Marsh McLennan reported consolidated revenue of US$6.4 billion for the third quarter ended September 30, 2025, marking an 11% increase from the same period last year, or 4% on an underlying basis.
Operating income reached US$1.2 billion, up 6%, while adjusted operating income, which excludes certain items and intangible amortization, rose 13% to US$1.4 billion. Net income attributable to the company was US$747 million, with earnings per share at US$1.51. Adjusted earnings per share increased 11% to US$1.85.
For the first nine months of 2025, consolidated revenue totaled US$20.4 billion, also up 11% on a GAAP basis and 4% on an underlying basis compared to the prior year. Operating income for the period was US$5.0 billion, representing a 7% increase.
Adjusted operating income rose 11% to US$5.7 billion. Net income attributable to the company stood at US$3.3 billion, or US$6.75 per diluted share, compared with US$6.59 in the same period of 2024. Adjusted earnings per share for the nine-month period increased 9% to US$7.63.
The Risk & Insurance Services segment reported revenue of US$3.9 billion for the third quarter, up 13%, or 3% on an underlying basis. Operating income for the segment increased 3% to US$750 million, and adjusted operating income rose 13% to US$965 million.
For the nine months ended September 30, 2025, segment revenue was US$13.3 billion, up 13% or 4% underlying, with operating income at US$3.8 billion, an increase of 6%. Adjusted operating income for the segment increased 12% to US$4.4 billion.
Marsh, a business within the segment, posted third-quarter revenue of $3.4 billion, a 16% increase, or 4% on an underlying basis. Underlying revenue in the US and Canada rose 3%. International operations saw underlying revenue growth of 5%, with EMEA at 5%, Asia Pacific at 6%, and Latin America at 3%. For the first nine months of 2025, Marsh’s underlying revenue growth was 5%.
“Our third quarter results were solid and tracked with expectations. Overall, we generated 11% revenue growth, or 4% on an underlying basis, as well as 13% growth in adjusted operating income and 11% growth in adjusted EPS,” said John Doyle, president and CEO.
Marsh McLennan rebrand
These latest results arrive shortly after Marsh McLennan announcing a major rebrand as Marsh starting January 2026.
This initiates a transition period in which all four of its businesses will adopt the Marsh brand by 2027. The rebrand aims to unify the company’s operations and present a single identity across its risk, reinsurance, capital, people, investments, and management consulting services.
As part of this strategy, Marsh McLennan introduced the Business and Client Services (BCS) unit, which consolidates technology, data, and operations teams under chief information and operations officer Paul Beswick. The BCS unit is tasked with developing a data and technology ecosystem that leverages artificial intelligence and analytics to improve client outcomes and operational efficiency.
As the rebrand progresses, Guy Carpenter will become Marsh Re, and Oliver Wyman will be known as Oliver Wyman, a Marsh business. The operating unit Oliver Wyman Group will be renamed Marsh Management Consulting, further aligning the company’s structure under the unified Marsh brand.
“I am excited for this next chapter as we deliver even greater capabilities, data and insights, and technology to clients in this complex environment,” Doyle said.
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