MARSH & MCLENNAN COMPANIES, INC.
For the period ended Jun 30, 2025. Filed Jul 17, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 17, 2025
MRSH$204.82-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-17.
0000062709-25-000028
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-17.
0000062709-25-000069
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 169 previous paragraphs and 181 current paragraphs.
89 unchanged; 64 reworded; 23 added; 11 removed; 5 previous and 5 current paragraphs rearranged.
Tables are not compared: 9 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
•Consolidated revenue for the three months ended June 30, 2025 was $7.0 billion, an increase of 12%, or 4% on an underlying basis. For the six months ended June 30, 2025, consolidated revenue was $14.0 billion, an increase of 11%, or 4% on an underlying basis.
Current report
•Consolidated operating income increased $187 million, or 11% to $1.8 billion for the three months ended June 30, 2025, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $1.2 billion. Earnings per share on a diluted basis increased to $2.45 from $2.27, or 8%, compared to the corresponding quarter in the prior year. For the six months ended June 30, 2025, consolidated operating income increased $267 million, or 7% to $3.8 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $2.6 billion. Earnings per share on a diluted basis increased to $5.23 from $5.08, or 3%, compared to the corresponding period in the prior year.
Current report
•Risk and Insurance Services revenue for the three months ended June 30, 2025 was $4.6 billion, an increase of 15%, or 4% on an underlying basis. Operating income was $1.4 billion, compared with $1.3 billion for the corresponding quarter in the prior year. For the six months ended June 30, 2025, Risk and Insurance Services revenue was $9.4 billion, an increase of 13%, or 4% on an underlying basis. Operating income was $3.1 billion, compared with $2.9 billion for the corresponding period in the prior year.
Current report
•Marsh's revenue for the three months ended June 30, 2025 was $3.8 billion, an increase of 18%, or 5% on an underlying basis. For the six months ended June 30, 2025, Marsh's revenue was $7.3 billion, an increase of 16%, or 5% on an underlying basis. Guy Carpenter's revenue for the three months ended June 30, 2025 was $677 million, an increase of 7%, or 5% on an underlying basis. For the six months ended June 30, 2025, Guy Carpenter's revenue was $1.9 billion, an increase of 6%, or 5% on an underlying basis.
Current report
Consolidated operating income increased $187 million, or 11% to $1.8 billion for the three months ended June 30, 2025, compared to $1.6 billion for the corresponding quarter in the prior year, reflecting a 12% increase in both revenue and expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 15% and 7%, respectively.
Current report
Diluted earnings per share for the three months ended June 30, 2025 increased to $2.45 from $2.27, or 8% from the prior year. For the six months ended June 30, 2025, diluted earnings per share increased to $5.23 from $5.08, or 3% from the prior year. The increase for the three and six months ended June 30, 2025, compared to the corresponding periods in the prior year, is primarily due to higher operating income, partially offset by higher interest expense.
Current report
(*) Rounded to whole percentages.
Current report
Consolidated revenue increased $753 million, or 12%, to $7.0 billion for the three months ended June 30, 2025, compared to $6.2 billion for the three months ended June 30, 2024. Consolidated revenue increased 4% on an underlying basis, 8% from acquisitions, and 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 4% and 3% for the three months ended June 30, 2025, in the Risk and Insurance Services and Consulting segments, respectively.
Current report
Consolidated operating expenses increased $1.1 billion, or 12%, to $10.2 billion for the six months ended June 30, 2025, compared to $9.1 billion for the six months ended June 30, 2024. Expenses also reflect a 8% increase from acquisitions.
Current report
Revenue in the Risk and Insurance Services segment increased $1.1 billion, or 13%, to $9.4 billion for the six months ended June 30, 2025, compared to $8.3 billion for the six months ended June 30, 2024. Revenue increased 4% on an underlying basis and 9% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $45 million to $202 million for the six months ended June 30, 2025, compared to $247 million for the six months ended June 30, 2024. The decrease is due to lower average interest rates compared to the corresponding period in the prior year.
