Marsh & McLennan (NYSE:MMC), a global leader in risk, reinsurance, capital, people and investments, and management consulting, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Fourth-quarter consolidated revenue totaled $6.6 billion, rising 9% compared with the prior-year period, or 4% on an underlying basis.
Operating income increased 7% to $1.2 billion.
Adjusted operating income, excluding noteworthy items and identified intangible amortization expense, rose 12% to $1.6 billion.
Net income attributable to the company was $821 million, with earnings per share of $1.68.
Adjusted earnings per share increased 10% to $2.12, including a 7-cent benefit from favorable discrete tax items and a 2-cent benefit from foreign exchange.
For the full year, revenue reached $27 billion, up 10% on a GAAP basis and 4% on an underlying basis compared with 2024.
Operating income was $6.2 billion, increasing 7%.
Adjusted operating income rose 11% to $7.3 billion.
Meanwhile, net income attributable to the company was $4.2 billion, or $8.43 per diluted share, compared with $8.18 in 2024.