Marsh & McLennan Companies, Inc. (MRSH) Cash Flow Statement
Where MRSH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.29B +23.0% vs 2024
- Capital expenditures
- $291.0M 1.1% of revenue
- Free cash flow
- $5.00B 18.5% margin
- Returned to shareholders
- $3.71B 74% of free cash flow
- Change in cash
- $486.0M cash at year-end $14.16B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MRSH operating cash flow, capex and free cash flow
MRSH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.01B2016 | $5.29B2025 | +11.4%/yr | |
| Capital expenditures | $253.0M2016 | $291.0M2025 | +1.6%/yr | |
| Free cash flow | $1.75B2016 | $5.00B2025 | +12.3%/yr | |
| Free cash flow margin | 13.3%2016 | 18.5%2025 | +5.3 pts | |
| Operating cash flow / net income | 1.122016 | 1.252025 | +0.13 | |
| Stock-based compensation | $109.0M2016 | $394.0M2025 | +15.3%/yr | |
| Dividends paid | $682.0M2016 | $1.70B2025 | +10.7%/yr | |
| Share buybacks (net) | $839.0M2016 | $2.01B2025 | +10.2%/yr | |
| Capex / revenue | 1.9%2016 | 1.1%2025 | −0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MRSH cash flow by activity
MRSH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MRSH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.23B | $4.06B | $3.80B | $3.09B | $3.17B | $2.05B | $1.77B | $1.67B | $1.51B | $1.79B |
| Depreciation & amortization | $910.0M | $746.0M | $713.0M | $719.0M | $747.0M | $741.0M | $647.0M | $494.0M | $481.0M | $438.0M |
| Stock-based compensation | $394.0M | $368.0M | $363.0M | $367.0M | $348.0M | $290.0M | $252.0M | $193.0M | $149.0M | $109.0M |
| Change in working capital | −$518.0M | −$1.07B | −$908.0M | −$1.01B | −$645.0M | −$137.0M | −$696.0M | −$302.0M | −$616.0M | −$365.0M |
| Other non-cash items | $272.0M | $203.0M | $288.0M | $304.0M | −$108.0M | $442.0M | $385.0M | $373.0M | $367.0M | $30.0M |
| Cash from operating activities | $5.29B | $4.30B | $4.26B | $3.46B | $3.52B | $3.38B | $2.36B | $2.43B | $1.89B | $2.01B |
| Investing activities | ||||||||||
| Capital expenditures | −$291.0M | −$316.0M | −$416.0M | −$470.0M | −$406.0M | −$348.0M | −$421.0M | −$314.0M | −$302.0M | −$253.0M |
| Investments (net) | $74.0M | −$53.0M | −$19.0M | $64.0M | $13.0M | — | — | — | — | — |
| Acquisitions & other investing | −$628.0M | −$8.45B | −$982.0M | −$444.0M | −$771.0M | −$445.0M | −$3.97B | −$775.0M | −$654.0M | −$803.0M |
| Cash from investing activities | −$845.0M | −$8.82B | −$1.42B | −$850.0M | −$1.16B | −$793.0M | −$4.39B | −$1.09B | −$956.0M | −$1.06B |
| Financing activities | ||||||||||
| Dividends paid | −$1.70B | −$1.51B | −$1.30B | −$1.14B | −$1.03B | −$943.0M | −$880.0M | −$807.0M | −$740.0M | −$682.0M |
| Share repurchases & issuance (net) | −$2.01B | −$900.0M | −$1.15B | −$1.95B | −$1.16B | — | −$574.0M | −$742.0M | −$949.0M | −$839.0M |
| Net borrowing (repayment) | −$519.0M | $6.55B | $1.90B | $619.0M | −$273.0M | — | — | — | — | — |
| Shares issued | $250.0M | $264.0M | $199.0M | $126.0M | $161.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$654.0M | $51.0M | −$773.0M | $1.30B | $1.00B | $18.0M | $5.79B | $239.0M | $680.0M | $454.0M |
| Cash from financing activities | −$4.63B | $4.46B | −$1.12B | −$1.05B | −$1.30B | −$925.0M | $4.33B | −$1.31B | −$1.01B | −$1.07B |
| Summary | ||||||||||
| Net change in cash | $486.0M | −$478.0M | $2.05B | $728.0M | $700.0M | $2.17B | $2.43B | −$139.0M | $179.0M | −$348.0M |
| Cash at end of period | $14.16B | $13.67B | $14.15B | $12.10B | $11.37B | $10.67B | $8.50B | $1.07B | $1.21B | $1.03B |
| Free cash flow | $5.00B | $3.99B | $3.84B | $3.00B | $3.11B | $3.03B | $1.94B | $2.11B | $1.59B | $1.75B |
| Free cash flow margin | 18.5% | 16.3% | 16.9% | 14.5% | 15.7% | 17.6% | 11.7% | 14.1% | 11.3% | 13.3% |
| Capex / revenue | 1.1% | 1.3% | 1.8% | 2.3% | 2.0% | 2.0% | 2.5% | 2.1% | 2.2% | 1.9% |
| Operating cash flow / net income | 1.25 | 1.06 | 1.12 | 1.12 | 1.11 | 1.65 | 1.33 | 1.45 | 1.25 | 1.12 |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $812.0M | $1.29B | $1.19B | $169.0M | $757.0M | $1.90B | $1.41B | $801.0M | $747.0M | $1.12B | $1.40B | $765.0M |
| Depreciation & amortization | $231.0M | $227.0M | $227.0M | $228.0M | $224.0M | $278.0M | $227.0M | $201.0M | $180.0M | $176.0M | $189.0M | $186.0M |
