v3.25.4

Revenue (Tables) | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table disaggregates various components of the Company's revenue:
For the Years Ended December 31, |  |
(In millions) |  | 2025 |  | 2024 |  | 2023
Marsh Risk: |  |  |  |  |  |
EMEA |  | $ | 3,812 |  |  | $ | 3,530 |  |  | $ | 3,262 |
Asia Pacific |  | 1,460 |  |  | 1,414 |  |  | 1,295 |
Latin America |  | 571 |  |  | 575 |  |  | 559 |
Total International |  | 5,843 |  |  | 5,519 |  |  | 5,116 |
U.S./Canada |  | 8,523 |  |  | 7,017 |  |  | 6,262 |
Total Marsh Risk |  | 14,366 |  |  | 12,536 |  |  | 11,378 |
Guy Carpenter |  | 2,496 |  |  | 2,362 |  |  | 2,258 |
Subtotal |  | 16,862 |  |  | 14,898 |  |  | 13,636 |
Fiduciary interest income |  | 403 |  |  | 497 |  |  | 453 |
Total Risk and Insurance Services |  | $ | 17,265 |  |  | $ | 15,395 |  |  | $ | 14,089 |
Mercer: |  |  |  |  |  |
Wealth (a) |  | $ | 2,819 |  |  | $ | 2,584 |  |  | $ | 2,507 |
Health (a) |  | 2,284 |  |  | 2,100 |  |  | 2,061 |
Career |  | 1,087 |  |  | 1,059 |  |  | 1,019 |
Total Mercer |  | 6,190 |  |  | 5,743 |  |  | 5,587 |
Marsh Management Consulting (b) |  | 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 |
(a)Revenue in 2024 includes a net gain of $35 million from the sale of the U.K. pension administration and U.S.health and benefits administration businesses, that comprised of a $70 million gain in Wealth, offset by a $35 million loss in Health. (b)Revenue in 2024 includes a gain of $20 million from the sale of a business in Marsh Management Consulting.
Schedule of Contract Assets and Liabilities | The following table provides contract assets and contract liabilities information from contracts with customers:
December 31, (In millions) |  | 2025 |  | 2024 |  | 2023
Contract assets |  | $ | 540 |  |  | $ | 473 |  |  | $ | 357 |
Contract liabilities |  | $ | 927 |  |  | $ | 866 |  |  | $ | 869 |
Details of the change in Contract Assets and Contract Liabilities for 2025 and 2024 are as follows:
For the Years Ended December 31, |  |
(In millions) |  | 2025 |  | 2024
Contract Assets |  |  |  |
Balance at January 1, |  | $ | 473 |  |  | $ | 357 |
Additions (a) |  | 1,046 |  |  | 963 |
Transfers to accounts receivable (b) |  | (984) |  |  | (844) |
Effect of foreign exchange rate changes |  | 5 |  |  | (3) |
Balance at December 31, |  | $ | 540 |  |  | $ | 473 |
Contract Liabilities |  |  |  |
Balance at January 1, |  | $ | 866 |  |  | $ | 869 |
Cash received for performance obligations not yet fulfilled |  | 884 |  |  | 847 |
Revenue recognized |  | (846) |  |  | (835) |
Effect of foreign exchange rate changes |  | 23 |  |  | (15) |
Balance at December 31, |  | $ | 927 |  |  | $ | 866 |
(a)Includes $69 million from the acquisition of McGriff in 2024. (b)Amounts transferred to accounts receivable as the rights to bill and collect became unconditional.

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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