Cash Flow Statement

Operating Cash Flow

+49%

+66%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	974	1 023	1 066	1 197	1 365	1 390	1 419	1 477	1 540	1 543	1 567	1 231	176	(136)	(359)	(315)	404	686	692	803	990	842	847	2 616	2 489	2 014	1 904	(46)	(62)	325	70	300	242	314	744	690	871	950	997	961	1 015	1 038	1 086	1 198	1 201	1 271	1 329	1 341	1 385	1 417	1 460	1 505	1 497	1 536	1 527	1 554	1 636	1 631	1 682	1 735	1 795	1 883	1 910	1 923	1 512	1 630	1 659	1 541	1 670	1 701	1 509	1 536	1 773	1 813	2 049	2 063	2 046	2 277	2 524	2 746	3 174	3 262	3 413	3 423	3 087	3 253	3 322	3 508	3 802	3 974	4 067	4 081	4 117	4 105	4 196	4 201
Depreciation & Amortization	520	475	332	342	359	341	343	351	391	362	366	391	456	479	506	438	490	532	513	453	488	487	492	483	442	423	410	406	404	393	383	379	365	372	372	362	357	343	332	333	332	332	334	336	349	353	359	361	358	368	372	381	388	392	401	411	423	433	440	441	438	447	453	464	481	486	492	496	494	494	557	603	647	705	699	714	741	755	769	763	747	730	705	695	719	708	718	729	713	733	731	731	746	784	839	883
Change in Deffered Taxes	(67)	(66)	(121)	(181)	176	178	235	329	90	136	165	152	(71)	(215)	(161)	(141)	36	139	81	150	60	48	4	(12)	12	15	37	0	103	78	47	72	42	126	48	(23)	16	26	67	147	178	103	130	105	96	112	142	215	184	192	196	150	127	155	134	238	178	113	136	7	68	71	62	77	396	382	388	410	(39)	(59)	9	(10)	84	102	9	(5)	40	0	0	0	(63)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	116	27	52	62	71	59	41	37	34	19	16	14	11	17	18	17	18	19	19	20	21	25	29	28	177	208	223	254	129	120	114	103	93	84	88	86	88	95	100	105	109	120	126	136	149	157	173	184	193	200	211	231	252	267	282	287	290	296	319	334	348	375	366	368	367	361	364	357	363	367	365	373	368	377	385	390
Other Non-Cash Items	139	128	154	148	(16)	4	11	(15)	0	(5)	(110)	(135)	(131)	(181)	(197)	(164)	(211)	(340)	(167)	(174)	(221)	(46)	(121)	(2 102)	(1 889)	(1 458)	(1 347)	672	852	487	646	637	349	392	133	54	40	(124)	(133)	53	108	172	206	39	(46)	(4)	(77)	(37)	(29)	(27)	41	68	247	331	275	272	118	69	115	118	175	129	121	47	24	(13)	35	233	623	694	753	840	553	632	689	648	701	720	655	617	303	359	290	301	671	666	741	746	651	594	554	572	514	518	612	597
Cash Taxes Paid	175	549	510	618	931	589	504	552	542	542	667	602	383	387	335	243	156	200	327	443	597	542	376	304	1 192	1 238	1 303	1 236	200	164	77	157	219	228	197	153	39	55	(107)	(80)	37	31	309	311	350	356	375	371	360	395	393	408	426	424	431	455	433	502	513	515	642	555	636	631	583	611	635	632	632	635	610	619	661	666	561	633	673	659	849	945	1 069	1 148	1 103	1 080	1 049	1 071	1 116	1 051	1 119	1 135	1 273	1 342	1 239	1 237	1 221	1 203
