Marsh & McLennan Companies, Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $27.0B |
| Gross margin | — not reported |
| Operating income | $6.2B |
| Net income | $4.2B |
| Diluted EPS | $8.43 |
| Cash & equivalents | $2.7B |
| Total assets | $58.7B |
| Long-term debt | $19.6B |
Key takeaway
Consolidated revenue grew 10% to $27.0 billion in 2025, with 4% underlying growth and 6% from acquisitions, led by Risk and Insurance Services (+12%) and Consulting (+7%).
🔒 4 more takeaways in the full analysis
Beneath the surface
Despite $2.687 billion in cash, the company carries $19.587 billion in long-term debt plus $1.267 billion current debt, leaving a substantial net debt position of roughly $18 billion, largely from McGriff-related borrowing.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for MRSH.
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