Current report
Guy Carpenter's revenue increased $103 million, or 6%, to $1.9 billion for the six months ended June 30, 2025, compared to $1.8 billion for the six months ended June 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from acquisitions.
Current report
Expenses in the Risk and Insurances Services segment increased $898 million, or 17%, to $6.3 billion for the six months ended June 30, 2025, compared to $5.4 billion for the six months ended June 30, 2024. Expenses also reflect an increase of 12% from acquisitions.
Current report
Expenses for the three and six months ended June 30, 2025 increased due to acquisitions, resulting in higher compensation and benefits and amortization of identified intangibles.
Current report
Expenses for the three and six months ended June 30, 2025 also included higher intangible amortization cost of $44 million and $85 million, respectively, compared to the corresponding periods in the prior year, primarily related to the acquisition of McGriff.
Current report
Consulting revenue increased $255 million, or 6%, to $4.7 billion for the six months ended June 30, 2025, compared to $4.4 billion for the six months ended June 30, 2024. This reflects an increase of 4% on an underlying basis and 3% from acquisitions.
Current report
Mercer's revenue increased $190 million, or 7%, to $3.0 billion for the six months ended June 30, 2025, compared to $2.8 billion for the six months ended June 30, 2024. This reflects an increase of 3% on an underlying basis and 4% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. On an underlying basis, revenue for Health and Wealth increased 7% and 3%, respectively, and decreased 3% in Career, as compared to the corresponding period in the prior year.
Current report
Oliver Wyman Group's revenue increased $65 million, or 4%, to $1.7 billion for the six months ended June 30, 2025, compared to $1.6 billion for the six months ended June 30, 2024. This reflects an increase of 4% on an underlying basis.
Current report
Expenses in the Consulting segment increased $185 million, or 5%, to $3.8 billion for the six months ended June 30, 2025, compared to $3.6 billion for the six months ended June 30, 2024. Expenses reflect a 4% increase from acquisitions.
Current report
Corporate expenses increased $5 million, or 9%, to $70 million for the three months ended June 30, 2025, compared to $65 million for the three months ended June 30, 2024. Corporate expenses decreased $3 million, or 2%, to $134 million for the six months ended June 30, 2025, compared to $137 million for the six months ended June 30, 2024.
Current report
Interest expense for the three months ended June 30, 2025 was $243 million, compared to $156 million for the three months ended June 30, 2024. Interest expense for the six months ended June 30, 2025 was $488 million, compared to $315 million for the six months ended June 30, 2024.
Current report
Interest expense increased $87 million and $173 million for the three and six months ended June 30, 2025, respectively, due to increased long-term debt (McGriff acquisition) and higher interest rates, compared to the corresponding periods in the prior year.
Current report
respectively, and by 1.2% and 1.6% for the six months ended June 30, 2025 and 2024, respectively.
Current report
On July 4, 2025, new U.S tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBBA") which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, but many are generally not effective until 2026. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations.
Removed paragraphs (11)
Previous report
•Consolidated revenue for the three months ended March 31, 2025 was $7.1 billion, an increase of 9%, or 4% on an underlying basis.
Previous report
•Consolidated operating income for the three months ended March 31, 2025 increased $80 million, or 4% to $2.0 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $1.4 billion. Earnings per share on a diluted basis decreased to $2.79 from $2.82, or 1%, compared to the corresponding period in the prior year.
Previous report
•Risk and Insurance Services revenue for the three months ended March 31, 2025 was $4.8 billion, an increase of 11%, or 4% on an underlying basis. Operating income was $1.6 billion, consistent with the corresponding period in the prior year.
Previous report
•Marsh's revenue for the three months ended March 31, 2025 was $3.5 billion, an increase of 15%, or 5% on an underlying basis. Guy Carpenter's revenue for the three months ended March 31, 2025 was $1.2 billion, an increase of 5% on both a reported and underlying basis.
