Marsh & Mclennan Companies
Revenue
USD millions
| Period | Revenue |
|---|---|
| FY 2018 Q2 | $3,734M; Change unavailable vs FY 2018 Q1 |
| FY 2018 Q3 | $3,504M; −6.2% vs FY 2018 Q2 |
| FY 2018 Q4 | $3,712M; +5.9% vs FY 2018 Q3 |
| FY 2019 Q1 | $4,071M; +9.7% vs FY 2018 Q4 |
| FY 2019 Q2 | $4,349M; +6.8% vs FY 2019 Q1 |
| FY 2019 Q3 | $3,968M; −8.8% vs FY 2019 Q2 |
| FY 2019 Q4 | $4,264M; +7.5% vs FY 2019 Q3 |
| FY 2020 Q1 | $4,651M; +9.1% vs FY 2019 Q4 |
| FY 2020 Q2 | $4,189M; −9.9% vs FY 2020 Q1 |
| FY 2020 Q3 | $3,968M; −5.3% vs FY 2020 Q2 |
| FY 2020 Q4 | $4,416M; +11.3% vs FY 2020 Q3 |
| FY 2021 Q1 | $5,083M; +15.1% vs FY 2020 Q4 |
| FY 2021 Q2 | $5,017M; −1.3% vs FY 2021 Q1 |
| FY 2021 Q3 | $4,583M; −8.7% vs FY 2021 Q2 |
| FY 2021 Q4 | $5,137M; +12.1% vs FY 2021 Q3 |
| FY 2022 Q1 | $5,549M; +8.0% vs FY 2021 Q4 |
| FY 2022 Q2 | $5,379M; −3.1% vs FY 2022 Q1 |
| FY 2022 Q3 | $4,770M; −11.3% vs FY 2022 Q2 |
| FY 2022 Q4 | $5,022M; +5.3% vs FY 2022 Q3 |
| FY 2023 Q1 | $5,924M; +18.0% vs FY 2022 Q4 |
| FY 2023 Q2 | $5,876M; −0.8% vs FY 2023 Q1 |
| FY 2023 Q3 | $5,382M; −8.4% vs FY 2023 Q2 |
| FY 2023 Q4 | $5,554M; +3.2% vs FY 2023 Q3 |
| FY 2024 Q1 | $6,473M; +16.5% vs FY 2023 Q4 |
| FY 2024 Q2 | $6,221M; −3.9% vs FY 2024 Q1 |
| FY 2024 Q3 | $5,697M; −8.4% vs FY 2024 Q2 |
| FY 2024 Q4 | $6,067M; +6.5% vs FY 2024 Q3 |
| FY 2025 Q1 | $7,061M; +16.4% vs FY 2024 Q4 |
| FY 2025 Q2 | $6,974M; −1.2% vs FY 2025 Q1 |
| FY 2025 Q3 | $6,351M; −8.9% vs FY 2025 Q2 |
| FY 2025 Q4 | $6,595M; +3.8% vs FY 2025 Q3 |
| FY 2026 Q1 | $7,597M; +15.2% vs FY 2025 Q4 |
| FY 2026 Q2 | $7,404M; −2.5% vs FY 2026 Q1 |
Free cash flow
USD millions
| Period | Free cash flow |
|---|---|
| FY 2018 Q2 | $700M; Change unavailable vs FY 2018 Q1 |
| FY 2018 Q3 | $819M; +17.0% vs FY 2018 Q2 |
| FY 2018 Q4 | $1,017M; +24.2% vs FY 2018 Q3 |
| FY 2019 Q1 | $-349M; −134.3% vs FY 2018 Q4 |
| FY 2019 Q2 | $429M; +222.9% vs FY 2019 Q1 |
| FY 2019 Q3 | $927M; +116.1% vs FY 2019 Q2 |
| FY 2019 Q4 | $933M; +0.6% vs FY 2019 Q3 |
| FY 2020 Q1 | $-756M; −181.0% vs FY 2019 Q4 |
| FY 2020 Q2 | $1,134M; +250.0% vs FY 2020 Q1 |
| FY 2020 Q3 | $1,343M; +18.4% vs FY 2020 Q2 |
| FY 2020 Q4 | $1,313M; −2.2% vs FY 2020 Q3 |
| FY 2021 Q1 | $-477M; −136.3% vs FY 2020 Q4 |
| FY 2021 Q2 | $1,076M; +325.6% vs FY 2021 Q1 |
| FY 2021 Q3 | $1,207M; +12.2% vs FY 2021 Q2 |
| FY 2021 Q4 | $1,304M; +8.0% vs FY 2021 Q3 |
| FY 2022 Q1 | $-824M; −163.2% vs FY 2021 Q4 |
| FY 2022 Q2 | $1,165M; +241.4% vs FY 2022 Q1 |
| FY 2022 Q3 | $1,255M; +7.7% vs FY 2022 Q2 |
| FY 2022 Q4 | $1,399M; +11.5% vs FY 2022 Q3 |
| FY 2023 Q1 | $-903M; −164.5% vs FY 2022 Q4 |
| FY 2023 Q2 | $1,383M; +253.2% vs FY 2023 Q1 |
