Income Statement Research
Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
Snapshot
MARSH & MCLENNAN COMPANIES, INC.'s top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.
Revenue
+8.0%Compound growth, FY2021 to FY2025
Gross profit
FY2025Latest annual filing, FY2025
Operating Income
+9.6%Compound growth, FY2021 to FY2025
Net income
+7.3%Compound growth, FY2021 to FY2025
Headline results
Four lines, five fiscal years, straight from the filings.
MARSH & MCLENNAN COMPANIES, INC. headline income statement — FY2025
Trend
The same four lines drawn across the window.
All values shown in USD millions unless noted otherwise.
Line items
The full annual income statement layer for MARSH & MCLENNAN COMPANIES, INC., from revenue down to share counts.
Statement basis
USD millions, except per-share and share-count rows.
MARSH & MCLENNAN COMPANIES, INC. expanded income statement — FY2025
Expanded annual statement lines sourced from the SEC EDGAR database for MARSH & MCLENNAN COMPANIES, INC..
Margins
How much of MARSH & MCLENNAN COMPANIES, INC.'s revenue survives through gross profit, operating income, and net income.
Gross margin
N/AFY2025, versus FY2021
Operating Margin
+131 bpsFY2025, versus FY2021
Net income margin
-44 bpsFY2025, versus FY2021
Observation window
yearsFY2021 through FY2025
Margin table
Side-by-side read of gross, operating and net margin.
MARSH & MCLENNAN COMPANIES, INC. margins — FY2025
Margin trend
The shape of profitability across the window.
Margins are calculated from annual SEC facts using reported revenue as the denominator.
Year on year
Every headline line of MARSH & MCLENNAN COMPANIES, INC.'s statement measured against the immediately prior period.
Revenue YoY
FY2024FY2025 versus FY2024
Gross profit YoY
FY2024FY2025 versus FY2024
Op. income YoY
FY2024FY2025 versus FY2024
Net income YoY
FY2024FY2025 versus FY2024
Year-on-year table
Contractions are tinted so slowdowns are obvious.
MARSH & MCLENNAN COMPANIES, INC. year-on-year change — FY2025
Momentum
Whether the business is accelerating or rolling over.
Year-on-year change compares each annual period against the immediately prior year inside the selected window.
Compound growth
Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.
Revenue CAGR
4yrFY2021 to FY2025
Gross profit CAGR
4yrFY2021 to FY2025
Op. income CAGR
4yrFY2021 to FY2025
Net income CAGR
4yrFY2021 to FY2025
Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.
Commentary
A written read of the filing-backed figures above. The statement itself remains the source of truth.
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Over the five-year period, Marsh & McLennan Companies, Inc. exhibited steady revenue growth from $19,820 million in 2021 to $26,981 million in 2025. This improvement is accompanied by a gradual increase in gross profit and operating income, which remain identical in each year, suggesting a consistent relationship between revenue and earnings before non-operating factors. Notably, 2023 marked a significant inflection point—a more than 23% jump in both gross and operating income from $4,280 million in 2022 to $5,282 million. Net income followed a parallel trajectory, moving from $3,050 million in 2022 to $3,756 million in 2023 before continuing its upward trend through 2025. Meanwhile, revenue increased steadily year-over-year, with growth rates hovering in the 9–10% range outside of the 2022-2023 surge, indicating a stable expansion pattern. This consistent upward movement in core financial metrics suggests operational strength and effective management of both direct costs and strategic investments. The uniformity between gross profit and operating income further implies that Marsh & McLennan is efficiently managing its operating expenses relative to its revenue. In the context of the global professional services and risk management sectors, where Marsh & McLennan operates, such performance is encouraging, demonstrating resilience amid fluctuating market conditions. Overall, the company’s financial health appears robust, underpinned by clear revenue growth and improved profitability metrics. This positions the company well for future sustainability, assuming ongoing market stability and effective execution of its business strategy.
This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.
