Marsh & McLennan Companies, Inc. (MMC) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 | Q4'20 |
|---|
| Revenue | 6.35B | 6.97B | 7.06B | 6.07B | 5.7B | 6.22B | 6.47B | 5.55B | 5.38B | 5.88B | 5.92B | 5.02B | 4.77B | 5.38B | 5.55B | 5.14B | 4.58B | 5.02B | 5.08B | 4.42B |
| Revenue Growth % | 11.48% | 12.1% | 9.08% | 9.24% | 5.85% | 5.87% | 9.27% | 10.59% | 12.83% | 9.24% | 6.76% | -2.24% | 4.08% | 7.22% | 9.17% | 16.33% | 15.5% | 19.77% | 9.29% | 3.56% |
| Medical Costs & Claims | 3.89B | 3.9B | 3.85B | 3.63B | 3.44B | 3.45B | 3.47B | 3.27B | 3.29B | 3.34B | 3.21B | 3.04B | 2.92B | 3.01B | 3.1B | 2.9B | 2.85B | 2.86B | 2.81B | 2.65B |
| Medical Cost Ratio % | 61.31% | 55.85% | 54.52% | 59.83% | 60.42% | 55.52% | 53.61% | 58.84% | 61.07% | 56.79% | 54.14% | 60.49% | 61.28% | 55.96% | 55.87% | 56.55% | 62.25% | 57.01% | 55.22% | 60.01% |
| Gross Profit | 2.46B | 3.08B | 3.21B | 2.44B | 2.25B | 2.77B | 3B | 2.29B | 2.1B | 2.54B | 2.72B | 1.98B | 1.85B | 2.37B | 2.45B | 2.23B | 1.73B | 2.16B | 2.28B | 1.77B |
| Gross Margin % | 38.69% | 44.15% | 45.48% | 40.17% | 39.58% | 44.48% | 46.39% | 41.16% | 38.93% | 43.21% | 45.86% | 39.51% | 38.72% | 44.04% | 44.13% | 43.45% | 37.75% | 42.99% | 44.78% | 39.99% |
| Gross Profit Growth % | 8.96% | 11.28% | 6.93% | 6.61% | 7.64% | 8.98% | 10.53% | 15.22% | 13.43% | 7.18% | 10.94% | -11.11% | 6.76% | 9.83% | 7.6% | 26.39% | 17.45% | 22.56% | 8.59% | -1.12% |
| Operating Expenses | 1.29B | 1.25B | 1.21B | 1.29B | 1.15B | 1.13B | 1.08B | 1.18B | 1.1B | 1.08B | 991M | 1.3B | 1.06B | 1B | 1B | 1.25B | 990M | 929M | 918M | 1.2B |
| OpEx / Revenue % | 20.26% | 17.92% | 17.08% | 21.34% | 20.13% | 18.08% | 16.65% | 21.3% | 20.42% | 18.41% | 16.73% | 25.97% | 22.14% | 18.68% | 18.09% | 24.26% | 21.6% | 18.52% | 18.06% | 27.06% |
| Depreciation & Amortization | 224M | 231M | 227M | 201M | 180M | 176M | 189M | 186M | 180M | 178M | 169M | 202M | 169M | 168M | 180M | 178M | 179M | 193M | 197M | 194M |
| Combined Ratio % | 81.58% | 73.77% | 71.6% | 81.18% | 80.55% | 73.61% | 70.26% | 80.14% | 81.49% | 75.2% | 70.86% | 86.46% | 83.42% | 74.64% | 73.96% | 80.81% | 83.85% | 75.52% | 73.28% | 87.07% |
| Operating Income | 1.17B | 1.83B | 2B | 1.14B | 1.11B | 1.64B | 1.93B | 1.1B | 996M | 1.46B | 1.73B | 680M | 791M | 1.36B | 1.45B | 986M | 740M | 1.23B | 1.36B | 571M |
| Operating Margin % | 18.42% | 26.23% | 28.4% | 18.82% | 19.45% | 26.39% | 29.74% | 19.86% | 18.51% | 24.8% | 29.14% | 13.54% | 16.58% | 25.36% | 26.04% | 19.19% | 16.15% | 24.48% | 26.72% | 12.93% |
| Operating Income Growth % | 5.6% | 11.39% | 4.16% | 3.54% | 11.24% | 12.7% | 11.53% | 62.21% | 25.92% | 6.82% | 19.45% | -31.03% | 6.89% | 11.07% | 6.41% | 72.68% | 37.04% | 38.76% | 26.92% | -3.55% |