| FY 2023 Q3 | $1,699M; +22.8% vs FY 2023 Q2 |
| FY 2023 Q4 | $1,663M; −2.1% vs FY 2023 Q3 |
| FY 2024 Q1 | $-868M; −152.2% vs FY 2023 Q4 |
| FY 2024 Q2 | $1,135M; +230.8% vs FY 2024 Q1 |
| FY 2024 Q3 | $1,839M; +62.0% vs FY 2024 Q2 |
| FY 2024 Q4 | $1,880M; +2.2% vs FY 2024 Q3 |
| FY 2025 Q1 | $-677M; −136.0% vs FY 2024 Q4 |
| FY 2025 Q2 | $1,612M; +338.1% vs FY 2025 Q1 |
| FY 2025 Q3 | $2,010M; +24.7% vs FY 2025 Q2 |
| FY 2025 Q4 | $2,056M; +2.3% vs FY 2025 Q3 |
| FY 2026 Q1 | $-750M; −136.5% vs FY 2025 Q4 |
| FY 2026 Q2 | $1,451M; +293.5% vs FY 2026 Q1 |
Net margin
%
| Fiscal period | % |
|---|---|
| FY 2018 Q2 | 14.22% |
| FY 2018 Q3 | 7.88% |
| FY 2018 Q4 | 4.12% |
| FY 2019 Q1 | 17.59% |
| FY 2019 Q2 | 7.63% |
| FY 2019 Q3 | 7.64% |
| FY 2019 Q4 | 9.17% |
| FY 2020 Q1 | 16.21% |
| FY 2020 Q2 | 13.65% |
| FY 2020 Q3 | 7.96% |
| FY 2020 Q4 | 8.47% |
| FY 2021 Q1 | 19.34% |
| FY 2021 Q2 | 16.34% |
| FY 2021 Q3 | 11.72% |
| FY 2021 Q4 | 15.63% |
| FY 2022 Q1 | 19.3% |
| FY 2022 Q2 | 17.98% |
| FY 2022 Q3 | 11.45% |
| FY 2022 Q4 | 9.28% |
| FY 2023 Q1 | 20.85% |
| FY 2023 Q2 | 17.61% |
| FY 2023 Q3 | 13.56% |
| FY 2023 Q4 | 13.61% |
| FY 2024 Q1 | 21.63% |
| FY 2024 Q2 | 18.08% |
| FY 2024 Q3 | 13.11% |
| FY 2024 Q4 | 12.99% |
| FY 2025 Q1 | 19.56% |
| FY 2025 Q2 | 17.36% |
| FY 2025 Q3 | 11.76% |
| FY 2025 Q4 | 12.45% |
| FY 2026 Q1 | 15.08% |
| FY 2026 Q2 | 17.1% |
P/E
× · TTM · Daily
| Close date | × · TTM · Daily | Financials through |
|---|---|---|
| 2019-04-30 | 28.75× | 2019-03-31 |
| 2019-05-31 | 29.15× | 2019-03-31 |
| 2019-06-28 | 30.41× | 2019-03-31 |
| 2019-07-31 | 30.12× | 2019-03-31 |
| 2019-08-30 | 34.63× | 2019-06-30 |
| 2019-09-30 | 34.68× | 2019-06-30 |
| 2019-10-31 | 35.21× | 2019-09-30 |
| 2019-11-29 | 36.72× | 2019-09-30 |
| 2019-12-31 | 37.85× | 2019-09-30 |
| 2020-01-31 | 38.01× | 2019-09-30 |
| 2020-02-28 | 30.67× | 2019-12-31 |
| 2020-03-31 | 25.36× | 2019-12-31 |
| 2020-04-30 | 28.55× | 2019-12-31 |
| 2020-05-29 | 30.35× | 2020-03-31 |
| 2020-06-30 | 30.76× | 2020-03-31 |
| 2020-07-31 | 33.41× | 2020-03-31 |
| 2020-08-31 | 32.92× | 2020-03-31 |
| 2020-09-30 | 32.86× | 2020-03-31 |
| 2020-10-30 | 29.64× | 2020-03-31 |
| 2020-11-30 | 32.85× | 2020-03-31 |
| 2020-12-31 | 33.52× | 2020-03-31 |
| 2021-01-29 | 31.49× | 2020-03-31 |
| 2021-02-26 | 29.43× | 2020-12-31 |
| 2021-03-31 | 31.11× | 2020-12-31 |
| 2021-04-30 | 34.66× | 2020-12-31 |
| 2021-05-28 | 35.34× | 2020-12-31 |
| 2021-06-30 | 35.94× | 2020-12-31 |
| 2021-07-30 | 30.29× | 2021-06-30 |
| 2021-08-31 | 32.35× | 2021-06-30 |
| 2021-09-30 | 31.16× | 2021-06-30 |
| 2021-10-29 | 34.32× | 2021-06-30 |
| 2021-11-30 | 33.75× | 2021-06-30 |
