Marsh McLennan reported consolidated revenue during the secon
d quarter of 2025 of $7.0 billion, an increase of 12% from $6.2 bill
ion in Q2 2024, with underlying (organic) revenue growth of 4%, compared with an increase of 6% in Q2 2024.
Q2 operating income rose 11% to $1.8 billion from $1.6 billion in Q2 2024. Net income attributable to t
he company was $1.2 billion, compared with $1.1 billion in Q2 2024. Earnings per share during Q2 2025 increased 8% to $2.4
5, while adjusted earnings per share increased 11% to $2.72.
For the six months ended June 30, 2025, consolidated revenue was $14.0 billion, an increase of 11% fro
m $12.7 billion reported in H1 2024. Underlying (organic) revenue rose 4%
during the first half, compared to an increase of 8% during H1 2024.
Operating income during H1 2025 was $3.8 billion, an increase o
f 7% from $3.6 billion reported in H1 2024. H1 net income attributable to the company was $2.6 billion, or $5.23 per dilut
ed share, compared with $2.5 billion, or $5.08 per diluted share, in the first six months of 2024.
See more beautiful photo albums Here >>>
“As we said coming into the year, we anticipated impacts from a
changing macro environment and our performance continues to track well with our expectations,” according t
o John Doyle, president and CEO of Marsh McLennan during an analysts’ call to discuss Q2 results.
“Overall, we grew revenue 12% in the quarter, reflecting continued
momentum in our business and contributions from an active year of acquisitions in 2024. Underlying reven
ue increased 4% for the quarter,” he said. “I was pleased with our execution, especially given the impact of lower fiduciary interest income, declining P&C pricing and
market uncertainty affecting our clients, especially here in the U.S.”
While Doyle estimated that about 15%-20% of Marsh McLennan’s revenue base is particularly exposed to a soft
ening economy, he noted that MMC has “a defensive and resilient business,” and “demand remains quite strong.”
However, he did acknowledge that certain segments of MMC’s business are seeing softer conditions “just from a challenging environment where uncertainty is driving a defensive posture from some of our clients.”