MARSH & MCLENNAN COMPANIES, INC.

For the period ended Mar 31, 2026. Filed Apr 16, 2026.

About 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.

Mar 31, 2026 · Filed Apr 16, 2026

MRSH$204.37-0.2%Stored close · as of Nov 9, 2026

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Contents

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)	(Unaudited) March 31, 2026	December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$1,611	$2,687
Cash and cash equivalents held in a fiduciary capacity	11,744	11,473
Receivables
Commissions and fees	7,777	7,015
Advanced premiums and claims	60	67
Other	749	750
	8,586	7,832
Less-allowance for credit losses	(159)	(162)
Net receivables	8,427	7,670
Other current assets	1,454	1,370
Total current assets	23,236	23,200
Goodwill	24,273	24,337
Other intangible assets	4,607	4,746
Fixed assets (net of accumulated depreciation and amortization of $1,695 at March 31, 2026 and $1,669 at December 31, 2025)	814	829
Pension related assets	2,168	2,140
Right of use assets	1,460	1,460
Deferred tax assets	193	212
Other assets	1,801	1,786
	$58,552	$58,710

CONSOLIDATED BALANCE SHEETS (Continued)

(In millions, except share data)	(Unaudited) March 31, 2026	December 31, 2025
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	$1,702	$1,267
Accounts payable and accrued liabilities	4,180	3,652
Accrued compensation and employee benefits	1,945	3,962
Current lease liabilities	326	333
Accrued income taxes	572	373
Dividends payable	436	—
Fiduciary liabilities	11,744	11,473
Total current liabilities	20,905	21,060
Long-term debt	18,900	18,320
Pension, post-retirement and post-employment benefits	752	786
Long-term lease liabilities	1,523	1,529
Liabilities for errors and omissions	286	288
Other liabilities	1,380	1,412
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 March 31, 2026 and December 31, 2025	561	561
Additional paid-in capital	1,474	1,547
Retained earnings	28,037	27,767
Accumulated other comprehensive loss	(5,560)	(5,429)
Non-controlling interests	237	215
	24,749	24,661
Less – treasury shares, at cost, 78,467,942 shares at March 31, 2026and 75,783,063 shares at December 31, 2025	(9,943)	(9,346)
Total equity	14,806	15,315
	$58,552	$58,710

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.