| 2021-12-31 | 35.77× | 2021-06-30 |
| 2022-01-31 | 31.62× | 2021-06-30 |
| 2022-02-28 | 25.37× | 2021-12-31 |
| 2022-03-31 | 27.82× | 2021-12-31 |
| 2022-04-29 | 26.39× | 2021-12-31 |
| 2022-05-31 | 26.11× | 2021-12-31 |
| 2022-06-30 | 25.34× | 2021-12-31 |
| 2022-07-29 | 26.76× | 2021-12-31 |
| 2022-08-31 | 26.34× | 2021-12-31 |
| 2022-09-30 | 24.37× | 2021-12-31 |
| 2022-10-31 | 23.98× | 2022-09-30 |
| 2022-11-30 | 25.72× | 2022-09-30 |
| 2022-12-30 | 24.58× | 2022-09-30 |
| 2023-01-31 | 25.98× | 2022-09-30 |
| 2023-02-28 | 26.69× | 2022-12-31 |
| 2023-03-31 | 27.41× | 2022-12-31 |
| 2023-04-28 | 28.03× | 2023-03-31 |
| 2023-05-31 | 26.94× | 2023-03-31 |
| 2023-06-30 | 29.26× | 2023-03-31 |
| 2023-07-31 | 28.65× | 2023-06-30 |
| 2023-08-31 | 29.65× | 2023-06-30 |
| 2023-09-29 | 28.93× | 2023-06-30 |
| 2023-10-31 | 27.3× | 2023-09-30 |
| 2023-11-30 | 28.71× | 2023-09-30 |
| 2023-12-29 | 27.28× | 2023-09-30 |
| 2024-01-31 | 27.91× | 2023-09-30 |
| 2024-02-29 | 26.87× | 2023-12-31 |
| 2024-03-28 | 27.37× | 2023-12-31 |
| 2024-04-30 | 26.5× | 2023-12-31 |
| 2024-05-31 | 27.58× | 2023-12-31 |
| 2024-06-28 | 28× | 2023-12-31 |
| 2024-07-31 | 29.57× | 2023-12-31 |
| 2024-08-30 | 30.23× | 2023-12-31 |
| 2024-09-30 | 29.64× | 2023-12-31 |
| 2024-10-31 | 28.99× | 2023-12-31 |
| 2024-11-29 | 30.99× | 2023-12-31 |
| 2024-12-31 | 28.22× | 2023-12-31 |
| 2025-01-31 | 28.81× | 2023-12-31 |
| 2025-02-28 | 31.6× | 2023-12-31 |
| 2025-03-31 | 32.42× | 2023-12-31 |
| 2025-04-30 | 28.58× | 2024-03-31 |
| 2025-05-30 | 29.62× | 2024-03-31 |
| 2025-06-30 | 27.71× | 2024-03-31 |
| 2025-07-31 | 24.63× | 2024-06-30 |
| 2025-08-29 | 25.45× | 2024-06-30 |
| 2025-09-30 | 24.92× | 2024-06-30 |
| 2025-10-31 | 21.32× | 2025-09-30 |
| 2025-11-28 | 21.96× | 2025-09-30 |
| 2025-12-31 | 22.21× | 2025-09-30 |
| 2026-01-30 | 22.53× | 2025-09-30 |
| 2026-02-27 | 22.35× | 2025-09-30 |
| 2026-03-31 | 20.76× | 2025-09-30 |
| 2026-04-30 | 20.77× | 2026-03-31 |
| 2026-05-29 | 19.81× | 2026-03-31 |
| 2026-06-30 | 20.64× | 2026-03-31 |
| 2026-07-31 | 22.97× | 2026-06-30 |
| 2026-08-31 | 22.99× | 2026-06-30 |
| 2026-09-25 | 20.72× | 2026-06-30 |
ROIC
% · Annual / TTM
| Fiscal period | % · Annual / TTM |
|---|---|
| FY 2018 Q2 | — |
| FY 2018 Q3 | — |
| FY 2018 Q4 | — |
| FY 2019 Q1 | — |
| FY 2019 Q2 | 12.02% |
| FY 2019 Q3 | 12.23% |
| FY 2019 Q4 | 12.52% |
| FY 2020 Q1 | 10.3% |
| FY 2020 Q2 | 11.26% |
| FY 2020 Q3 | 11.96% |
| FY 2020 Q4 | 12.07% |
| FY 2021 Q1 | 12.49% |
| FY 2021 Q2 | 13.21% |
| FY 2021 Q3 | 14.74% |
| FY 2021 Q4 | 16.72% |
| FY 2022 Q1 | 15.91% |
| FY 2022 Q2 | 16.72% |
| FY 2022 Q3 | 17.9% |
| FY 2022 Q4 | 15.7% |
| FY 2023 Q1 | 15.17% |
