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Arphra AIPlain-English read on Marsh & McLennan Companies, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $19.82B | $20.72B | $22.74B | $24.46B | $26.98B | $28.43B | $29.84B | $31.35B |
| Cost of revenue | $11.43B | $12.07B | $13.1B | $14B | $15.58B | $16.63B | $16.68B | $17.82B |
| Gross profit | $8.4B | $8.65B | $9.64B | $10.46B | $11.4B | $12.19B | $12.79B | $13.13B |
| Gross margin | +42.36% | +41.74% | +42.39% | +42.78% | +42.27% | +42.88% | +42.85% | +41.90% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $4.08B | $4.37B | $4.36B | $4.65B | $5.18B | $5.41B | $5.86B | $6.03B |
| Operating income | $4.31B | $4.28B | $5.28B | $5.82B | $6.22B | $6.57B | $6.86B | $7.17B |
| Operating margin | +21.76% | +20.66% | +23.23% | +23.78% | +23.06% | +23.10% | +22.99% | +22.86% |
| EBITDA | $5.4B | $5.27B | $6.32B | $6.93B | $7.4B | $7.97B | $8.18B | $8.94B |
| EBIT | $4.65B | $4.55B | $5.6B | $6.18B | $6.49B | $7.14B | $7.38B | $7.67B |
| Below the line | ||||||||
| Interest expense | $444M | $469M | $578M | $700M | $960M | $865.81M | $869.81M | $908.59M |
| Interest income | $2M | $15M | $78M | $83M | $48M | $79.96M | $84.71M | $91.66M |
| Other income / expense | -$104M | -$198M | -$256M | -$337M | -$684M | — | — | — |
| Pre-tax income | $4.21B | $4.08B | $5.03B | $5.48B | $5.54B | $6.15B | $6.51B | $6.94B |
| Income tax expense | $1.03B | $995M | $1.22B | $1.36B | $1.31B | $1.51B | $1.58B | $1.67B |
| Earnings | ||||||||
| Net income | $3.14B | $3.05B | $3.76B | $4.06B | $4.16B | $4.62B | $4.9B | $4.97B |
| Net income · continuing ops | $3.17B | $3.09B | $3.8B | $4.12B | $4.23B | $4.74B | $4.78B | $5.08B |
| Net margin | +15.86% | +14.72% | +16.52% | +16.60% | +15.42% | +16.24% | +16.41% | +15.87% |
| EPS · basic | $6.20 | $6.11 | $7.60 | $8.25 | $8.48 | $10.53 | $11.36 | $12.49 |
| EPS · diluted | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 | $10.40 | $11.32 | $12.33 |
| EPS · low estimate | — | — | — | — | — | $10.24 | $10.90 | $11.41 |
| EPS · high estimate | — | — | — | — | — | $10.52 | $11.57 | $13.02 |
| Shares · basic | 507M | 499M | 494M | 492M | 487M | 484.41M | 486.12M | 483.07M |
| Shares · diluted | 513M | 505M | 499M | 496M | 490M | 491.75M | 485.83M | 489.33M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 8 |
| Analysts (EPS) | — | — | — | — | — | 14 | 14 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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