Short answer
Marsh McLennan (MRSH) filed its fiscal 2025 10-K annual report with the SEC on Feb 9, 2026. It reported revenue of $27.0B (+10.3% year over year) and net income of $4.2B.
- Top risk flagged: Regulatory risk: Compliance costs and penalties under GDPR, CCPA, emerging EU AI Act impacting financial condition and reputation
FY2025 key financial metrics · XBRL
- Revenue
- $27.0B
- +10.3% YoY
- Net income
- $4.2B
- +2.5% YoY
- Operating margin
- 23.1%
- −0.7 pp YoY
- EPS (diluted)
- $8.43
- +3.1% YoY
- ROE
- 27.2%
- −2.8 pp YoY
- Operating cash flow
- $5.3B
- +23.0% YoY
Source: XBRL data from the Marsh McLennan (MRSH) FY2025 10-K on SEC EDGAR. USD.
Marsh McLennan FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model focused on risk management and consulting services (implied from company identity, no new business model details given)
- No new products, services, or segments introduced or emphasized in the 2026 filing text provided
- Emphasis on updated insider trading policies and compliance protocols with detailed Trading Securities Policy enhancements
- Referenced policies filed as Exhibits 19.1 and 19.2 to the 10-K, reflecting formalized governance and compliance documentation
- Heavy reliance on cross-references to 2026 Proxy Statement for compensation, stock ownership, and governance information
Management Discussion & Analysis
- Revenue $27.0B, up 10% YoY ($2.5B increase), underlying growth 4%; Risk & Insurance Services +12%, Consulting +7%
- Operating income $6.2B, up 7% YoY; Risk & Insurance margin 26.8% down from 28.4%, Consulting margin flat at 19.4%
- Best segment: Risk & Insurance Services revenue $17.3B (+12%), operating income $4.6B; Worst: Corporate expenses $309M (-3%), net loss segment
- Cash flow: repaid $500M senior notes; share repurchases $2.0B (10.1M shares); dividends paid $1.7B; $857M spent on 20 acquisitions
- Outlook/risks: macro/geopolitical conflicts, trade policies, slower GDP, FX volatility, inflation, insurance premium rate changes could impact future results
Risk Factors
- Regulatory risk: Compliance costs and penalties under GDPR, CCPA, emerging EU AI Act impacting financial condition and reputation
- Geopolitical threat: Exposure to conflict zones including Ukraine war, Middle East tensions, and Latin America impacting economic markets and client demand
- Operational vulnerability: Reliance on third-party vendors and introducers may cause harm if these parties fail or act improperly
- Market disruption: Competitive pressures including disintermediation and evolving landscape threatening growth in Risk and Insurance Services
- Financial risk: Significant uninsured exposures from errors and omissions and breach of fiduciary duty claims with potential for material losses
Generated from the filing text; verify against the original. How to read a 10-K
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