Marsh & McLennan Companies, Inc. reported a strong financial performance for the third quarter of 2025, with consolidated revenue reaching $6.4 billion, an increase of 11% compared to $5.7 billion in the same period last year. For the nine months ending September 30, 2025, revenue also rose by 11% to $20.4 billion from $18.4 billion. The company's operating income for the quarter was $1.2 billion, reflecting a 6% increase from $1.1 billion in the prior year, while net income attributable to the company was $747 million, consistent with the previous year. Earnings per share on a diluted basis remained stable at $1.51.
The company experienced notable growth in both its Risk and Insurance Services and Consulting segments. Revenue from Risk and Insurance Services increased by 13% to $3.9 billion for the third quarter, driven by a 16% rise in Marsh's revenue, which reached $3.4 billion. The Consulting segment also saw a 9% increase in revenue to $2.5 billion, with Mercer and Oliver Wyman Group contributing to this growth. The overall increase in revenue was attributed to new business and renewal revenue, as well as acquisitions, including the integration of McGriff Insurance Services, which was included in the results for the first time.
In terms of operational metrics, Marsh's revenue growth was supported by a 4% increase on an underlying basis, while Guy Carpenter's revenue rose by 5%. The company completed five acquisitions in the third quarter of 2025, contributing to its strategic expansion. Additionally, Marsh & McLennan's employee headcount remained stable, with a focus on enhancing operational efficiency through its newly launched three-year restructuring program, Thrive, which aims to optimize resources and improve client service.
The company's financial position also showed improvements, with total current assets increasing to $23.7 billion as of September 30, 2025, compared to $22.1 billion at the end of 2024. Cash and cash equivalents rose to $2.5 billion, while total liabilities increased to $21.1 billion, reflecting higher short-term debt. The company’s long-term debt stood at $18.3 billion, down from $19.4 billion at the end of 2024, indicating a strategic focus on managing its debt levels.
Looking ahead, Marsh & McLennan remains optimistic about its growth trajectory, with expectations of continued revenue increases driven by both organic growth and strategic acquisitions. The company anticipates that its restructuring program will yield significant cost savings and operational efficiencies, further enhancing its competitive position in the market. The effective tax rate for the third quarter was reported at 25.1%, down from 27.3% in the prior year, reflecting the impact of discrete tax items and ongoing tax planning strategies.
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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