MARSH & MCLENNAN COMPANIES, INC.

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06
Total revenue	26.98	24.46	22.74	20.72	19.82	17.22	16.65	14.95	14.02	13.21	12.89	12.95	12.26	11.92	11.53	10.55	9.83	10.73	11.18	11.92
Cost of revenue	15.58	14.00	13.10	12.07	11.43	10.13	9.73	8.61	8.09	7.69	7.33	7.52	7.23	7.13	6.97	6.47				7.11
Gross profit	11.40	10.46	9.64	8.65	8.40	7.10	6.92	6.35	5.94	5.52	5.56	5.44	5.04	4.79	4.56	4.09	9.83	10.73	11.18	4.81
Total operating expenses +	5.18	4.65	4.36	4.37	4.08	4.03	4.24	3.58	3.28	3.09	3.14	3.14	2.96	2.96	2.92	3.15	9.05	10.05	10.33	3.35
Selling, general and administrative							9.73	8.61	8.09	7.69	7.33	7.52	7.23	7.13	6.97	6.47	6.18	6.83
Research and development
Other operating expenses	5.18	4.65	4.36	4.37	4.08	4.03	-5.49	-5.02	-4.80	-4.61	-4.19	-4.38	-4.27	-4.17	-4.05	-3.32	2.87	3.22	10.33	3.35
Operating income	6.22	5.82	5.28	4.28	4.31	3.07	2.68	2.76	2.66	2.43	2.42	2.30	2.08	1.83	1.64	0.94	0.78	0.68	0.85	0.95
Non-operating income (net)	-0.68	-0.34	-0.26	-0.20	-0.10	-0.27	-0.24	-0.52	-0.01	0.05	-0.11	-0.24	-0.10	-0.13	-0.23	-0.17	-0.23	-0.19	0.00	0.27
Income before tax	5.54	5.48	5.03	4.08	4.21	2.79	2.44	2.24	2.64	2.48	2.31	2.06	1.97	1.70	1.40	0.77	0.55	0.49	0.85	1.22
Income tax expense	1.31	1.36	1.22	1.00	1.03	0.75	0.67	0.57	1.13	0.69	0.67	0.59	0.59	0.49	0.42	0.20	0.02	0.11	0.30	0.39
Net income	4.16	4.06	3.76	3.05	3.14	2.02	1.74	1.65	1.49	1.77	1.60	1.47	1.36	1.18	0.99	0.86	0.23	-0.07	2.48	0.99