Previous report
For the three months ended March 31, 2025, operating income was impacted by foreign exchange movements across both segments due to the strengthening of the U.S. dollar, compared to the corresponding period in the prior year.
Previous report
Diluted earnings per share decreased to $2.79 from $2.82, or 1% from the prior year. The decrease is the result of lower income before taxes driven primarily by higher interest expense for the three months ended March 31, 2025, compared to the corresponding period in the prior year.
Previous report
The following table provides more detailed revenue information for certain of the components presented in the previous table:
Previous report
The following table provides more detailed revenue information for certain of the components presented in the previous table:
Previous report
Consolidated revenue growth for the three months ended March 31, 2025 reflects continued demand for our advice and solutions.
Previous report
Corporate expenses decreased $8 million, or 12%, to $64 million for the three months ended March 31, 2025, compared to $72 million for the three months ended March 31, 2024, primarily due to lower restructuring costs compared to the corresponding period in the prior year.
Previous report
Interest expense was $245 million for the three months ended March 31, 2025, compared to $159 million for the three months ended March 31, 2024. Interest expense increased $86 million for the three months ended March 31, 2025, reflecting higher levels of debt and higher interest rates, compared to the corresponding period in the prior year.
Reworded paragraphs (64)
Previous wording
Marsh & McLennan Companies, Inc., and its consolidated subsidiaries (Marsh McLennan or the "Company") is a global professional services firm in the areas of risk, strategy and people. The Company helps clients build the confidence to thrive through the power of its four market-leading businesses. With annual revenue of $24 billion, the Company has more than 90,000 colleagues advising clients in 130 countries.
Current wording
Marsh & McLennan Companies, Inc., and its consolidated subsidiaries (Marsh McLennan or the "Company") is a global professional services firm in the areas of risk, strategy and people. The Company helps clients build the confidence to thrive through the power of its four market-leading businesses. With annual revenue of over $24 billion, the Company has more than 90,000 colleagues advising clients in 130 countries.
Previous wording
The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three months ended March 31, 2025, compared to the corresponding period in 2024, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.
Current wording
The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three and six months ended June 30, 2025, compared to the corresponding periods in 2024, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.
Previous wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three months ended March 31, 2024, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended March 31, 2024.
Current wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three and six months ended June 30, 2024, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended June 30, 2024.
Previous wording
•Consulting revenue for the three months ended March 31, 2025 was $2.3 billion, an increase of 5%, or 4% on an underlying basis. Operating income was $456 million, compared with $432 million for the corresponding period in the prior year.
Current wording
•Consulting revenue for the three months ended June 30, 2025 was $2.4 billion, an increase of 7%, or 3% on an underlying basis. Operating income was $456 million, compared with $410 million for the corresponding quarter in the prior year. For the six months ended June 30, 2025, Consulting revenue was $4.7 billion, an increase of 6%, or 4% on an underlying basis. Operating income was $912 million, compared with $842 million for the corresponding period in the prior year.
Previous wording
•Mercer's revenue for the three months ended March 31, 2025 was $1.5 billion, an increase of 5%, or 4% on an underlying basis. Oliver Wyman Group's revenue for the three months ended March 31, 2025 was $818 million, an increase of 4% on both a reported and an underlying basis.
Current wording
•Mercer's revenue for the three months ended June 30, 2025 was $1.5 billion, an increase of 9%, or 3% on an underlying basis. For the six months ended June 30, 2025, Mercer's revenue was $3.0 billion, an increase of 7%, or 3% on an underlying basis. Oliver Wyman Group's revenue for the three months ended June 30, 2025 was $873 million, an increase of 5%, or 3% on an underlying basis. For the six months ended June 30, 2025, Oliver Wyman Group's revenue was $1.7 billion, an increase of 4% on both a reported and an underlying basis.
