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Marsh & McLennan Companies (MMC) investor relations material
Marsh & McLennan Companies Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary17 Jul, 2025
Executive summary
Q2 2025 revenue grew 12% to $7.0B, with underlying revenue up 4%, driven by business momentum and acquisitions, notably McGriff.
Adjusted operating income increased 14% to $2.1B; GAAP operating income rose 11% to $1.8B.
Adjusted EPS rose 11% to $2.72; GAAP EPS was $2.45.
Announced a 10% increase in quarterly dividend to $0.90 and completed $600M in share repurchases in H1 2025.
Maintains confidence in business resilience and client demand despite macroeconomic and regulatory risks.
Financial highlights
Q2 2025 consolidated revenue: $7.0B, up 12% year-over-year; H1 2025 revenue: $14.0B, up 11%.
Q2 adjusted operating income: $2.1B, up 14%; Q2 operating income: $1.8B, up 11%.
Q2 net income attributable: $1.2B; H1 2025: $2.6B.
Q2 adjusted EPS: $2.72, up 11%; H1 2025 adjusted EPS: $5.78, up 8%.
Operating cash flow for H1 2025: $1.05B, up from $434M in H1 2024.
Outlook and guidance
Expects mid-single digit underlying revenue growth and solid adjusted EPS growth for 2025.
Forecasts 18th consecutive year of reported margin expansion.
Management highlights ongoing macroeconomic and geopolitical risks, including wars, trade policy changes, and market volatility.
New U.S. tax legislation and OECD global minimum tax rules not expected to materially impact results.
Anticipates $4.5B capital deployment in 2025 across dividends, acquisitions, and share repurchases.
How did McGriff impact Marsh's revenue?
Explain the change in Mercer's career revenue.
Detail the restructuring costs for H1 2025.
How will AI impact analytics offerings?
Assess durability of Marsh's int'l growth.
Explain Mercer's wealth/career organic growth.
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Next Marsh & McLennan Companies earnings date
Q3 202516 Oct, 2025
Next Marsh & McLennan Companies earnings date
Q3 202516 Oct, 2025
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Frequently asked questions
Multinational Professional Services
Marsh McLennan Companies is an American professional services firm with multinational operations. The company operates through four main subsidiaries: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Through these subsidiaries, it offers a variety of services in consulting, risk management, investments, insurance, and more. The company is headquartered in NYC, and its shares are listed on the NYSE.
Insurance Broking to Comprehensive Professional Services
Founded in 1905 in Chicago by Henry W. Marsh and Donald R. McLennan, the firm initially focused on insurance broking. The early decades saw steady growth and expansion in the insurance sector, something which continued into the latter half of the century. Some notable milestones for the company include the acquisition of Guy Carpenter, a reinsurance specialist, and the formation of Mercer, focusing on human resource consulting. The early 2000s were marked by strategic acquisitions to broaden its service portfolio, most notably acquiring Oliver Wyman. Professional services is a competitive field, and some of the company’s peers are Aon, Willis Towers Watsons, and Brown & Brown.
The Subsidiaries
The company operates through four main subsidiaries, each specializing in different aspects of professional services.
Marsh: Specializing in insurance broking and risk management, Marsh provides clients with strategic advice and solutions for managing risk. The subsidiary works across various industries, offering tailored risk management solutions to meet the specific needs of their clients.
Guy Carpenter: This subsidiary focuses on providing risk and reinsurance intermediary services. It helps its clients manage and mitigate risks, particularly in the reinsurance sector.
Mercer: Mercer's expertise lies in health, wealth, and career consulting. This subsidiary provides guidance on health benefits, retirement planning, and talent management, among other areas.
Oliver Wyman: Delivers services in strategy, operations, risk management, and organization transformation. They work with clients across various sectors to develop and implement customized solutions to complex business challenges.
Client Centricity
Marsh & McLennan's operating model emphasizes a client-centric approach, using the specialized expertise of its subsidiaries to provide comprehensive, integrated solutions to its clients. Each of these subsidiaries operates semi-autonomously under the broader Marsh & McLennan umbrella, allowing them to specialize deeply in their respective fields while benefiting from the resources and global reach of the parent company.
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