Marsh McLennan's Revenue Soars 12% in Q2 2025

Marsh McLennan reported solid financial results for the second quarter ended June 30, 2025. The company's consolidated revenue reached $7.0 billion, marking a 12% increase compared to the second quarter of 2024. Net income attributable to the company was $1.2 billion, an 8% increase from the prior year. Diluted earnings per share (EPS) increased by 8% to $2.45. While the company's adjusted EPS of $2.72 surpassed analyst estimates of $2.66, its GAAP revenue of $7.0 billion narrowly missed the analyst estimate of $6.93 billion.

Key Business Drivers

Risk & Insurance Services reported revenue of $4.6 billion in the second quarter of 2025, an increase of 15%. This segment's operating income grew 11% to $1.4 billion. Marsh, a key part of this segment, saw its revenue increase by 18% to $3.8 billion, with U.S./Canada underlying revenue up 4% and International operations achieving 7% underlying revenue growth. Guy Carpenter also contributed positively with revenue of $677 million, up 7%.

Consulting Segment Performance

The Consulting segment generated $2.4 billion in revenue, a 7% increase, and its operating income rose 11% to $456 million. Within Consulting, Mercer's revenue was $1.5 billion, up 9%, driven by a 7% underlying increase in Health revenue, though Career revenue saw a 5% decrease on an underlying basis. Oliver Wyman's revenue increased by 5% to $873 million.

Management Commentary and Capital Allocation

John Doyle, President and CEO, highlighted the continued momentum across the business, noting the significant contribution from acquisitions to revenue growth. He emphasized the 14% growth in adjusted operating income and 11% growth in adjusted EPS. The company also demonstrated its commitment to shareholder returns by announcing a 10% increase in its dividend and repurchasing 1.4 million shares of stock for $300 million in the second quarter of 2025.