| Stock-based compensation | $94.0M | $96.0M | $139.0M | $67.0M | $95.0M | $120.0M | $112.0M | $85.0M | $90.0M | $90.0M | $103.0M | $90.0M |
| Change in working capital | $192.0M | $592.0M | −$784.0M | $1.44B | $942.0M | $29.0M | −$2.41B | $842.0M | $806.0M | −$187.0M | −$2.54B | $662.0M |
| Other non-cash items | $149.0M | −$683.0M | −$1.46B | $261.0M | $64.0M | −$652.0M | $34.0M | $27.0M | $89.0M | $11.0M | $63.0M | $80.0M |
| Cash from operating activities | $1.48B | $1.52B | −$688.0M | $2.16B | $2.08B | $1.67B | −$622.0M | $1.96B | $1.91B | $1.22B | −$781.0M | $1.78B |
| Investing activities | ||||||||||||
| Capital expenditures | −$81.0M | −$72.0M | −$62.0M | −$105.0M | −$72.0M | −$59.0M | −$55.0M | −$76.0M | −$73.0M | −$80.0M | −$87.0M | −$120.0M |
| Investments (net) | — | −$1.0M | −$7.0M | −$5.0M | $10.0M | −$5.0M | $74.0M | −$52.0M | −$1.0M | — | — | — |
| Acquisitions & other investing | −$147.0M | −$88.0M | −$35.0M | −$413.0M | −$165.0M | −$57.0M | $7.0M | −$7.52B | −$319.0M | −$335.0M | −$281.0M | −$354.0M |
| Cash from investing activities | −$228.0M | −$161.0M | −$104.0M | −$523.0M | −$227.0M | −$121.0M | $26.0M | −$7.64B | −$393.0M | −$415.0M | −$368.0M | −$474.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$476.0M | −$438.0M | −$440.0M | −$444.0M | −$445.0M | −$406.0M | −$405.0M | −$403.0M | −$404.0M | −$352.0M | −$354.0M | −$354.0M |
| Share repurchases & issuance (net) | $1.47B | −$717.0M | −$755.0M | −$862.0M | −$408.0M | −$300.0M | −$300.0M | $177.0M | −$304.0M | −$473.0M | −$300.0M | −$105.0M |
| Net borrowing (repayment) | — | −$30.0M | $1.04B | −$5.0M | −$154.0M | −$903.0M | $543.0M | $7.18B | −$753.0M | — | — | — |
| Shares issued | $0 | $28.0M | $63.0M | $38.0M | $37.0M | $47.0M | $128.0M | $43.0M | $54.0M | $0 | $0 | $0 |
| Other financing | −$2.07B | $357.0M | $207.0M | −$775.0M | $217.0M | −$133.0M | −$104.0M | −$720.0M | −$29.0M | $306.0M | $789.0M | −$1.88B |
| Cash from financing activities | −$1.08B | −$800.0M | $114.0M | −$2.05B | −$753.0M | −$1.70B | −$138.0M | $6.28B | −$1.44B | −$519.0M | $135.0M | −$2.33B |
| Summary | ||||||||||||
| Net change in cash | $212.0M | $548.0M | −$805.0M | −$352.0M | $964.0M | $73.0M | −$491.0M | −$47.0M | $571.0M | $240.0M | −$1.24B | −$577.0M |
| Cash at end of period | $14.12B | $13.90B | $13.36B | $14.16B | $14.51B | $1.68B | $13.18B | $13.67B | $13.72B | $13.15B | $12.91B | $14.15B |
| Free cash flow | $1.40B | $1.45B | −$750.0M | $2.06B | $2.01B | $1.61B | −$677.0M | $1.88B | $1.84B | $1.14B | −$868.0M | $1.66B |
| Free cash flow margin | 20.4% | 19.6% | −9.9% | 31.2% | 31.6% | 23.1% | −9.6% | 31.0% | 32.3% | 18.2% | −13.4% | 29.9% |
| Capex / revenue | 1.2% | 1.0% | 0.8% | 1.6% | 1.1% | 0.8% | 0.8% | 1.3% | 1.3% | 1.3% | 1.3% | 2.2% |
| Operating cash flow / net income | 1.82 | 1.18 | −0.58 | 12.79 | 2.75 | 0.88 | −0.44 | 2.44 | 2.56 | 1.08 | −0.56 | 2.33 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MRSH cash generation
In fiscal 2025 (ended December 31, 2025), Marsh McLennan generated $5.3 billion of cash from operations (up 23.0%) and spent $291.0 million on capital expenditures, leaving free cash flow of $5.0 billion, 18.5% of revenue. It returned $3.7 billion to shareholders through dividends ($1.7 billion) and net share buybacks ($2.0 billion). Cash and equivalents rose by $486.0 million over the year.
Related: MRSH income statement, MRSH balance sheet, MRSH dividend history. See the MRSH stock overview for the latest quote and news.
MRSH cash flow FAQ
What is Marsh McLennan's free cash flow?
Marsh McLennan's free cash flow was $5.0 billion in fiscal 2025: $5.3 billion of operating cash flow minus $291.0 million of capital expenditures It was $4.0 billion a year earlier..
How much cash does Marsh McLennan generate from operations?
Marsh McLennan generated $5.3 billion of cash from operating activities in fiscal 2025, 1.25 times its net income of $4.2 billion.
How much does Marsh McLennan spend on capital expenditures?
Marsh McLennan spent $291.0 million on capital expenditures in fiscal 2025, 1.1% of revenue, compared with $316.0 million the year before.
How much stock does Marsh McLennan buy back?
Marsh McLennan spent $2.0 billion on net share repurchases in fiscal 2025.
How much does Marsh McLennan pay in dividends?
Marsh McLennan paid $1.7 billion in dividends in fiscal 2025, 34.0% of free cash flow.