Marsh’s net income inches up 2.5% in 2025

Insurance unit drives 12% revenue growth whilst consulting lags at 7%.

Marsh reported a full-year 2025 net income of $4.2b, 2.5% higher year-on-year (YoY).

“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,” John Doyle, President and CEO, said in a press release.

During the period, revenue was $27.0b, an increase of 10% YoY on a GAAP basis or 4%  on an underlying basis compared to 2024. 

Operating income was $6.2b, an increase of 7% YoY. 

Adjusted operating income rose 11% YoY to $7.3b. Adjusted earnings per share increased 9% to $9.75.

Its risk and insurance services revenue during the period surged 12% YoY to $17.3b. Similarly, its consulting business generated a revenue of $9.8b, which was 7% higher than the previous year.