Marsh & McLennan Companies, Inc. (MRSH)
NYSE: MRSH · Real-Time Price · USD
190.67
-4.05 (-2.08%)
Oct 27, 2026, 4:00 PM EDT - Market closed
MRSH Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 4,041 | 4,160 | 4,060 | 3,756 | 3,050 | 3,143 |
Depreciation & Amortization | 913 | 910 | 746 | 713 | 719 | 747 |
Loss (Gain) From Sale of Assets | -8 | -13 | -48 | 16 | -88 | -33 |
Loss (Gain) From Sale of Investments | -16 | -34 | -9 | -5 | -21 | -61 |
Stock-Based Compensation | 418 | 394 | 368 | 363 | 367 | 348 |
Other Operating Activities | 243 | 393 | 260 | 323 | 450 | 118 |
Change in Accounts Receivable | -612 | -128 | -467 | -467 | -492 | -570 |
Change in Income Taxes | -116 | 12 | 123 | 105 | -54 | -33 |
Change in Other Net Operating Assets | -389 | -402 | -731 | -546 | -466 | -143 |
Operating Cash Flow | 4,474 | 5,292 | 4,302 | 4,258 | 3,465 | 3,516 |
Operating Cash Flow Growth | -12.05% | 23.01% | 1.03% | 22.89% | -1.45% | 3.96% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -320 | -291 | -316 | -416 | -470 | -406 |
Cash Acquisitions | -691 | -652 | -8,542 | -976 | -572 | -859 |
Divestitures | 23 | 22 | 89 | -17 | 119 | 84 |
Investment in Securities | -22 | 74 | -53 | -19 | 64 | 13 |
Other Investing Activities | -6 | 2 | 1 | 11 | 9 | 4 |
Investing Cash Flow | -1,016 | -845 | -8,821 | -1,417 | -850 | -1,164 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Short-Term Debt Issued | - | - | - | 146 | - | - |
Long-Term Debt Issued | - | - | 8,170 | 2,169 | 984 | 743 |
Total Debt Issued | 2,218 | - | 8,170 | 2,315 | 984 | 743 |
Short-Term Debt Repaid | - | - | - | -146 | - | - |
Long-Term Debt Repaid | - | -519 | -1,617 | -266 | -365 | -1,016 |
Total Debt Repaid | -1,252 | -519 | -1,617 | -412 | -365 | -1,016 |
Net Debt Issued (Repaid) | 966 | -519 | 6,553 | 1,903 | 619 | -273 |
Issuance of Common Stock | 156 | 250 | 264 | 199 | 126 | 161 |
Repurchase of Common Stock | -3,150 | -2,160 | -1,080 | -1,298 | -2,148 | -1,260 |
Common Dividends Paid | -1,784 | -1,685 | -1,499 | -1,285 | -1,125 | -1,014 |
Other Financing Activities | - | -520 | 217 | -638 | 1,482 | 1,089 |
Financing Cash Flow | -3,812 | -4,634 | 4,455 | -1,119 | -1,046 | -1,297 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | -43 | 673 | -414 | 328 | -841 | -355 |
Net Cash Flow | -397 | 486 | -478 | 2,050 | 728 | 700 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 4,154 | 5,001 | 3,986 | 3,842 | 2,995 | 3,110 |
Free Cash Flow Growth | -13.91% | 25.46% | 3.75% | 28.28% | -3.70% | 2.50% |
Free Cash Flow Margin | 14.60% | 18.54% | 16.30% | 16.90% | 14.46% | 15.69% |
Free Cash Flow Per Share | 8.58 | 10.12 | 8.04 | 7.70 | 5.93 | 6.06 |
Levered Free Cash Flow | 4,321 | 4,731 | 3,892 | 3,675 | 3,356 | 3,544 |
Unlevered Free Cash Flow | 4,930 | 5,331 | 4,329 | 4,036 | 3,649 | 3,821 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 946 | 885 | 591 | 499 | 431 | 441 |
Cash Income Tax Paid | 1,364 | 1,292 | 1,100 | 1,100 | 1,049 | 1,069 |
Change in Working Capital | -1,117 | -518 | -1,075 | -908 | -1,012 | -746 |