Marsh McLennan reported consolidated revenue during the second quarter of 2025 of $7.0 billion, an increase of 12 percent from $6.2 billion in Q2 2024, with underlying (organic) revenue growth of 4 percent, compared with an increase of 6 percent in Q2 2024.

Q2 operating income rose 11 percent to $1.8 billion from $1.6 billion in Q2 2024. Net income attributable to the company was $1.2 billion, compared with $1.1 billion in Q2 2024. Earnings per share during Q2 2025 increased 8 percent to $2.45, while adjusted earnings per share increased 11 percent to $2.72.

For the six months ended June 30, 2025, consolidated revenue was $14.0 billion, an increase of 11 percent from $12.7 billion reported in H1 2024. Underlying (organic) revenue rose 4 percent during the first half, compared to an increase of 8 percent during H1 2024.

Operating income during H1 2025 was $3.8 billion, an increase of 7 percent from $3.6 billion reported in H1 2024. H1 net income attributable to the company was $2.6 billion, or $5.23 per diluted share, compared with $2.5 billion, or $5.08 per diluted share, in the first six months of 2024.

“As we said coming into the year, we anticipated impacts from a changing macro environment and our performance continues to track well with our expectations,” according to John Doyle, president and CEO of Marsh McLennan during an analysts’ call to discuss Q2 results.

“Overall, we grew revenue 12 percent in the quarter, reflecting continued momentum in our business and contributions from an active year of acquisitions in 2024. Underlying revenue increased 4 percent for the quarter,” he said. “I was pleased with our execution, especially given the impact of lower fiduciary interest income, declining P&C pricing and market uncertainty affecting our clients, especially here in the U.S.”

While Doyle estimated that about 15-20 percent of Marsh McLennan’s revenue base is particularly exposed to a softening economy, he noted that MMC has “a defensive and resilient business,” and “demand remains quite strong.”

However, he did acknowledge that certain segments of MMC’s business are seeing softer conditions “just from a challenging environment where uncertainty is driving a defensive posture from some of our clients.”

Risk and Insurance Services Segment

Marsh McLennan’s Risk and Insurance Services (RIS) segment (comprising Marsh and Guy Carpenter) reported Q2 revenue of $4.6 billion, an increase of 15 percent from $4.0 billion reported during Q2 2024. Q2 underlying (organic) revenue in the RIS segment rose 4 percent, compared to a 7 percent increase in Q2 2024.

Q2 operating income in the RIS segment increased 11 percent to $1.4 billion, while adjusted operating income increased 16 percent to $1.6 billion.

For the six months ended June 30, 2025, RIS revenue was $9.4 billion, an increase of 13 percent, or 4 percent on an underlying basis. (RIS organic revenue rose 8 percent in H1 2024.) Operating income during H1 2025 rose 7 percent to $3.1 billion from $2.9 billion in H1 2024.

Marsh’s revenue in the second quarter of 2025 was $3.8 billion, an increase of 18 percent, or 5 percent on an underlying basis (compared with organic revenue growth of 7 percent in Q2 2024). In U.S./Canada, underlying revenue rose 4 percent. International operations produced underlying revenue growth of 7 percent, including 8 percent in EMEA, 4 percent in Asia Pacific, and 3 percent in Latin America. For the six months ended June 30, 2025, Marsh’s underlying revenue growth was 5 percent.

Guy Carpenter’s revenue in the second quarter was $677 million, an increase of 7 percent, or 5 percent on underlying (organic) basis (compared with organic revenue growth of 11 percent in Q2 2024). For the six months period ended June 30, 2025, Guy Carpenter’s underlying revenue growth was 5 percent versus 9 percent reported during the same period last year