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Cash Flow Overview

Change in Cash
$548M
Free Cash flow
$1,451M
Unit: Million (M) dollars
Positive Cash Flow Breakdown
    • Net income before non-controllin...
    • Accrued compensation and employe...
    • Change in fiduciary liabilities
    • Others
Negative Cash Flow Breakdown
    • Purchase of treasury shares
    • Net receivables
    • Dividends paid
    • Others
Cash Flow
2026-06-30
2026-03-31
2025-12-31
2025-09-30
Net income before non-controlling interests
1,291
1,186
834
757
Depreciation and amortization of fixed assets and capitalized software
90
89
91
270
Amortization of intangible assets
137
138
137
133
Non-cash lease expense
75
76
76
219
Adjustments and payments related to contingent consideration assets and liabilities
-43
10
19
7
Gain on consolidation of entity
0
-
0
13
Net (gain) on investments
-5
6
7
27
Net (gain) on consolidation of business and disposition of assets
-
7
-4
2
Net (gain) on disposition of assets
7
-
-
-
Share-based compensation expense
96
139
89
95
Net receivables
581
784
-260
-533
Other assets
32
122
104
-30
Accrued compensation and employee benefits
685
-2,004
852
724
Provision for taxes, net of payments and refunds
12
157
-185
7
Contributions to pension and other benefit plans in excess of current year credit
62
61
69
190
Other liabilities
-66
587
250
-195
Operating lease liabilities
-84
-86
-86
-84
Net cash provided by (used for) operations
1,523
-688
2,161
2,082
Purchase of treasury shares
757
755
1,010
402
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
-25
899
-
-
Proceeds from issuance of debt
0
595
0
0
Repayments of debt
5
605
5
4
Payment of bridge loan commitment fees
-
-
0
0
Payment to acquire non-controlling interest
54
-
0
0
Shares withheld for taxes on vested units treasury shares
5
118
0
6
Issuance of common stock from treasury shares
28
63
38
37
Payments of deferred and contingent consideration for acquisitions
30
31
3
64
Receipts of deferred and contingent consideration for dispositions
0
12
0
0
Distributions of non-controlling interests
13
17
11
12
Dividends paid
438
440
444
445
Change in fiduciary liabilities
499
361
-613
231
Net cash provided by (used for) financing activities
-800
114
-2,048
-753
Capital expenditures
72
62
105
72
Purchases of long-term investments
1
8
9
2
Sales of long-term investments
0
1
4
12
Dispositions
0
12
7
0
Acquisitions, net of cash and cash held in a fiduciary capacity acquired
88
41
428
162
Other, net
0
6
-8
3
Net cash provided by (used for) investing activities
-161
-104
-523
-227
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity
-14
-127
58
-138
Increase (decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity
548
-805
-352
964
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period
13,355
14,160
13,183
13,183
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period
13,903
13,355
14,160
14,512
Unit: Million (M) dollars (except for numbers of shares and EPS). Numbers labeled with * are estimated quarterly values.

Time Plot

Show the time plot by selecting a row from the table.

Cash Flow

Net income beforenon-controlling interests$1,291M (4.87%↑ Y/Y)Accrued compensationand employee...$685M (30.73%↑ Y/Y)Amortization of intangibleassets$137M (-2.14%↓ Y/Y)Share-based compensationexpense$96M (-2.04%↓ Y/Y)Depreciation andamortization of fixed assets...$90M (-1.10%↓ Y/Y)Non-cash lease expense$75M (4.17%↑ Y/Y)Provision for taxes, net ofpayments and refunds$12M (0.00%↑ Y/Y)Net (gain) oninvestments-$5M (-171.43%↓ Y/Y)Net cash provided by(used for) operations$1,523M (-8.86%↓ Y/Y)Canceled cashflow$875M Increase (decrease) incash, cash...$548M (50.14%↑ Y/Y)Canceled cashflow$975M Net receivables$581M (80.43%↑ Y/Y)Operating leaseliabilities-$84M (-1.20%↓ Y/Y)Other liabilities-$66M (28.26%↑ Y/Y)Contributions to pension andother benefit plans in...$62M (0.00%↑ Y/Y)Adjustments and paymentsrelated to contingent...-$43M (-368.75%↓ Y/Y)Other assets$32M (161.54%↑ Y/Y)Net (gain) ondisposition of assets$7M (150.00%↑ Y/Y)Change in fiduciaryliabilities$499M (575.24%↑ Y/Y)Issuance of common stockfrom treasury shares$28M (-40.43%↓ Y/Y)Net cash provided by(used for) financing...-$800M (52.80%↑ Y/Y)Net cash provided by(used for) investing...-$161M (-33.06%↓ Y/Y)Effect of exchange ratechanges on cash, cash...-$14M (-102.75%↓ Y/Y)Canceled cashflow$527M Purchase of treasuryshares$757M (152.33%↑ Y/Y)Dividends paid$438M (8.15%↑ Y/Y)Acquisitions, net of cash andcash held in a...$88M (100.00%↑ Y/Y)Capital expenditures$72M (22.03%↑ Y/Y)Purchases of long-terminvestments$1M (-80.00%↓ Y/Y)Payment to acquirenon-controlling interest$54M Payments of deferred andcontingent consideration...$30M (172.73%↑ Y/Y)Net proceeds fromissuance of commercial...-$25M (97.22%↑ Y/Y)Distributions ofnon-controlling interests$13M (0.00%↑ Y/Y)Shares withheld fortaxes on vested units ...$5M (0.00%↑ Y/Y)Repayments of debt$5M (0.00%↑ Y/Y)
MarshMcLennan_h_rgb_c-svg

MARSH & MCLENNAN COMPANIES, INC. (MRSH)

MarshMcLennan_h_rgb_c-svg

MARSH & MCLENNAN COMPANIES, INC. (MRSH)