| FY 2023 Q2 | 15.5% |
| FY 2023 Q3 | 17.39% |
| FY 2023 Q4 | 18.47% |
| FY 2024 Q1 | 17.42% |
| FY 2024 Q2 | 17.36% |
| FY 2024 Q3 | 18.08% |
| FY 2024 Q4 | 16.32% |
| FY 2025 Q1 | 15.4% |
| FY 2025 Q2 | 15.56% |
| FY 2025 Q3 | 16.39% |
| FY 2025 Q4 | 15.03% |
| FY 2026 Q1 | 13.5% |
| FY 2026 Q2 | 13.45% |
Capital allocation
% of tracked cash uses
| Period | Capex | Acquisitions | Buybacks | Dividends | Debt repayments | Tracked uses |
|---|---|---|---|---|---|---|
| FY 2018 Q2 | 11.96% · $77M | 18.63% · $120M | 38.82% · $250M | 30.12% · $194M | 0.47% · $3M | 100% · $644M |
| FY 2018 Q3 | 10.01% · $87M | 45.11% · $392M | 20.14% · $175M | 24.28% · $211M | 0.46% · $4M | 100% · $869M |
| FY 2018 Q4 | 10.15% · $92M | 38.41% · $348M | 0% · $0M | 23.51% · $213M | 27.92% · $253M | 100% · $906M |
| FY 2019 Q1 | 17.14% · $73M | 32.86% · $140M | 0% · $0M | 49.3% · $210M | 0.7% · $3M | 100% · $426M |
| FY 2019 Q2 | 1.42% · $88M | 86.26% · $5,360M | 1.61% · $100M | 3.41% · $212M | 7.31% · $454M | 100% · $6,214M |
| FY 2019 Q3 | 14.32% · $123M | 0% · $0M | 23.28% · $200M | 27.12% · $233M | 35.27% · $303M | 100% · $859M |
| FY 2019 Q4 | 15.82% · $137M | 0.58% · $5M | 21.36% · $185M | 27.14% · $235M | 35.1% · $304M | 100% · $866M |
| FY 2020 Q1 | 11.21% · $118M | 18.99% · $200M | 0% · $0M | 22.03% · $232M | 47.77% · $503M | 100% · $1,053M |
| FY 2020 Q2 | 12.02% · $82M | 53.08% · $362M | 0% · $0M | 34.31% · $234M | 0.59% · $4M | 100% · $682M |
| FY 2020 Q3 | 9.54% · $78M | Unavailable | 0% · $0M | 28.85% · $236M | 61.61% · $504M | 100% · $818M |
| FY 2020 Q4 | 3.64% · $70M | 5.67% · $109M | 0% · $0M | 12.53% · $241M | 78.17% · $1,504M | 100% · $1,924M |
| FY 2021 Q1 | 16.35% · $69M | 0% · $0M | 26.54% · $112M | 56.16% · $237M | 0.95% · $4M | 100% · $422M |
| FY 2021 Q2 | 5.42% · $82M | 23.99% · $363M | 21.28% · $322M | 15.93% · $241M | 33.38% · $505M | 100% · $1,513M |
| FY 2021 Q3 | 16.03% · $117M | 5.21% · $38M | 41.1% · $300M | 37.26% · $272M | 0.41% · $3M | 100% · $730M |
| FY 2021 Q4 | 7.66% · $138M | 25.43% · $458M | 23.6% · $425M | 15.32% · $276M | 27.98% · $504M | 100% · $1,801M |
| FY 2022 Q1 | 13.23% · $122M | 2.6% · $24M | 54.23% · $500M | 29.5% · $272M | 0.43% · $4M | 100% · $922M |
| FY 2022 Q2 | 11.75% · $117M | Unavailable | 60.24% · $600M | 27.61% · $275M | 0.4% · $4M | 100% · $996M |
| FY 2022 Q3 | 13.81% · $128M | Unavailable | 53.94% · $500M | 31.61% · $293M | 0.65% · $6M | 100% · $927M |
| FY 2022 Q4 | 9.35% · $103M | Unavailable | 31.76% · $350M | 27.04% · $298M | 31.85% · $351M | 100% · $1,102M |
| FY 2023 Q1 | 12.28% · $84M | Unavailable | 43.86% · $300M | 43.27% · $296M | 0.58% · $4M | 100% · $684M |
