Marsh & McLennan Companies, Inc. (MRSH)
NYSE: MRSH · Real-Time Price · USD
199.27
+8.71 (4.57%)
At close: Oct 22, 2026, 4:00 PM EDT
199.90
+0.63 (0.32%)
After-hours: Oct 22, 2026, 7:58 PM EDT
MRSH Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 808 | 1,266 | 1,146 | 821 | 747 | 1,211 | 1,381 | 788 | 747 | 1,125 | 1,400 | 756 | 730 | 1,035 | 1,235 | 466 | 546 | 967 | 1,071 | 803 |
Depreciation & Amortization | 231 | 227 | 227 | 228 | 224 | 231 | 227 | 201 | 180 | 176 | 189 | 186 | 180 | 178 | 169 | 202 | 169 | 168 | 180 | 178 |
Loss (Gain) From Sale of Assets | -5 | -7 | - | 4 | -2 | -15 | - | -30 | 2 | -20 | - | -2 | -1 | -2 | 21 | -15 | -1 | -110 | 38 | -263 |
Loss (Gain) From Sale of Investments | -8 | 5 | -6 | -7 | -15 | -7 | -5 | -9 | 2 | -1 | -1 | 1 | -1 | -3 | -2 | 6 | 1 | -2 | -26 | -18 |
Stock-Based Compensation | 94 | 96 | 139 | 89 | 95 | 98 | 112 | 85 | 90 | 90 | 103 | 90 | 82 | 92 | 99 | 84 | 89 | 89 | 105 | 85 |
Other Operating Activities | -48 | 64 | 119 | 108 | 91 | 124 | 70 | 79 | 85 | 32 | 64 | 90 | 84 | 51 | 98 | 195 | 68 | 85 | 102 | 133 |
Change in Accounts Receivable | 493 | -581 | -784 | 260 | 533 | -322 | -599 | 354 | 466 | -545 | -742 | 203 | 359 | -254 | -775 | 253 | 233 | -549 | -429 | 34 |
Change in Income Taxes | -100 | 12 | 157 | -185 | 7 | 12 | 178 | -110 | 19 | 5 | 209 | -137 | -3 | 56 | 189 | -210 | -79 | 91 | 144 | -229 |
Change in Other Net Operating Assets | 13 | 441 | -1,686 | 843 | 402 | 339 | -1,986 | 598 | 321 | 353 | -2,003 | 596 | 380 | 331 | -1,853 | 521 | 357 | 543 | -1,887 | 719 |
Operating Cash Flow | 1,478 | 1,523 | -688 | 2,161 | 2,082 | 1,671 | -622 | 1,956 | 1,912 | 1,215 | -781 | 1,783 | 1,810 | 1,484 | -819 | 1,502 | 1,383 | 1,282 | -702 | 1,442 |
Operating Cash Flow Growth (YoY) | -29.01% | -8.86% | - | 10.48% | 8.89% | 37.53% | - | 9.70% | 5.63% | -18.13% | - | 18.71% | 30.88% | 15.76% | - | 4.16% | 4.46% | 10.71% | - | 4.27% |
Investing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -81 | -72 | -62 | -105 | -72 | -59 | -55 | -76 | -73 | -80 | -87 | -120 | -111 | -101 | -84 | -103 | -128 | -117 | -122 | -138 |
Cash Acquisitions | -134 | -88 | -41 | -428 | -162 | -44 | -18 | -7,500 | -398 | -343 | -301 | -357 | -327 | -29 | -263 | -359 | -62 | -127 | -24 | -475 |
Divestitures | 4 | - | 12 | 7 | - | -10 | 25 | -17 | 79 | 1 | 26 | 1 | -1 | 3 | -20 | -19 | 3 | 139 | -4 | - |
Investment in Securities | -9 | -1 | -7 | -5 | 10 | -5 | 74 | -52 | -1 | 6 | -6 | 7 | -12 | -10 | -4 | -1 | 76 | -3 | -8 | 11 |
Other Investing Activities | -8 | - | -6 | 8 | -3 | -3 | - | - | - | 1 | - | -5 | 9 | 4 | 3 | -5 | 6 | 9 | -1 | 10 |
Investing Cash Flow | -228 | -161 | -104 | -523 | -227 | -121 | 26 | -7,645 | -393 | -415 | -368 | -474 | -442 | -133 | -368 | -487 | -105 | -99 | -159 | -592 |
Financing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Short-Term Debt Issued | - | - | 1,049 | - | - | - | 1,048 | - | - | - | 50 | - | - | - | 594 | - | - | - | 825 | - |
Long-Term Debt Issued | - | - | 595 | - | - | - | - | - | - | - | 989 | - | - | - | 839 | - | - | - | - | - |
Total Debt Issued | 599 | -25 | 1,644 | - | -150 | -898 | 1,048 | 7,182 | -749 | 698 | 1,039 | -1 | 1,219 | -336 | 1,433 | 384 | -344 | 119 | 825 | 743 |
