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Marsh MRSH Consulting — Revenue from contract with customer, percent

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Other financials

Income statement

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Revenue$7.4B+6.2%
Operating income$1.9B+3.8%
Net income$1.3B+4.5%
EPS (diluted)$2.63+7.3%

Balance sheet

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Cash & equivalents$1.7B+1.4%
Total debt$21.7B+3.5%
Total assets$59.7B+1.9%

Cash flow

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Operating cash flow$1.5B-8.9%
CapEx$72.0M+22.0%
Free cash flow$1.5B-10.0%

Valuation

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Market cap$92.24B+3.3%
Enterprise value$112.28B
P/E23.2×
P/S3.3×

Profitability

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Operating margin21.6%-2.0pp
Net margin14.2%-1.8pp
FCF margin17.1%-1.0pp

Returns & leverage

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Current ratio1.1×-0.1×

Where this comes from

Reported directly by Marsh in its filing.

Tagged under the XBRL concept mrsh:RevenuefromContractwithCustomerPercent.

The source filing: Marsh’s 10-K, filed February 9, 2026.

Filed
Feb 9, 2026, 4:02 PM EST
Fiscal year
FY2025
Accession
0000062709-26-000022

Health brokerage and consulting services are components of both Marsh Risk, which includes MMA, and Mercer, with approximately 51% of such revenues reported in Mercer. Health contracts typically involve a series of distinct services that are treated as a single performance obligation. Revenue for these services is recognized over time based on the amount of remuneration the Company expects to be entitled in exchange for these services. Payments for health brokerage and consulting services are typically paid monthly in arrears from carriers based on insured lives under the contract.

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Marsh's consulting — revenue from contract with customer, percent?
Marsh (MRSH) reported consulting — revenue from contract with customer, percent of 12.8% in Q4 2025.
What does consulting — revenue from contract with customer, percent mean?
This metric measures the proportion of total consulting segment revenue derived directly from formal client contracts. It highlights the stability and predictability of the revenue stream by distinguishing contractual engagements from ad-hoc or project-based work. High percentages typically correlate with recurring revenue models and long-term client retention.

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