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Marsh Income Statement

Revenue, expenses, and profitability over time

Marsh generated $27.5B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $3.9B with a 14.26% net margin. Diluted EPS is $8.00, which declined 0.0% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$27.5BOperating Income (TTM)$6.0BNet Income (TTM)$3.9BEps Diluted (TTM)$8.00
Latest FilingQ1 2026
Report Date2026-04-16
Market Cap$78.0B
P/E Ratio19.88

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$85.0M$112.0M$98.0M$95.0M$89.0M$139.0M
Amortization of Finite-Lived Intangible Assets$108.0M$139.0M$140.0M$133.0M$137.0M$138.0M
Share-Based Compensation Expense$85.0M$112.0M$98.0M$95.0M$89.0M$139.0M
Change in contingent consideration liability-$8.0M-$5.0M$16.0M$7.0M$19.0M$10.0M
Amortization expense$108.0M$139.0M$140.0M$133.0M$137.0M$138.0M
Compensation and benefits$3.6B$3.9B$3.9B$3.9B$3.9B$4.1B
Other Costs and Expenses$1.3B$1.2B$1.3B$1.3B$1.4B$1.7B
Other operating charges$1.3B$1.2B$1.3B$1.3B$1.4B$1.7B
Stock-based compensation expense$85.0M$112.0M$98.0M$95.0M$89.0M$139.0M
Other operating expenses$4.9B$5.1B$5.1B$5.2B$5.4B$5.8B
Share-Based Compensation$85.0M$112.0M$98.0M$95.0M$89.0M$139.0M
Total operating expenses$4.9B$5.1B$5.1B$5.2B$5.4B$5.8B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Expenditures$76.0M$55.0M$59.0M$72.0M$105.0M$62.0M
Change in Other Liabilities$266.0M$130.0M—-$195.0M$250.0M$587.0M
Tax Withholding for Share-Based Payments$3.0M$137.0M$5.0M$6.0M$0.0$118.0M
Amortization of capitalized software and acquired intangible assets$108.0M$139.0M$140.0M$133.0M$137.0M$138.0M
Other net benefit credits-$67.0M-$43.0M-$48.0M-$52.0M-$51.0M-$50.0M
Depreciation$93.0M$88.0M$91.0M$91.0M$91.0M$89.0M
Gain Loss On Sale Of Other Assets$30.0M$29.0M—$2.0M—$7.0M
Increase Decrease In Accrued Income Taxes Payable—$178.0M$12.0M$7.0M—$157.0M
Accrued compensation and employee benefits$674.0M-$1.9B——$852.0M-$2.0B
Increase (decrease) in other assets$172.0M$121.0M——$104.0M$122.0M
Other liabilities$266.0M$130.0M—-$195.0M$250.0M$587.0M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$6.3B-$138.0M-$1.7B-$753.0M-$2.0B$114.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$7.6B$26.0M-$121.0M-$227.0M-$523.0M-$104.0M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$2.0B-$622.0M$1.7B$2.1B$2.2B-$688.0M
Payment for (Proceeds from) Other Investing Activity—$0.0$3.0M$3.0M-$8.0M$6.0M
Payments for Repurchase of Common Stock$0.0$300.0M$300.0M$402.0M$1.0B$755.0M
Payments of Ordinary Dividends, Common Stock$403.0M$405.0M$405.0M$445.0M$444.0M$440.0M
Payment, Tax Withholding, Share-Based Payment Arrangement$3.0M$137.0M$5.0M$6.0M$0.0$118.0M
Payments to Acquire Businesses, Net of Cash Acquired$7.5B$18.0M$44.0M$162.0M$428.0M$41.0M
Payments to Acquire Property, Plant, and Equipment$76.0M$55.0M$59.0M$72.0M$105.0M$62.0M
Divestiture of businesses, net of cash transferred—$25.0M——$7.0M$12.0M
Issuance of debt$7.2B$0.0$0.0$0.0$0.0$595.0M
Proceeds from issuance of shares$43.0M$128.0M$47.0M$37.0M$38.0M$63.0M
Net change in commercial paper—$1.0B———$1.0B
Other investments, net of payments  $38.0M$84.0M$0.0$12.0M$4.0M$1.0M
Repayments of Long-Term Debt$4.0M$505.0M$5.0M$4.0M$5.0M$605.0M
Revenue From Contract With Customer Excluding Assessed Tax$6.1B$7.1B$7.0B$6.4B$6.6B$7.6B
Stock-based compensation$85.0M$112.0M$98.0M$95.0M$89.0M$139.0M
Cash Dividends, Common Stock$403.0M$405.0M$405.0M$445.0M$444.0M$440.0M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends$403.0M$405.0M$405.0M$445.0M$444.0M$440.0M
Net income$788.0M$1.4B$1.2B$747.0M$821.0M$1.1B
Common Stock Dividends$403.0M$405.0M$405.0M$445.0M$444.0M$440.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.61$2.81$2.46$1.52$1.69$2.37
Diluted earnings per share$1.59$2.79$2.45$1.51$1.68$2.36
Weighted-average shares, basic—492M492M491M—484M
Weighted-average shares, diluted—495M495M494M—486M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$1.0B$1.8B$1.6B$1.0B$1.1B$1.6B

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$208.0M$415.0M$415.0M$253.0M$222.0M$395.0M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$231.0M$245.0M$243.0M$237.0M$235.0M$240.0M
Interest income$22.0M$19.0M$5.0M$10.0M$14.0M$11.0M
Change in Receivables—$599.0M$322.0M——$784.0M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$1.1B$2.0B$1.8B$1.2B$1.2B$1.8B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$6.1B$7.1B$7.0B$6.4B$6.6B$7.6B