Cash Interest Paid	192	168	137	133	154	155	173	186	172	204	191	207	198	228	229	309	307	342	323	323	300	296	257	266	290	267	284	233	216	212	225	214	230	231	236	220	232	218	219	213	188	181	180	175	183	177	180	173	170	155	163	156	172	168	159	172	146	164	163	168	178	182	184	204	199	217	214	250	264	282	298	426	427	528	534	477	481	473	467	451	441	421	422	422	431	425	461	470	499	559	549	610	591	683	738	828
Change in Working Capital	(106)	(108)	146	267	(547)	(228)	(169)	(448)	(154)	(499)	(450)	(9)	1 639	1 683	1 134	866	(320)	(533)	(666)	(805)	(531)	(411)	(330)	(366)	(1 357)	(1 329)	(1 355)	(1 002)	(357)	(378)	(125)	(346)	(358)	(365)	(149)	(798)	(562)	(598)	(483)	173	72	(67)	(315)	(218)	(278)	(500)	(660)	(733)	(557)	(396)	(307)	(197)	(140)	(438)	(370)	(508)	(467)	(416)	(362)	(290)	(469)	(341)	(425)	(479)	(520)	(557)	(611)	(605)	(320)	(314)	(572)	(569)	(696)	(1 253)	(748)	(351)	(146)	(171)	(427)	(703)	(645)	(1 066)	(999)	(951)	(1 012)	(1 279)	(1 231)	(1 006)	(908)	(1 005)	(1 325)	(1 255)	(1 075)	(946)	(730)	(594)
Cash from Operating Activities	1 460 N/A	1 452 -1%	1 675 +15%	1 821 +9%	1 337 -27%	1 712 +28%	1 874 +9%	1 729 -8%	1 867 +8%	1 579 -15%	1 580 +0%	1 672 +6%	2 069 +24%	1 630 -21%	923 -43%	748 -19%	399 -47%	432 +8%	401 -7%	427 +6%	786 +84%	920 +17%	892 -3%	619 -31%	(303) N/A	(335) -11%	(351) -5%	30 N/A	940 +3 033%	905 -4%	1 021 +13%	1 042 +2%	640 -39%	839 +31%	1 148 +37%	285 -75%	722 +153%	597 -17%	780 +31%	1 667 +114%	1 705 +2%	1 578 -7%	1 441 -9%	1 460 +1%	1 322 -9%	1 232 -7%	1 093 -11%	1 147 +5%	1 341 +17%	1 554 +16%	1 762 +13%	1 907 +8%	2 119 +11%	1 976 -7%	1 967 0%	1 967 N/A	1 888 -4%	1 830 -3%	2 011 +10%	2 011 N/A	2 007 0%	2 189 +9%	2 121 -3%	2 032 -4%	1 893 -7%	1 928 +2%	1 963 +2%	2 075 +6%	2 428 +17%	2 516 +4%	2 256 -10%	2 400 +6%	2 361 -2%	1 999 -15%	2 698 +35%	3 069 +14%	3 382 +10%	3 612 +7%	3 554 -2%	3 457 -3%	3 516 +2%	3 222 -8%	3 346 +4%	3 405 +2%	3 465 +2%	3 348 -3%	3 550 +6%	3 977 +12%	4 258 +7%	4 296 +1%	4 027 -6%	4 129 +3%	4 302 +4%	4 461 +4%	4 917 +10%	5 087 +3%
Investing Cash Flow
Capital Expenditures	(433)	(411)	(396)	(397)	(423)	(431)	(476)	(470)	(436)	(401)	(364)	(382)	(376)	(387)	(365)	(330)	(345)	(325)	(316)	(278)	(307)	(327)	(344)	(401)	(378)	(414)	(437)	(450)	(386)	(333)	(305)	(261)	(305)	(316)	(305)	(289)	(271)	(258)	(270)	(283)	(280)	(264)	(287)	(324)	(320)	(357)	(363)	(359)	(401)	(412)	(411)	(398)	(368)	(360)	(342)	(332)	(325)	(285)	(263)	(250)	(253)	(264)	(283)	(296)	(302)	(298)	(293)	(307)	(314)	(329)	(340)	(376)	(421)	(466)	(460)	(415)	(348)	(299)	(299)	(338)	(406)	(463)	(494)	(505)	(470)	(448)	(433)	(417)	(433)	(416)	(398)	(359)	(316)	(284)	(263)	(262)
