Marsh & McLennan Companies, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B | $2.02B | $1.74B | $1.65B |
| Depreciation & Amortization | $361.0M | $369.0M | $370.0M | $381.0M | $747.0M | $741.0M | $647.0M | $494.0M |
| Depreciation | $361.0M | $369.0M | $370.0M | $381.0M | $382.0M | $390.0M | $333.0M | $311.0M |
| Amortization | $549.0M | $377.0M | $343.0M | $338.0M | $365.0M | $351.0M | $314.0M | $183.0M |
| Stock-Based Compensation | $394.0M | $368.0M | $363.0M | $367.0M | $348.0M | $290.0M | $252.0M | $193.0M |
| Net Cash from Operating Activities | $5.29B | $4.30B | $4.26B | $3.47B | $3.52B | $3.38B | $2.36B | $2.43B |
| Investing Activities | ||||||||
| Capital Expenditures | $291.0M | $316.0M | $416.0M | $470.0M | $406.0M | $348.0M | $421.0M | $314.0M |
| Business Acquisitions | $652.0M | $8.54B | $976.0M | $572.0M | $-859.0M | $647.0M | $4.23B | $884.0M |
| Net Cash from Investing Activities | $-845.0M | $-8.82B | $-1.42B | $-850.0M | $-1.16B | $-793.0M | $-4.40B | $-1.09B |
| Financing Activities | ||||||||
| Dividends Paid | $1.70B | $1.51B | $1.30B | $1.14B | $1.03B | $943.0M | $890.0M | $807.0M |
| Stock Repurchases | $2.01B | $900.0M | $1.15B | $1.95B | $1.16B | $0 | $485.0M | $675.0M |
| Net Cash from Financing Activities | $-4.63B | $4.46B | $-1.12B | $-1.05B | $-1.30B | $-925.0M | $4.33B | $-1.31B |
| Net Change in Cash | $486.0M | $-478.0M | $2.05B | $728.0M | $700.0M | $2.18B | $2.43B | $-139.0M |
| Free Cash Flow | $5.00B | $3.99B | $3.84B | $3.00B | $3.11B | $3.03B | $1.94B | $2.11B |