Adjusted EPS increased 11% to $2.72, while GAAP EPS was $2.45.
Adjusted operating income rose 14% to $2.1 billion, with an adjusted operating margin expansion of 50 basis points to 29.5%.
Consulting segment revenue was $2.4 billion, up 7% (3% underlying growth), with adjusted operating income up 9%.
Dividend increased 10% to $0.90 per share, marking 16 consecutive years of dividend increases.
Fiduciary interest income declined to $99 million, down $26 million year-over-year due to lower interest rates.
Guy Carpenter revenue was $677 million, up 7% (5% underlying growth), despite soft pricing environment.
Interest expense increased to $243 million due to higher debt from McGriff acquisition.
Marsh & McLennan reported consolidated revenue of $7 billion for Q2 2025, a 12% increase year-over-year, with 4% underlying growth.
Marsh revenue was $3.8 billion, up 18% (5% underlying growth), with strong international growth.
Mercer revenue was $1.5 billion, up 9% (3% underlying growth), with assets under management at $670 billion, up 36% year-over-year driven by acquisitions and net inflows.
Oliver Wyman revenue was $873 million, up 5% (3% underlying growth).
Risk and Insurance Services (RIS) revenue grew 15% to $4.6 billion, with 4% underlying growth; adjusted operating income in RIS increased 16% with margin expansion.
Share repurchases totaled $300 million in the quarter.
A $37.7 million pretax gain on prior investments, including $29.4 million from Voyager Technologies, contributed to strong results.
Average loans increased 12.7% to $36.4 billion and average deposits increased 10.7% to $55.6 billion, reflecting organic growth and Heartland acquisition impact.
CET1 capital ratio increased 28 basis points to 10.39% following a $294 million Series B preferred stock offering and redemption of $115 million Series A preferred stock.
Excluding acquisition and nonrecurring items, net operating income was $225.4 million or $2.96 per share.
Legacy UMB average loan balances increased 15.3% annualized, outpacing peer banks' median 5.2% increase.
Net charge-offs for legacy UMB were $9 million or 13 basis points; total net charge-offs including acquired loans were 17 basis points.
Nonperforming loans to total loans improved 2 basis points to 26 basis points; legacy UMB NPLs were 10 basis points compared to peer median of 0.50%.
UMB Financial reported net income available for common shareholders of $215.4 million in Q2 2025, including $13.5 million of acquisition expenses.
Dafinchi