MARSH & MCLENNAN COMPANIES, INC.

Insurance Agents, Brokers & Service·NEW YORK, NY·FY end 12/31·CIK 62709

CEO Pay Ratio

330:1

Doyle

CEO Total Comp

$25.1M

Doyle

Median Employee

$76,092

Revenue

$27.0B

FY 2025

Net Income

$4.2B

FY 2025

Free Cash Flow

$5.0B

FY 2025

Net Margin

15.4%

Insider Net (180d)

-$4.2M

0 buys / 3 sales

CEO Pay Accountability

CEO comp as % of net income

0.60%

For every $1,000 of profit, $6.02 flows to the CEO.

CEO comp as % of buybacks

1.25%

CEO comp equals 12.5‰ of cash returned to shareholders via buybacks.

5-year history · USD

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	Trend
Revenue	$27.0B	$24.5B	—	—	—
Gross Profit	—	—	—	—	—	—
Operating Income	$6.2B	$5.8B	$5.3B	$4.3B	$4.3B
Net Income	$4.2B	$4.1B	$3.8B	$3.0B	$3.1B
Operating CF	$5.3B	$4.3B	$4.3B	$3.5B	$3.5B
Capex	$291.0M	$316.0M	$416.0M	$470.0M	$406.0M
Free Cash Flow	$5.0B	$4.0B	$3.8B	$3.0B	$3.1B
Buybacks	$2.0B	$900.0M	$1.1B	$1.9B	$1.2B
Dividends	$1.7B	$1.5B	$1.3B	$1.1B	$1.0B

Gross Margin	—	—	—	—	—	—
Operating Margin	23.1%	23.8%	—	—	—
Net Margin	15.4%	16.6%	—	—	—
FCF Margin	18.5%	16.3%	—	—	—
R&D / Revenue	—	—	—	—	—	—
Effective Tax	23.6%	24.9%	24.4%	24.4%	24.6%
Debt / Equity	—	—	—	—	—	—
Buybacks / FCF	40.2%	22.6%	29.9%	65.1%	37.3%

FY 2025

Executive	Salary	Stock	Options	Bonus / Inc.	Other	Total
Doyle · CEO	—	—	—	—	—	$25.1M
John Q. DoylePresident and CEO, Marsh	$1.5M	$9.2M	$8.4M	$5.5M	$416.6K	$25.1M
Mark C. McGivneyChief Financial Officer, Marsh	$1.0M	$2.0M	$1.8M	$3.1M	$244.1K	$8.1M
Martin C. SouthPresident and Chief Executive	$1.0M	$1.8M	$1.6M	$3.5M	$141.5K	$8.0M
Dean M. KlisuraPresident and Chief Executive	$875.0K	$1.1M	$1.0M	$3.3M	$245.8K	$6.5M
Patrick TomlinsonPresident and Chief Executive Officer, Mercer and Vice Chair, Marsh	$900.0K	$1.3M	$1.2M	$2.7M	$160.7K	$6.2M