Marsh & McLennan Companies, Inc. (MRSH)
NYSE: MRSH · Real-Time Price · USD
192.19
+8.88 (4.84%)
At close: Jul 28, 2026, 4:00 PM EDT
192.20
+0.01 (0.01%)
After-hours: Jul 28, 2026, 7:34 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 | 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 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | 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 | Sep '21 Sep 30, 2021 |
Net Income | 1,291 | 1,186 | 834 | 757 | 1,231 | 1,412 | 801 | 752 | 1,140 | 1,424 | 765 | 738 | 1,047 | 1,252 | 471 | 552 | 978 | 1,086 | 807 | 542 |
Depreciation & Amortization | 302 | 303 | 304 | 298 | 303 | 300 | 275 | 254 | 241 | 256 | 259 | 252 | 248 | 242 | 383 | 240 | 243 | 257 | 264 | 262 |
Stock-Based Compensation | 96 | 139 | 89 | 95 | 98 | 112 | 85 | 90 | 90 | 103 | 90 | 82 | 92 | 99 | 84 | 89 | 89 | 105 | 85 | 87 |
Other Adjustments | -38 | -3 | 16 | -10 | 9 | -39 | -47 | 10 | -68 | -28 | 6 | 3 | -36 | 27 | 2 | -9 | -113 | 22 | 29 | -30 |
Change in Receivables | -581 | -784 | 260 | 533 | -322 | -599 | 354 | 466 | -545 | -742 | 203 | 359 | -254 | -775 | 253 | 233 | -549 | -429 | 34 | 22 |
Changes in Accrued Expenses | 685 | -2,004 | 852 | 724 | 524 | -1,858 | 705 | 644 | 553 | -1,779 | 653 | 643 | 569 | -1,670 | 622 | 541 | 536 | -1,528 | 594 | 589 |
Changes in Income Taxes Payable | 12 | 157 | -185 | 7 | 12 | 178 | -141 | 19 | 5 | 209 | -137 | -3 | 56 | 189 | -210 | -79 | 91 | 144 | -229 | -101 |
Changes in Other Operating Activities | -244 | 318 | -9 | -322 | -185 | -128 | -76 | -323 | -200 | -224 | -57 | -263 | -238 | -183 | -101 | -184 | 7 | -359 | 125 | -68 |
Operating Cash Flow | 1,523 | -688 | 2,161 | 2,082 | 1,671 | -622 | 1,956 | 1,912 | 1,215 | -781 | 1,783 | 1,820 | 1,474 | -819 | 1,502 | 1,383 | 1,282 | -702 | 1,442 | 1,324 |
Operating Cash Flow Growth (YoY) | -8.86% | - | 10.48% | 8.89% | 37.53% | - | 9.70% | 5.05% | -17.57% | - | 18.71% | 31.60% | 14.98% | - | 4.16% | 4.46% | 10.71% | - | 4.27% | -6.83% |
Investing Activities
Fiscal Quarter | 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 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | 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 | Sep '21 Sep 30, 2021 |
Capital Expenditures | -72 | -62 | -105 | -72 | -59 | -55 | -76 | -73 | -80 | -87 | -120 | -111 | -101 | -84 | -103 | -128 | -117 | -122 | -138 | -117 |
Purchases of Investments | -1 | -8 | -9 | -2 | -5 | -10 | -90 | -4 | -4 | -10 | -13 | -14 | -26 | -4 | -3 | -3 | -8 | -8 | 0 | - |
Proceeds from Sale of Investments | 0 | 1 | 4 | 12 | 0 | 84 | 38 | 3 | 10 | 4 | 20 | 2 | 16 | - | 2 | 79 | - | - | 11 | - |
Cash Acquisitions | -88 | -41 | -428 | -162 | -44 | -18 | -7,500 | -398 | -343 | -301 | -357 | -327 | -29 | -263 | -359 | -62 | -127 | -24 | -475 | -34 |
Proceeds from Business Divestments | 0 | 12 | 7 | 0 | -10 | 25 | -17 | 79 | 1 | 26 | 1 | -1 | 3 | -20 | -19 | 3 | 155 | -20 | 0 | 3 |
Other Investing Activities | 0 | -6 | 8 | -3 | -3 | - | 0 | 0 | - | - | -5 | 9 | 4 | 3 | -5 | 6 | 9 | -1 | 10 | -4 |
Investing Cash Flow | -161 | -104 | -523 | -227 | -121 | 26 | -7,645 | -393 | -415 | -368 | -474 | -442 | -133 | -368 | -487 | -105 | -99 | -159 | -592 | -148 |
Financing Activities
Fiscal Quarter | 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 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | 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 | Sep '21 Sep 30, 2021 |
