← MARSH & MCLENNAN COMPANIES, INC.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
ASSETS
Current assets:
Cash and Cash Equivalents, at Carrying Value $1.0b $1.2b $1.1b $1.2b $2.1b $1.8b $1.4b $3.4b $2.4b $2.7b
Cash and cash equivalents $1.0b $1.2b $1.1b $1.2b $2.1b $1.8b $1.4b $3.4b $2.4b $2.7b
Cash and cash equivalents held in a fiduciary capacity — — — — — — $10.7b $10.8b $11.3b $11.5b
Gross receivables $3.7b $4.2b $4.4b $5.4b $5.5b $5.8b $6.0b $6.6b $7.3b $7.8b
Net receivables $3.6b $4.1b $4.3b $5.2b $5.3b $5.6b $5.9b $6.4b $7.2b $7.7b
Other current assets $215.0m $224.0m $551.0m $677.0m $740.0m $926.0m $1.0b $1.2b $1.3b $1.4b
Assets, Current $4.9b $5.6b $5.9b $7.1b $8.2b $8.3b $8.3b $21.7b $22.1b $23.2b
Total current assets $4.9b $5.6b $5.9b $7.1b $8.2b $8.3b $8.3b $21.7b $22.1b $23.2b
Property, Plant and Equipment, Net $725.0m $712.0m $701.0m $858.0m $856.0m $847.0m $871.0m $882.0m $859.0m $829.0m
Goodwill $8.4b $9.1b $9.6b $14.7b $15.5b $16.3b $16.3b $17.2b $23.3b $24.3b
Intangible Assets, Net (Excluding Goodwill) $1.1b $1.3b $1.4b $2.8b $2.7b $2.8b $2.5b — — —
Other intangible assets $1.1b $1.3b $1.4b $2.8b $2.7b $2.8b $2.5b $2.6b $4.8b $4.7b
Operating Lease, Right-of-Use Asset — — — $1.9b $1.9b $1.9b $1.6b $1.5b $1.5b $1.5b
Other Assets, Noncurrent $1.2b $1.4b $1.5b $1.8b $1.5b $1.5b $1.4b $1.6b $1.7b $1.8b
Other assets $1.2b $1.4b $1.5b $1.8b $1.5b $1.5b $1.4b $1.6b $1.7b $1.8b
Right of use assets — — — $1.9b $1.9b $1.9b $1.6b $1.5b $1.5b $1.5b
Additional Financial Items
Advanced premiums and claims $83.0m $65.0m $79.0m $123.0m $112.0m $136.0m $103.0m $103.0m $84.0m $67.0m
Commissions and fees $3.4b $3.8b $4.0b $4.6b $4.7b $5.1b $5.3b $5.8b $6.5b $7.0b
Current lease liabilities — — — $342.0m $342.0m $332.0m $310.0m $312.0m $325.0m $333.0m
Deferred tax assets $1.1b $669.0m $680.0m $676.0m $702.0m $551.0m $358.0m $357.0m $237.0m $212.0m
Fiduciary liabilities $4.2b $4.8b $5.0b $7.3b $8.6b $9.6b $10.7b $10.8b $11.3b $11.5b
Fixed assets, net $725.0m $712.0m $701.0m $858.0m $856.0m $847.0m $871.0m $882.0m $859.0m $829.0m
Less – allowance for credit losses ($96.0m) ($110.0m) ($112.0m) ($140.0m) ($142.0m) ($166.0m) ($160.0m) ($151.0m) ($167.0m) ($162.0m)
Less – treasury shares, at cost, 75,783,063 shares at December 31, 2025 and 69,239,488 shares at December 31, 2024 — — — — — ($4.5b) ($6.2b) ($7.1b) ($7.7b) ($9.3b)
Liability for errors and omissions $308.0m $301.0m $287.0m $335.0m $366.0m $355.0m $355.0m $314.0m $305.0m $288.0m
Long-term lease liabilities — — — $1.9b $1.9b $1.9b $1.7b $1.7b $1.6b $1.5b
Non-controlling interests $80.0m $83.0m $73.0m $150.0m $156.0m $213.0m $229.0m $179.0m $193.0m $215.0m
Other $286.0m $401.0m $366.0m $645.0m $677.0m $523.0m $616.0m $660.0m $706.0m $750.0m
Other liabilities $957.0m $1.3b $1.4b $1.4b $1.5b $1.7b $1.4b $1.3b $1.3b $1.4b
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax $19.0m $14.0m $0 — — — — — — —
Total equity $6.3b $7.4b $7.6b $7.9b $9.3b $11.2b $10.7b $12.4b $13.5b $15.3b
Assets $18.2b $20.4b $21.6b $31.4b $33.0b $34.4b $33.5b $48.0b $56.5b $58.7b
