Marsh McLennan’s Advisory Flywheel: How Oliver Wyman, Mercer, and AI Are Driving Durable Demand!

Marsh & McLennan Companies, Inc. reported its fourth-quarter and full-year financial performance for 2025, showcasing both strengths and challenges in its operating environment. The company achieved a significant increase in revenue and profitability, positioning itself favorably against strategic objectives, yet it also faced some notable market headwinds. In 2025, Marsh & McLennan’s total revenue grew by 10% to $27 billion, underpinned by a 4% increase in underlying revenue. Adjusted operating income reached $7.3 billion, marking an 11% increase, while adjusted earnings per share rose by 9% to $9.75. The firm also enhanced its adjusted operating margin by 30 basis points, continuing an 18-year trend of margin expansion. A robust free cash flow expansion of 25% and substantial capital returns, including a record $2 billion in share repurchases and a 10% dividend increase, highlighted the company’s commitment to shareholder value.