Marsh reported fourth quarter revenue of $6.6 billion, an increase of 9% from $6.1 billion reported during the same period in 2024. Organic, or underlying growth, during Q4 was 4%, down from 7% in Q4 2024.
Q4 2025 operating income rose 7% to $1.2 billion, while net income attributable to the company was $821 million, compared with $788 billion in Q4 2024. Q4 2025 earnings per share were $1.68.
Revenue for full-year 2025 was $27.0 billion, an increase of 10% on a GAAP basis or 4% on an underlying/organic basis, compared with 2024. (Revenue for FY 2024 was $24.5 billion with underlying growth of 7%).
Operating income for the year was $6.2 billion, up 7% from FY 2024, while net income attributable to the company was $4.2 billion or $8.43 per diluted share, compared with $8.18 in 2024. (For FY 2024, Marsh reported net income of $4.1 billion).
“We executed well against our strategic objectives and delivered solid financial results,” said John Doyle, president and CEO of Marsh (formerly known as Marsh McLennan), during an analysts’ call to discuss the results.
As a result of the company’s previously announced brand change, results that were previously reported under the company’s Marsh business will now be reported as “Marsh Risk” and results that were previously reported as “Oliver Wyman Group” will now be reported as “Marsh Management Consulting.” Mercer and Guy Carpenter will continue to be reported under their current brands through a transition period.
Risk & Insurance Services
Risk & Insurance Services revenue was $4.0 billion in Q4 2025, an increase of 9%, or 2% on an underlying basis. Operating income increased 8% to $830 million, while adjusted operating income increased 11% to $1.1 billion. For the year 2025, revenue was $17.3 billion, an increase of 12%, or 4% on an underlying basis. Operating income rose 6% to $4.6 billion, and adjusted operating income increased 12% to $5.5 billion.
Marsh Risk
Marsh Risk’s revenue in the fourth quarter of 2025 was $3.7 billion, an increase of 10%, or 3% on an underlying basis (compared with $3.3 billion in Q4 2024).
In U.S./Canada, underlying revenue growth was 3%. In International, underlying revenue growth was 4%, and included 6% growth in EMEA, 2% growth in Asia Pacific, and a 4% decline in Latin America. For the year 2025, Marsh Risk’s revenue was $14.4 billion, an increase of 15% compared to a year ago, or 4% on an underlying basis.
Guy Carpenter
Guy Carpenter’s revenue in the fourth quarter was $215 million, an increase of 7%, or 5% on an underlying basis (compared with $201 million in Q4 2024). For the year 2025, Guy Carpenter’s revenue was $2.5 billion, an increase of 6% compared to a year ago, or 5% on an underlying basis.
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