Marsh & McLennan Companies, Inc. (MMC) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 | Q4'20 |
|---|
| Cash from Operations | 2.33B | 1.67B | -622M | 1.96B | 1.91B | 1.22B | -781M | 1.78B | 1.81B | 1.48B | -819M | 1.5B | 1.38B | 1.28B | -702M | 1.44B | 1.32B | 1.16B | -408M | 1.38B |
| Operating CF Growth % | 21.91% | 37.53% | 20.36% | 9.7% | 5.64% | -18.13% | 4.64% | 18.71% | 30.87% | 15.76% | -16.67% | 4.16% | 4.46% | 10.71% | -72.06% | 4.27% | -6.83% | -4.77% | 36.05% | 29.25% |
| Operating CF / Revenue % | 36.7% | 23.96% | -8.81% | 32.24% | 33.56% | 19.53% | -12.07% | 32.1% | 33.63% | 25.26% | -13.83% | 29.91% | 28.99% | 23.83% | -12.65% | 28.07% | 28.89% | 23.08% | -8.03% | 31.32% |
| Net Income | 1.53B | 1.9B | 1.41B | 801M | 747M | 1.13B | 1.4B | 765M | 738M | 1.05B | 1.25B | 471M | 552M | 978M | 1.09B | 807M | 542M | 827M | 998M | 379M |
| Depreciation & Amortization | 326M | 278M | 227M | 201M | 180M | 176M | 189M | 186M | 180M | 178M | 169M | 202M | 169M | 168M | 180M | 178M | 179M | 193M | 197M | 194M |
| Stock-Based Compensation | 125M | 120M | 112M | 85M | 90M | 90M | 103M | 90M | 82M | 92M | 99M | 84M | 89M | 89M | 105M | 85M | 87M | 98M | 78M | 71M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -1.22B | -1M | -2M | -36M | 0 | 0 | -79M | 91M | 144M | -70M | -112M | 105M | 14M | 34M |
| Other Non-Cash Items | -590M | -652M | 34M | 27M | 89M | 11M | 1.29B | 81M | 76M | 70M | 100M | -54M | -18M | -139M | -45M | -152M | 64M | 22M | 254M | 96M |
| Working Capital Changes | 942M | 29M | -2.41B | 842M | 806M | -187M | -2.54B | 662M | 736M | 133M | -2.44B | 799M | 670M | 95M | -2.17B | 594M | 564M | -87M | -1.95B | 609M |
| Cash from Investing | -227M | -121M | 26M | -7.64B | -393M | -415M | -368M | -474M | -442M | -133M | -368M | -487M | -105M | -99M | -159M | -575M | -152M | -370M | -67M | -168M |
| Capital Expenditures | -33M | -41M | -55M | -76M | -73M | -80M | -87M | -120M | -111M | -101M | -84M | -103M | -128M | -117M | -122M | -138M | -117M | -82M | -69M | -70M |
| Acquisitions | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 0 | -1000K |
| Purchase of Investments | -10M | -12M | -10M | -90M | -3M | -4M | -10M | -13M | -14M | -22M | -1M | 6M | -8M | -3M | -9M | -4M | 2M | -2M | 0 | 0 |
| Sale/Maturity of Investments | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 0 | 0 |
| Other Investing | -704M | -406M | 25M | 0 | -1M | 1M | 0 | -5M | 9M | -85M | 3M | -14M | 6M | 6M | -9M | 10M | -4M | 0 | 2M | -10M |
| Cash from Financing | -1B | -1.7B | -138M | 6.28B | -1.44B | -519M | 135M | -2.33B | 988M | -546M | 773M | -1.07B | -470M | -357M | 855M | 749M | -555M | -1.04B | -451M | -1.72B |
| Dividends Paid | -499M | -406M | -405M | -403M | -404M | -352M | -354M | -354M | -353M | -295M | -296M | -298M | -293M | -275M | -272M | -264M | -272M | -241M | -237M | -230M |
| Share Repurchases | -402M | -300M | -300M | 177M | -304M | -473M | -300M | -105M | -304M | -305M | -300M | -156M | -514M | -646M | -634M | -427M | -301M | -327M | -205M | -1M |
| Stock Issued | 37M | 47M | 128M | 43M | 54M | 54M | 113M | 34M | 45M | 0 | 42M | 37M | 24M | 31M | 34M | 46M | 40M | 40M | 35M | 0 |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Other Financing | 115M | -133M | -104M | -720M | -33M | -14M | 641M | -1.51B | 576M | 108M | -102M | -496M | 663M | 418M | 940M | 1.15B | -20M | -12M | -40M | 18M |
| Net Change in Cash | 834M | 73M | -491M | -47M | 571M | 240M | -1.24B | -577M | 1.99B | 895M | -262M | 692M | -29M | 206M | -142M | 354M | 510M | -232M | -969M | -299M |
| Exchange Rate Effect | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K |
| Cash at Beginning | 13.72B | 1.6B | 13.67B | 13.72B | 13.15B | 12.91B | 14.15B | 14.73B | 12.73B | 11.84B | 12.1B | 11.41B | 11.44B | 11.23B | 11.38B | 1.4B | 888M | 1.12B | 2.09B | 2.39B |
| Cash at End | 14.51B | 1.68B | 13.18B | 13.67B | 13.72B | 13.15B | 12.91B | 14.15B | 14.73B | 12.73B | 11.84B | 12.1B | 11.41B | 11.44B | 11.23B | 1.75B | 1.4B | 888M | 1.12B | 2.09B |
| Free Cash Flow | 2.3B | 1.61B | -677M | 1.88B | 1.84B | 1.14B | -868M | 1.66B | 1.7B | 1.38B | -903M | 1.4B | 1.25B | 1.17B | -824M | 1.3B | 1.21B | 1.08B | -477M | 1.31B |
| FCF Growth % | 24.96% | 42.03% | 22% | 13.05% | 8.24% | -17.93% | 3.88% | 18.87% | 35.38% | 18.71% | -9.59% | 7.29% | 3.98% | 8.27% | -72.75% | -0.69% | -10.13% | -5.11% | 36.9% | 40.73% |
| FCF Margin % | 36.18% | 23.11% | -9.59% | 30.99% | 32.28% | 18.24% | -13.41% | 29.94% | 31.57% | 23.54% | -15.24% | 27.86% | 26.31% | 21.66% | -14.85% | 25.38% | 26.34% | 21.45% | -9.38% | 29.73% |
| FCF per Share | 4.65 | 3.26 | -1.37 | 3.79 | 3.71 | 2.29 | -1.75 | 3.34 | 3.4 | 2.77 | -1.81 | 2.79 | 2.5 | 2.3 | -1.62 | 2.55 | 2.35 | 2.1 | -0.93 | 2.56 |