| EBITDA | 1.39B | 2.06B | 2.23B | 1.34B | 1.29B | 1.82B | 2.11B | 1.29B | 1.18B | 1.64B | 1.9B | 882M | 960M | 1.53B | 1.63B | 1.16B | 919M | 1.42B | 1.55B | 765M |
| EBITDA Margin % | 21.95% | 29.54% | 31.61% | 22.14% | 22.61% | 29.22% | 32.66% | 23.21% | 21.85% | 27.83% | 31.99% | 17.56% | 20.13% | 28.48% | 29.28% | 22.66% | 20.05% | 28.32% | 30.59% | 17.32% |
| Interest Expense | 237M | 243M | 245M | 231M | 154M | 156M | 159M | 151M | 145M | 146M | 136M | 127M | 118M | 114M | 110M | 109M | 107M | 110M | 118M | 128M |
| Non-Operating Income | -77M | -60M | -67M | -98M | -81M | -79M | -105M | -96M | -79M | -73M | -74M | -60M | -60M | -62M | -89M | -84M | -83M | -91M | -82M | -97M |
| Pretax Income | 1.01B | 1.65B | 1.83B | 1.01B | 1.03B | 1.56B | 1.87B | 1.05B | 930M | 1.38B | 1.66B | 613M | 733M | 1.31B | 1.42B | 961M | 716M | 1.21B | 1.32B | 540M |
| Pretax Margin % | 15.9% | 23.6% | 25.87% | 16.63% | 18.17% | 25.16% | 28.9% | 18.87% | 17.28% | 23.55% | 28.09% | 12.21% | 15.37% | 24.39% | 25.66% | 18.71% | 15.62% | 24.1% | 26.01% | 12.23% |
| Income Tax | 253M | 415M | 415M | 208M | 283M | 425M | 447M | 283M | 192M | 337M | 412M | 142M | 181M | 334M | 338M | 154M | 174M | 382M | 324M | 161M |
| Effective Tax Rate % | 25.05% | 25.21% | 22.71% | 20.61% | 27.34% | 27.16% | 23.89% | 27% | 20.65% | 24.35% | 24.76% | 23.16% | 24.69% | 25.46% | 23.74% | 16.02% | 24.3% | 31.6% | 24.51% | 29.81% |
| Net Income | 747M | 1.21B | 1.38B | 788M | 747M | 1.13B | 1.4B | 756M | 730M | 1.03B | 1.24B | 466M | 546M | 967M | 1.07B | 803M | 537M | 820M | 983M | 374M |
| Net Margin % | 11.76% | 17.36% | 19.56% | 12.99% | 13.11% | 18.08% | 21.63% | 13.61% | 13.56% | 17.61% | 20.85% | 9.28% | 11.45% | 17.98% | 19.3% | 15.63% | 11.72% | 16.34% | 19.34% | 8.47% |
| Net Income Growth % | 0% | 7.64% | -1.36% | 4.23% | 2.33% | 8.7% | 13.36% | 62.23% | 33.7% | 7.03% | 15.31% | -41.97% | 1.68% | 17.93% | 8.95% | 114.71% | 69.94% | 43.36% | 30.37% | -4.35% |
| EPS (Diluted) | 1.51 | 2.45 | 2.79 | 1.59 | 1.51 | 2.27 | 2.82 | 1.52 | 1.46 | 2.07 | 2.47 | 0.93 | 1.09 | 1.91 | 2.10 | 1.57 | 1.05 | 1.60 | 1.91 | 0.73 |
| EPS Growth % | 0% | 7.93% | -1.06% | 4.61% | 3.42% | 9.66% | 14.17% | 63.44% | 33.95% | 8.38% | 17.62% | -40.76% | 3.81% | 19.38% | 9.95% | 115.07% | 69.35% | 42.86% | 29.05% | -3.95% |
| EPS (Basic) | 1.52 | 2.46 | 2.81 | 1.60 | 1.52 | 2.29 | 2.85 | 1.53 | 1.48 | 2.09 | 2.49 | 0.94 | 1.10 | 1.93 | 2.13 | 1.59 | 1.06 | 1.61 | 1.93 | 0.74 |
| Diluted Shares Outstanding | 494M | 495M | 495M | 496M | 496M | 496M | 497M | 498M | 499M | 499M | 500M | 501M | 503M | 506M | 509M | 511M | 513M | 513M | 514M | 513M |