Marsh Cash Flow Statement
NYSE: MRSHFinanceSpecialty InsurersUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Marsh free cash flow
In fiscal 2025, Marsh generated $5.29 billion of operating cash flow and spent $291.0 million on capital expenditures. That left free cash flow of $5.00 billion, a free-cash-flow margin of 18.5% of revenue. Free cash flow was up 25.5% from the prior year's $3.99 billion.
Marsh returned $3.71 billion to shareholders: $1.70 billion in dividends and $2.01 billion in share repurchases, equal to 74% of free cash flow. Free cash flow covered dividend payments 2.9 times.
Summary generated from market data by MetaCap's automated system. Methodology
Marsh cash flow statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 4.23B | 4.12B | 3.80B | 3.09B | 3.17B | 2.05B | 1.77B | 1.67B | 1.51B | 1.79B |
| Net Income growth (YoY) | +2.84% | +8.29% | +23.16% | -2.74% | +55.13% | +15.40% | +6.17% | +10.45% | -15.77% | +9.72% |
| Depreciation & Amortization | 361.00M | 369.00M | 370.00M | 381.00M | 747.00M | 741.00M | 647.00M | 494.00M | 481.00M | 438.00M |
| Stock-Based Compensation | 394.00M | 368.00M | 363.00M | 367.00M | 348.00M | 290.00M | 252.00M | 193.00M | 149.00M | 109.00M |
| Change in Working Capital | -35.00M | -412.00M | -403.00M | -299.00M | 13.00M | 385.00M | -182.00M | -83.00M | -160.00M | -217.00M |
| Operating Cash Flow | 5.29B | 4.30B | 4.26B | 3.46B | 3.52B | 3.38B | 2.36B | 2.43B | 1.89B | 2.01B |
| Capital Expenditures | -291.00M | -316.00M | -416.00M | -470.00M | -406.00M | -348.00M | -421.00M | -314.00M | -302.00M | -253.00M |
| Investing Cash Flow | -845.00M | -8.82B | -1.42B | -850.00M | -1.16B | -793.00M | -4.39B | -1.09B | -956.00M | -1.06B |
| Dividends Paid | -1.70B | -1.51B | -1.30B | -1.14B | -1.03B | -943.00M | -890.00M | -807.00M | -740.00M | -682.00M |
| Share Repurchases | -2.01B | -900.00M | -1.15B | -1.95B | -1.16B | 0 | -485.00M | -675.00M | -900.00M | -800.00M |
| Debt Issued | 0 | 8.17B | 2.17B | 984.00M | 743.00M | 737.00M | 6.46B | 591.00M | 987.00M | 347.00M |
| Debt Repaid | -519.00M | -1.62B | -266.00M | -365.00M | -1.02B | -2.52B | -1.06B | -263.00M | -315.00M | -12.00M |
| Financing Cash Flow | -4.63B | 4.46B | -1.12B | -1.05B | -1.30B | -925.00M | 4.33B | -1.31B | -1.01B | -1.07B |
| Net Change in Cash | 486.00M | -478.00M | 2.05B | 728.00M | 700.00M | 2.17B | 2.43B | -139.00M | 179.00M | -348.00M |
| Free Cash Flow | 5.00B | 3.99B | 3.84B | 3.00B | 3.11B | 3.03B | 1.94B | 2.11B | 1.59B | 1.75B |
This table shows 10 annual periods of Marsh's cash flow statement, from FY 2025 back to FY 2016, across 14 line items including net income, depreciation & amortization, stock-based compensation. Values in USD; B = billions, M = millions. Fiscal periods follow MRSH's reporting calendar. What is a cash flow statement?