Marsh McLennan reported consolidated revenue during the second quarter of 2025 of $7.0 billion, an increase of 12% from $6.2 billion 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 the company was $1.2 billion, compared with $1.1 billion in Q2 2024. Earnings per share during Q2 2025 increased 8% to $2.45, 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% from $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 of 7% from $3.6 billion reported in H1 2024. H1 net income attributable to the company was $2.6 billion, or $5.23 per diluted share, compared with $2.5 billion, or $5.08 per diluted share, in the first six months of 2024.
“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 to 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 revenue 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 softening 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.”
Risk and Insurance Services Segment
Marsh McLennan’s Risk and Insurance Services (RIS) segment (comprising Marsh and Guy Carpenter) reported Q2 revenue of $4.6 billion, an increase of 15% from $4.0 billion reported during Q2 2024. Q2 underlying (organic) revenue in the RIS segment rose 4%, compared to a 7% increase in Q2 2024.
Q2 operating income in the RIS segment increased 11% to $1.4 billion, while adjusted operating income increased 16% to $1.6 billion.
For the six months ended June 30, 2025, RIS revenue was $9.4 billion, an increase of 13%, or 4% on an underlying basis. (RIS organic revenue rose 8% in H1 2024). Operating income during H1 2025 rose 7% to $3.1 billion from $2.9 billion in H1 2024.
Marsh’s revenue in the second quarter of 2025 was $3.8 billion, an increase of 18%, or 5% on an underlying basis (compared with organic revenue growth of 7% in Q2 2024). In U.S./Canada, underlying revenue rose 4%. International operations produced underlying revenue growth of 7%, including 8% in EMEA, 4% in Asia Pacific, and 3% in Latin America. For the six months ended June 30, 2025, Marsh’s underlying revenue growth was 5%.
Guy Carpenter’s revenue in the second quarter was $677 million, an increase of 7%, or 5% on underlying (organic) basis (compared with organic revenue growth of 11% in Q2 2024). For the six months period ended June 30, 2025, Guy Carpenter’s underlying revenue growth was 5% versus 9% reported during the same period last year
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