Other Items	(183)	104	164	130	93	128	(27)	(48)	(34)	(183)	(78)	(2 170)	(2 180)	(1 823)	(1 821)	272	498	553	482	420	263	(44)	132	3 383	3 374	3 408	3 245	(2)	38	41	132	149	69	0	(24)	984	806	767	737	(272)	(177)	(141)	(233)	(229)	(263)	(102)	(130)	(154)	(45)	(458)	(422)	(565)	(854)	(640)	(827)	(817)	(940)	(912)	(664)	(530)	(803)	(1 127)	(1 121)	(1 361)	(654)	(267)	(404)	(542)	(775)	(877)	(5 900)	(5 465)	(3 974)	(3 987)	931	878	(445)	(316)	(354)	(381)	(758)	(793)	(504)	(450)	(380)	(611)	(660)	(1 013)	(984)	(1 001)	(1 301)	(1 291)	(8 505)	(8 143)	(7 870)	(7 705)
Cash from Investing Activities	(616) N/A	(307) +50%	(232) +24%	(267) -15%	(330) -24%	(303) +8%	(503) -66%	(518) -3%	(470) +9%	(584) -24%	(442) +24%	(2 552) -477%	(2 556) 0%	(2 210) +14%	(2 186) +1%	(58) +97%	153 N/A	228 +49%	166 -27%	142 -14%	(44) N/A	(371) -743%	(212) +43%	2 982 N/A	2 996 +0%	2 994 0%	2 808 -6%	(452) N/A	(348) +23%	(292) +16%	(173) +41%	(112) +35%	(236) -111%	(316) -34%	(329) -4%	695 N/A	535 -23%	509 -5%	467 -8%	(555) N/A	(457) +18%	(405) +11%	(520) -28%	(553) -6%	(583) -5%	(459) +21%	(493) -7%	(513) -4%	(446) +13%	(870) -95%	(833) +4%	(963) -16%	(1 222) -27%	(1 000) +18%	(1 169) -17%	(1 149) +2%	(1 265) -10%	(1 197) +5%	(927) +23%	(780) +16%	(1 056) -35%	(1 391) -32%	(1 404) -1%	(1 657) -18%	(956) +42%	(565) +41%	(697) -23%	(849) -22%	(1 089) -28%	(1 206) -11%	(6 240) -417%	(5 841) +6%	(4 395) +25%	(4 453) -1%	471 N/A	463 -2%	(793) N/A	(615) +22%	(653) -6%	(719) -10%	(1 164) -62%	(1 256) -8%	(998) +21%	(955) +4%	(850) +11%	(1 059) -25%	(1 093) -3%	(1 430) -31%	(1 417) +1%	(1 417) N/A	(1 699) -20%	(1 650) +3%	(8 821) -435%	(8 427) +4%	(8 133) +3%	(7 967) +2%
Financing Cash Flow
Net Issuance of Common Stock	387	466	478	511	490	492	508	535	573	591	543	528	456	387	443	288	269	246	175	142	181	190	188	209	113	27	15	(1)	68	66	63	41	34	33	32	34	(45)	34	(186)	(311)	(199)	(211)	(81)	10	18	(24)	(21)	(99)	(198)	(241)	(368)	(462)	(537)	(725)	(951)	(1 273)	(1 176)	(1 088)	(827)	(501)	(612)	(631)	(639)	(607)	(734)	(825)	(880)	(871)	(582)	(287)	(122)	(147)	(327)	(360)	(269)	(61)	132	11	(293)	(585)	(998)	(1 387)	(1 674)	(1 890)	(1 824)	(1 616)	(1 269)	(1 048)	(951)	(880)	(904)	(895)	(636)	(621)	(628)	(747)
Net Issuance of Debt	407	67	(14)	(38)	282	(23)	(285)	(253)	(72)	298	(31)	1 718	1 951	1 266	1 821	154	222	184	187	74	(566)	(759)	(290)	(1 214)	(1 117)	(1 051)	(1 343)	(264)	(260)	388	(10)	(10)	(10)	(407)	(8)	(559)	(559)	(559)	(561)	486	485	483	485	(12)	(11)	(209)	(210)	287	287	586	1 082	1 064	1 055	1 449	1 010	1 071	1 030	1 135	826	286	385	871	875	721	672	428	602	655	328	6 697	6 418	5 995	5 695	178	74	97	(778)	(2 472)	(2 517)	(2 016)	(273)	552	1 172	825	619	1 227	772	2 191	1 903	509	942	(880)	6 553	7 061	6 065	6 664
