For the quarter ending 2025-09-30, MMC had $964M increase in cash & cash equivalents over the period. $2,010M in free cash flow.
| Cash Flow | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 |
|---|---|---|---|---|
| Net income before non-controlling interests | 757 | 1,231 | 1,412 | 801 |
| Depreciation and amortization of fixed assets and capitalized software | 91 | 91 | 88 | 93 |
| Amortization of intangible assets | 133 | 140 | 139 | 108 |
| Non-cash lease expense | 74 | 72 | 73 | 74 |
| Adjustments and payments related to contingent consideration assets and liabilities | 7 | 16 | -5 | -8 |
| Deconsolidation of russian businesses | - | - | - | 0 |
| Gain on consolidation of entity | 0 | 13 | - | 0 |
| Net (gain) on investments | 15 | 7 | 5 | 9 |
| Net (gain) on disposition of assets | 2 | -14 | 29 | 30 |
| Share-based compensation expense | 95 | 98 | 112 | 85 |
| Net receivables | -533 | 322 | 599 | -354 |
| Other assets | -30 | -52 | 121 | 172 |
| Accrued compensation and employee benefits | 724 | 524 | -1,858 | 674 |
| Provision for taxes, net of payments and refunds | 7 | 12 | 178 | -110 |
| Contributions to pension and other benefit plans in excess of current year credit | 73 | 62 | 55 | 90 |
| Other liabilities | -195 | -92 | 130 | 266 |
| Operating lease liabilities | -84 | -83 | 147 | -309 |
| Net cash provided by (used for) operations | 2,082 | 1,671 | -622 | 1,956 |
| Purchase of treasury shares | 402 | 300 | 300 | 0 |
| Issuance of commercial paper with maturity greater than 90 days | - | - | - | 0 |
| Repayment of commercial paper with maturity greater than 90 days | - | - | - | 0 |
| Net proceeds from issuance of commercial paper | - | -898 | 299 | - |
| Proceeds from issuance of debt | 0 | 0 | 0 | 7,182 |
| Repayments of debt | 4 | 5 | 505 | 4 |
| Payment of bridge loan commitment fees | 0 | - | - | 0 |
| Purchase of non-controlling interests | 0 | - | - | 2 |
| Shares withheld for taxes on vested units treasury shares | 6 | 5 | 137 | 3 |
| Issuance of common stock from treasury shares | 37 | 47 | 128 | 43 |
| Payments of deferred and contingent consideration for acquisitions | 21 | 11 | 32 | 22 |
| Receipts of deferred and contingent consideration for dispositions | 0 | 0 | - | 0 |
| Distributions of non-controlling interests | 12 | 13 | 21 | 11 |
| Dividends paid | 445 | 405 | 405 | 403 |
| Change in fiduciary liabilities | 250 | -105 | 86 | -505 |
| Net cash provided by (used for) financing activities | -753 | -1,695 | -138 | 6,275 |
| Capital expenditures | 72 | 59 | 55 | 76 |
| Purchases of long term investments | 2 | 5 | 10 | 90 |
| Sales of long-term investments | 12 | 0 | 84 | 38 |
| Dispositions | 0 | -10 | 25 | -17 |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | 162 | 44 | 18 | 7,500 |
| Other, net | 3 | 3 | - | 0 |
| Net cash provided by (used for) investing activities | -227 | -121 | 26 | -7,645 |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | -138 | 510 | 243 | -633 |
| Increase (decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 964 | 365 | -491 | -47 |
| Cash and cash equivalents at beginning of period | 13,548 | 13,183 | 13,674 | 13,721 |
| Cash and cash equivalents at end of period | 14,512 | 13,548 | 13,183 | 13,674 |
MARSH & MCLENNAN COMPANIES, INC. (MMC)
MARSH & MCLENNAN COMPANIES, INC. (MMC)