How does Marsh & McLennan Companies (MRSH) make money?

Marsh & McLennan Companies (MRSH) generates revenue primarily from Marsh Insurance Group, which accounted for 56.6% of total revenue in TTM through Q2 2026. The company reported $27.9B in revenue and converted 14.2% of it into net profit, equivalent to roughly $3.98B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Marsh & McLennan Companies (MRSH)?

Marsh & McLennan Companies (MRSH) reported a gross profit margin of 42.4% in TTM through Q2 2026, equivalent to $11.8B in gross profit on $27.9B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Marsh & McLennan Companies (MRSH)?

Marsh & McLennan Companies (MRSH) reported an operating profit margin of 21.6% in TTM through Q2 2026, equivalent to $6.04B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Marsh & McLennan Companies (MRSH)?

Marsh & McLennan Companies (MRSH) reported a net profit margin of 14.2% in TTM through Q2 2026, equivalent to $3.98B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Marsh & McLennan Companies (MRSH) profitable?

Yes. Marsh & McLennan Companies (MRSH) reported $3.98B in net income for TTM through Q2 2026, with a net profit margin of 14.2%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Marsh & McLennan Companies (MRSH) spend on capital expenditures?

Marsh & McLennan Companies (MRSH) spent $311M on capital expenditures (CapEx) during TTM through Q2 2026, roughly 1.1% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Marsh & McLennan Companies (MRSH) generate?

Marsh & McLennan Companies (MRSH) generated $4.77B in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 17.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Marsh & McLennan Companies (MRSH)?

Marsh & McLennan Companies (MRSH) had an effective tax rate of 23.9% in TTM through Q2 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Marsh & McLennan Companies (MRSH)?

Marsh & McLennan Companies (MRSH) reports revenue across 6 reportable product segments, led by Marsh Insurance Group at 56.6% of total revenue in TTM through Q2 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Marsh & McLennan Companies Makes Money: 2026 Visual Revenue Map

Marsh & McLennan Companies (MRSH) Income Statement Flow — TTM through Q2 2026

Calculated from the four most recent reported quarters, ending June 30, 2026 (reported July 21, 2026).

Marsh & McLennan Companies discloses geographic revenue only in annual filings. to view the full breakdown.

Marsh & McLennan Companies (MRSH) Revenue by Product Segment — TTM through Q2 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Marsh & McLennan Companies (MRSH), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
Marsh Insurance Group	$15.8B	56.6%
Risk And Insurance Services Segment	$3.51B	12.6%
Mercer Consulting Group	$2.93B	10.5%
Consulting Segment	$2.21B	7.9%
Guy Carpenter Reinsurance Group	$1.76B	6.3%
Oliver Wyman Group Consulting Group	$1.71B	6.1%
Total	$27.9B	100%

Marsh Insurance Group$15.8B
Risk And Insurance Services Segment$3.51B
Mercer Consulting Group$2.93B
Consulting Segment$2.21B
Guy Carpenter Reinsurance Group$1.76B
Oliver Wyman Group Consulting Group$1.71B
Total$27.9B

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, Marsh & McLennan Companies (MRSH) reports revenue across 6 reportable product segments; the largest segment was Marsh Insurance Group at 56.6%, followed by Risk And Insurance Services Segment (12.6%) and Mercer Consulting Group (10.5%).

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