Marsh McLennan (MRSH) Q3 2025 earnings summary

Executive summary

• Achieved 11% GAAP revenue growth and 4% underlying revenue growth in Q3 2025, with consolidated revenue at $6.4 billion and net income attributable to shareholders of $747 million.

• Adjusted operating income rose 13% to $1.4 billion, and adjusted EPS increased 11% to $1.85; GAAP EPS was $1.51.

• For the nine months ended September 30, 2025, revenue was $20.4 billion, net income $3.3 billion, and adjusted EPS $7.63.

• Announced rebranding to Marsh, effective January, and launched the Thrive program targeting $400 million in savings over three years with $500 million in restructuring charges.

• 2024 marked the largest acquisition year, highlighted by the McGriff acquisition, and the launch of the Business and Client Services (BCS) unit.

Financial highlights

• Q3 consolidated revenue was $6.4 billion, up 11% year-over-year; nine-month revenue reached $20.4 billion, up 11%.

• Adjusted operating income for Q3 was $1.4 billion (+13%), with an adjusted operating margin of 22.7%.

• Adjusted EPS for Q3 was $1.85 (+11%); GAAP EPS was $1.51.

• Free cash flow margin stood at 16% in 2024, with $4 billion in free cash flow generated.

• Repurchased $400 million of stock in Q3; $1 billion YTD.

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 over three years, with $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.