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Marsh & McLennan Companies (MMC) investor relations material
Marsh & McLennan Companies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Oct, 2025
Executive summary
Achieved 11% GAAP revenue growth and 4% underlying revenue growth in Q3 2025, with consolidated revenue at $6.4 billion and net income attributable to shareholders of $747 million.
Adjusted operating income rose 13% to $1.4 billion, and adjusted EPS increased 11% to $1.85; GAAP EPS was $1.51.
For the nine months ended September 30, 2025, revenue was $20.4 billion, net income $3.3 billion, and adjusted EPS $7.63.
Announced rebranding to Marsh, effective January, and launched the Thrive program targeting $400 million in savings over three years with $500 million in restructuring charges.
2024 marked the largest acquisition year, highlighted by the McGriff acquisition, and the launch of the Business and Client Services (BCS) unit.
Financial highlights
Q3 consolidated revenue was $6.4 billion, up 11% year-over-year; nine-month revenue reached $20.4 billion, up 11%.
Adjusted operating income for Q3 was $1.4 billion (+13%), with an adjusted operating margin of 22.7%.
Adjusted EPS for Q3 was $1.85 (+11%); GAAP EPS was $1.51.
Free cash flow margin stood at 16% in 2024, with $4 billion in free cash flow generated.
Repurchased $400 million of stock in Q3; $1 billion YTD.
Outlook and guidance
Expect mid-single-digit underlying revenue growth, solid adjusted EPS growth, and continued margin expansion for 2025.
Thrive program to deliver $400 million in savings over three years, with $500 million in restructuring costs.
Anticipate adjusted effective tax rate of 25–26% in 2025, excluding discrete items.
Plan to deploy ~$4.5 billion of capital in 2025 across dividends, acquisitions, and share repurchases.
How will the new BCS unit drive efficiency?
What are Thrive program's efficiency drivers?
Explain underlying revenue growth disparities
Thrive program's margin expansion potential?
New Marsh brand's impact on client value?
Cost of risk vs. declining P&C prices?
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Next Marsh & McLennan Companies earnings date
Q4 202529 Jan, 2026
Next Marsh & McLennan Companies earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Multinational Professional Services
Marsh McLennan Companies is an American professional services firm with multinational operations. The company operates through four main subsidiaries: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Through these subsidiaries, it offers a variety of services in consulting, risk management, investments, insurance, and more. The company is headquartered in NYC, and its shares are listed on the NYSE.
Insurance Broking to Comprehensive Professional Services
Founded in 1905 in Chicago by Henry W. Marsh and Donald R. McLennan, the firm initially focused on insurance broking. The early decades saw steady growth and expansion in the insurance sector, something which continued into the latter half of the century. Some notable milestones for the company include the acquisition of Guy Carpenter, a reinsurance specialist, and the formation of Mercer, focusing on human resource consulting. The early 2000s were marked by strategic acquisitions to broaden its service portfolio, most notably acquiring Oliver Wyman. Professional services is a competitive field, and some of the company’s peers are Aon, Willis Towers Watsons, and Brown & Brown.
The Subsidiaries
The company operates through four main subsidiaries, each specializing in different aspects of professional services.
Marsh: Specializing in insurance broking and risk management, Marsh provides clients with strategic advice and solutions for managing risk. The subsidiary works across various industries, offering tailored risk management solutions to meet the specific needs of their clients.
Guy Carpenter: This subsidiary focuses on providing risk and reinsurance intermediary services. It helps its clients manage and mitigate risks, particularly in the reinsurance sector.
Mercer: Mercer's expertise lies in health, wealth, and career consulting. This subsidiary provides guidance on health benefits, retirement planning, and talent management, among other areas.
Oliver Wyman: Delivers services in strategy, operations, risk management, and organization transformation. They work with clients across various sectors to develop and implement customized solutions to complex business challenges.
Client Centricity
Marsh & McLennan's operating model emphasizes a client-centric approach, using the specialized expertise of its subsidiaries to provide comprehensive, integrated solutions to its clients. Each of these subsidiaries operates semi-autonomously under the broader Marsh & McLennan umbrella, allowing them to specialize deeply in their respective fields while benefiting from the resources and global reach of the parent company.
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