Marsh & McLennan Companies, Inc. reported a consolidated revenue of $27.0 billion for the fiscal year ending December 31, 2025, marking a 10% increase from $24.5 billion in 2024. The company's operating income rose by 7% to $6.2 billion, while net income attributable to the company increased to $4.2 billion, resulting in diluted earnings per share of $8.43, up from $8.18 in the previous year. The growth in revenue was primarily driven by the Risk and Insurance Services segment, which generated $17.3 billion, a 12% increase compared to the prior year, and the Consulting segment, which saw revenue rise to $9.8 billion, a 7% increase.
The company experienced significant changes in its operational structure, including the completion of 20 acquisitions in 2025, totaling $857 million in purchase consideration. Notably, the acquisition of McGriff Insurance Services, which was finalized in November 2024, contributed to the revenue growth in the Risk and Insurance Services segment. The company also launched a three-year program called "Thrive," aimed at enhancing brand strategy and operational efficiency, with expected costs of approximately $500 million and anticipated annualized savings of around $400 million.
In terms of operational metrics, Marsh & McLennan employed over 95,000 colleagues globally, with approximately 55,700 in Risk and Insurance Services and 29,100 in Consulting. The company reported a total of 14 acquisitions in the Risk and Insurance Services segment and 6 in Consulting during 2025. The company’s effective tax rate for the year was 23.6%, a decrease from 24.9% in 2024, reflecting various tax planning strategies and regulatory changes.
Looking ahead, Marsh & McLennan anticipates continued growth driven by demand for its services amid a complex macroeconomic environment characterized by geopolitical tensions and fluctuating market conditions. The company remains focused on integrating its acquisitions and optimizing its operational model to enhance client service and drive profitability. The management expressed confidence in achieving the targeted savings from the Thrive program while navigating the challenges posed by the evolving regulatory landscape and competitive pressures in the industry.
About MARSH & MCLENNAN COMPANIES, INC.
Marsh & McLennan is a global professional services firm specializing in risk management, insurance brokerage, and consulting. Its core segments—Risk and Insurance Services and Consulting—offer risk advisory, insurance solutions, and strategic advice across industries. Serving clients worldwide, it leverages data, analytics, and industry expertise to help organizations manage complex risks, optimize benefits, and navigate regulatory environments.
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