Marsh reported fourth quarter adjusted earnings per share of $2.12, surpassing the Zacks Consensus Estimate of $1.97 and up from $1.87 in the year-ago period. Consolidated revenue reached $6.6 billion, representing a 9% increase on a reported basis and 4% on an underlying basis compared with Q4 2024. Operating income grew 7% to $1.2 billion, while adjusted operating income, which excludes notable items and intangible amortization, rose 12% to $1.6 billion. Net income attributable to Marsh was $821 million for the quarter.

For the full year 2025, Marsh delivered revenue of $27.0 billion, up 10% on a GAAP basis and 4% on an underlying basis year-over-year. Operating income increased 7% to $6.2 billion, with adjusted operating income climbing 11% to $7.3 billion. Net income attributable to the company was $4.2 billion, or $8.43 per diluted share, compared with $8.18 last year. Adjusted EPS rose 9% to $9.75, reflecting solid margin expansion and favorable discrete tax items and currency translation benefits totaling 9 cents per share.

Risk & Insurance Services generated $4.0 billion in Q4 revenue (up 9% reported, 2% underlying), with operating income of $830 million (+8%) and adjusted operating income of $1.1 billion (+11%). Marsh Risk delivered $3.7 billion in Q4 revenue (+10% reported, 3% underlying), with U.S./Canada underlying growth of 3% and International underlying growth of 4%, including 6% in EMEA and 2% in Asia Pacific. Consulting revenue totaled $2.6 billion (+8% reported, 5% underlying), with Mercer up 9% to $1.6 billion and Marsh Management Consulting at $1.0 billion (+8%).

During 2025, Marsh repurchased 10.1 million shares for $2.0 billion, reflecting continued commitment to shareholder returns. Management successfully integrated the McGriff acquisition and launched the Thrive program, aimed at enhancing brand strategy and operational efficiency. CEO John Doyle noted that the company’s 18th consecutive year of reported margin expansion positions Marsh for sustained momentum in 2026, supported by disciplined cost management and targeted investments in digital capabilities.