MRSHMEDIUM SIGNALMANAGEMENT10-K

Marsh McLennan executed a comprehensive rebranding to simply "Marsh" while delivering solid financial growth across revenue, cash flow, and equity metrics.

The brand consolidation from Marsh McLennan to Marsh represents a strategic pivot toward simplification and focus, potentially signaling management's confidence in their core insurance brokerage identity. This rebranding effort, combined with reorganizing business units under "Marsh Risk" and "Marsh Management Consulting," suggests a streamlined operational approach that could improve market positioning and operational efficiency.

Comparing 2026-02-09 vs 2025-02-10View on EDGAR →
FINANCIAL ANALYSIS

The company demonstrated healthy growth with revenue expanding 10.3% to $27.0B and operating cash flow increasing 23% to $5.3B, indicating strong operational performance. Stockholders' equity grew 13.2% to $15.3B while cash position improved 12.1% to $2.7B, reflecting solid balance sheet strength. The 23.2% increase in interest expense to $578M suggests higher borrowing costs or increased debt levels, though this appears manageable given the strong cash generation and equity growth.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+23.2%
$469.0M→$578.0M

Interest costs rose 23.2% — monitor debt levels and coverage ratio in rising rate environment.

Operating Cash Flow
Cash Flow
+23%
$4.3B→$5.3B

Operating cash flow grew 23% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+13.2%
$13.5B→$15.3B

Equity base grew 13.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+12.1%
$2.4B→$2.7B

Cash grew 12.1% — improving liquidity position supports investment and shareholder returns.

Revenue
P&L
+10.3%
$24.5B→$27.0B

Revenue growing 10.3% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-09
PRIOR — 2025-02-10
ADDED
As of June 30, 2025, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was approximately $ 107,422,546,097 computed by reference to the closing price of such stock as reported on the New York Stock Exchange on June 30, 2025.
As of February 5, 2026, there were outstanding 484,124,253 s hares o f common stock, par value $1.00 per share, of the registrant.
and its consolidated subsidiaries (the "Company" or "Marsh"), unless the context otherwise requires.
Effective January 14, 2026, we updated our brand name from Marsh McLennan to Marsh and the brand names of our Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively.
References to the Company and its businesses in this report reflect these changes.
Mercer and Guy Carpenter will continue to report under their current brands through a transition period.
GENERAL Marsh is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries.
With an annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective.
The Company conducts business through two segments: Risk and Insurance Services : risk management activities and insurance/reinsurance broking and services conducted through Marsh Risk and Guy Carpenter.
Consulting : health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting.
REMOVED
As of June 30, 2024, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was approximately $ 103,586,269,063 computed by reference to the closing price of such stock as reported on the New York Stock Exchange on June 30, 2024.
As of February 6, 2025, there were outstanding 491,131,126 s hares o f common stock, par value $1.00 per share, of the registrant.
and its consolidated subsidiaries (the "Company" or "Marsh McLennan"), unless the context otherwise requires.
GENERAL Marsh McLennan is the world's leading professional services firm in the areas of risk, strategy and people.
We help clients build the confidence to thrive through the power of perspective of our four market-leading businesses.
With annual revenue of over $24 billion, we have more than 90,000 colleagues advising clients in over 130 countries.
Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients.
Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities.
Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce.
Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients.
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