Marex Group plc (MRX) Cash Flow Statement
Where MRX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $667.5M −42.6% vs 2024
- Capital expenditures
- $13.1M 0.4% of revenue
- Free cash flow
- $654.4M 18.0% margin
- Returned to shareholders
- $99.6M 15% of free cash flow
- Change in cash
- $7.33B cash at year-end $12.80B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MRX operating cash flow, capex and free cash flow
MRX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $30.1M2016 | $667.5M2025 | +41.1%/yr | |
| Capital expenditures | $1.3M2016 | $13.1M2025 | +29.7%/yr | |
| Free cash flow | $28.8M2016 | $654.4M2025 | +41.5%/yr | |
| Free cash flow margin | 8.8%2016 | 18.0%2025 | +9.2 pts | |
| Operating cash flow / net income | 1.472016 | 2.172025 | +0.70 | |
| Stock-based compensation | $1.2M2021 | $43.5M2025 | +145.4%/yr | |
| Dividends paid | $20.0M2016 | $55.5M2025 | +12.0%/yr | |
| Share buybacks (net) | $02021 | $44.1M2025 | — | |
| Capex / revenue | 0.4%2016 | 0.4%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MRX cash flow by activity
MRX 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).
MRX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $307.4M | $295.8M | $141.3M | $98.2M | $56.5M | $43.8M | $36.4M | $10.2M | $17.5M | $20.5M |
| Depreciation & amortization | $36.1M | $28.8M | $21.9M | $13.8M | $10.3M | $8.5M | $7.6M | $1.4M | $1.6M | $2.9M |
| Stock-based compensation | $43.5M | $29.6M | $20.3M | $16.7M | $1.2M | — | — | — | — | — |
| Change in working capital | $371.2M | $1.04B | $609.0M | −$22.0M | $183.5M | −$616.7M | $300.5M | −$174.8M | $36.8M | $25.6M |
| Other non-cash items | −$90.7M | −$231.1M | −$57.5M | $118.9M | $219.3M | $518.5M | −$367.7M | $293.6M | −$151.5M | −$19.0M |
| Cash from operating activities | $667.5M | $1.16B | $735.0M | $225.6M | $470.8M | −$45.8M | −$23.1M | $130.3M | −$95.5M | $30.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$13.1M | −$19.9M | −$12.1M | −$9.4M | −$7.3M | −$3.4M | −$2.8M | −$1.0M | −$1.7M | −$1.3M |
| Investments (net) | −$2.9M | −$35.3M | −$97.6M | −$46.3M | −$19.8M | — | — | — | — | — |
| Acquisitions & other investing | −$248.3M | $19.9M | $12.1M | $9.4M | $7.3M | −$27.7M | −$103.4M | −$1.6M | −$435,000 | −$155,000 |
| Cash from investing activities | −$264.3M | −$35.3M | −$97.6M | −$46.3M | −$19.8M | −$31.1M | −$106.2M | −$2.6M | −$2.1M | −$1.4M |
| Financing activities | ||||||||||
| Dividends paid | −$55.5M | −$77.1M | −$58.3M | −$6.6M | −$20.0M | −$18.2M | — | — | −$20.0M | −$20.0M |
| Share repurchases & issuance (net) | −$44.1M | −$19.8M | −$3.1M | −$7.9M | $0 | — | — | — | — | — |
| Net borrowing (repayment) | −$24.3M | −$8.6M | −$11.4M | −$56.6M | −$7.2M | — | — | — | — | — |
| Shares issued | $0 | $73.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$4.8M | $0 | $97.6M | $0 | $169.1M | $186.1M | −$56.2M | $18.7M | $21.2M |
| Cash from financing activities | −$123.9M | −$37.2M | −$72.8M | $26.5M | −$27.2M | $150.9M | $186.1M | −$56.2M | −$1.3M | $1.2M |
| Summary | ||||||||||
| Net change in cash | $7.33B | $1.07B | $573.4M | $198.1M | $420.5M | $74.0M | $56.8M | $71.5M | −$99.0M | $29.9M |
| Cash at end of period | $12.80B | $2.56B | $1.48B | $3.25B | $1.33B | $291.5M | $217.5M | $160.7M | $89.2M | $188.2M |
| Free cash flow | $654.4M | $1.14B | $722.9M | $216.2M | $463.5M | −$49.1M | −$25.9M | $129.3M | −$97.2M | $28.8M |