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18	Sep-18	Jun-18	Mar-18	Dec-17	Sep-17	Jun-17	Mar-17	Dec-16	Sep-16	Jun-16	Mar-16	Dec-15	Sep-15	Jun-15	Mar-15	Dec-14	Sep-14	Jun-14	Mar-14	Dec-13	Sep-13	Jun-13	Mar-13	Dec-12	Sep-12	Jun-12	Mar-12	Dec-11	Sep-11	Jun-11	Mar-11	Dec-10	Sep-10	Jun-10	Mar-10	Dec-09	Sep-09	Jun-09	Mar-09	Dec-08	Sep-08	Jun-08	Mar-08	Dec-07	Sep-07	Jun-07	Mar-07	Dec-06	Sep-06	Jun-06	Mar-06
Total revenue	7.60	6.60	6.35	6.97	7.06	6.07	5.70	6.22	6.47	5.55	5.38	5.88	5.92	5.02	4.77	5.38	5.55	5.14	4.58	5.02	5.08	4.42	3.97	4.19	4.65	4.26	3.97	4.35	4.07	3.71	3.50	3.73	4.00	3.69	3.34	3.50	3.50	3.36	3.14	3.38	3.34	3.34	3.12	3.23	3.22	3.25	3.14	3.30	3.26	3.12	2.93	3.09	3.13	3.00	2.85	3.03	3.05	2.91	2.81	2.93	2.88	2.79	2.52	2.61	2.64	2.73	2.35	2.47	2.61	2.66	2.84	3.03	3.04	2.93	2.72	2.82	2.81	3.03	2.88	2.98	2.67
Cost of revenue	4.13	3.94	3.89	3.90	3.85	3.63	3.44	3.45	3.47	3.27	3.29	3.34	3.21	3.04	2.92	3.01	3.10	2.91	2.85	2.86	2.81	2.65	2.50	2.43	2.56	2.48	2.44	2.54	2.28	2.16	2.08	2.14	2.22	2.10	1.97	2.00	2.01	1.92	1.82	1.87	1.85	1.90	1.88	1.83	1.73	1.90	1.90	1.88	1.84	1.83	1.82	1.77	1.80	7.13	1.76	1.78	1.80											1.53	1.57									1.82	1.74	1.80
Gross profit	3.47	2.66	2.46	3.08	3.21	2.44	2.26	2.77	3.00	2.29	2.10	2.54	2.72	1.98	1.85	2.37	2.45	2.23	1.73	2.16	2.28	1.77	1.47	1.76	2.10	1.79	1.53	1.81	1.79	1.55	1.42	1.60	1.78	1.59	1.37	1.50	1.50	1.45	1.32	1.50	1.48	1.44	1.24	1.40	1.49	1.35	1.24	1.42	1.43	1.28	1.11	1.32	1.32	-4.13	1.09	1.25	1.26	2.91	2.81	2.93	2.88	2.79	2.52	2.61	2.64	2.73	2.35	0.94	1.04	2.66	2.84	3.03	3.04	2.93	2.72	2.82	2.81	1.21	1.14	1.18	2.67
Total operating expenses +	1.71	1.44	1.29	1.25	1.21	1.30	1.15	1.13	1.08	1.18	1.10	1.08	0.99	1.30	1.06	1.01	1.00	1.25	0.99	0.93	0.92	1.20	0.93	0.88	1.03	1.19	1.06	1.13	0.85	0.93	0.88	0.91	0.87	0.90	0.84	0.80	0.75	0.81	0.75	0.78	0.75	0.84	0.78	0.77	0.75	0.81	0.79	0.78	0.75	0.79	0.70	0.75	0.72	-4.54	0.71	0.73	0.73	2.52	2.50	2.46	2.41	2.46	2.29	2.66	2.21	2.74	2.16	0.65	0.71	2.56	2.77	2.85	3.13	2.76	2.52	2.55	2.43	0.81	0.82	0.84	2.34
Selling, general and administrative																									2.56	2.48	2.44	2.54	2.28	2.16	2.08	2.14	2.22	2.10	1.97	2.00	2.01	1.92	1.82	1.87	1.85	1.90	1.88	1.83	1.73	1.90	1.90	1.88	1.84	1.83	1.82	1.77	1.80	1.80	1.76	1.78	1.80	1.77	1.75	1.73	1.72	1.69	1.59	1.61	1.58	1.70	1.53	1.53	1.57			1.88	1.83
Research and development
Other operating expenses	1.71	1.44	1.29	1.25	1.21	1.30	1.15	1.13	1.08	1.18	1.10	1.08	0.99	1.30	1.06	1.01	1.00	1.25	0.99	0.93	0.92	1.20	0.93	0.88	-1.53	-1.28	-1.37	-1.41	-1.43	-1.24	-1.20	-1.23	-1.36	-1.20	-1.13	-1.20	-1.26	-1.11	-1.07	-1.09	-1.11	-1.06	-1.10	-1.06	-0.98	-1.08	-1.11	-1.10	-1.09	-1.04	-1.12	-1.02	-1.09	-6.34	-1.05	-1.04	-1.07	0.75	0.74	0.74	0.69	0.77	0.70	1.04	0.64	1.04	0.63	-0.88	-0.86	2.56	2.77	0.97	1.30	2.76	2.52	2.55	2.43	0.81	0.82	0.84	2.34
Operating income	1.75	1.22	1.17	1.83	2.01	1.14	1.11	1.64	1.93	1.10	1.00	1.46	1.73	0.68	0.79	1.36	1.45	0.99	0.74	1.23	1.36	0.57	0.54	0.89	1.07	0.59	0.47	0.68	0.94	0.62	0.54	0.69	0.91	0.69	0.54	0.70	0.75	0.63	0.57	0.73	0.73	0.59	0.46	0.63	0.74	0.54	0.45	0.65	0.67	0.49	0.40	0.58	0.61	0.41	0.38	0.52	0.53	0.39	0.31	0.47	0.47	0.33	0.24	-0.05	0.43	-0.01	0.20	0.29	0.32	0.10	0.07	0.18	-0.09	0.17	0.19	0.27	0.39	0.40	0.24	0.34	0.34
Non-operating income (net)	-0.17	-0.16	-0.16	-0.18	-0.18	-0.13	-0.07	-0.08	-0.05	-0.06	-0.07	-0.07	-0.06	-0.07	-0.06	-0.05	-0.02	-0.03	-0.02	-0.02	-0.04	-0.03	-0.08	-0.10	-0.06	-0.06	-0.05	-0.13	0.01	-0.40	-0.16	0.03	0.01	-0.04	0.00	0.01	0.00	-0.05	-0.05	-0.05	-0.05	-0.04	0.00	-0.03	-0.03	-0.17	-0.01	-0.04	-0.02	-0.05	-0.02	-0.01	-0.02	-0.04	-0.04	-0.04	-0.02	-0.05	-0.11	-0.05	-0.03	-0.03	-0.06	-0.04	-0.05	-0.03	-0.03	-0.09	-0.07	-0.03	-0.07	-0.06	-0.03	-0.03	-0.04	-0.06	-0.05	-0.05	0.02	-0.07	-0.06
Income before tax	1.58	1.06	1.01	1.65	1.83	1.01	1.04	1.57	1.87	1.05	0.93	1.38	1.66	0.61	0.73	1.31	1.42	0.96	0.72	1.21	1.32	0.54	0.46	0.79	1.01	0.53	0.41	0.55	0.94	0.22	0.39	0.72	0.92	0.64	0.54	0.71	0.75	0.59	0.53	0.68	0.69	0.55	0.46	0.60	0.70	0.37	0.43	0.61	0.65	0.44	0.38	0.56	0.59	0.37	0.34	0.48	0.51	0.34	0.20	0.42	0.45	0.30	0.18	-0.09	0.38	-0.04	0.16	0.20	0.26	0.07	0.00	0.12	-0.12	0.14	0.16	0.21	0.34	0.35	0.26	0.27	0.27
Income tax expense	0.40	0.22	0.25	0.42	0.42	0.21	0.28	0.43	0.45	0.28	0.19	0.34	0.41	0.14	0.18	0.33	0.34	0.15	0.17	0.38	0.32	0.16	0.14	0.21	0.24	0.14	0.11	0.21	0.22	0.07	0.11	0.18	0.22	0.61	0.14	0.20	0.18	0.15	0.14	0.20	0.20	0.17	0.13	0.17	0.21	0.10	0.13	0.17	0.19	0.13	0.12	0.16	0.18	0.11	0.09	0.14	0.15	0.10	0.07	0.13	0.13	0.11	0.06	-0.06	0.10	-0.05	-0.05	0.04	0.08	-0.01	-0.02	0.07	0.09	0.04	0.08	0.07	0.11	0.12	0.08	0.10	0.07
Net income	1.15	0.82	0.75	1.21	1.38	0.79	0.75	1.13	1.40	0.76	0.73	1.04	1.24	0.47	0.55	0.97	1.07	0.80	0.54	0.82	0.98	0.37	0.32	0.57	0.75	0.39	0.30	0.33	0.72	0.15	0.28	0.53	0.69	0.03	0.39	0.50	0.57	0.44	0.38	0.47	0.48	0.38	0.32	0.42	0.48	0.29	0.30	0.43	0.44	0.30	0.25	0.39	0.41	0.26	0.24	0.33	0.35	0.26	0.13	0.28	0.33	0.20	0.17	0.24	0.25	0.02	0.22	-0.19	0.18	0.08	-0.01	0.07	-0.21	0.09	1.95	0.18	0.27	0.23	0.18	0.17	0.42

