Income StatementBalance SheetCash FlowSegments
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Marsh Cash Flow Statement

Operating, investing, and financing cash movements

Marsh generated $5.2B in operating cash flow over the trailing twelve months. After $298.0M in capital expenditures, free cash flow was $4.9B. Free cash flow increased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$5.2BNet Cash From Investing (TTM)-$975.0MNet Cash From Financing (TTM)-$4.4BCapital Expenditures (TTM)$298.0MNet Change In Cash (TTM)$3.3B
Latest FilingQ1 2026
Report Date2026-04-16
Market Cap$78.0B
P/E Ratio19.88

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$7.5B$18.0M$44.0M$162.0M$428.0M$41.0M
Capital expenditures$76.0M$55.0M$59.0M$72.0M$105.0M$62.0M
Payment for (Proceeds from) Other Investing Activity—$0.0$3.0M$3.0M-$8.0M$6.0M
Payments to Acquire Long-Term Investments$90.0M$10.0M$5.0M$2.0M$9.0M$8.0M
Divestiture of businesses, net of cash transferred—$25.0M——$7.0M$12.0M
Proceeds from other investments$38.0M$84.0M$0.0$12.0M$4.0M$1.0M
Net cash from investing activities-$7.6B$26.0M-$121.0M-$227.0M-$523.0M-$104.0M
Proceeds from divestiture of prepaid business—$25.0M——$7.0M$12.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in income taxes payable/receivable—$178.0M$12.0M$7.0M—$157.0M
Change in other assets$172.0M$121.0M——$104.0M$122.0M
Change in other liabilities$266.0M$130.0M—-$195.0M$250.0M$587.0M
Change in receivables—$599.0M$322.0M——$784.0M
Net cash from operating activities$2.0B-$622.0M$1.7B$2.1B$2.2B-$688.0M
Net income$801.0M$1.4B$1.2B$757.0M$834.0M$1.2B
Amortization of capitalized software and acquired intangible assets$108.0M$139.0M$140.0M$133.0M$137.0M$138.0M
Contingent consideration fair value adjustments-$8.0M-$5.0M$16.0M$7.0M$19.0M$10.0M
Consolidation, Gain (Loss), Amount$0.0$3.3M$3.3M$3.3M$3.3M—
Depreciation$93.0M$88.0M$91.0M$91.0M$91.0M$89.0M
Gain (Loss) On Investments, Operating Activities$2.3M$5.0M———$6.0M
Gain (Loss) on Disposition of Other Assets$30.0M$29.0M—$2.0M—$7.0M
Accrued compensation and employee benefits$674.0M-$1.9B——$852.0M-$2.0B
Operating lease liabilities-$80.0M-$82.0M-$83.0M-$84.0M-$86.0M-$86.0M
Non-cash lease expense$70.0M$73.0M———$76.0M
Pension and Other Postretirement Benefit Contributions In Excess of Current Year Expense$88.0M$55.0M———$61.0M
Stock-based compensation$85.0M$112.0M$98.0M$95.0M$89.0M$139.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$4.0M$505.0M$5.0M$4.0M$5.0M$605.0M
Distributions to noncontrolling interests$11.0M$21.0M$13.0M$12.0M$11.0M$17.0M
Dividends paid$403.0M$405.0M$405.0M$445.0M$444.0M$440.0M
Change in fiduciary liabilities$102.8M$86.0M———$361.0M
Payments For Acquisitions, Deferred And Contingent Consideration$28.3M$32.0M———$31.0M
Issuance of commercial paper with maturity greater than 90 days$0.0$0.0$0.0$0.0$0.0—
Proceeds from issuances of debt$7.2B$0.0$0.0$0.0$0.0$595.0M
Proceeds from issuance of shares$43.0M$128.0M$47.0M$37.0M$38.0M$63.0M
Proceeds from (repayments of) short-term borrowings, net—$1.0B———$1.0B
Receipts of deferred and contingent consideration for dispositions$750.0K$0.0———$12.0M
Repayments of Commercial Paper With Maturity Greater Than 90 Days$0.0$0.0$0.0$0.0$0.0—
Net cash from financing activities$6.3B-$138.0M-$1.7B-$753.0M-$2.0B$114.0M
Repurchases of common stock$0.0$300.0M$300.0M$402.0M$1.0B$755.0M
Taxes paid for net share settlement$3.0M$137.0M$5.0M$6.0M$0.0$118.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$1.9B-$677.0M$1.6B$2.0B$2.1B-$750.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$633.0M$243.0M$510.0M—$58.0M-$127.0M
Net increase (decrease) in cash-$47.0M-$491.0M—$964.0M—-$805.0M