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Marsh McLennan cash flow statement

In fiscal 2025, Marsh McLennan's operations generated $5.29bn of cash; it spent $291m on capital projects, leaving free cash flow of $5.00bn. It returned $1.70bn in dividends and $2.01bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations2,0071,8932,4282,3613,3823,5163,4654,2584,3025,2924,474
Depreciation and amortisation438481494647741747381370369361359
Stock-based pay109149193252290348367363368394418
Capital spending253302314421348406470416316291320
Free cash flow1,7541,5912,1141,9403,0343,1102,9953,8423,9865,0014,154
Free cash flow after stock pay1,6451,4421,9211,6882,7442,7622,6283,4793,6184,6073,736
Dividends paid6827408078909431,0261,1381,2981,5131,6991,798
Share buybacks80090067548501,1591,9501,1509002,0123,026
Shares issued18816693158132161126199264250156

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Marsh McLennan's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Marsh McLennan.