Marsh Sees 4% Organic Growth in Q4 and Full-Year 2025, a Decrease from 7% in 2024

Marsh has reported impressive financial results for the fourth quarter of 2025, achieving a revenue of $6.6 billion. This marks a notable increase of 9% compared to the $6.1 billion reported in the same quarter of 2024. However, organic growth during Q4 was recorded at 4%, which is a decline from the 7% seen in Q4 2024.

Operating income for Q4 2025 rose by 7%, reaching $1.2 billion. The net income attributable to the company was $821 million, a rise from $788 million in Q4 2024. Earnings per share for this quarter stood at $1.68.

For the entire year of 2025, Marsh reported a total revenue of $27.0 billion, reflecting a 10% increase on a GAAP basis and 4% on an organic basis compared to 2024. The revenue for FY 2024 was $24.5 billion, with an underlying growth of 7%.

The operating income for the year was $6.2 billion, which is a 7% increase from FY 2024. The net income attributable to the company was $4.2 billion, translating to $8.43 per diluted share, compared to $8.18 in 2024. In FY 2024, Marsh reported a net income of $4.1 billion.

“We executed well against our strategic objectives and delivered solid financial results,” stated John Doyle, president and CEO of Marsh (formerly known as Marsh McLennan), during an analysts’ call discussing these results.

In light of the company’s previously announced brand change, results that were once reported under the Marsh business will now be categorized as “Marsh Risk.” Similarly, results previously reported as “Oliver Wyman Group” will now be classified as “Marsh Management Consulting.” Mercer and Guy Carpenter will continue to operate under their existing brands during a transition period.

Risk & Insurance Services

In Q4 2025, the revenue for Risk & Insurance Services reached $4.0 billion, marking a 9% increase, or 2% on an underlying basis. Operating income increased by 8% to $830 million, while adjusted operating income rose by 11% to $1.1 billion. For the full year of 2025, revenue was $17.3 billion, reflecting a 12% increase, or 4% on an underlying basis. Operating income rose by 6% to $4.6 billion, and adjusted operating income increased by 12% to $5.5 billion.

Marsh Risk

Marsh Risk reported a revenue of $3.7 billion in Q4 2025, which is a 10% increase, or 3% on an underlying basis, compared to $3.3 billion in Q4 2024. In the U.S. and Canada, underlying revenue growth was 3%, while international growth was 4%, including 6% growth in EMEA, 2% in Asia Pacific, and a 4% decline in Latin America. For the year 2025, Marsh Risk’s revenue was $14.4 billion, a 15% increase year-over-year, or 4% on an underlying basis.

Guy Carpenter

Guy Carpenter’s revenue for the fourth quarter was $215 million, reflecting a 7% increase, or 5% on an underlying basis, compared to $201 million in Q4 2024. For the full year of 2025, Guy Carpenter’s revenue was $2.5 billion, a 6% increase compared to the previous year, or 5% on an underlying basis.

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Marsh has reported impressive financial results for the fourth quarter of 2025, achieving a revenue of $6.6 billion. This marks a notable increase of 9% compared to the $6.1 billion reported in the same quarter of 2024. However, organic growth during Q4 was recorded at 4%, which is a decline from the 7% seen in Q4 2024.

Operating income for Q4 2025 rose by 7%, reaching $1.2 billion. The net income attributable to the company was $821 million, a rise from $788 million in Q4 2024. Earnings per share for this quarter stood at $1.68.

For the entire year of 2025, Marsh reported a total revenue of $27.0 billion, reflecting a 10% increase on a GAAP basis and 4% on an organic basis compared to 2024. The revenue for FY 2024 was $24.5 billion, with an underlying growth of 7%.

The operating income for the year was $6.2 billion, which is a 7% increase from FY 2024. The net income attributable to the company was $4.2 billion, translating to $8.43 per diluted share, compared to $8.18 in 2024. In FY 2024, Marsh reported a net income of $4.1 billion.

“We executed well against our strategic objectives and delivered solid financial results,” stated John Doyle, president and CEO of Marsh (formerly known as Marsh McLennan), during an analysts’ call discussing these results.

In light of the company’s previously announced brand change, results that were once reported under the Marsh business will now be categorized as “Marsh Risk.” Similarly, results previously reported as “Oliver Wyman Group” will now be classified as “Marsh Management Consulting.” Mercer and Guy Carpenter will continue to operate under their existing brands during a transition period.

Risk & Insurance Services

In Q4 2025, the revenue for Risk & Insurance Services reached $4.0 billion, marking a 9% increase, or 2% on an underlying basis. Operating income increased by 8% to $830 million, while adjusted operating income rose by 11% to $1.1 billion. For the full year of 2025, revenue was $17.3 billion, reflecting a 12% increase, or 4% on an underlying basis. Operating income rose by 6% to $4.6 billion, and adjusted operating income increased by 12% to $5.5 billion.

Marsh Risk

Marsh Risk reported a revenue of $3.7 billion in Q4 2025, which is a 10% increase, or 3% on an underlying basis, compared to $3.3 billion in Q4 2024. In the U.S. and Canada, underlying revenue growth was 3%, while international growth was 4%, including 6% growth in EMEA, 2% in Asia Pacific, and a 4% decline in Latin America. For the year 2025, Marsh Risk’s revenue was $14.4 billion, a 15% increase year-over-year, or 4% on an underlying basis.

Guy Carpenter

Guy Carpenter’s revenue for the fourth quarter was $215 million, reflecting a 7% increase, or 5% on an underlying basis, compared to $201 million in Q4 2024. For the full year of 2025, Guy Carpenter’s revenue was $2.5 billion, a 6% increase compared to the previous year, or 5% on an underlying basis.

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