Marsh & McLennan Reports 12% Revenue Growth to $6.974 Billion in Q2 2025

Marsh & McLennan Companies, Inc. reported strong financial performance for the second quarter of 2025, with consolidated revenue reaching $6.974 billion, a 12% increase from $6.221 billion in the same period last year. For the first half of 2025, revenue totaled $14.035 billion, up 11% from $12.694 billion in the prior year. The company's operating income also saw a rise, increasing by 11% to $1.829 billion for the quarter and by 7% to $3.834 billion for the six-month period. Net income attributable to the company was $1.211 billion for the quarter, translating to a diluted earnings per share of $2.45, compared to $1.125 billion and $2.27 in the previous year.

The company's Risk and Insurance Services segment, which includes Marsh and Guy Carpenter, reported revenue of $4.625 billion for the second quarter, a 15% increase from $4.022 billion in the prior year. This segment's operating income rose to $1.443 billion, up from $1.297 billion. The Consulting segment, comprising Mercer and Oliver Wyman Group, generated $2.371 billion in revenue, a 7% increase, with operating income climbing to $456 million from $410 million. The growth in both segments was attributed to new business and renewals, particularly in the U.S. and international markets.

Marsh & McLennan also made strategic moves during the quarter, completing four acquisitions for a total purchase consideration of $86 million. The company continues to expand its footprint, with significant contributions from its recent acquisition of McGriff Insurance Services, which is reflected in the financial results. The company repurchased 1.4 million shares for $300 million during the quarter, maintaining a robust share repurchase program with approximately $1.7 billion remaining authorized for future buybacks.

Operationally, Marsh & McLennan reported a total employee headcount of over 90,000 across 130 countries, reflecting its extensive global reach. The company also noted a decrease in interest income, which fell to $5 million for the quarter, down from $12 million in the previous year, primarily due to lower average interest rates. Interest expense increased significantly to $243 million from $156 million, driven by higher long-term debt levels associated with acquisitions.

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 is closely monitoring macroeconomic conditions, including interest rates and foreign exchange fluctuations, which could impact its financial performance. The effective tax rate for the quarter was reported at 25.2%, down from 27.1% in the prior year, reflecting the impact of discrete tax items and changes in tax legislation.