Previous wording
•The Company completed 3 acquisitions in the first quarter of 2025 for total purchase consideration of $62 million in the RIS segment.
Current wording
•The Company completed 4 acquisitions in the second quarter of 2025 for a total purchase consideration of $86 million.
Previous wording
•For the three months ended March 31, 2025, the Company repurchased 1.3 million shares for $300 million.
Current wording
•The Company repurchased 1.4 million shares for $300 million in the second quarter of 2025. For the six months ended June 30, 2025, the Company repurchased 2.7 million shares for $600 million.
Previous wording
•In March 2025, the Board of Directors of the Company declared a quarterly dividend of $0.815 per share on outstanding common stock, payable in May 2025.
Current wording
•In July 2025, the Board of Directors of the Company declared a quarterly dividend of $0.900 per share on outstanding common stock, payable in August 2025.
Previous wording
The macroeconomic and geopolitical environment including multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows. For more information about these risks, please see "Part I, Item 1A. Risk Factors" in our annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
The macroeconomic and geopolitical environment including multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows. For more information about these risks, please see "Part I, Item 1A. Risk Factors" in our annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Acquisitions and dispositions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
For additional details, refer to the Consolidated Results of Operations and Liquidity and Capital Resources sections in this MD&A. Acquisitions and dispositions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
Consolidated operating income increased $80 million, or 4% to $2.0 billion for the three months ended March 31, 2025, compared to $1.9 billion for the corresponding period in the prior year, reflecting a 9% increase in revenue and an 11% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 11% and 5%, respectively.
Current wording
Consolidated operating income increased $267 million, or 7% to $3.8 billion for the six months ended June 30, 2025, compared to $3.6 billion for the corresponding period in the prior year, reflecting an 11% increase in revenue and a 12% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 6%, respectively.
Previous wording
The Company's revenue and expenses for the three months ended March 31, 2025, include the results of operations of McGriff Insurance Services, LLC ("McGriff'") in the Risk and Insurance Services segment.
Current wording
The Company's revenue and expenses for the three and six months ended June 30, 2025 include the results of operations of McGriff Insurance Services, LLC ("McGriff'") in the Risk and Insurance Services segment.
Previous wording
The following tables present the Company's non-GAAP revenue for the three months ended March 31, 2025 and 2024, and the related non-GAAP underlying revenue change:
Current wording
The following tables present the Company's non-GAAP revenue for the three and six months ended June 30, 2025 and 2024, and the related non-GAAP underlying revenue change:
Previous wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three months ended March 31, 2025 and 2024:
Current wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and six months ended June 30, 2025 and 2024:
Previous wording
Consolidated revenue increased $588 million, or 9%, to $7.1 billion for the three months ended March 31, 2025, compared to $6.5 billion for the three months ended March 31, 2024. Consolidated revenue increased 4% on an underlying basis and 7% from acquisitions, partially offset by a decrease of 2% from the impact of foreign currency translation. On an underlying basis, revenue increased 4% for the three months ended March 31, 2025, in both the Risk and Insurance Services and Consulting segments.
Current wording
Consolidated revenue increased $1.3 billion, or 11%, to $14.0 billion for the six months ended June 30, 2025, compared to $12.7 billion for the six months ended June 30, 2024. Consolidated revenue increased 4% on an underlying basis and 7% from acquisitions. On an underlying basis, revenue increased 4% for the six months ended June 30, 2025, in both the Risk and Insurance Services and Consulting segments.
Previous wording
Consolidated operating expenses increased $508 million, or 11%, to $5.1 billion for the three months ended March 31, 2025, compared to $4.5 billion for the three months ended March 31, 2024. Expenses reflect a 9% increase from acquisitions, partially offset by a decrease of 2% from the impact of foreign currency translation.
