Marsh reported solid fourth-quarter and full-year 2025 results, driven by higher revenue, expanding margins and continued growth across its risk, insurance and consulting businesses.
The New York-based professional services firm said full-year revenue rose 10% to $27.0 billion, while underlying revenue growth was 4%. GAAP operating income increased 7% to $6.2 billion, and adjusted operating income climbed 11% to $7.3 billion. Net income attributable to the company totaled $4.2 billion, or $8.43 a diluted share, compared with $8.18 a year earlier. Adjusted earnings per share rose 9% to $9.75.
For the fourth quarter, revenue increased 9% to $6.6 billion, or 4% on an underlying basis. Operating income rose 7% to $1.2 billion, while adjusted operating income jumped 12% to $1.6 billion. Net income was $821 million, and earnings per share were $1.68. Adjusted earnings per share increased 10% to $2.12, benefiting from favorable tax items and foreign-exchange movements.
“Our fourth-quarter results capped another solid year,” said president and CEO John Doyle, citing double-digit adjusted operating income growth, a ninth consecutive year of adjusted earnings growth and the company’s 18th straight year of reported margin expansion. He added that Marsh is “positioned for sustained momentum in 2026.”
The company also highlighted strategic developments during the year, including the launch of a new brand, the integration of McGriff and the introduction of its Thrive program.
Risk and insurance services revenue rose 9% in the fourth quarter to $4.0 billion, with operating income increasing 8% to $830 million. For the full year, the segment’s revenue climbed 12% to $17.3 billion, while adjusted operating income increased 12% to $5.5 billion.
Within the segment, Marsh Risk posted fourth-quarter revenue of $3.7 billion, up 10%, with underlying growth of 3%. US and Canada underlying revenue rose 3%, while international growth was 4%, led by gains in Europe, the Middle East and Africa. Guy Carpenter recorded fourth-quarter revenue of $215 million, up 7%, and full-year revenue of $2.5 billion, up 6%.
Consulting revenue increased 8% in the fourth quarter to $2.6 billion and rose 7% for the full year to $9.8 billion. Adjusted operating income for the segment increased 10% for both the quarter and the year. Mercer’s fourth-quarter revenue grew 9% to $1.6 billion, while Marsh Management Consulting reported fourth-quarter revenue of $1.0 billion, up 8%.
Marsh said it repurchased 10.1 million shares for $2.0 billion during 2025. Earlier this month, the company changed its New York Stock Exchange ticker symbol to MRSH.
