Q2 2025 Earnings Summary
| Metric | YoY Change | Reason |
|---|---|---|
Total Revenue | 12% | The increase from $6.221 billion in Q2 2024 to $6.974 billion in Q2 2025 is driven by consistent organic growth across segments and the positive impact from acquisitions built on previous quarter dynamics, reflecting continued underlying business strength and a robust revenue mix. |
Risk and Insurance Services | 15% | The segment grew from $4.022 billion to $4.625 billion, building on earlier achievements of 9% to 11% growth in prior periods, and the further acceleration is attributable to stronger new business, robust renewal performance, and additional revenue contributions from acquisitions. |
Consulting Segment | 7% | Reporting an increase from $2.216 billion to $2.371 billion, this growth reflects underlying revenue improvements and strategic acquisitions compared to prior periods, albeit at a slightly lower pace than previous quarter performances, indicating a more modest enhancement in service demand and cost pressures. |
U.S./Canada Region | 26% | The substantial jump from $1.825 billion to $2.302 billion is mainly due to a dominant acquisitions impact—accounting for 24%—supplemented by a 4% underlying revenue growth, echoing earlier patterns where targeted acquisitions such as McGriff drove rapid expansion in key markets. |
Total International Revenue | 7.5% | Increasing from $1.440 billion to $1.547 billion, the 7.5% growth builds on earlier quarter organic and underlying revenue advances, with appreciation partly offset by variable currency impacts, indicating continued global market demand despite ongoing exchange rate fluctuations. |
| Metric | Period | Previous Guidance | Current Guidance | Change |
|---|---|---|---|---|
Revenue Growth | FY 2025 | Mid‑single‑digit underlying revenue growth | Mid‑single‑digit underlying revenue growth | no change |
Adjusted EPS Growth | FY 2025 | Solid adjusted EPS growth | Solid growth in adjusted EPS | no change |
Margin Expansion | FY 2025 | Another year of margin expansion expected for 2025 | Margin expansion for the 18th consecutive year in FY 2025 | no change |
Adjusted Effective Tax Rate | FY 2025 | Between 25% and 26% for 2025 | Between 25% and 26% for FY 2025 | no change |
Capital Deployment | FY 2025 | Approximately $4.5 billion in 2025 | Approximately $4.5 billion in FY 2025 | no change |
McGriff Integration | FY 2025 | Modestly accretive to adjusted EPS for full year 2025 | Modestly accretive to adjusted EPS for FY 2025 | no change |
Fiduciary Interest Income | Q3 2025 | no prior guidance | Approximately $105 million | no prior guidance |
Foreign Exchange Impact | Q3 2025 | no prior guidance | Minimal impact on adjusted EPS | no prior guidance |
Foreign Exchange Impact | Q4 2025 | no prior guidance | Modest benefit | no prior guidance |
Interest Expense | Q3 2025 | no prior guidance | Approximately $240 million | no prior guidance |
| Metric | Period | Guidance | Actual | Performance |
|---|---|---|---|---|
Revenue Growth | Q2 2025 | Mid-single-digit yoy growth | 6,974Vs 6,221(~12% yoy growth) | Beat |
Fiduciary Income | Q2 2025 | Approximately $100 million | 99 | Met |
Research analysts covering MARSH & MCLENNAN COMPANIES.