Current wording
Consolidated operating expenses increased $566 million, or 12%, to $5.1 billion for the three months ended June 30, 2025, compared to $4.6 billion for the three months ended June 30, 2024. Expenses also reflect an increase of 8% from acquisitions and 1% from the impact of foreign currency translation.
Previous wording
Consolidated operating expenses for the three months ended March 31, 2025 increased due to compensation and benefits, primarily in RIS, driven by higher base salaries and incentive compensation.
Current wording
Consolidated operating expenses for the three and six months ended June 30, 2025 increased due to acquisitions, primarily in Risk and Insurance Services, resulting in higher compensation and benefits and amortization of identified intangibles.
Previous wording
Revenue in the Risk and Insurance Services segment increased $489 million, or 11%, to $4.8 billion for the three months ended March 31, 2025, compared to $4.3 billion for the three months ended March 31, 2024. Revenue increased 4% on an underlying basis and 9% from acquisitions, partially offset by a decrease of 2% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $19 million to $103 million for the three months ended March 31, 2025, compared to $122 million for the three months ended March 31, 2024, due to lower average interest rates compared to the corresponding period in the prior year.
Current wording
Revenue in the Risk and Insurance Services segment increased $603 million, or 15%, to $4.6 billion for the three months ended June 30, 2025, compared to $4.0 billion for the three months ended June 30, 2024. Revenue increased 4% on an underlying basis, 10% from acquisitions, and 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $26 million to $99 million for the three months ended June 30, 2025, compared to $125 million for the three months ended June 30, 2024. The decrease is due to lower average interest rates compared to the corresponding quarter in the prior year.
Previous wording
In Risk and Insurance Services, underlying revenue growth for the three months ended March 31, 2025 was driven by retention and new business growth at Marsh and Guy Carpenter.
Current wording
In Risk and Insurance Services, underlying revenue growth for the three and six months ended June 30, 2025 was driven by renewals and new business growth at Marsh and Guy Carpenter.
Previous wording
Marsh's revenue increased $450 million, or 15%, to $3.5 billion for the three months ended March 31, 2025, compared to $3.0 billion for the three months ended March 31, 2024. This reflects an increase of 5% on an underlying basis and 12% from acquisitions, partially offset by a decrease of 2% from the impact of foreign currency translation. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 6%, reflecting growth of 8% in Latin America, 6% in EMEA, and 4% in Asia Pacific.
Current wording
Marsh's revenue increased $1.0 billion, or 16%, to $7.3 billion for the six months ended June 30, 2025, compared to $6.3 billion for the six months ended June 30, 2024. This reflects an increase of 5% on an underlying basis and 12% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 6%, reflecting growth of 7% in EMEA, 5% in Latin America, and 4% in Asia Pacific.
Previous wording
Guy Carpenter's revenue increased $58 million, or 5%, to $1.2 billion for the three months ended March 31, 2025, compared to $1.1 billion for the three months ended March 31, 2024. This reflects an increase of 5% on an underlying basis and 1% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation.
Current wording
Guy Carpenter's revenue increased $45 million, or 7%, to $677 million for the three months ended June 30, 2025, compared to $632 million for the three months ended June 30, 2024. This reflects an increase of 5% on an underlying basis, 1% from acquisitions, and 1% from the impact of foreign currency translation.
Previous wording
At Guy Carpenter, underlying revenue growth for the three months ended March 31, 2025 was driven by growth across all regions and global specialties.
Current wording
At Guy Carpenter, underlying revenue growth for the three and six months ended June 30, 2025 was driven by growth across all regions and global specialties.
Previous wording
The Risk and Insurance Services segment completed 3 acquisitions for the three months ended March 31, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
The Risk and Insurance Services segment completed 5 acquisitions for the six months ended June 30, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
Expenses in the Risk and Insurances Services segment increased $441 million, or 16%, to $3.1 billion for the three months ended March 31, 2025, compared to $2.7 billion for the three months ended March 31, 2024. Expenses reflect a 12% increase from acquisitions, partially offset by a decrease of 2% from the impact of foreign currency translation.
