MARSH & MCLENNAN COMPANIES, INC. (MRSH) closed fiscal year 2025 with a gross margin of 42.3 % and a net margin of 15.4 %.
MARSH & MCLENNAN COMPANIES, INC. (MRSH) closed fiscal year 2025 with a gross margin of 42.3 % and a net margin of 15.4 %. The same year shows an EBITDA margin of 26.4 % and an EBIT margin of 23.1 %. The free cash flow margin was 18.5 %. Against the previous year the gross margin moved −0.5 pp and the net margin −1.2 pp. Across the period the gross margin ranges between 41.7 % in 2022 and 42.8 % in 2024. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 41.74 % | 42.39 % | 42.78 % | 42.27 % |
| EBITDA margin (%) | 11.64 % | 10.09 % | 11.63 % | 12.28 % | 17.09 % | 18.27 % | 19.86 % | 20.76 % | 22.04 % | 21.72 % | 22.36 % | 21.77 % | 19.96 % | 22.10 % | 25.52 % | 24.13 % | 26.37 % | 26.83 % | 26.44 % |
| EBIT margin (%) | 7.67 % | 6.33 % | 7.91 % | 8.90 % | 14.21 % | 15.34 % | 16.94 % | 17.77 % | 18.76 % | 18.40 % | 18.93 % | 18.47 % | 16.08 % | 17.80 % | 21.76 % | 20.66 % | 23.23 % | 23.78 % | 23.06 % |
| Net margin (%) | 22.23 % | -0.68 % | 2.31 % | 8.10 % | 8.62 % | 9.86 % | 11.07 % | 11.31 % | 12.40 % | 13.38 % | 10.64 % | 11.04 % | 10.46 % | 11.70 % | 15.86 % | 14.72 % | 16.52 % | 16.60 % | 15.42 % |
| FCF margin (%) | -6.12 % | 5.16 % | 3.41 % | 4.27 % | 12.36 % | 8.40 % | 7.67 % | 13.52 % | 12.12 % | 13.28 % | 11.34 % | 14.14 % | 11.65 % | 17.61 % | 15.69 % | 14.45 % | 16.90 % | 16.30 % | 18.54 % |
