MARSH & MCLENNAN COMPANIES, INC.

For the period ended Sep 30, 2026. Filed Oct 15, 2026.

About this filing

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, 2026 · Filed Oct 15, 2026

MRSH$206.94+1.3%Stored close · as of Nov 10, 2026

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Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30,
(In millions)	2026	2025
Operating cash flows:
Net income before non-controlling interests	$3,289	$3,400
Adjustments to reconcile net income provided by operations:
Depreciation and amortization of fixed assets and capitalized software	268	270
Amortization of intangible assets	417	412
Non-cash lease expense	223	219
Adjustments and payments related to contingent consideration assets and liabilities	(31)	18
Gain on consolidation of entity	(126)	(13)
Net (gain) on investments	(9)	(27)
Net (gain) on disposition of assets	(12)	(17)
Share-based compensation expense	329	305
Changes in assets and liabilities:
Net receivables	(872)	(388)
Other assets	(197)	(39)
Accrued compensation and employee benefits	(639)	(610)
Provision for taxes, net of payments and refunds	69	197
Contributions to pension and other benefit plans in excess of current year credit	(210)	(190)
Other liabilities	66	(157)
Operating lease liabilities	(252)	(249)
Net cash provided by (used for) operations	2,313	3,131
Financing cash flows:
Purchase of treasury shares	(2,016)	(1,002)
Net proceeds from issuance of commercial paper	1,623	—
Proceeds from issuance of debt	595	—
Repayments of debt	(1,247)	(514)
Payment to acquire non-controlling interest	(54)	—
Shares withheld for taxes on vested units – treasury shares	(124)	(148)
Issuance of common stock from treasury shares	118	212
Payments of deferred and contingent consideration for acquisitions	(145)	(64)
Receipts of deferred and contingent consideration for dispositions	12	—
Distributions of non-controlling interests	(41)	(46)
Dividends paid	(1,354)	(1,255)
Change in fiduciary liabilities	869	231
Net cash provided by (used for) financing activities	(1,764)	(2,586)
Investing cash flows:
Capital expenditures	(215)	(186)
Purchases of long-term investments	(20)	(17)
Sales of long-term investments	3	96
Dispositions	16	15
Acquisitions, net of cash and cash held in a fiduciary capacity acquired	(263)	(224)
Other, net	(14)	(6)
Net cash provided by (used for) investing activities	(493)	(322)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(101)	615
Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(45)	838
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period	14,160	13,674
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period	$14,115	$14,512

Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets
Balance at September 30,	2026	2025
(In millions)
Cash and cash equivalents	$1,842	$2,511
Cash and cash equivalents held in a fiduciary capacity	12,273	12,001
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	$14,115	$14,512

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.