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	4,196	4,117	3,802	3,087	3,174	2,046
Depreciation & Amortization	839	746	713	719	747	741
Stock-Based Compensation	385	368	363	367	348	290
Other Adjustments	283	146	288	304	-7	379
Change in Receivables	-101	-467	-467	-492	-570	412
Changes in Accrued Expenses	15	123	195	171	574	171
Changes in Income Taxes Payable	68	92	105	-54	-33	63
Changes in Other Operating Activities	-712	-823	-741	-637	-717	-789
Operating Cash Flow	4,917	4,302	4,258	3,465	3,516	3,382
Operating Cash Flow Growth	21.80%	1.03%	22.89%	-1.45%	3.96%	43.24%
Capital Expenditures	-263	-316	-416	-470	-406	-348
Purchases of Investments	-109	-108	-57	-22	-28	-23
Proceeds from Sale of Investments	-	55	38	86	41	130
Payments for Business Acquisitions	-7,960	-8,542	-976	-572	-859	-647
Proceeds from Business Divestments	77	89	-17	119	84	98
Other Investing Activities	-	1	11	9	4	-3
Investing Cash Flow	-8,133	-8,821	-1,417	-850	-1,164	-793
Short-Term Debt Issued	-	-	146	-	-	-
Short-Term Debt Repaid	-	-	-146	-	-	-
Long-Term Debt Issued	-	8,170	2,169	984	743	1,737
Long-Term Debt Repaid	-518	-1,617	-266	-365	-1,016	-2,515
Net Long-Term Debt Issued (Repaid)	-518	6,553	1,903	619	-273	-778
Issuance of Common Stock	272	264	199	126	161	132
Repurchase of Common Stock	-149	-1,080	-1,298	-2,148	-1,260	-132
Net Common Stock Issued (Repurchased)	123	-816	-1,099	-2,022	-1,099	-
Common Dividends Paid	-1,617	-1,513	-1,298	-1,138	-1,026	-943
Other Financing Activities	-637	231	-625	1,495	1,101	796
Financing Cash Flow	3,006	4,455	-1,119	-1,046	-1,297	-925
Effect of Exchange Rate Changes on Cash and Cash Equivalents	608	-414	328	-841	-355	511
Net Cash Flow	398	-478	2,050	728	700	2,175
Beginning Cash & Cash Equivalents	13,150	14,152	12,102	11,374	10,674	8,499
Ending Cash & Cash Equivalents	13,548	13,674	14,152	12,102	11,374	10,674
Free Cash Flow	4,654	3,986	3,842	2,995	3,110	3,034
Free Cash Flow Growth	16.76%	3.75%	28.28%	-3.70%	2.50%	56.39%
FCF Margin	18.04%	16.30%	16.90%	14.45%	15.69%	17.61%
Free Cash Flow Per Share	9.39	8.04	7.70	5.93	6.06	5.93
Levered Free Cash Flow	3,556	10,435	5,515	3,398	3,035	1,076
Unlevered Free Cash Flow	4,574	4,192	3,852	2,966	3,417	2,084

Updated Jul 17, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q