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Marsh & McLennan Companies (MMC) investor relations material
Marsh & McLennan Companies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Oct, 2025
Executive summary
Q3 2025 revenue grew 11% to $6.4 billion, with net income of $747 million and GAAP EPS of $1.51; adjusted EPS rose 11% to $1.85.
Adjusted operating income increased 13% to $1.4 billion; GAAP operating income up 6% to $1.2 billion.
Growth was driven by both Risk and Insurance Services (RIS) and Consulting segments, with significant contributions from acquisitions, notably McGriff.
Announced rebranding to Marsh, effective January, and launched the Thrive program targeting $400 million in savings over three years with $500 million in charges.
5 acquisitions completed in Q3 for $189 million; 4.6 million shares repurchased year-to-date for $1 billion.
Financial highlights
Q3 consolidated revenue rose 11% to $6.4 billion; nine-month revenue up 11% to $20.4 billion.
Q3 adjusted operating income: $1.4 billion (+13%); Q3 adjusted EPS: $1.85 (+11%); GAAP EPS: $1.51.
Q3 net income attributable: $747 million; nine-month net income: $3.3 billion.
Repurchased $400 million of stock in Q3; $1 billion YTD.
Q3 operating margin: 18.4% GAAP, 22.7% adjusted.
Outlook and guidance
Expect mid-single-digit underlying revenue growth, solid adjusted EPS growth, and continued margin expansion for 2025.
Thrive program to deliver $400 million in savings, with most benefits realized over the next three years and $500 million in restructuring costs.
Anticipate adjusted effective tax rate of 25–26% in 2025, excluding discrete items.
Plan to deploy ~$4.5 billion of capital in 2025 across dividends, acquisitions, and share repurchases.
No material impact expected from recent U.S. tax law changes or OECD global minimum tax rules.
How will the new BCS unit drive efficiency?
What are Thrive program's efficiency drivers?
Explain underlying revenue growth disparities
Thrive program's margin expansion potential?
New Marsh brand's impact on client value?
Cost of risk vs. declining P&C prices?
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Next Marsh & McLennan Companies earnings date
Q4 202529 Jan, 2026
Next Marsh & McLennan Companies earnings date
Q4 202529 Jan, 2026
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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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