Marsh McLennan reports consolidated revenue during the third quarter of $6.4 billion, an increase of 11% over Q3 2024, or 4% on an underlying (organic) basis, down from 5% during Q3 2024.
John Doyle, president and CEO, described the Q3 results as “solid,” tracking with expectations.
Operating income rose 6% to $1.2 billion, compared with $1.1 billion during Q3 2025, while net income attributable to the company was $747 million, level with last year’s third quarter. Q3 earnings per share were $1.51 and adjusted earnings per share increased 11% to $1.85 from $1.66 in Q3 2024.
Revenue for the nine months ended September 30 was $20.4 billion, an increase of 11% on a GAAP accounting basis, or 4% on an organic basis.
Operating income during the nine months was $5.0 billion, an increase of 7% from the prior year period, while adjusted operating income rose 11% to $5.7 billion. Net income attributable to the company was $3.3 billion, or $6.75 per diluted share,
compared with $6.59 in the first nine months of 2024. Adjusted earnings per share increased 9% to $7.63.
Risk and Insurance Services Segment
Marsh McLennan’s Risk and Insurance Services (RIS) segment (comprising Marsh and Guy Carpenter) reported revenue of $3.9 billion in the third quarter of 2025, an increase of 13%, or 3% on an organic basis.
RIS’ operating income increased 3% to $750 million in Q3, while adjusted operating income increased 13% to $965 million.
For the nine months ended September 30, RIS revenue was $13.3 billion, an increase of 13%, or 4% on an organic basis. Operating income rose 6% to $3.8 billion, with adjusted operating income increasing 12% to $4.4 billion.
Breaking down the RIS segments, Marsh’s Q3 revenue was $3.4 billion, an increase of 16%, or 4% on an organic basis. In U.S./Canada, organic revenue rose 3%. International operations produced organic revenue growth of 5%, which includes 5% in EMEA, 6% in Asia Pacific, and 3% in Latin America.
For the nine months, Marsh saw organic revenue growth of 5%.
Guy Carpenter’s revenue in the third quarter was $398 million, an increase of 5% on both a GAAP and organic basis. For the nine months ended September 30, 2025, Guy Carpenter’s organic revenue growth was 5%.
On October 14, the company announced it will rebrand as “Marsh,” effective January 2026, and it has created a new business unit, Business and Client Services (BCS), aiming to accelerate innovation, drive efficiency and centralize investments in operational excellence, data, AI and other analytics.
The company’s four businesses will adopt the Marsh brand beginning in 2027, following a transition period. In January 2026, the company’s stock ticker symbol on the NYSE will change from MMC to MRSH.
Topics Trends Profit Loss
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