| Free cash flow margin | 18.0% | 39.5% | 30.7% | 18.4% | 54.4% | −6.5% | −4.7% | 33.6% | −30.6% | 8.8% |
| Capex / revenue | 0.4% | 0.7% | 0.5% | 0.8% | 0.9% | 0.4% | 0.5% | 0.3% | 0.5% | 0.4% |
| Operating cash flow / net income | 2.17 | 3.93 | 5.20 | 2.30 | 8.33 | −1.04 | −0.64 | 12.83 | −5.46 | 1.47 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | $267.7M | $158.2M | $149.2M | $115.1M | $102.9M | $70.7M |
| Depreciation & amortization | $11.4M | $11.7M | $16.5M | $13.4M | $15.4M | $10.9M |
| Stock-based compensation | — | −$16.5M | $16.5M | −$9.7M | $9.7M | $10.2M |
| Change in working capital | $4.58B | $2.21B | −$1.84B | $736.5M | $303.9M | $304.5M |
| Other non-cash items | −$4.16B | −$2.62B | $2.58B | −$144.3M | $20.6M | −$28.8M |
| Cash from operating activities | $701.4M | −$260.2M | $927.7M | $711.0M | $452.5M | $367.5M |
| Investing activities | ||||||
| Capital expenditures | −$9.4M | −$4.3M | −$8.8M | −$6.4M | −$9.2M | −$6.0M |
| Acquisitions & other investing | −$33.8M | −$191.9M | −$59.3M | −$18.2M | −$1.5M | −$42.8M |
| Cash from investing activities | −$43.2M | −$196.2M | −$68.1M | −$24.6M | −$10.7M | −$48.8M |
| Financing activities | ||||||
| Dividends paid | −$28.3M | −$28.2M | −$27.3M | −$26.4M | −$50.7M | −$29.1M |
| Share repurchases & issuance (net) | −$125.6M | $200,000 | −$44.3M | — | −$19.8M | −$1.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $488.3M | −$15.5M | −$8.8M | −$7.0M | $66.7M | −$5.7M |
| Cash from financing activities | $334.4M | −$43.5M | −$80.4M | −$33.4M | −$3.8M | −$36.4M |
| Summary | ||||||
| Net change in cash | $3.85B | $9.42B | −$5.47B | $865.6M | $438.0M | $573.4M |
| Cash at end of period | $3.85B | $12.80B | $3.38B | $5.47B | $4.60B | $1.48B |
| Free cash flow | $692.0M | −$264.5M | $918.9M | $704.6M | $443.3M | $361.4M |
| Free cash flow margin | 34.1% | −8.5% | 183.7% | 32.7% | 59.9% | 50.2% |
| Capex / revenue | 0.5% | 0.1% | 1.8% | 0.3% | 1.2% | 0.8% |
| Operating cash flow / net income | 2.62 | −1.64 | 6.22 | 6.18 | 4.40 | 5.20 |
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.
MRX cash generation
In fiscal 2025 (ended December 31, 2025), Marex generated $667.5 million of cash from operations (down 42.6%) and spent $13.1 million on capital expenditures, leaving free cash flow of $654.4 million, 18.0% of revenue. It returned $99.6 million to shareholders through dividends ($55.5 million) and net share buybacks ($44.1 million). Cash and equivalents rose by $7.3 billion over the year.
Related: MRX income statement, MRX balance sheet, MRX dividend history. See the MRX stock overview for the latest quote and news.
MRX cash flow FAQ
What is Marex's free cash flow?
Marex's free cash flow was $654.4 million in fiscal 2025: $667.5 million of operating cash flow minus $13.1 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Marex generate from operations?
Marex generated $667.5 million of cash from operating activities in fiscal 2025, 2.17 times its net income of $307.4 million.
How much does Marex spend on capital expenditures?
Marex spent $13.1 million on capital expenditures in fiscal 2025, 0.4% of revenue, compared with $19.9 million the year before.
How much stock does Marex buy back?
Marex spent $44.1 million on net share repurchases in fiscal 2025.
How much does Marex pay in dividends?
Marex paid $55.5 million in dividends in fiscal 2025, 8.5% of free cash flow.