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Marsh & McLennan Companies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q3 2026 · $4.2B over twelve months

Operating cash flow$1.5B
Capital spending−$81.0M
Free cash flow+$1.4B
Cash / net income1.8×

Analysis

In Q3 2026, Marsh & McLennan Companies generated $1.5B of operating cash flow and spent $81.0M on capital projects, leaving free cash flow of $1.4B. That is $613M less than in Q3 2025 ($2.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.5B; the largest uses were buybacks ($3.0B), dividends ($1.8B), acquisitions ($691M); besides operations, cash came from other financing ($1.7B), shares issued ($156M); the cash balance fell by $397M.

Operating cash flow was $1.5B against net income of $812M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$680M, receivables +$493M, other liabilities −$455M.

Free cash flow

Marsh & McLennan Companies: free cash flow by quarterMarsh & McLennan Companies: free cash flow by quarter$1.9BQ4 2024−$677MQ1 2025$1.6BQ2 2025$2.0BQ3 2025$2.1BQ4 2025−$750MQ1 2026$1.5BQ2 2026$1.4BQ3 2026
Operating cash flow less capital spending.
Marsh & McLennan Companies: operating cash flow against capital spendingMarsh & McLennan Companies: operating cash flow against capital spendingOperating cash flowCapital spending$2.0B$76.0MQ4 2024−$622M$55.0MQ1 2025$1.7B$59.0MQ2 2025$2.1B$72.0MQ3 2025$2.2B$105MQ4 2025−$688M$62.0MQ1 2026$1.5B$72.0MQ2 2026$1.5B$81.0MQ3 2026
Latest (Q3 2026): Operating cash flow $1.5B, Capital spending $81.0M.

Capital allocation, year by year

Marsh & McLennan Companies: where the cash came from (up) and went (down), by fiscal yearMarsh & McLennan Companies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.5BFY2021: Net borrowing −$273MFY2021: Shares issued $161MFY2021: Asset sales $84.0MFY2021: Capital spending −$406MFY2021: Acquisitions $859MFY2021: Buybacks −$1.2BFY2021: Dividends −$1.0B$4.6BFY2021FY2022: Operating cash flow $3.5BFY2022: Net borrowing $619MFY2022: Shares issued $126MFY2022: Asset sales $119MFY2022: Capital spending −$470MFY2022: Acquisitions −$572MFY2022: Buybacks −$1.9BFY2022: Dividends −$1.1B$4.3BFY2022FY2023: Operating cash flow $4.3BFY2023: Net borrowing $1.9BFY2023: Shares issued $199MFY2023: Asset sales −$17.0MFY2023: Capital spending −$416MFY2023: Acquisitions −$976MFY2023: Buybacks −$1.1BFY2023: Dividends −$1.3B$6.4BFY2023FY2024: Operating cash flow $4.3BFY2024: Net borrowing $6.6BFY2024: Shares issued $264MFY2024: Asset sales $89.0MFY2024: Capital spending −$316MFY2024: Acquisitions −$8.5BFY2024: Buybacks −$900MFY2024: Dividends −$1.5B$11.2BFY2024FY2025: Operating cash flow $5.3BFY2025: Net borrowing −$519MFY2025: Shares issued $250MFY2025: Asset sales $22.0MFY2025: Capital spending −$291MFY2025: Acquisitions −$652MFY2025: Buybacks −$2.0BFY2025: Dividends −$1.7B$5.6BFY2025
Over these 5 years operating cash flow totalled $20.8B; the largest uses were acquisitions ($10.7B) and buybacks ($7.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.8B
Debt$20.5B
Net debt$18.7B
Due within a year$1.3B

Marsh & McLennan Companies funds itself: free cash flow was $4.2B over the last twelve months, and $1.8B of cash and investments stands against $20.5B of debt ($1.3B due within a year, 1.4× covered by cash).

Marsh & McLennan Companies: debt maturities by year (FY2025)Marsh & McLennan Companies: debt maturities by year (FY2025)$1.3BYear 1$1.3BYear 2$22.0MYear 3$1.5BYear 4$2.4BYear 5
Principal due in each year as disclosed in the annual report, against $1.8B of cash and investments now.

Where the cash came from and went

Marsh & McLennan Companies: sources (+) and uses (−) of cash, Q3 2026Marsh & McLennan Companies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.5BBuybacks−$504MDividends−$476MCash drawn (+) / kept (−)−$212MAcquisitions−$134MCapital spending−$81.0MOther financing−$75.0MExchange rates$40.0MNet borrowing (+) / repaid (−)−$38.0MShares issued$27.0MOther investing−$17.0MPartners−$11.0M
Marsh & McLennan Companies: sources (+) and uses (−) of cash, TTM to Q3 2026Marsh & McLennan Companies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.5BBuybacks−$3.0BDividends−$1.8BOther financing$1.7BAcquisitions−$691MNet borrowing (+) / repaid (−)−$657MCash drawn (+) / kept (−)$397MCapital spending−$320MShares issued$156MTaxes on employees’ shares−$124MPartners−$106MExchange rates−$43.0M

From profit to cash

Marsh & McLennan Companies: net income to operating cash flow, Q3 2026Marsh & McLennan Companies: net income to operating cash flow, Q3 2026Net income$812MDepreciation & amortization$89.0MStock-based pay$94.0MGains on investments−$8.0MGains on disposals−$5.0MReceivables$493MEmployee-related liabilities$680MOther liabilities−$455MIncome taxes payable−$100MOperating cash flow$1.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.5B−$81.0M−$134M−$504M−$476M−$38.0M$27.0M−$212M$1.4B
Q2 2026$1.5B−$72.0M−$88.0M−$757M−$438M−$30.0M$28.0M−$548M$1.5B
Q1 2026−$688M−$62.0M−$41.0M−$755M−$440M$1.0B$63.0M$805M−$750M
Q4 2025$2.2B−$105M−$428M−$1.0B−$444M−$5.0M$38.0M$352M$2.1B
Q3 2025$2.1B−$72.0M−$162M−$402M−$445M−$154M$37.0M−$964M$2.0B
Q2 2025$1.7B−$59.0M−$44.0M−$300M−$405M−$903M$47.0M−$365M$1.6B
Q1 2025−$622M−$55.0M−$18.0M−$300M−$405M$543M$128M$491M−$677M
Q4 2024$2.0B−$76.0M−$7.5B—−$403M$7.2B$43.0M$47.0M$1.9B

Marsh & McLennan Companies: income statement and cash flow

Marsh & McLennan Companies, Q3 2026: revenue $6.9B (+8% year over year), operating margin 17.7%. The chart follows the revenue to costs, profit and cash.

Marsh & McLennan Companies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.