Cash Paid for Dividends	(567)	(576)	(584)	(588)	(593)	(599)	(603)	(617)	(631)	(643)	(655)	(667)	(681)	(608)	(536)	(450)	(363)	(366)	(369)	(372)	(374)	(386)	(398)	(407)	(413)	(411)	(409)	(408)	(412)	(411)	(413)	(426)	(431)	(438)	(445)	(442)	(452)	(460)	(466)	(477)	(480)	(484)	(487)	(491)	(497)	(503)	(510)	(522)	(533)	(543)	(553)	(568)	(582)	(596)	(609)	(621)	(632)	(642)	(656)	(668)	(682)	(696)	(707)	(723)	(740)	(754)	(772)	(789)	(807)	(828)	(846)	(868)	(890)	(912)	(934)	(937)	(943)	(948)	(955)	(991)	(1 026)	(1 061)	(1 095)	(1 116)	(1 138)	(1 162)	(1 182)	(1 242)	(1 298)	(1 356)	(1 413)	(1 464)	(1 513)	(1 564)	(1 617)	(1 658)
Other	(763)	(881)	(1 257)	(1 340)	(1 184)	(1 278)	(874)	(903)	(1 195)	(1 208)	(1 225)	(831)	(536)	(212)	(14)	(14)	0	0	0	0	0	0	(500)	(1 300)	(1 309)	(1 329)	(833)	(47)	(39)	(63)	(60)	(57)	(57)	(68)	(70)	(70)	(74)	(117)	(123)	(788)	(813)	(812)	(813)	(147)	(143)	(116)	(124)	(125)	(390)	(390)	(394)	(388)	(904)	(914)	(915)	(914)	(128)	(130)	(137)	(167)	(158)	(159)	(204)	(202)	(207)	(261)	(207)	(224)	(249)	(360)	(1 204)	(1 206)	(147)	(61)	757	732	664	883	2 005	2 703	1 000	1 715	1 012	1 039	1 297	423	362	240	(773)	(30)	(355)	(915)	51	(694)	(814)	(570)
Cash from Financing Activities	(536) N/A	(924) -72%	(1 377) -49%	(1 455) -6%	(1 005) +31%	(1 408) -40%	(1 254) +11%	(1 238) +1%	(1 325) -7%	(962) +27%	(1 368) -42%	748 N/A	1 190 +59%	833 -30%	1 714 +106%	(22) N/A	128 N/A	64 -50%	(7) N/A	(156) -2 129%	(759) -387%	(955) -26%	(1 000) -5%	(2 712) -171%	(2 726) -1%	(2 764) -1%	(2 570) +7%	(720) +72%	(643) +11%	(20) +97%	(420) -2 000%	(452) -8%	(464) -3%	(880) -90%	(491) +44%	(1 037) -111%	(1 130) -9%	(1 102) +2%	(1 336) -21%	(1 090) +18%	(1 007) +8%	(1 024) -2%	(896) +13%	(640) +29%	(633) +1%	(852) -35%	(865) -2%	(459) +47%	(834) -82%	(588) +29%	(233) +60%	(354) -52%	(968) -173%	(786) +19%	(1 465) -86%	(1 737) -19%	(906) +48%	(725) +20%	(794) -10%	(1 050) -32%	(1 067) -2%	(615) +42%	(675) -10%	(811) -20%	(1 009) -24%	(1 412) -40%	(1 257) +11%	(1 229) +2%	(1 310) -7%	5 222 N/A	4 246 -19%	3 774 -11%	4 331 +15%	(1 155) N/A	(372) +68%	(169) +55%	(925) -447%	(2 526) -173%	(1 760) +30%	(889) +49%	(1 297) -46%	(181) +86%	(585) -223%	(1 142) -95%	(1 046) +8%	(1 128) -8%	(1 317) -17%	141 N/A	(1 119) N/A	(1 757) -57%	(1 730) +2%	(4 154) -140%	4 455 N/A	4 182 -6%	3 006 -28%	3 689 +23%
Change in Cash
Effect of Foreign Exchange Rates	(11)	(11)	3	(24)	7	22	30	43	47	35	11	18	28	23	6	(8)	(43)	(32)	(9)	32	73	76	106	248	77	118	85	(216)	(397)	(464)	(302)	(126)	152	110	(109)	(61)	(10)	159	238	(3)	(22)	(69)	(180)	63	82	(68)	(9)	(45)	(59)	21	79	(115)	(274)	(466)	(408)	(400)	(301)	(94)	(246)	(123)	(232)	(171)	(50)	126	251	287	61	(124)	(168)	(224)	(4)	(71)	135	(44)	(37)	155	511	607	628	225	(355)	(455)	(1 148)	(1 704)	(841)	(553)	156	631	328	(52)	(183)	667	(414)	57	608	(18)
