MARSH & MCLENNAN COMPANIES, INC.
For the period ended Sep 30, 2025. Filed Oct 16, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 16, 2025
MRSH$206.94+1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Nine Months Ended September 30, | ||
|---|---|---|
| (In millions) | 2025 | 2024 |
| Operating cash flows: | ||
| Net income before non-controlling interests | $3,400 | $3,316 |
| Adjustments to reconcile net income provided by operations: | ||
| Depreciation and amortization of fixed assets and capitalized software | 270 | 276 |
| Amortization of intangible assets | 412 | 269 |
| Non-cash lease expense | 219 | 206 |
| Adjustments and payments related to contingent consideration assets and liabilities | 18 | (69) |
| Gain on consolidation of entity | (13) | — |
| Net (gain) on investments | (27) | — |
| Net (gain) on disposition of assets | (17) | (18) |
| Share-based compensation expense | 305 | 283 |
| Changes in assets and liabilities: | ||
| Net receivables | (388) | (821) |
| Other assets | (39) | (45) |
| Accrued compensation and employee benefits | (610) | (582) |
| Provision for taxes, net of payments and refunds | 197 | 233 |
| Contributions to pension and other benefit plans in excess of current year credit | (190) | (262) |
| Other liabilities | (157) | (211) |
| Operating lease liabilities | (249) | (229) |
| Net cash provided by (used for) operations | 3,131 | 2,346 |
| Financing cash flows: | ||
| Purchase of treasury shares | (1,002) | (900) |
| Proceeds from issuance of debt | — | 988 |
| Repayments of debt | (514) | (1,613) |
| Payment of bridge loan commitment fees | — | (23) |
| Purchase of non-controlling interests | — | (5) |
| Shares withheld for taxes on vested units – treasury shares | (148) | (177) |
| Issuance of common stock from treasury shares | 212 | 221 |
| Payments of deferred and contingent consideration for acquisitions | (64) | (91) |
| Receipts of deferred and contingent consideration for dispositions | — | 3 |
| Distributions of non-controlling interests | (46) | (29) |
| Dividends paid | (1,255) | (1,110) |
| Change in fiduciary liabilities | 231 | 916 |
| Net cash provided by (used for) financing activities | (2,586) | (1,820) |
| Investing cash flows: | ||
| Capital expenditures | (186) | (240) |
| Purchases of long term investments | (17) | (18) |
| Sales of long-term investments | 96 | 17 |
| Dispositions | 15 | 106 |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | (224) | (1,042) |
| Other, net | (6) | 1 |
| Net cash provided by (used for) investing activities | (322) | (1,176) |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 615 | 219 |
| Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 838 | (431) |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period | 13,674 | 14,152 |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period | $14,512 | $13,721 |
| Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets | ||
|---|---|---|
| Balance at September 30, | 2025 | 2024 |
| (In millions) | ||
| Cash and cash equivalents | $2,511 | $1,798 |
| Cash and cash equivalents held in a fiduciary capacity | 12,001 | 11,923 |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $14,512 | $13,721 |
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