MRSH Marsh & McLennan (MRSH) Q4 FY25 earnings call
Marsh & McLennan delivered a solid Q4 and FY25, driven by broad-based underlying revenue growth and strong capital deployment. The company is leveraging its new Thrive program to fuel efficiency, accelerate investments in AI and talent, and capitalize on significant opportunities in digital infrastructure. Despite headwinds from softening insurance pricing and lower interest rates, management anticipates continued margin expansion and solid adjusted EPS growth in FY26.
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MRSH operating KPIs by quarter
| KPI | Sep 2025 Q3 FY25 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Assets under management (AUM) Mercer | $683BOur assets under management were $683 billion at the end of the third quarter, up 2% sequentially and up 25% compared to the third quarter of last year.Source: earnings call transcript | $692BOur assets under management were $692 billion at the end of the fourth quarter, up 1% sequentially and up 12% compared to the fourth quarter of last year.Source: earnings call transcript | $727BOur assets under management were $727 billion at the end of the first quarter, up 5% sequentially and up 19% compared to the first quarter of last year.Source: earnings call transcript | $846BOur assets under management were $846 billion at the end of the second quarter, up 16% sequentially and up 26% compared to the second quarter of last year.Source: earnings call transcript | $843BOur assets under management were $843 billion at the end of the third quarter, flat sequentially and up 23% from the third quarter last year.Source: earnings call transcript | -0.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.