← MARSH & MCLENNAN COMPANIES, INC.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $1.8b $1.5b $1.6b $1.7b $2.0b $3.1b $3.0b $3.8b $4.1b $4.2b
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $1.8b $1.5b $1.7b $1.8b $2.0b $3.2b $3.1b $3.8b $4.1b $4.2b
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent $1.8b $1.5b $1.6b $1.7b — — — — — —
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $1.8b $1.5b $1.7b $1.8b — — — — — —
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $0 $2.0m $0 $0 — — — — — —
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent $0 — — — — — — — — —
Net Income (Loss) Attributable to Noncontrolling Interest $27.0m $20.0m $20.0m $31.0m $30.0m $31.0m $37.0m $46.0m $57.0m $74.0m
Depreciation, Depletion and Amortization $438.0m $481.0m $494.0m $647.0m $741.0m $747.0m $719.0m $713.0m $369.0m $361.0m
Amortization of Intangible Assets $130.0m $169.0m $183.0m $314.0m $351.0m $365.0m $338.0m $343.0m $377.0m $549.0m
Depreciation $308.0m $312.0m $311.0m $333.0m $390.0m $382.0m $381.0m $370.0m $369.0m $361.0m
Deferred Income Tax Expense (Benefit) $68.0m $396.0m ($39.0m) $84.0m $40.0m ($63.0m) ($43.0m) ($29.0m) $157.0m $123.0m
Share-based Payment Arrangement, Noncash Expense $109.0m $149.0m $193.0m $252.0m $290.0m $348.0m $367.0m $363.0m $368.0m $394.0m
Payment, Tax Withholding, Share-based Payment Arrangement $39.0m $49.0m $67.0m $89.0m $132.0m $101.0m $198.0m $148.0m $180.0m $148.0m
Share-based Payment Arrangement, Expense $87.0m $149.0m $193.0m $252.0m $290.0m $348.0m $367.0m $363.0m $368.0m $394.0m
Operating Lease, Impairment Loss — — — $9.0m $28.0m $16.0m $118.0m $27.0m $15.0m $11.0m
Gain (Loss) on Disposition of Business $6.0m $10.0m ($48.0m) $56.0m $24.0m ($33.0m) — $16.0m ($48.0m) ($13.0m)
Gain (Loss) on Disposition of Other Assets ($6.0m) ($10.0m) $48.0m ($56.0m) ($24.0m) $33.0m $127.0m ($16.0m) $48.0m $13.0m
Gain (Loss) on Extinguishment of Debt $0 — — ($32.0m) $0 $0 — — — —
Income (Loss) from Equity Method Investments — — — $12.0m — — — — — —
Income Tax Expense (Benefit) $685.0m $1.1b $574.0m $666.0m $747.0m $1.0b $995.0m $1.2b $1.4b $1.3b
Interest Expense Nonoperating — — — — — — — — $700.0m $960.0m
Additional Financial Items
Debt and Equity Securities, Realized Gain (Loss) — — $17.0m — — — — — — —
Deconsolidation, Gain (Loss), Amount $11.0m $0 ($11.0m) $0 $0 $267.0m ($39.0m) $0 $0 —
Equity Securities, FV-NI, Gain (Loss) — — — — — — — ($1.0m) — —
Equity Securities, FV-NI, Realized Gain (Loss) — — — — ($27.0m) $5.0m $11.0m — — —
Gain (Loss) on Investments $0 $15.0m ($12.0m) $22.0m ($22.0m) $61.0m $21.0m $5.0m $12.0m $34.0m
Goodwill $8.4b $9.1b $9.6b $14.7b $15.5b $16.3b $16.3b $17.2b $23.3b $24.3b
Investment Income, Interest $5.0m $9.0m $11.0m $39.0m $7.0m $2.0m $15.0m $78.0m $83.0m $48.0m
Operating Expenses $10.5b $11.4b $12.2b $14.0b $14.2b $15.5b $16.4b $17.5b $18.6b $20.8b
Payments of Financing Costs — — $35.0m $0 $0 — — — $23.0m $0
Proceeds from Stock Options Exercised — $126.7m $46.7m $106.5m $72.0m $103.0m $50.0m $116.0m $137.0m $147.0m
Revenue from Contract with Customer, Including Assessed Tax — — $14.9b $16.7b $17.2b $19.8b $20.7b $22.7b — —
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax $0 — — — — — — — — —
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax $0 — — — — — — — — —
Net Cash Provided by (Used in) Operating Activities $2.0b $1.9b $2.4b $2.4b $3.4b $3.5b $3.5b $4.3b $4.3b $5.3b
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $253.0m $302.0m $314.0m $421.0m $348.0m $406.0m $470.0m $416.0m $316.0m $291.0m
Payments to Acquire Businesses, Net of Cash Acquired $813.0m $655.0m $884.0m $5.5b $668.0m $859.0m $572.0m ($976.0m) $8.5b $652.0m
Payments for (Proceeds from) Other Investing Activities ($4.0m) ($6.0m) $8.0m $76.0m $9.0m ($4.0m) ($9.0m) ($11.0m) ($1.0m) ($2.0m)
Net Cash Provided by (Used in) Investing Activities ($1.1b) ($956.0m) ($1.1b) ($5.7b) ($814.0m) ($1.2b) ($850.0m) ($1.4b) ($8.8b) ($845.0m)
Cash flows from financing activities:
Repayments of Long-term Debt $12.0m $315.0m $263.0m $1.1b $2.5b $1.0b $365.0m $266.0m $1.6b $519.0m
Payments for Repurchase of Common Stock $800.0m $900.0m $675.0m $485.0m $0 $1.2b $1.9b $1.1b $900.0m $2.0b
Payments of Ordinary Dividends, Common Stock $682.0m $740.0m $807.0m $890.0m $943.0m $1.0b $1.1b $1.3b $1.5b $1.7b
Net Cash Provided by (Used in) Financing Activities ($1.1b) ($1.0b) ($1.3b) $3.3b ($1.9b) ($1.3b) ($1.0b) ($1.1b) $4.5b ($4.6b)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — $251.0m ($168.0m) $93.0m $246.0m ($355.0m) ($841.0m) $328.0m ($414.0m) $673.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — $251.0m ($168.0m) $89.0m $934.0m $700.0m $728.0m $2.0b ($478.0m) $486.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — $1.2b $2.1b $11.4b $12.1b $14.2b $13.7b $14.2b
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities — — — $427.0m $481.0m $441.0m $431.0m $499.0m $591.0m $885.0m
Income Taxes Paid, Net $642.0m $583.0m $632.0m $661.0m $673.0m $1.1b $1.0b $1.1b $1.2b $1.3b

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.