Marsh reported consolidated revenue of $6.6 billion for the quarter ended December 31, 2025, up 9% year-over-year (4% underlying). Operating income rose 7% to $1.2 billion, while adjusted operating income, excluding notable items and intangible amortization, climbed 12% to $1.6 billion. Net income attributable to Marsh totaled $821 million, translating to GAAP earnings per share of $1.68. Adjusted EPS increased 10% to $2.12, including a combined 9-cent benefit from favorable discrete tax items and foreign-exchange movements.

For the full year, Marsh generated $27.0 billion in revenue, a 10% increase on a reported basis and 4% underlying growth. Operating income rose 7% to $6.2 billion, and adjusted operating income grew 11% to $7.3 billion. Net income attributable to the company reached $4.2 billion, or $8.43 per diluted share, compared with $8.18 in the prior year. Adjusted earnings per share were $9.75, up 9% year-over-year, reflecting disciplined cost management and margin expansion across core businesses.

In Risk & Insurance Services, Q4 revenue grew 9% to $4.0 billion (2% underlying) with adjusted operating income up 11% to $1.1 billion. Marsh Risk posted 10% revenue growth to $3.7 billion (3% underlying), driven by 6% expansion in EMEA and mid-single-digit gains in U.S./Canada and Asia Pacific. Consulting revenue rose 8% to $2.6 billion (5% underlying) with adjusted operating income up 10% to $550 million. Mercer’s quarter saw 9% revenue growth to $1.6 billion (4% underlying). The company repurchased 10.1 million shares for $2.0 billion during 2025, reflecting continued free-cash-flow generation and commitment to shareholder return.