Net Change in Cash	297 N/A	210 -29%	69 -67%	75 +9%	9 -88%	23 +156%	147 +539%	16 -89%	119 +644%	68 -43%	(219) N/A	(114) +48%	731 N/A	276 -62%	457 +66%	660 +44%	637 -3%	692 +9%	551 -20%	445 -19%	56 -87%	(330) N/A	(214) +35%	1 137 N/A	44 -96%	13 -70%	(28) N/A	(1 358) -4 750%	(448) +67%	129 N/A	126 -2%	352 +179%	92 -74%	(247) N/A	219 N/A	(118) N/A	117 N/A	163 +39%	149 -9%	19 -87%	219 +1 053%	80 -63%	(155) N/A	330 N/A	188 -43%	(147) N/A	(274) -86%	130 N/A	2 -98%	117 +5 750%	775 +562%	475 -39%	(345) N/A	(276) +20%	(1 075) -289%	(1 319) -23%	(584) +56%	(186) +68%	44 N/A	58 +32%	(348) N/A	12 N/A	(8) N/A	(310) -3 775%	179 N/A	238 +33%	70 -71%	(127) N/A	(139) -9%	6 308 N/A	258 -96%	262 +2%	2 432 +828%	(3 653) N/A	2 760 N/A	3 518 +27%	2 175 -38%	1 078 -50%	1 769 +64%	2 074 +17%	700 -66%	1 330 +90%	615 -54%	(396) N/A	728 N/A	608 -16%	1 296 +113%	3 319 +156%	2 050 -38%	1 070 -48%	415 -61%	(1 008) N/A	(478) +53%	273 N/A	398 +46%	791 +99%
Free Cash Flow
Free Cash Flow	1 027 N/A	1 041 +1%	1 279 +23%	1 424 +11%	914 -36%	1 281 +40%	1 398 +9%	1 259 -10%	1 431 +14%	1 178 -18%	1 216 +3%	1 290 +6%	1 693 +31%	1 243 -27%	558 -55%	418 -25%	54 -87%	107 +98%	85 -21%	149 +75%	479 +221%	593 +24%	548 -8%	218 -60%	(681) N/A	(749) -10%	(788) -5%	(420) +47%	554 N/A	572 +3%	716 +25%	781 +9%	335 -57%	523 +56%	843 +61%	(4) N/A	451 N/A	339 -25%	510 +50%	1 384 +171%	1 425 +3%	1 314 -8%	1 154 -12%	1 136 -2%	1 002 -12%	875 -13%	730 -17%	788 +8%	940 +19%	1 142 +21%	1 351 +18%	1 509 +12%	1 751 +16%	1 616 -8%	1 625 +1%	1 635 +1%	1 563 -4%	1 545 -1%	1 748 +13%	1 761 +1%	1 754 0%	1 925 +10%	1 838 -5%	1 736 -6%	1 591 -8%	1 630 +2%	1 670 +2%	1 768 +6%	2 114 +20%	2 187 +3%	1 916 -12%	2 024 +6%	1 940 -4%	1 533 -21%	2 238 +46%	2 654 +19%	3 034 +14%	3 313 +9%	3 255 -2%	3 119 -4%	3 110 0%	2 759 -11%	2 852 +3%	2 900 +2%	2 995 +3%	2 900 -3%	3 117 +7%	3 560 +14%	3 825 +7%	3 880 +1%	3 629 -6%	3 770 +4%	3 986 +6%	4 177 +5%	4 654 +11%	4 825 +4%

Income Statement Balance Sheet Cash Flow Statement

Marsh & McLennan Companies Inc
NYSE:MMC

Cash Flow Statement

Cash Flow Statement
Marsh & McLennan Companies Inc

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Marsh & McLennan Companies Inc NYSE:MMC

Cash Flow Statement

Cash Flow Statement Marsh & McLennan Companies Inc

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Marsh & McLennan Companies Inc
NYSE:MMC

Cash Flow Statement
Marsh & McLennan Companies Inc