Marsh has reported net income attributable to the company of $821m for the fourth quarter of 2025 (Q4 2025), a 4.2% increase compared to $788m in the same period last year.
Revenue for the three months ending 31 December 2025 reached $6.6bn, an 8.7% rise over the previous year’s quarter.
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Operating income increased by 6.7%, standing at $1.2bn.
Notably, as part of previously announced brand restructuring, Marsh has begun reporting results for what was formerly referred to as the Marsh business under a new name, Marsh Risk.
Outcomes previously included under Oliver Wyman Group are now categorised as Marsh Management Consulting. Meanwhile, Mercer and Guy Carpenter will maintain their existing brands during a transition period.
The Risk & Insurance Services division generated revenue of $4bn in Q4 2025, a year-on-year increase of 9%.
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By GlobalDataMarsh Risk contributed $3.7bn to this figure, a 10% rise from Q4 2024, while Guy Carpenter added revenues of $215m, up 7%.
For the full year 2025, net income attributable to Marsh rose to $4.1bn, compared to $4bn in 2024.
Annual revenue climbed by more than 10.3% to around $27bn, while operating income for the year came in at $6.2bn, an improvement of approximately 7%.
Risk & Insurance Services brought in $17.3bn over the course of 2025, up by 12% from the year before.
Marsh Risk accounted for $14.4bn in revenue during the year, registering growth of 15%, and Guy Carpenter recorded annual revenue of $2.5bn, up 6% on last year’s figure.
Marsh president and CEO John Doyle 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 [net operating income] growth, 9% adjusted EPS [earnings per share] 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 programme.
“Our team performed well in a complex environment, and we are positioned for sustained momentum in 2026.”
The company also confirmed that it repurchased 10.1 million shares during the year at a total cost of $2bn.
