Marsh & McLennan Companies, Inc. (MMC)

Marsh & McLennan Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	4,127	4,060	3,756	3,050	3,143	2,016
Depreciation & Amortization	839	746	713	719	747	741
Loss (Gain) From Sale of Assets	-43	-48	16	-88	-33	24
Loss (Gain) From Sale of Investments	-32	-9	-5	-21	-61	22
Stock-Based Compensation	385	368	363	367	348	290
Other Operating Activities	371	260	323	450	118	363
Change in Accounts Receivable	-101	-467	-467	-492	-570	412
Change in Income Taxes	99	123	105	-54	-33	63
Change in Other Net Operating Assets	-728	-731	-546	-466	-143	-549
Operating Cash Flow	4,917	4,302	4,258	3,465	3,516	3,382
Operating Cash Flow Growth	22.10%	1.03%	22.89%	-1.45%	3.96%	43.24%
Capital Expenditures	-263	-316	-416	-470	-406	-348
Cash Acquisitions	-7,960	-8,542	-976	-572	-859	-647
Divestitures	77	89	-17	119	84	98
Investment in Securities	16	-53	-19	64	13	107
Other Investing Activities	-3	1	11	9	4	-3
Investing Cash Flow	-8,133	-8,821	-1,417	-850	-1,164	-793
Short-Term Debt Issued	-	-	146	-	-	-
Long-Term Debt Issued	-	8,170	2,169	984	743	1,737
Total Debt Issued	6,583	8,170	2,315	984	743	1,737
Short-Term Debt Repaid	-	-	-146	-	-	-
Long-Term Debt Repaid	-	-1,617	-266	-365	-1,016	-2,515
Total Debt Repaid	-518	-1,617	-412	-365	-1,016	-2,515
Net Debt Issued (Repaid)	6,065	6,553	1,903	619	-273	-778
Issuance of Common Stock	272	264	199	126	161	132
Repurchase of Common Stock	-1,049	-1,080	-1,298	-2,148	-1,260	-132
Common Dividends Paid	-1,603	-1,499	-1,285	-1,125	-1,014	-932
Other Financing Activities	-679	217	-638	1,482	1,089	785
Financing Cash Flow	3,006	4,455	-1,119	-1,046	-1,297	-925
Foreign Exchange Rate Adjustments	608	-414	328	-841	-355	511
Net Cash Flow	398	-478	2,050	728	700	2,175
Free Cash Flow	4,654	3,986	3,842	2,995	3,110	3,034
Free Cash Flow Growth	28.24%	3.75%	28.28%	-3.70%	2.50%	56.39%
Free Cash Flow Margin	18.04%	16.30%	16.90%	14.46%	15.69%	17.61%
Free Cash Flow Per Share	9.40	8.04	7.70	5.93	6.06	5.93
Cash Interest Paid	738	591	499	431	441	481
Cash Income Tax Paid	1,221	1,239	1,119	1,049	1,069	673
Levered Free Cash Flow	4,344	3,892	3,703	3,356	3,544	2,860
Unlevered Free Cash Flow	4,889	4,329	4,064	3,649	3,821	3,182
Change in Working Capital	-730	-1,075	-908	-1,012	-746	-74

Updated Jul 17, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q