v3.25.4

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company is organized based on the types of services provided. Under this structure, the Company’s operating segments are: Marsh Risk, Guy Carpenter, Mercer and Marsh Management Consulting. The four segments are aggregated into two operating and reporting segments as follows: ▪Risk and Insurance Services, comprising Marsh Risk (insurance services) and Guy Carpenter (reinsurance services); and ▪Consulting, comprising Mercer and Marsh Management Consulting. The accounting policies of the segments are the same as those used for the consolidated financial statements described in Note 1, Summary of Significant Accounting Policies. Revenues are attributed to geographic areas based on location out of which the services are performed. The Chief Executive Officer, as the Company's Chief Operating Decision Maker ("CODM"), evaluates segment performance and allocates resources based on segment operating income, which includes directly related expenses, and charges or credits related to restructuring but not the Company's corporate level expenses. Segment operating income is also used to monitor budget versus actual results. Selected information about the Company’s segments and geographic areas of operation are as follows:
For the Years Ended December 31, (In millions) |  | Revenue |  | Compensation and benefits |  | Depreciation and amortization expense |  | Identified intangible amortization expense |  | Other segment items | Operating Income (Loss)
2025 – |  |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 17,265 |  | (a) | $ | 9,711 |  |  | $ | 204 |  |  | $ | 475 |  |  | $ | 2,239 |  | $ | 4,636 |
Consulting |  | 9,794 |  | (b) | 5,710 |  |  | 100 |  |  | 74 |  |  | 2,014 |  | 1,896 |
Total Segments |  | 27,059 |  |  | 15,421 |  |  | 304 |  |  | 549 |  |  | 4,253 |  | 6,532 |
Corporate/Eliminations |  | (78) |  |  | 156 |  |  | 57 |  |  | — |  |  | 18 |  | (309) |
Total Consolidated |  | $ | 26,981 |  |  | $ | 15,577 |  |  | $ | 361 |  |  | $ | 549 |  |  | $ | 4,271 |  | $ | 6,223 |
2024 – |  |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 15,395 |  | (a) | $ | 8,499 |  |  | $ | 192 |  |  | $ | 326 |  |  | $ | 2,013 |  | $ | 4,365 |
Consulting |  | 9,133 |  | (b) | 5,358 |  |  | 114 |  |  | 51 |  |  | 1,840 |  | 1,770 |
Total Segments |  | 24,528 |  |  | 13,857 |  |  | 306 |  |  | 377 |  |  | 3,853 |  | 6,135 |
Corporate/Eliminations |  | (70) |  |  | 139 |  |  | 63 |  |  | — |  |  | 46 |  | (318) |
Total Consolidated |  | $ | 24,458 |  |  | $ | 13,996 |  |  | $ | 369 |  |  | $ | 377 |  |  | $ | 3,899 |  | $ | 5,817 |
2023 – |  |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 14,089 |  | (a) | $ | 7,702 |  |  | $ | 190 |  |  | $ | 297 |  |  | $ | 1,955 |  | $ | 3,945 |
Consulting |  | 8,709 |  |  | 5,249 |  |  | 106 |  |  | 46 |  |  | 1,642 |  | 1,666 |
Total Segments |  | 22,798 |  |  | 12,951 |  |  | 296 |  |  | 343 |  |  | 3,597 |  | 5,611 |
Corporate/Eliminations |  | (62) |  |  | 148 |  |  | 74 |  |  | — |  |  | 45 |  | (329) |
Total Consolidated |  | $ | 22,736 |  |  | $ | 13,099 |  |  | $ | 370 |  |  | $ | 343 |  |  | $ | 3,642 |  | $ | 5,282 |
(a)Includes interest income on fiduciary funds of $403 million, $497 million and $453 million in 2025, 2024 and 2023, respectively, and equity method income of $24 million, $22 million and $18 million in 2025, 2024 and 2023, respectively. Revenue in 2025 also includes $28 million from a gain on the sale of the TCAS business and a gain on remeasurement of a previously held equity method investment to fair value upon consolidation. Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees. (b)Includes inter-segment revenue of $73 million, $60 million and $56 million in 2025, 2024 and 2023, respectively. Revenue in 2024 includes a net gain of $35 million on the sale of the Mercer U.K. pension administration and U.S. health and benefits administration business. Revenue in 2024 also includes a gain of $20 million from the sale of a business in Marsh Management Consulting. Other Risk and Insurance Services and Consulting segment items consist primarily of costs such as travel and entertainment, outside services, information and technology, facilities and equipment, and taxes and insurance. The reconciliation of total consolidated operating income (loss) to income before income taxes is provided on the consolidated statements of income. The Company does not report its assets by segment, including capital expenditures, as that information is not used by the CODM in assessing segment performance and allocating resources. Details of operating segment revenue are as follows:
For the Years Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Risk and Insurance Services |  |  |  |  |  |
Marsh Risk |  | $ | 14,630 |  |  | $ | 12,851 |  |  | $ | 11,657 |
Guy Carpenter |  | 2,635 |  |  | 2,544 |  |  | 2,432 |
Total Risk and Insurance Services |  | 17,265 |  |  | 15,395 |  |  | 14,089 |
Consulting |  |  |  |  |  |
Mercer |  | 6,190 |  |  | 5,743 |  |  | 5,587 |
Marsh Management Consulting |  | 3,604 |  |  | 3,390 |  |  | 3,122 |
Total Consulting |  | 9,794 |  |  | 9,133 |  |  | 8,709 |
Total Segments |  | 27,059 |  |  | 24,528 |  |  | 22,798 |
Corporate/Eliminations |  | (78) |  |  | (70) |  |  | (62) |
Total |  | $ | 26,981 |  |  | $ | 24,458 |  |  | $ | 22,736 |
Information by geographic area is as follows:
For the Years Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |
United States (a) |  | $ | 13,344 |  |  | $ | 11,671 |  |  | $ | 10,924 |
United Kingdom (b) |  | 3,816 |  |  | 3,595 |  |  | 3,555 |
Other (c) |  | 9,899 |  |  | 9,262 |  |  | 8,319 |
|  | 27,059 |  |  | 24,528 |  |  | 22,798 |
Corporate/Eliminations |  | (78) |  |  | (70) |  |  | (62) |
Total |  | $ | 26,981 |  |  | $ | 24,458 |  |  | $ | 22,736 |
(a)Revenue in 2025 includes a gain on the sale of the TCAS business of $15 million. Revenue in 2024 includes the loss on the sale of the Mercer U.S. health and benefits administration business of $35 million, and a gain of $20 million from the sale of a business in Marsh Management Consulting. (b)Revenue in 2024 includes the gain on the sale of the Mercer U.K. pension administration business of $70 million. Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees. (c)Revenue in 2025 incudes a $13 million gain on remeasurement of a previously held equity method investment to fair value upon consolidation.
For the Years Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Fixed Assets, Net |  |  |  |  |  |
United States |  | $ | 469 |  |  | $ | 494 |  |  | $ | 468 |
United Kingdom |  | 136 |  |  | 150 |  |  | 168 |
Other |  | 224 |  |  | 215 |  |  | 246 |
Total |  | $ | 829 |  |  | $ | 859 |  |  | $ | 882 |

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- Definition The entire disclosure for reporting segments including data and tables. 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