Other Current Assets $1.49B $1.45B $1.37B $1.37B $1.28B
Total Non-Current Assets $35.35B $35.32B $35.51B $35.51B $35.08B
Net PPE $2.23B $2.27B $2.29B $2.29B $2.26B
-Gross PPE $3.97B $3.97B $3.96B $3.96B $3.93B
-Accumulated Depreciation -$1.73B -$1.70B -$1.67B -$1.67B -$1.67B
Goodwill and Other Intangible Assets $28.86B $28.88B $29.08B $29.08B $28.62B
-Goodwill $24.35B $24.27B $24.34B $24.34B $23.95B
-Other Intangible Assets $4.51B $4.61B $4.75B $4.75B $4.67B
Defined Pension Benefit $2.23B $2.17B $2.14B $2.14B $2.21B
Non-Current Deferred Assets $199.00M $193.00M $212.00M $212.00M $248.00M
Other Non-Current Assets $1.83B $1.80B $1.79B $1.79B $1.75B
Total Liabilities $44.25B $43.75B $43.40B $43.40B $43.42B
Total Current Liabilities $21.36B $20.91B $21.06B $21.06B $21.10B
Payables $4.53B $5.19B $4.03B $4.03B $4.41B
-Accounts Payable $4.05B $4.18B $3.65B $3.65B $3.36B
-Total Tax Payable $479.00M $572.00M $373.00M $373.00M $617.00M
Short-Term Debt and Capital Lease Obligation $2.00B $2.03B $1.60B $1.60B $1.60B
-Current Debt $1.67B $1.70B $1.27B $1.27B $1.26B
-Current Capital Lease Obligation $327.00M $326.00M $333.00M $333.00M $332.00M
Other Current Liabilities $12.20B $11.74B $11.47B $11.47B $12.00B
Total Non-Current Liabilities $22.89B $22.84B $22.34B $22.34B $22.33B
Long Term Debt and Capital Lease Obligation $20.39B $20.42B $19.85B $19.85B $19.83B
-Long Term Debt $18.89B $18.90B $18.32B $18.32B $18.32B
-Long Term Capital Lease Obligation $1.49B $1.52B $1.53B $1.53B $1.51B
Employee Benefits $739.00M $752.00M $786.00M $786.00M $791.00M
Other Non-Current Liabilities $1.77B $1.67B $1.70B $1.70B $1.70B
Total Equity $15.43B $14.81B $15.32B $15.32B $15.36B
Stockholders' Equity $15.18B $14.57B $15.10B $15.10B $15.15B
Capital Stock $561.00M $561.00M $561.00M $561.00M $561.00M
-Common Stock $561.00M $561.00M $561.00M $561.00M $561.00M
-Preferred Stock $0.00 $0.00 $0.00 $0.00 $0.00
Additional Paid-In Capital $1.57B $1.47B $1.55B $1.55B $1.46B
Retained Earnings $29.30B $28.04B $27.77B $27.77B $26.95B
Less: Treasury Stock $10.67B $9.94B $9.35B $9.35B $8.37B
Gains/Losses Not Affecting Retained Earnings -$5.58B -$5.56B -$5.43B -$5.43B -$5.44B
Minority Interests $250.00M $237.00M $215.00M $215.00M $206.00M
-Dividends Payable $436.00M $441.00M

Cash flow

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Operating Cash Flow $1.52B -$688.00M $5.29B $2.16B $2.08B
Net cash flow from continuing operations $1.52B -$688.00M $5.29B $2.16B $2.08B
Net Income from Continuing Operations $1.29B $1.19B $4.23B $834.00M $757.00M
Gain/Loss from Continuing Operations $5.00M -$13.00M -$60.00M -$3.00M -$17.00M
Depreciation & Depletion & Amortization $227.00M $227.00M $910.00M $228.00M $224.00M
Other Non-Cash Items $32.00M $86.00M $332.00M $95.00M $81.00M
Change in Working Capital -$128.00M -$2.31B -$518.00M $918.00M $942.00M
-Change in Receivables -$581.00M -$784.00M -$128.00M $260.00M $533.00M
-Change in Payables and Accrued Expense $685.00M -$2.00B $242.00M $852.00M $724.00M
-Change in Other Current Assets -$32.00M -$122.00M -$143.00M -$104.00M $30.00M
-Change in Other Current Liabilities -$150.00M $501.00M -$242.00M $164.00M -$279.00M
-Change In Other Working Capital -$50.00M $96.00M -$247.00M -$254.00M -$66.00M
Net cash flow from investing -$161.00M -$104.00M -$845.00M -$523.00M -$227.00M
Net Cash Flow from Continuing Investing Activities -$161.00M -$104.00M -$845.00M -$523.00M -$227.00M
Capital Expenditure -$72.00M -$62.00M -$291.00M -$105.00M -$72.00M
Net Business Purchase and Sale -$88.00M -$29.00M -$630.00M -$421.00M -$162.00M
Net Investment Purchase and Sale -$1.00M -$7.00M $74.00M -$5.00M $10.00M
Net Other Investing Changes $0.00 -$6.00M $2.00M $8.00M -$3.00M
Financing Cash Flow -$800.00M $114.00M -$4.63B -$2.05B -$753.00M
Net Cash Flow from Continuing Financing Activities -$800.00M $114.00M -$4.63B -$2.05B -$753.00M
Net Issuance Payments Of Debt -$30.00M $1.04B -$519.00M -$5.00M -$154.00M
Net Common Stock Issuance -$852.00M -$692.00M -$1.76B -$824.00M -$371.00M
Cash Dividends Paid -$438.00M -$440.00M -$1.70B -$444.00M -$445.00M
Net Other Financing Charges $520.00M $207.00M -$654.00M -$775.00M $217.00M
Ending Cash Balance $13.90B $13.36B $14.16B $14.16B $14.51B
Net Change in Cash $562.00M -$678.00M -$187.00M -$410.00M $1.10B
Beginning Cash Balance $13.36B $14.16B $13.67B $14.51B $13.55B
Effect of Exchange Rate Changes -$14.00M -$127.00M $673.00M $58.00M -$138.00M
Free Cash Flow $1.45B -$750.00M $5.00B $2.06B $2.01B
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