← 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | $13.2b | $14.0b | $14.9b | $16.7b | $17.2b | $19.8b | $20.7b | $22.7b | $24.5b | $27.0b | |
| Revenue from Contract with Customer, Including Assessed Tax | $13.2b | $14.0b | $14.9b | $16.7b | $17.2b | $19.8b | $20.7b | $22.7b | $24.5b | $27.0b | |
| Sales Revenue, Services, Net (Deprecated 2018-01-31) | $13.2b | $14.0b | — | — | — | — | — | — | — | — | |
| Operating Expenses | $10.5b | $11.4b | $12.2b | $14.0b | $14.2b | $15.5b | $16.4b | $17.5b | $18.6b | $20.8b | |
| Other operating expenses | $3.1b | $3.3b | $3.6b | $4.2b | $4.0b | $4.1b | $4.4b | $4.4b | $4.6b | $5.2b | |
| Operating Income (Loss) | $2.7b | $2.7b | $2.8b | $2.7b | $3.1b | $4.3b | $4.3b | $5.3b | $5.8b | $6.2b | |
| Additional Financial Items | |||||||||||
| Amortization of Intangible Assets | $130.0m | $169.0m | $183.0m | $314.0m | $351.0m | $365.0m | $338.0m | $343.0m | $377.0m | $549.0m | |
| Basic (in shares) | $519.0m | $513.0m | $506.0m | $506.0m | $506.0m | $507.0m | $499.0m | $494.0m | $492.0m | $491.0m | |
| Compensation and benefits | $7.5b | $7.9b | $8.6b | $9.7b | $10.1b | $11.4b | $12.1b | $13.1b | $14.0b | $15.6b | |
| Debt and Equity Securities, Realized Gain (Loss) | — | — | $17.0m | — | — | — | — | — | — | — | |
| Diluted (in shares) | $524.0m | $519.0m | $511.0m | $511.0m | $512.0m | $513.0m | $505.0m | $499.0m | $496.0m | $494.0m | |
| Equity Securities, FV-NI, Realized Gain (Loss) | — | — | — | — | ($27.0m) | $5.0m | $11.0m | — | — | — | |
| Gain (Loss) on Investments | $0 | $15.0m | ($12.0m) | $22.0m | ($22.0m) | $61.0m | $21.0m | $5.0m | $12.0m | $34.0m | |
| Income (Loss) from Continuing Operations before Income Taxes, Domestic | $725.0m | $819.0m | $460.0m | $657.0m | $1.1b | $1.6b | $1.5b | $1.8b | $1.9b | $2.0b | |
| Income (Loss) from Continuing Operations, Per Basic Share | $3 | $3 | $3 | $3 | $4 | $6 | $6 | $8 | $8 | $8 | |
| Income (Loss) from Continuing Operations, Per Diluted Share | $3 | $3 | $3 | $3 | $4 | $6 | $6 | $8 | $8 | $8 | |
| Income (Loss) from Equity Method Investments | — | — | — | $12.0m | — | — | — | — | — | — | |
| Interest income | $5.0m | $9.0m | $11.0m | $39.0m | $7.0m | $2.0m | $15.0m | $78.0m | $83.0m | $48.0m | |
| Investment Income, Interest | $5.0m | $9.0m | $11.0m | $39.0m | $7.0m | $2.0m | $15.0m | $78.0m | $83.0m | $48.0m | |
| Investment income | $1.0m | $15.0m | ($12.0m) | $22.0m | ($22.0m) | $61.0m | $21.0m | $5.0m | $12.0m | $34.0m | |
| Other net benefits credits | $233.0m | $201.0m | $215.0m | $265.0m | $257.0m | $277.0m | $235.0m | $239.0m | $268.0m | $194.0m | |
| Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | $0 | — | — | — | — | — | — | — | — | — | |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $2.5b | $2.6b | $2.2b | $2.4b | $2.8b | $4.2b | $4.1b | $5.0b | $5.5b | $5.5b | |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $1.8b | $1.5b | $1.6b | $1.7b | — | — | — | — | — | — | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.8b | $1.5b | $1.7b | $1.8b | $30.0m | $31.0m | $37.0m | $46.0m | $57.0m | $74.0m | |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $0 | — | — | — | — | — | — | — | — | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $0 | $2.0m | $0 | $0 | — | — | — | — | — | — | |
| Income before income taxes | $2.5b | $2.6b | $2.2b | $2.4b | $2.8b | $4.2b | $4.1b | $5.0b | $5.5b | $5.5b | |
| Less: Net income attributable to non-controlling interests | $27.0m | $20.0m | $20.0m | $31.0m | $30.0m | $31.0m | $37.0m | $46.0m | $57.0m | $74.0m | |
| Net income before non-controlling interests | $1.8b | $1.5b | $1.7b | $1.8b | $2.0b | $3.2b | $3.1b | $3.8b | $4.1b | $4.2b | |
| Net Income (Loss) Attributable to Parent | $1.8b | $1.5b | $1.6b | $1.7b | $2.0b | $3.1b | $3.0b | $3.8b | $4.1b | $4.2b | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $27.0m | $20.0m | $20.0m | $31.0m | $30.0m | $31.0m | $37.0m | $46.0m | $57.0m | $74.0m | |
| Common Stock, Dividends, Per Share, Declared | $3.41 | $2.91 | $3.26 | $3.44 | $3.98 | $6.20 | $6.11 | $7.60 | $3.05 | $3.43 | |
| Earnings Per Share, Basic | $3.41 | $2.91 | $3.26 | $3.44 | $3.98 | $6.20 | $6.11 | $7.60 | $8.26 | $8.48 | |
| Earnings Per Share, Diluted | $3.38 | $2.87 | $3.23 | $3.41 | $3.94 | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 | |
| Shares outstanding (in shares) | 514.0m | 509.0m | 504.0m | 504.0m | 508.0m | 504.0m | 495.0m | 492.0m | 491.0m | 485.0m | |
| Weighted Average Number of Shares Outstanding, Basic | 519.0m | 513.0m | 506.0m | 506.0m | 506.0m | 507.0m | 499.0m | 494.0m | 492.0m | 491.0m | |
| Weighted Average Number of Shares Outstanding, Diluted | 524.0m | 519.0m | 511.0m | 511.0m | 512.0m | 513.0m | 505.0m | 499.0m | 496.0m | 494.0m | |
| Business Combination, Acquisition Related Costs | $14.0m | $3.0m | $7.0m | — | $3.0m | $5.0m | $24.0m | $45.0m | $119.0m | $282.0m | |
| Current Income Tax Expense (Benefit) | $617.0m | $737.0m | $613.0m | $582.0m | $707.0m | $1.1b | $1.0b | $1.3b | $1.2b | $1.2b | |
| Income tax expense | $685.0m | $1.1b | $574.0m | $666.0m | $747.0m | $1.0b | $995.0m | $1.2b | $1.4b | $1.3b | |
| Interest Expense | $189.0m | $237.0m | $290.0m | $524.0m | $515.0m | $444.0m | $469.0m | $578.0m | $700.0m | $960.0m | |
| Interest Expense (non-operating) | — | — | — | — | — | — | — | — | $700.0m | $960.0m | |
| Labor and Related Expense | $7.5b | $8.1b | $8.6b | $9.7b | $10.1b | $11.4b | $12.1b | $13.1b | $14.0b | $15.6b | |
| Other Cost and Expense, Operating | $3.1b | $3.3b | $3.6b | $4.2b | $4.0b | $4.1b | $4.4b | $4.4b | $4.6b | $5.2b | |
| Restructuring and Related Cost, Incurred Cost | — | — | — | — | — | — | — | — | — | $150.0m | |
| Income Tax Expense (Benefit) | $685.0m | $1.1b | $574.0m | $666.0m | $747.0m | $1.0b | $995.0m | $1.2b | $1.4b | $1.3b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.