For the year ending 2025-12-31, MRSH had $486M increase in cash & cash equivalents over the period. $5,001M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income before non-controlling interests | 4,234 | 4,117 | 3,802 | 3,087 |
| Depreciation and amortization of fixed assets and capitalized software | 361 | 369 | 370 | 381 |
| Amortization of intangible assets | 549 | 377 | 343 | 338 |
| Non-cash lease expense | 295 | 280 | 288 | 404 |
| Adjustments and payments related to contingent consideration assets and liabilities | 37 | -77 | -11 | 11 |
| Deconsolidation of russian businesses | - | 0 | 0 | -39 |
| Gain on consolidation of entity | 13 | 0 | 0 | 2 |
| Net (gain) on investments | 34 | 9 | 5 | 21 |
| Net (gain) loss on disposition of assets | 13 | 48 | -16 | 127 |
| Share-based compensation expense | 394 | 368 | 363 | 367 |
| Net receivables | 128 | 467 | 467 | 492 |
| Other assets | 143 | 217 | 154 | 122 |
| Accrued compensation and employee benefits | 242 | 92 | 195 | 171 |
| Provision for taxes, net of payments and refunds | 12 | 123 | 105 | -54 |
| Contributions to pension and other benefit plans in excess of current year credit | 259 | 352 | 335 | 385 |
| Other liabilities | 93 | 55 | 64 | 193 |
| Operating lease liabilities | -335 | -309 | -316 | -323 |
| Net cash provided by (used for) operations | 5,292 | 4,302 | 4,258 | 3,465 |
| Purchase of treasury shares | 2,012 | 900 | 1,150 | 1,950 |
| Issuance of commercial paper with maturity greater than 90 days | 0 | 0 | 146 | - |
| Borrowings from term-loan and credit facilities | - | - | - | 0 |
| Repayment of commercial paper with maturity greater than 90 days | 0 | 0 | 146 | - |
| Proceeds from issuance of debt | 0 | 8,170 | 2,169 | 984 |
| Repayments of debt | 519 | 1,617 | 266 | 365 |
| Payment of bridge loan commitment fees | 0 | 23 | - | - |
| Purchase of non-controlling interests | 0 | 7 | 139 | 7 |
| Shares withheld for taxes on vested units treasury shares | 148 | 180 | 148 | 198 |
| Issuance of common stock from treasury shares | 250 | 264 | 199 | 126 |
| Payments of deferred and contingent consideration for acquisitions | 67 | 113 | 202 | 158 |
| Receipts of contingent consideration for dispositions | - | - | 2 | 3 |
| Receipts of deferred and contingent consideration for dispositions | 0 | 3 | - | - |
| Distributions of non-controlling interests | 57 | 40 | 31 | 27 |
| Dividends paid | 1,699 | 1,513 | 1,298 | 1,138 |
| Change in fiduciary liabilities | -382 | 411 | -255 | 1,684 |
| Net cash provided by (used for) financing activities | -4,634 | 4,455 | -1,119 | -1,046 |
| Capital expenditures | 291 | 316 | 416 | 470 |
| Purchases of long-term investments | 26 | 108 | 57 | 22 |
| Sales of long-term investments | 100 | 55 | 38 | 86 |
| Dispositions | 22 | 89 | -17 | 119 |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | 652 | 8,542 | 976 | 572 |
| Other, net | -2 | -1 | -11 | -9 |
| Net cash provided by (used for) investing activities | -845 | -8,821 | -1,417 | -850 |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 673 | -414 | 328 | -841 |
| Increase (decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 486 | -478 | 2,050 | 728 |
| Cash and cash equivalents at beginning of period | 13,674 | 14,152 | 12,102 | 11,374 |
| Cash and cash equivalents at end of period | 14,160 | 13,674 | 14,152 | 12,102 |
MARSH & MCLENNAN COMPANIES, INC. (MRSH)
MARSH & MCLENNAN COMPANIES, INC. (MRSH)