MARSH & MCLENNAN COMPANIES, INC.
For the period ended Sep 30, 2025. Filed Oct 16, 2025.
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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.
Sep 30, 2025 · Filed Oct 16, 2025
MRSH$204.82-2.2%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED BALANCE SHEETS
| (In millions, except share data) | (Unaudited)September 30, 2025 | December 31, 2024 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $2,511 | $2,398 |
| Cash and cash equivalents held in a fiduciary capacity | 12,001 | 11,276 |
| Receivables | ||
| Commissions and fees | 7,256 | 6,533 |
| Advanced premiums and claims | 63 | 84 |
| Other | 760 | 706 |
| 8,079 | 7,323 | |
| Less-allowance for credit losses | (173) | (167) |
| Net receivables | 7,906 | 7,156 |
| Other current assets | 1,281 | 1,287 |
| Total current assets | 23,699 | 22,117 |
| Goodwill | 23,949 | 23,306 |
| Other intangible assets | 4,671 | 4,820 |
| Fixed assets (net of accumulated depreciation and amortization of $1,669 at September 30, 2025 and $1,538 at December 31, 2024) | 820 | 859 |
| Pension related assets | 2,212 | 1,914 |
| Right of use assets | 1,436 | 1,498 |
| Deferred tax assets | 248 | 237 |
| Other assets | 1,748 | 1,730 |
| $58,783 | $56,481 | |
CONSOLIDATED BALANCE SHEETS (Continued)
| (In millions, except share data) | (Unaudited)September 30, 2025 | December 31, 2024 |
|---|---|---|
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Short-term debt | $1,263 | $519 |
| Accounts payable and accrued liabilities | 3,355 | 3,402 |
| Accrued compensation and employee benefits | 3,089 | 3,620 |
| Current lease liabilities | 332 | 325 |
| Accrued income taxes | 617 | 376 |
| Dividends payable | 441 | — |
| Fiduciary liabilities | 12,001 | 11,276 |
| Total current liabilities | 21,098 | 19,518 |
| Long-term debt | 18,317 | 19,428 |
| Pension, post-retirement and post-employment benefits | 791 | 840 |
| Long-term lease liabilities | 1,514 | 1,590 |
| Liabilities for errors and omissions | 285 | 305 |
| Other liabilities | 1,419 | 1,265 |
| Commitments and contingencies | — | — |
| Equity: | ||
| Preferred stock, $1 par value, authorized 6,000,000 shares, none issued | — | — |
| Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at September 30, 2025 and December 31, 2024 | 561 | 561 |
| Additional paid-in capital | 1,457 | 1,370 |
| Retained earnings | 26,948 | 25,306 |
| Accumulated other comprehensive loss | (5,441) | (6,240) |
| Non-controlling interests | 206 | 193 |
| 23,731 | 21,190 | |
| Less – treasury shares, at cost, 70,639,222 shares at September 30, 2025and 69,239,488 shares at December 31, 2024 | (8,372) | (7,655) |
| Total equity | 15,359 | 13,535 |
| $58,783 | $56,481 | |
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