Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2B | $14.0B | $14.9B | $16.7B | $17.2B | $19.8B | $20.7B | $22.7B | $24.5B | $27.0B |
| Revenue growth | — | 6.2% | 6.6% | 11.4% | 3.4% | 15.1% | 4.5% | 9.7% | 7.6% | 10.3% |
| Operating income | $2.43B | $2.65B | $2.76B | $2.68B | $3.07B | $4.31B | $4.28B | $5.28B | $5.82B | $6.22B |
| Operating margin | 18.4% | 18.9% | 18.5% | 16.1% | 17.8% | 21.8% | 20.7% | 23.2% | 23.8% | 23.1% |
| Net income | $1.77B | $1.49B | $1.65B | $1.74B | $2.02B | $3.14B | $3.05B | $3.76B | $4.06B | $4.16B |
| Net margin | 13.4% | 10.6% | 11.0% | 10.5% | 11.7% | 15.9% | 14.7% | 16.5% | 16.6% | 15.4% |
| EPS (diluted) | $3.38 | $2.87 | $3.23 | $3.41 | $3.94 | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.01B | $1.89B | $2.43B | $2.36B | $3.38B | $3.52B | $3.46B | $4.26B | $4.30B | $5.29B |
| Capital expenditures | $253M | $302M | $314M | $421M | $348M | $406M | $470M | $416M | $316M | $291M |
| Free cash flow | $1.75B | $1.59B | $2.11B | $1.94B | $3.03B | $3.11B | $3.00B | $3.84B | $3.99B | $5.00B |
| Share buybacks | $800M | $900M | $675M | $485M | $0.00 | $1.16B | $1.95B | $1.15B | $900M | $2.01B |
| Dividends paid | $682M | $740M | $807M | $890M | $943M | $1.03B | $1.14B | $1.30B | $1.51B | $1.70B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.03B | $1.21B | $1.07B | $1.16B | $2.09B | $1.75B | $1.44B | $3.36B | $2.40B | $2.69B |
| Total assets | $18.2B | $20.4B | $21.6B | $31.4B | $33.0B | $44.0B | $44.1B | $48.0B | $56.5B | $58.7B |
| Long-term debt | — | — | $5.51B | $10.7B | $10.8B | $10.9B | $11.2B | $11.8B | $19.4B | $18.3B |
| Shareholders' equity | $6.27B | $7.44B | $7.58B | $7.94B | $9.26B | $11.2B | $10.7B | $12.4B | $13.5B | $15.3B |
| Retained earnings | $12.4B | $13.1B | $14.3B | $15.2B | $16.3B | $18.4B | $20.3B | $22.8B | $25.3B | $27.8B |
| Shares (wtd avg diluted) | 524M | 519M | 511M | 511M | 512M | 513M | 505M | 499M | 496M | 494M |
Every figure is extracted from MARSH & MCLENNAN COMPANIES, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.