Marsh reports solid fourth quarter and full-year 2025 results
Jan 29, 2026
- Full-Year Revenue Growth of 10%; Underlying Revenue Growth of 4%
- Full-Year GAAP Operating Income Increases 7%; Adjusted Operating Income Increases 11%
- Full-Year GAAP EPS of $8.43; Adjusted EPS Increases 9% to $9.75
- Fourth Quarter GAAP EPS of $1.68; Adjusted EPS Increases 10% to $2.12
NEW YORK, January 29, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the fourth quarter and year ended December 31, 2025.
John Doyle, President and CEO, said: "Our fourth quarter results capped another solid year for Marsh. For the full year, we generated 10% revenue growth, 4% underlying revenue growth, double-digit adjusted NOI growth, 9% adjusted EPS growth and our 18th consecutive year of reported margin expansion. We also launched our new brand, successfully completed the integration of McGriff and announced our Thrive program."
"Our team performed well in a complex environment, and we are positioned for sustained momentum in 2026."
Media contact:
Erick Gustafson
+1 202 263 7788
erick.gustafson@marsh.com
Investor contact:
Jay Gelb
+1 212 345 6750
jay.gelb@marsh.com