Marsh & McLennan Companies, Inc. (MRSH) quarterly cash flow statement — complete operating, investing & financing history
Marsh & McLennan Companies, Inc. (MRSH) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | 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 |
|---|
| Cash from Operations | 1.48B | 1.52B | -688M | 2.16B | 2.08B | 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 |
| Operating CF Margin % | 21.54% | 20.57% | -9.06% | 32.77% | 32.78% | 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% |
| Operating CF Growth % | -29.01% | -8.86% | -10.61% | 10.48% | 8.89% | 37.53% | - | - | - | - | 4.64% | 18.71% | 30.87% | 15.76% | -16.67% | 4.16% | 4.46% | 10.71% | -72.06% | 4.27% |
| Net Income | 812M | 1.29B | 1.19B | 169M | 757M | 1.9B | 1.41B | 801M | 747M | 1.13B | 1.4B | 765M | 738M | 1.05B | 1.25B | 471M | 552M | 978M | 1.09B | 807M |
| Depreciation & Amortization | 231M | 227M | 227M | 228M | 224M | 231M | 227M | 201M | 180M | 176M | 189M | 186M | 180M | 178M | 169M | 202M | 169M | 168M | 180M | 178M |
| Stock-Based Compensation | 94M | 96M | 139M | 67M | 95M | 120M | 112M | 85M | 90M | 90M | 103M | 90M | 82M | 92M | 99M | 84M | 89M | 89M | 105M | 85M |
| Deferred Taxes | -157M | 0 | 157M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.22B | -1M | -2M | -36M | 0 | 0 | -79M | 91M | 144M | -70M |
| Other Non-Cash Items | 306M | -683M | -1.61B | 261M | 64M | -605M | 34M | 27M | 89M | 11M | 1.29B | 81M | 76M | 70M | 100M | -54M | -18M | -139M | -45M | -152M |
| Working Capital Changes | 192M | 592M | -784M | 1.44B | 942M | 29M | -2.41B | 842M | 806M | -187M | -2.54B | 662M | 736M | 133M | -2.44B | 799M | 670M | 95M | -2.17B | 594M |
| Change in Receivables | 1.36B | -581M | -784M | 388M | 533M | -322M | -599M | 354M | 466M | -545M | -742M | 203M | 359M | -254M | -775M | 253M | 233M | -549M | -429M | 84M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 291M |
| Cash from Investing | -228M | -161M | -104M | -523M | -227M | -121M | 26M | -7.64B | -393M | -415M | -368M | -474M | -442M | -133M | -368M | -487M | -105M | -99M | -159M | -575M |
| Capital Expenditures | -81M | -72M | -62M | -162M | -33M | -41M | -55M | -76M | -73M | -80M | -87M | -120M | -111M | -101M | -84M | -103M | -128M | -117M | -122M | -138M |
| CapEx % of Revenue | 1.18% | 0.97% | 0.82% | 2.46% | 0.52% | 0.59% | 0.78% | 1.25% | 1.28% | 1.29% | 1.34% | 2.16% | 2.06% | 1.72% | 1.42% | 2.05% | 2.68% | 2.18% | 2.2% | 2.69% |
| Acquisitions | -134M | -88M | -41M | -1.33B | 437M | 257M | -18M | -7.52B | -319M | -342M | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4M | 0 | 12M | 1.11B | -704M | -406M | 25M | 0 | -1M | 1M | 0 | -5M | 9M | -85M | 3M | -14M | 6M | 6M | -9M | 10M |
| Cash from Financing | -1.08B | -800M | 114M | -2.05B | -753M | -1.7B | -138M | 6.28B | -1.44B | -519M | 135M | -2.33B | 988M | -546M | 773M | -1.07B | -470M | -357M | 855M | 749M |
| Debt Issued (Net) | -38M | -30M | 439M | -5M | -154M | -903M | 543M | 7.18B | -753M | 93M | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -477M | -689M | -810M | -824M | -371M | -253M | -172M | 220M | -246M | -246M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Dividends Paid | -476M | -438M | -440M | -444M | -445M | -406M | -405M | -403M | -404M | -352M | -354M | -354M | -353M | -295M | -296M | -298M | -293M | -275M | -272M | -264M |
| Share Repurchases | -504M | -717M | -755M | -862M | -408M | -300M | -300M | 177M | -304M | -473M | -300M | -105M | -304M | -305M | -300M | -156M | -514M | -646M | -634M | -427M |
| Other Financing | -87M | 357M | 925M | -775M | 217M | -133M | -104M | -720M | -33M | -14M | 641M | -1.51B | 576M | 108M | -102M | -496M | 663M | 418M | 940M | 1.15B |
| Net Change in Cash | 212M | 548M | -805M | -352M | 964M | 73M | -491M | -47M | 571M | 240M | -1.24B | -577M | 1.99B | 895M | -262M | 692M | -29M | 206M | -142M | 354M |
| Free Cash Flow | 1.4B | 1.45B | -750M | 2.06B | 2.01B | 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 |
| FCF Margin % | 20.36% | 19.6% | -9.87% | 31.18% | 31.65% | 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% |
| FCF Growth % | -30.5% | -9.99% | -10.78% | 9.36% | 9.3% | 42.03% | - | - | - | - | 3.88% | 18.87% | 35.38% | 18.71% | -9.59% | 7.29% | 3.98% | 8.27% | -72.75% | -0.69% |
| FCF per Share | 2.92 | 3.00 | -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 |
| FCF Conversion (FCF/Net Income) | 1.83x | 1.20x | -0.60x | 2.63x | 2.79x | 1.38x | -0.45x | 2.48x | 2.56x | 1.08x | -0.56x | 2.36x | 2.48x | 1.43x | -0.66x | 3.22x | 2.53x | 1.33x | -0.66x | 1.80x |
| Interest Paid | 0 | 0 | 0 | -317M | 0 | 0 | 317M | 53M | 243M | 70M | 225M | 72M | 182M | 0 | 0 | 0 | 173M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 157M | -237M | 0 | 0 | 237M | 317M | 264M | 419M | 239M | 420M | 195M | 0 | 0 | 0 | 260M | 0 | 0 | 0 |