Current wording
Expenses in the Risk and Insurances Services segment increased $457 million, or 17%, to 3.2 billion for the three months ended June 30, 2025, compared to $2.7 billion for the three months ended June 30, 2024. Expenses also reflect an increase of 12% from acquisitions and 1% from the impact of foreign currency translation.
Previous wording
Expenses for the three months ended March 31, 2025 increased primarily due to compensation and benefits driven by higher base salaries and incentive compensation. Expenses also include integration and retention related costs of $69 million and higher intangibles amortization cost of $41 million primarily related to the acquisition of McGriff.
Current wording
Expenses for the three and six months ended June 30, 2025 included integration and retention related costs of $45 million and $114 million, respectively, related to the acquisition of McGriff.
Previous wording
Consulting revenue increased $100 million, or 5%, to $2.3 billion for the three months ended March 31, 2025, compared to $2.2 billion for the three months ended March 31, 2024. This reflects an increase of 4% on an underlying basis and 2% from acquisitions, partially offset by a decrease of 2% from the impact of foreign currency translation.
Current wording
Consulting revenue increased $155 million, or 7%, to $2.4 billion for the three months ended June 30, 2025, compared to $2.2 billion for the three months ended June 30, 2024. This reflects an increase of 3% on an underlying basis, 3% from acquisitions, and 1% from the impact of foreign currency translation.
Previous wording
In Consulting, underlying revenue growth for the three months ended March 31, 2025 was driven by both Mercer and Oliver Wyman Group.
Current wording
In Consulting, underlying revenue growth for the three and six months ended June 30, 2025 was driven by growth in both Mercer and Oliver Wyman Group.
Previous wording
Mercer's revenue increased $71 million, or 5%, to $1.5 billion for the three months ended March 31, 2025, compared to $1.4 billion for the three months ended March 31, 2024. This reflects an increase of 4% on an underlying basis and 3% from acquisitions, partially offset by a decrease of 2% from the impact of foreign currency translation. On an underlying basis, revenue for Health and Wealth increased 7% and 3%, respectively, and decreased 1% in Career, as compared to the corresponding period in the prior year.
Current wording
Mercer's revenue increased $119 million, or 9%, to $1.5 billion for the three months ended June 30, 2025, compared to $1.4 billion for the three months ended June 30, 2024. This reflects an increase of 3% on an underlying basis, 4% from acquisitions, and 1% from the impact of foreign currency translation. On an underlying basis, revenue for Health and Wealth increased 7% and 2%, respectively, and decreased 5% in Career, as compared to the corresponding quarter in the prior year.
Previous wording
Underlying revenue growth at Mercer was driven by continued solid growth in Health and continued demand in Wealth. Health reflected growth across all regions. Wealth growth was driven by investment management. Career revenue benefited from growth in international offset by slower demand in the U.S.
Current wording
Underlying revenue growth at Mercer was driven by continued solid growth in Health and Wealth, offset by contraction in Career. Health reflected growth across all regions. Wealth growth was driven by investment management, reflecting positive net flows and the impact of capital markets. The decline in Career reflects slower project demand in the U.S and Canada.
Previous wording
Revenue for the three months ended March 31, 2024 includes a net gain of $21 million from the sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses.
Current wording
Revenue for the six months ended June 30, 2024 includes a net gain of $21 million from the sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses.
Previous wording
Oliver Wyman Group's revenue increased $29 million, or 4%, to $818 million for the three months ended March 31, 2025, compared to $789 million for the three months ended March 31, 2024. This reflects an increase of 4% on an underlying basis and 1% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation.
Current wording
Oliver Wyman Group's revenue increased $36 million, or 5%, to $873 million for the three months ended June 30, 2025, compared to $837 million for the three months ended June 30, 2024. This reflects an increase of 3% on an underlying basis and 1% from the impact of foreign currency translation.
