For the quarter ending 2026-03-31, MRSH had -$805M decrease in cash & cash equivalents over the period. -$750M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income before non-controlling interests | 1,186 | 834 | 757 | 1,231 |
| Depreciation and amortization of fixed assets and capitalized software | 89 | 91 | 91 | 91 |
| Amortization of intangible assets | 138 | 137 | 133 | 140 |
| Non-cash lease expense | 76 | 76 | 74 | 145 |
| Adjustments and payments related to contingent consideration assets and liabilities | 10 | 19 | 7 | 16 |
| Gain on consolidation of entity | - | 0 | 0 | 13 |
| Net (gain) on investments | 6 | 7 | 15 | 12 |
| Net (gain) on consolidation of business and disposition of assets | 7 | -4 | 2 | -14 |
| Share-based compensation expense | 139 | 89 | 95 | 98 |
| Net receivables | 784 | -260 | -533 | 322 |
| Other assets | 122 | 104 | -30 | -52 |
| Accrued compensation and employee benefits | -2,004 | 852 | 724 | 524 |
| Provision for taxes, net of payments and refunds | 157 | -185 | 7 | 12 |
| Contributions to pension and other benefit plans in excess of current year credit | 61 | 69 | 73 | 117 |
| Other liabilities | 587 | 250 | -195 | -92 |
| Operating lease liabilities | -86 | -86 | -84 | -83 |
| Net cash provided by (used for) operations | -688 | 2,161 | 2,082 | 1,671 |
| Purchase of treasury shares | 755 | 1,010 | 402 | 300 |
| 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 | 1,415 | - | - | -366 |
| Proceeds from issuance of debt | 595 | 0 | 0 | 0 |
| Repayments of debt | 605 | 5 | 4 | 5 |
| Payment of bridge loan commitment fees | - | 0 | 0 | - |
| Purchase of non-controlling interests | - | 0 | 0 | - |
| Shares withheld for taxes on vested units treasury shares | 118 | 0 | 6 | 5 |
| Issuance of common stock from treasury shares | 63 | 38 | 37 | 47 |
| Payments of deferred and contingent consideration for acquisitions | 31 | 3 | 21 | 43 |
| Receipts of deferred and contingent consideration for dispositions | 12 | 0 | 0 | 0 |
| Distributions of non-controlling interests | 17 | 11 | 12 | 13 |
| Dividends paid | 440 | 444 | 445 | 405 |
| Change in fiduciary liabilities | 361 | -613 | 250 | -19 |
| Net cash provided by (used for) financing activities | 114 | -2,048 | -753 | -1,695 |
| Capital expenditures | 62 | 105 | 72 | 59 |
| Purchases of long-term investments | 8 | 9 | 2 | 5 |
| Sales of long-term investments | 1 | 4 | 12 | 0 |
| Dispositions | 12 | 7 | 0 | -10 |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | 41 | 428 | 162 | 44 |
| Other, net | 6 | -8 | 3 | 3 |
| Net cash provided by (used for) investing activities | -104 | -523 | -227 | -121 |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | -127 | 58 | -138 | 510 |
| Increase (decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | -805 | -352 | 964 | 365 |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period | 14,160 | 14,512 | 13,548 | 13,183 |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period | 13,355 | 14,160 | 14,512 | 13,548 |
MARSH & MCLENNAN COMPANIES, INC. (MRSH)
MARSH & MCLENNAN COMPANIES, INC. (MRSH)