Marsh (NYSE:MRSH) posted stronger-than-expected fourth-quarter results on Thursday, supported by solid execution across its operating divisions.
The company’s shares rose about 1.3% in pre-market trading following the release.
Adjusted earnings per share came in at $2.12 for the quarter, comfortably ahead of the analyst consensus of $1.98. Revenue increased 9% year over year to $6.6 billion, edging past expectations of $6.56 billion. On an underlying basis, stripping out the effects of acquisitions and currency movements, revenue grew 4% compared with the same period last year.
“Our fourth quarter results capped another solid year for Marsh,” said John Doyle, President and CEO. “For the full year, we generated 10% revenue growth, 4% underlying revenue growth, double-digit adjusted NOI growth, 9% adjusted EPS growth and our 18th consecutive year of reported margin expansion.”
Within Risk & Insurance Services, which includes Marsh Risk and Guy Carpenter, revenue rose 9% to $4.0 billion, with underlying growth of 2%. The Consulting segment, encompassing Mercer and Marsh Management Consulting, delivered an 8% increase in revenue to $2.6 billion, with underlying growth of 5%.
For the full year 2025, Marsh reported total revenue of $27.0 billion, representing 10% growth on a GAAP basis and 4% growth on an underlying basis versus 2024. Adjusted earnings per share for the year advanced 9% to $9.75.
Operational efficiency continued to improve, with the adjusted operating margin reaching 23.7% in the fourth quarter, up from 23.3% a year earlier.
Marsh also highlighted its shareholder return activity, having repurchased 10.1 million shares for $2.0 billion during 2025. The company recently updated its New York Stock Exchange ticker to MRSH as part of a broader rebranding effort.