Previous wording
The increase in underlying revenue growth at Oliver Wyman Group for the three months ended March 31, 2025 was led by the U.S.
Current wording
The increase in underlying revenue growth at Oliver Wyman Group for the three and six months ended June 30, 2025 was driven by growth in the Americas.
Previous wording
In the Consulting segment, expenses increased $76 million, or 4%, to $1.9 billion for the three months ended March 31, 2025, compared to $1.8 billion for the three months ended March 31, 2024. Expenses reflect a 4% increase from acquisitions, partially offset by a decrease of 2% from the impact of foreign currency translation.
Current wording
Expenses in the Consulting segment increased $109 million, or 6%, to $1.9 billion for the three months ended June 30, 2025, compared to $1.8 billion for the three months ended June 30, 2024. Expenses reflect a 3% increase from acquisitions and 1% from the impact of foreign currency translation.
Previous wording
For the three months ended March 31, 2024, expenses also reflected acquisition and disposition costs of $21 million, primarily related to exit costs for the disposition of the Mercer U.K. pension administration and U.S. health benefits administration businesses in 2024.
Current wording
Expenses for the three and six months ended June 30, 2025 increased primarily due to compensation and benefits driven by higher base salaries and incentive compensation. For the six months ended June 30, 2024, expenses also reflected acquisition and disposition costs of $21 million, primarily related to exit costs for the disposition of the Mercer U.K. pension administration and U.S. health benefits administration businesses in 2024.
Previous wording
Interest income was $19 million for the three months ended March 31, 2025, compared to $37 million for the three months ended March 31, 2024. Interest income decreased $18 million for the three months ended March 31, 2025, due to lower average corporate funds compared to the corresponding period in the prior year.
Current wording
Interest income for the three months ended June 30, 2025 was $5 million, compared to $12 million for the three months ended June 30, 2024. Interest income for the six months ended June 30, 2025 was $24 million, compared to $49 million for the six months ended June 30, 2024. Interest income decreased $7 million and $25 million for the three and six months ended June 30, 2025, respectively, due to lower average corporate funds and average interest rates compared to the corresponding periods in the prior year.
Previous wording
The Company recorded net investment income of $5 million for the three months ended March 31, 2025 compared to net investment income of $1 million for the three months ended March 31, 2024.
Current wording
The Company recorded net investment income of $7 million and $12 million for the three and six months ended June 30, 2025, compared to net investment income of $1 million and $2 million, respectively, for the corresponding periods in the prior year. The increase in 2025 for both periods is primarily driven by higher mark-to-market gains from the Company's investments, compared to the prior year.
Previous wording
The Company's effective tax rate for the three months ended March 31, 2025 was 22.7%, compared with 23.9% for the corresponding period of 2024.
Current wording
The Company's effective tax rate for the three months ended June 30, 2025 was 25.2%, compared with 27.1% for the corresponding period of 2024. The effective tax rates for the six months ended June 30, 2025 and 2024 were 23.9% and 25.4%, respectively.
Previous wording
The excess tax benefit related to share-based payments is the most significant discrete item in both periods, reducing the effective tax rate for the three months ended March 31, 2025 and 2024, by 2.1% and 2.3%, respectively.
Current wording
The excess tax benefit related to share-based payments is the most significant discrete item in both periods, reducing the effective tax rate by 0.2% and 0.7% for the three months ended June 30, 2025 and 2024,
Previous wording
The Company has established liabilities for uncertain tax positions in relation to potential assessments in the jurisdictions in which it operates. In 2024, the Company received closure notices and assessments from the U.K. tax authority in relation to its 2016-2020 examinations which disallowed certain interest expense deductions. The Company has appealed the assessments and resolving this matter through litigation or alternative dispute resolution may take several years. The Company believes the resolution of tax matters will not have a material effect on the consolidated financial position of the Company. However, an adverse resolution of tax matters could have a material impact on the Company's net income or cash flows and on its effective tax rate in a particular future period. It is reasonably possible that the total amount of unrecognized tax benefits could decrease up to approximately $70 million within the next twelve months due to settlement of audits and expiration of statutes of limitations.