| FY 2023 Q2 | 14.43% · $101M | Unavailable | 42.86% · $300M | 42.14% · $295M | 0.57% · $4M | 100% · $700M |
| FY 2023 Q3 | 14.45% · $111M | Unavailable | 39.06% · $300M | 45.96% · $353M | 0.52% · $4M | 100% · $768M |
| FY 2023 Q4 | 12.27% · $120M | Unavailable | 25.56% · $250M | 36.2% · $354M | 25.97% · $254M | 100% · $978M |
| FY 2024 Q1 | 4.25% · $87M | 14.71% · $301M | 14.66% · $300M | 17.3% · $354M | 49.07% · $1,004M | 100% · $2,046M |
| FY 2024 Q2 | 4.76% · $80M | 20.42% · $343M | 17.86% · $300M | 20.95% · $352M | 36.01% · $605M | 100% · $1,680M |
| FY 2024 Q3 | 6.19% · $73M | 33.76% · $398M | 25.45% · $300M | 34.27% · $404M | 0.34% · $4M | 100% · $1,179M |
| FY 2024 Q4 | 0.95% · $76M | 93.95% · $7,500M | 0% · $0M | 5.05% · $403M | 0.05% · $4M | 100% · $7,983M |
| FY 2025 Q1 | 4.29% · $55M | 1.4% · $18M | 23.38% · $300M | 31.57% · $405M | 39.36% · $505M | 100% · $1,283M |
| FY 2025 Q2 | 7.26% · $59M | 5.41% · $44M | 36.9% · $300M | 49.82% · $405M | 0.62% · $5M | 100% · $813M |
| FY 2025 Q3 | 6.64% · $72M | 14.93% · $162M | 37.05% · $402M | 41.01% · $445M | 0.37% · $4M | 100% · $1,085M |
| FY 2025 Q4 | 5.27% · $105M | 21.49% · $428M | 50.7% · $1,010M | 22.29% · $444M | 0.25% · $5M | 100% · $1,992M |
| FY 2026 Q1 | 3.26% · $62M | 2.15% · $41M | 39.67% · $755M | 23.12% · $440M | 31.79% · $605M | 100% · $1,903M |
| FY 2026 Q2 | 5.29% · $72M | 6.47% · $88M | 55.66% · $757M | 32.21% · $438M | 0.37% · $5M | 100% · $1,360M |
Sources and calculations
Company filings · USD · Last checked 2026-10-18. Missing inputs remain unavailable. Your chart selection and layout are saved in this browser for Marsh & Mclennan Companies.
All charts share the selected dates. Quarterly/Yearly changes fiscal charts; valuation keeps completed daily closes on a published TTM basis. Later restatements can delay that basis. Historical mean, median and pricing labels use the selected range and do not estimate intrinsic fair value.
SBC deduction is an optional economic-cost scenario for FCF-based metrics. Missing SBC never becomes zero.
- Revenue
- Reported revenue from company filings.
- Free cash flow
- Operating cash flow − reported cash capital investment. PPE purchases are preferred; the productive-assets fallback also includes software and intangibles. Reflects the SBC option and can differ from issuer-defined FCF.
- Net margin
- Reported net income / revenue × 100.
- P/E
- Completed closing price × diluted shares / TTM earnings attributable to common shareholders.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- Capital allocation
- Reported cash uses as a percentage of tracked uses. Missing categories remain unavailable; SBC is noncash and excluded.