Marsh

FRA : MSN

€167.30−1.12%

Financials

Balance sheet · full history

USD in millions · per-share amounts unscaled. Each period shows the value from the latest filing that prints it.

Reported line item	Dec 31, 2018Balance date	Dec 31, 2019Balance date	Dec 31, 2020Balance date	Dec 31, 2021Balance date	Dec 31, 2022Balance date	Dec 31, 2023Balance date	Dec 31, 2024Balance date	Dec 31, 2025Balance date

Balance sheet, full reported history for 0000062709. USD in millions · per-share amounts unscaled. Each period shows the value from the latest filing that prints it.
Reported line item	Dec 31, 2018	Dec 31, 2019	Dec 31, 2020	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024	Dec 31, 2025
Cash and cash equivalents	1,066	1,155	2,089	1,752	1,442	3,358	2,398	2,687
Cash and cash equivalents held in a fiduciary capacity						10,794	11,276	11,473
Cash and cash equivalents held in a fiduciary capacityno longer reported					10,660	10,794
Commissions and fees	3,984	4,608	4,679	5,093	5,293	5,806	6,533	7,015
Advanced premiums and claims	79	123	112	136	103	103	84	67
Other	366	645	677	523	616	660	706	750
Gross receivables	4,429	5,376	5,468	5,752	6,012	6,569	7,323	7,832
Less allowance for credit losses	(112)	(140)	(142)	(166)	(160)	(151)	(167)	(162)
Net receivables	4,317	5,236	5,326	5,586	5,852	6,418	7,156	7,670
Other current assets	551	677	740	926	1,005	1,178	1,287	1,370
Total current assets	5,934	7,068	8,155	8,264	18,959R	21,748	22,117	23,200
Goodwill	9,599	14,671	15,517	16,317	16,251	17,231	23,306	24,337
Other intangible assets	1,437	2,774	2,699	2,810	2,537	2,630	4,820	4,746
Fixed assets, net	701	858	856	847	871	882	859	829
Pension related assets	1,688	1,632	1,768	2,270	2,127	2,051	1,914	2,140
Right of use assets	—	1,921	1,894	1,868	1,562	1,541	1,498	1,460
Deferred tax assets	680	676	702	551	358	357	237	212
Other assets	1,539	1,757	1,458	1,461	1,449	1,590	1,730	1,786
Total assets	21,578	31,357	33,049	34,388	44,114R	48,030	56,481	58,710
Short-term debt	314	1,215	517	17	268	1,619	519	1,267
Accounts payable and accrued liabilities	2,234	2,746	3,050	3,165	3,278	3,403	3,402	3,652
Accrued compensation and employee benefits	1,778	2,197	2,400	2,942	3,095	3,346	3,620	3,962
Current lease liabilities	—	342	342	332	310	312	325	333
Acquisition related derivativesno longer reported	441	0
Accrued income taxes	157	179	247	198	221	321	376	373
Fiduciary liabilities					10,660	10,794	11,276	11,473
Total current liabilities	4,924	6,679	6,556	6,654	17,832R	19,795	19,518	21,060
Long-term debt	5,510	10,741	10,796	10,933	11,227	11,844	19,428	18,320
Fiduciary liabilitiesno longer reported	5,001	7,344	8,585	9,622	10,660
Pension, post-retirement and post-employment benefits	1,911	2,336	2,662	1,632	921	779	840	786
Less - cash and cash equivalents held in a fiduciary capacityno longer reported	(5,001)	(7,344)	(8,585)	(9,622)	(10,660)
Long-term lease liabilities	—	1,926	1,924	1,880	1,667	1,661	1,590	1,529
Fiduciary liabilities, netno longer reported	0	0	0	0	0
Liability for errors and omissions	287	335	366	355	355	314	305	288
Other liabilities	1,362	1,397	1,485	1,712	1,363	1,267	1,265	1,412
Commitments and contingencies	0	0	0	0	0	0	0	0
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued	0	0	0	0	0	0	0	0
Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2025 and 2024	561	561	561	561	561	561	561	561
Additional paid-in capital	817	862	943	1,112	1,179	1,242	1,370	1,547
Retained earnings	14,347	15,199	16,272	18,389	20,301	22,759	25,306	27,767
Accumulated other comprehensive loss	(4,647)	(5,055)	(5,110)	(4,575)	(5,314)	(5,295)	(6,240)	(5,429)
Non-controlling interests	73	150	156	213	229	179	193	215
Stockholders equity subtotal before treasury stock	11,151	11,717	12,822	15,700	16,956	19,446	21,190	24,661
Less treasury shares, at cost, 75,783,063 shares at December 31, 2025 and 69,239,488 shares at December 31, 2024				(4,478)	(6,207)	(7,076)	(7,655)	(9,346)
Less treasury shares, at cost, 57,105,619 shares at December 31, 2021 and 52,914,550 shares at December 31, 2020no longer reported	(3,567)	(3,774)	(3,562)	(4,478)
Total equity	7,584	7,943	9,260	11,222	10,749	12,370	13,535	15,315
Total liabilities and stockholders' equity	21,578	31,357	33,049	34,388	44,114R	48,030	56,481	58,710

History starts FY2018, the period ended Dec 31, 2018 — the earliest period our structured-data source covers, not the company’s first year.

47 reported lines · 8 periods · values taken from the latest filing that prints each period.

R4 restated by the filer — hover for the figure as first reported.
italic6 from an earlier filing than the rest of the column.
no longer reported6 lines the filer stopped printing.
— the filer printed the line and left the period empty. An empty cell means the line was not printed at all; it is never a zero.

336 of 336 values link to the exact element in the filer’s own document.

Every line and every caption is the company’s own. Each period carries the value from the latest filing that prints it, which is why a restated period shows the restated number with the figure as first reported kept underneath.

Nothing on this table is computed by us: no fourth quarter, no growth rate, no margin. Marks describe the filer’s own restatements.