Total assets $18.2b $20.4b $21.6b $31.4b $33.0b $34.4b $33.5b $48.0b $56.5b $58.7b
LIABILITIES AND EQUITY
Total liabilities and stockholders' equity $18.2b $20.4b $21.6b $31.4b $33.0b $34.4b $33.5b $48.0b $56.5b $58.7b
Current liabilities:
Accounts payable and accrued liabilities $2.0b $2.1b $2.2b $2.7b $3.0b $3.2b $3.3b $3.4b $3.4b $3.7b
Accrued compensation and employee benefits $1.7b $1.7b $1.8b $2.2b $2.4b $2.9b $3.1b $3.3b $3.6b $4.0b
Accrued income taxes $146.0m $199.0m $157.0m $179.0m $247.0m $198.0m $221.0m $321.0m $376.0m $373.0m
Long-term Debt, Current Maturities $262.0m $262.0m $314.0m $1.2b $517.0m $17.0m $268.0m $1.6b $519.0m $1.3b
Long-term Debt, Excluding Current Maturities $4.5b $5.2b $5.5b $10.7b $10.8b $10.9b $11.2b $11.8b $19.4b $18.3b
Operating Lease, Liability, Current — — — $342.0m $342.0m $332.0m $310.0m $312.0m $325.0m $333.0m
Operating Lease, Liability, Noncurrent — — — $1.9b $1.9b $1.9b $1.7b $1.7b $1.6b $1.5b
Short-term debt $312.0m $262.0m $314.0m $1.2b $517.0m $17.0m $268.0m $1.6b $519.0m $1.3b
Liabilities, Current $4.1b $4.3b $4.9b $6.7b $6.6b $6.7b $7.2b $19.8b $19.5b $21.1b
Total current liabilities $4.1b $4.3b $4.9b $6.7b $6.6b $6.7b $7.2b $19.8b $19.5b $21.1b
Other Liabilities, Noncurrent $957.0m $1.3b $1.4b $1.4b $1.5b $1.7b $1.4b $1.3b $1.3b $1.4b
Pension related assets $776.0m $1.7b $1.7b $1.6b $1.8b $2.3b $2.1b $2.1b $1.9b $2.1b
Pension, post-retirement and post-employment benefits $2.1b $1.9b $1.9b $2.3b $2.7b $1.6b $921.0m $779.0m $840.0m $786.0m
Deferred Tax Liabilities, Net — — — — — — — — $454.0m $537.0m
Commitments and Contingencies $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Stockholders’ equity:
Accumulated Other Comprehensive Income (Loss), Net of Tax ($5.1b) ($4.0b) ($4.6b) ($5.1b) ($5.1b) ($4.6b) ($5.3b) ($5.3b) ($6.2b) ($5.4b)
Accumulated other comprehensive loss ($5.1b) ($4.0b) ($4.6b) ($5.1b) ($5.1b) ($4.6b) ($5.3b) ($5.3b) ($6.2b) ($5.4b)
Additional Paid in Capital, Common Stock $842.0m $784.0m $817.0m $862.0m $943.0m $1.1b $1.2b $1.2b $1.4b $1.5b
Additional paid-in capital $842.0m $784.0m $817.0m $862.0m $943.0m $1.1b $1.2b $1.2b $1.4b $1.5b
Common Stock, Value, Issued $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m
Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2025 and 2024 $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m $561.0m
Preferred Stock, Value, Issued $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Retained Earnings (Accumulated Deficit) $12.4b $13.1b $14.3b $15.2b $16.3b $18.4b $20.3b $22.8b $25.3b $27.8b
Stockholders equity subtotal before treasury stock $8.8b $10.5b $11.2b $11.7b $12.8b $15.7b $17.0b $19.4b $21.2b $24.7b
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax $3.2b ($2.9b) ($3.0b) ($5.1b) ($5.1b) ($4.6b) ($5.3b) ($5.3b) ($6.2b) ($5.4b)
Stockholders' Equity Attributable to Noncontrolling Interest $80.0m $83.0m $73.0m $150.0m $156.0m $213.0m $229.0m $179.0m $193.0m $215.0m
Liabilities and Equity $18.2b $20.4b $21.6b $31.4b $33.0b $34.4b $33.5b $48.0b $56.5b $58.7b

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.