Short-Term Debt Issued | -25 | 1,049 | - | - | -898 | 1,048 | - | - | 699 | 50 | 0 | - | -286 | 594 | - | -344 | 119 | 825 | - | - |
Net Short-Term Debt Issued (Repaid) | -25 | 1,049 | - | - | -898 | 1,048 | - | - | 699 | 50 | 0 | - | -286 | 594 | - | -344 | 119 | 825 | - | - |
Long-Term Debt Issued | 0 | 595 | - | - | - | - | 7,182 | 0 | -1 | 989 | -1 | 1,581 | -50 | 839 | 984 | 0 | - | - | - | - |
Long-Term Debt Repaid | -5 | -605 | -5 | -4 | -5 | -505 | -4 | -4 | -605 | -1,004 | -254 | -4 | 33 | -41 | -351 | -6 | -4 | -4 | -504 | -3 |
Net Long-Term Debt Issued (Repaid) | -5 | -10 | -5 | -4 | -5 | -505 | 7,178 | -4 | -606 | -15 | -255 | 1,577 | -17 | 798 | 633 | -6 | -4 | -4 | -504 | -3 |
Issuance of Common Stock | 28 | 63 | 38 | 37 | 47 | 128 | 43 | 54 | 54 | 113 | 34 | 45 | 78 | 42 | 37 | 24 | 31 | 34 | 46 | 40 |
Repurchase of Common Stock | -762 | -873 | -1,010 | -408 | -305 | -437 | -3 | -304 | -304 | -469 | -253 | -304 | -305 | -436 | -354 | -514 | -646 | -634 | -427 | -301 |
Net Common Stock Issued (Repurchased) | -734 | -810 | -972 | -371 | -258 | -309 | 40 | -250 | -250 | -356 | -219 | -259 | -227 | -394 | -317 | -490 | -615 | -600 | -381 | -261 |
Common Dividends Paid | -438 | -440 | -444 | -445 | -405 | -405 | -403 | -404 | -352 | -354 | -354 | -353 | -295 | -296 | -298 | -293 | -275 | -272 | -276 | -272 |
Other Financing Activities | 456 | 325 | -627 | 217 | -129 | 33 | -540 | 0 | -11 | 810 | -1,506 | 531 | 455 | 34 | -492 | 663 | 418 | 906 | -752 | 623 |
Financing Cash Flow | -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 | 87 |
Net Cash Flow
Fiscal Quarter | 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 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | 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 | Sep '21 Sep 30, 2021 |
Foreign Exchange Rate Adjustments | -14 | -127 | - | - | 510 | 243 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Cash Flow | 548 | -805 | -410 | 1,102 | 365 | -491 | 586 | 83 | 281 | -1,014 | -1,025 | 2,366 | 795 | -414 | -59 | 808 | 826 | -6 | -320 | 1,263 |
Free Cash Flow
Fiscal Quarter | 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 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | 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 | Sep '21 Sep 30, 2021 |
Free Cash Flow | 1,451 | -750 | 2,056 | 2,010 | 1,612 | -677 | 1,880 | 1,839 | 1,135 | -868 | 1,663 | 1,709 | 1,373 | -903 | 1,399 | 1,255 | 1,165 | -824 | 1,304 | 1,207 |
Free Cash Flow Growth (YoY) | -9.99% | - | 9.36% | 9.30% | 42.03% | - | 13.05% | 7.61% | -17.33% | - | 18.87% | 36.18% | 17.85% | - | 7.29% | 3.98% | 8.27% | - | -0.69% | -10.13% |
FCF Margin | 19.60% | -9.87% | 31.18% | 31.65% | 23.11% | -9.59% | 30.99% | 32.28% | 18.24% | -13.41% | 29.94% | 31.75% | 23.37% | -15.24% | 27.86% | 26.31% | 21.66% | -14.85% | 25.38% | 26.34% |
Free Cash Flow Per Share | 3.01 | -1.54 | 4.20 | 4.07 | 3.26 | -1.37 | 3.79 | 3.71 | 2.29 | -1.75 | 3.35 | 3.42 | 2.75 | -1.81 | 2.79 | 2.50 | 2.30 | -1.62 | 2.55 | 2.35 |
Levered Free Cash Flow | 1,919 | 897 | 1,673 | 1,378 | 903 | 361 | 8,653 | 1,264 | 1,737 | -190 | 1,099 | 2,825 | 1,266 | 1,121 | 1,690 | 586 | 1,842 | 284 | 915 | 1,099 |
Unlevered Free Cash Flow | 2,123 | 27.78 | 1,820 | 1,512 | 1,963 | -13.43 | 1,594 | 1,326 | 1,715 | -159.9 | 1,403 | 1,308 | 1,636 | -207.35 | 1,113 | 985.68 | 1,777 | -505.98 | 1,444 | 1,125 |