Current wording
The Company has established liabilities for uncertain tax positions in relation to potential assessments in the jurisdictions in which it operates. In 2024, the Company received closure notices and assessments from the U.K. tax authority in relation to its 2016-2020 examinations which disallowed certain interest expense deductions. The Company has appealed the assessments and resolving this matter through litigation or alternative dispute resolution may take several years. The Company believes the resolution of tax matters will not have a material effect on the consolidated financial position of the Company. However, an adverse resolution of tax matters could have a material impact on the Company's net income or cash flows and on its effective tax rate in a particular future period. It is reasonably possible that the total amount of unrecognized tax benefits could decrease up to approximately $69 million within the next twelve months due to settlement of audits and expiration of statutes of limitations.
Previous wording
Changes in tax laws, rulings, policies, or related legal and regulatory interpretations occur frequently and may have significant favorable or adverse impacts on our effective tax rate. In 2021, the Organization for Economic Cooperation and Development ("OECD") released model rules for a 15% global minimum tax, known as Pillar Two. Pillar Two has now been enacted by most key non-U.S. jurisdictions where the Company operates, including the U.K. and Ireland. Parts of the minimum tax rules were applicable in 2024, with the remaining provisions becoming fully effective for 2025. This minimum tax is treated as a period cost and does not have a material impact on the Company's financial results from operations for the current period. The Company continues to monitor legislative developments, as well as additional guidance from countries that have enacted Pillar Two legislation, and will ensure it complies with any changes.
Current wording
In 2021, the Organization for Economic Cooperation and Development ("OECD") released model rules for a 15% global minimum tax, known as Pillar Two. Pillar Two has now been enacted by most key non-U.S. jurisdictions where the Company operates, including the U.K. and Ireland. Parts of the minimum tax rules were applicable in 2024, with the remaining provisions becoming fully effective for 2025. This minimum tax is treated as a period cost and does not have a material impact on the Company's financial results from operations for the current period. The Company continues to monitor legislative developments, as well as additional guidance from countries that have enacted Pillar Two legislation, and will ensure it complies with any changes.
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Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
a)Acquisitions, dispositions and other in 2025 includes the impact of McGriff.
Current report — wording carried from elsewhere
Note: Amounts in the tables above are rounded to whole numbers.
Current report — wording carried from elsewhere
Marsh's revenue increased $584 million, or 18%, to $3.8 billion for the three months ended June 30, 2025, compared to $3.3 billion for the three months ended June 30, 2024. This reflects an increase of 5% on an underlying basis, 12% from acquisitions, and 1% from the impact of foreign currency translation. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 7%, reflecting growth of 8% in EMEA, 4% in Asia Pacific and 3% in Latin America.
Current report — wording carried from elsewhere
The Consulting segment completed 2 acquisitions for the six months ended June 30, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current report — wording carried from elsewhere
Changes in tax laws, rulings, policies, or related legal and regulatory interpretations occur frequently and may have significant favorable or adverse impacts on our effective tax rate.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
For additional details, refer to the Consolidated Results of Operations and Liquidity and Capital Resources sections in this MD&A.
Previous report — wording carried elsewhere
Expenses for the three months ended March 31, 2025 increased primarily due to compensation and benefits driven by higher base salaries and incentive compensation.
Previous report — wording carried elsewhere
In March 2025, the Company repaid $500 million of 3.50% senior notes at maturity.
Previous report — wording carried elsewhere
In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity.
Previous report — wording carried elsewhere
In March 2024, the Company repaid $1 billion of 3.875% senior notes at maturity.