MRSHMarsh McLennan

Financials · Insurance Brokers · NYSE

Marsh is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. 10-K, Item 1

Headquarters: New York, NY
CEO: John Q. Doyle
Next results: around Jan 28, 2027

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The biggest changes in the 10-K filed 2026-02-09, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Cash from operations

+23.0% Big change FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Revenue

+10.3% Big change FY to 2025-12-31 vs 2024-12-31

“Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 12% and 7%, respectively.”
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“Consolidated revenue growth in 2025 reflects the continued demand for our advice and solutions.”
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Operating margin

23.8% → 23.1% (-0.7 pts) FY to 2025-12-31 vs 2024-12-31

“Consolidated operating income increased $406 million, or 7% to $6.2 billion in 2025, compared to $5.8 billion in 2024, reflecting a 10% increase in revenue and an 11% increase in expenses.”
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“Consolidated operating expenses in 2025 reflect increased compensation and benefits, driven by higher base salaries and incentive compensation, including the impact from acquisitions.”
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Net income

+2.5% FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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