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NEW YORK | January 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
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."
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About Marsh
Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit marsh.com, or follow us on LinkedIn and X.