MRSH · Q2 2025 Earnings

Cautious

Marsh McLennan

Reported July 17, 2025

30-second summary

30-second take: Marsh McLennan posted Q2 revenue of $6.97B (+12% YoY), but strip out the McGriff acquisition and underlying growth was just 4% — the weakest print in several years for a franchise that built its multiple on mid-to-high-single-digit organic growth. Adjusted operating margin expanded to 29.5% and adjusted EPS hit $2.72, so profitability is intact, but the segment mix tells the story: Consulting underlying growth was just 3%, with Oliver Wyman underlying at +3% and Mercer underlying at +3%, and Guy Carpenter underlying decelerated to 5%. The acquisition is masking a softer organic backdrop in P&C pricing and consulting demand.

Headline numbers

EPS

Q2 FY2025

$2.72

Revenue

Q2 FY2025

$6.97B

+12.0% YoY

Operating margin

Q2 FY2025

26.2%

Key financials

Q2 FY2025

Metric	Q2 FY2025	YoY
Revenue	$6.97B	+12.0%
EPS	$2.72	—
Operating margin	26.2%	—

Guidance

Prior quarter data unavailable — comparison not possible.

Segment performance

Q2 FY2025

Segment	Q2 FY2025	YoY
Risk & Insurance Services	$4.625B	+15.0%
Marsh	$3.849B	+18.0%
Guy Carpenter	$0.677B	+7.0%
Consulting	$2.371B	+7.0%
Mercer	$1.498B	+9.0%
Oliver Wyman Group	$0.873B	+5.0%

Capital & returns

Q2 FY2025

Segment	Q2 FY2025
Share Repurchases (Q2 2025)	$300 million
Dividend per Share Increase	10%

Other KPIs

Q2 FY2025

Segment	Q2 FY2025	YoY
U.S./Canada (Marsh)	$2.302B	+26.0%
International (Marsh)	$1.547B	+7.0%
Underlying Revenue Growth	4%	—
Adjusted Operating Income Growth	14%	—
Adjusted Operating Margin	29.5%	—
Risk & Insurance Services Adjusted Operating Margin	35.6%	—
Consulting Adjusted Operating Margin	20.2%	—
Marsh Underlying Revenue Growth	5%	—

Management tone

No earnings call transcript was available for this quarter; tone analysis will resume when a transcript is published or with next quarter's call.

What to watch into next quarter

Underlying revenue growth trajectory — 4% consolidated, 5% at Marsh, and just 3% at Consulting is a step down from the high-single-digit cadence MMC investors have been paying for. Watch whether Q3 underlying growth stabilizes here or decelerates further toward 3% at the consolidated level.

Guy Carpenter deceleration — underlying +5% is a notable slowdown for reinsurance given prior years' rate environment. If Q3 underlying prints below 5%, the reinsurance pricing cycle has clearly turned.

Oliver Wyman and Mercer demand — underlying +3% at both is the leading indicator for management consulting and benefits demand. Watch for any commentary on backlog or pipeline, and whether Mercer's Career underlying (-5%) stabilizes.

McGriff integration economics — with the acquisition now lapping into the run-rate, watch whether Risk & Insurance Services margins hold at 35.6% or compress as integration costs flow through.

FY2025 guide refresh — the absence of a numerical FY guide in the press release means the next call is where management will reset expectations. Watch the underlying growth framing in particular.

Sources

Marsh McLennan Q2 2025 press release, July 17, 2025 — https://www.sec.gov/Archives/edgar/data/62709/000006270925000067/mmc2q2025ex991newsrelease.htm

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