Long-Term Debt Repaid | - | - | -605 | - | - | - | -505 | - | - | - | -1,004 | - | - | - | -4 | - | - | - | -4 | - |
Total Debt Repaid | -637 | -5 | -605 | -5 | -4 | -5 | -505 | -4 | -4 | -605 | -1,004 | -254 | -150 | -4 | -4 | -351 | -6 | -4 | -4 | -504 |
Net Debt Issued (Repaid) | -38 | -30 | 1,039 | -5 | -154 | -903 | 543 | 7,178 | -753 | 93 | 35 | -255 | 1,069 | -340 | 1,429 | 33 | -350 | 115 | 821 | 239 |
Issuance of Common Stock | 27 | 28 | 63 | 38 | 37 | 47 | 128 | 43 | 54 | 54 | 113 | 34 | 45 | 78 | 42 | 37 | 24 | 31 | 34 | 46 |
Repurchase of Common Stock | -505 | -762 | -873 | -1,010 | -408 | -305 | -437 | -3 | -304 | -304 | -469 | -253 | -304 | -305 | -436 | -354 | -514 | -646 | -634 | -427 |
Common Dividends Paid | -476 | -438 | -440 | -430 | -445 | -405 | -405 | -389 | -404 | -352 | -354 | -341 | -353 | -295 | -296 | -285 | -293 | -275 | -272 | -264 |
Other Financing Activities | -86 | 402 | 325 | -641 | 217 | -129 | 33 | -554 | -29 | -10 | 810 | -1,519 | 531 | 316 | 34 | -505 | 663 | 418 | 906 | -764 |
Financing Cash Flow | -1,078 | -800 | 114 | -2,048 | -753 | -1,695 | -138 | 6,275 | -1,436 | -519 | 135 | -2,334 | 988 | -546 | 773 | -1,074 | -470 | -357 | 855 | -1,170 |
Net Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | 40 | -14 | -127 | 58 | -138 | 510 | 243 | -633 | 488 | -41 | -228 | 448 | -362 | 90 | 152 | 751 | -837 | -619 | -136 | -112 |
Net Cash Flow | 212 | 548 | -805 | -352 | 964 | 365 | -491 | -47 | 571 | 240 | -1,242 | -577 | 1,994 | 895 | -262 | 692 | -29 | 207 | -142 | -432 |
Free Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 1,397 | 1,451 | -750 | 2,056 | 2,010 | 1,612 | -677 | 1,880 | 1,839 | 1,135 | -868 | 1,663 | 1,699 | 1,383 | -903 | 1,399 | 1,255 | 1,165 | -824 | 1,304 |
Free Cash Flow Growth (YoY) | -30.50% | -9.99% | - | 9.36% | 9.30% | 42.03% | - | 13.05% | 8.24% | -17.93% | - | 18.87% | 35.38% | 18.71% | - | 7.29% | 3.98% | 8.27% | - | -0.69% |
Free Cash Flow Margin | 20.36% | 19.60% | -9.87% | 31.18% | 31.65% | 23.11% | -9.59% | 30.99% | 32.28% | 18.25% | -13.41% | 29.94% | 31.57% | 23.54% | -15.24% | 27.86% | 26.31% | 21.66% | -14.85% | 25.38% |
Free Cash Flow Per Share | 2.92 | 3.01 | -1.54 | 4.20 | 4.07 | 3.26 | -1.37 | 3.79 | 3.71 | 2.29 | -1.75 | 3.34 | 3.40 | 2.77 | -1.81 | 2.79 | 2.50 | 2.30 | -1.62 | 2.55 |
Levered Free Cash Flow | 2,025 | 789.88 | -385.38 | 1,746 | 2,539 | 1,006 | -620.13 | 1,738 | 2,197 | 746 | -787.5 | 1,434 | 2,283 | 1,140 | -1,154 | 965.25 | 1,710 | 1,040 | -707.88 | 1,059 |
Unlevered Free Cash Flow | 2,180 | 946.13 | -235.38 | 1,893 | 2,687 | 1,158 | -467 | 1,883 | 2,293 | 843.5 | -688.13 | 1,528 | 2,373 | 1,231 | -1,069 | 1,045 | 1,784 | 1,111 | -639.13 | 1,127 |
Additional Metrics
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 360 | 133 | 343 | 110 | 333 | 125 | 317 | 53 | 243 | 70 | 225 | 72 | 182 | 80 | 165 | 43 | 173 | 44 | 171 | 34 |
Cash Income Tax Paid | 321 | 399 | 238 | 406 | 246 | 403 | 237 | 178 | 264 | 419 | 239 | 420 | 195 | 281 | 223 | 352 | 260 | 236 | 201 | 383 |
Change in Working Capital | 406 | -128 | -2,313 | 918 | 942 | 29 | -2,407 | 842 | 806 | -187 | -2,536 | 662 | 736 | 133 | -2,439 | 564 | 511 | 85 | -2,172 | 524 |