about 2 months ago

Ask a follow up

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06
Total cash and short-term investments +	2.69	2.40	3.36	1.44	1.75	2.09	1.16	1.07	1.21	1.03	1.37	1.96	2.30	2.30	2.11	1.89	1.78	1.69	2.13	2.09
Cash and cash equivalents	2.69	2.40	3.36	1.44	1.75	2.09	1.16	1.07	1.21	1.03	1.37	1.96	2.30	2.30	2.11	1.89	1.78	1.69	2.13	2.09
Short-term investments
Accounts receivable, net	7.67	7.16	6.42	5.85	5.59	5.33	5.24	4.32	4.13	3.64	3.16	3.38	3.31	3.06	2.91	3.04	2.72	2.76	2.87	2.72
Inventories													0.00	-0.01
Other current assets	12.84	12.56	11.97	11.67	0.93	0.70	0.68	0.55	0.22	0.22	0.51	0.69	0.69	0.67	0.63	0.35	0.36	0.34	0.45	1.03
Total current assets	23.20	22.12	21.75	18.96	8.26	8.12	7.07	5.93	5.56	4.88	5.04	6.02	6.25	6.02	5.65	5.28	4.87	4.78	5.45	5.83
Total non-current assets +	35.51	34.36	26.28	25.16	26.12	24.91	24.25	15.64	14.87	13.31	13.17	11.82	10.68	10.28	9.81	10.03	10.46	10.42	11.91	12.30
Property, plant and equipment, net
Goodwill	24.34	23.31	17.23	16.25	16.32	15.52	14.67	9.60	9.09	8.37	7.89	7.24	6.89	6.79	6.56	3.04	2.72	7.16	7.76	7.78
Intangible assets	5.21	4.82	2.63	3.03	2.81	2.70	2.77	1.44	1.27	1.13	1.04	0.69	0.47	0.47	0.40
Long-term investments
Other non-current assets
Total assets	58.71	56.48	48.03	44.11	34.39	33.03	31.32	21.58	20.43	18.19	18.22	17.84	16.93	16.31	15.45	15.31	15.32	15.21	17.36	18.14

Total current liabilities +	21.06	19.52	19.80	17.83	6.65	6.56	6.68	4.92	4.26	4.08	3.71	3.68	3.81	3.57	3.74	3.11	3.68	3.39	3.49	5.55
Accounts payable	3.65	3.40	3.40	3.28	3.17	3.05	2.75	2.23	2.08	1.97	1.89	1.88	1.86	1.72	2.02	1.74	1.75	1.69	1.67	2.48
Short-term debt	1.60	0.84	1.93	0.58	0.35	0.86	1.56	0.31	0.26	0.31	0.01	0.01	0.33	0.26	0.26	0.01	0.56	0.41	0.26	1.11
Current portion of long-term debt	1.27	0.52	1.62	0.27	0.02
Deferred revenue
Other current liabilities	15.81	14.90	14.14	13.76	2.94	2.44	2.20	2.22	1.72	1.66	1.66	3.24	2.98	1.47	1.40	1.29	1.41	1.22	1.47	2.12
Total non-current liabilities +	22.34	23.43	15.87	15.53	16.51	17.23	16.74	9.07	8.73	7.84	7.91	6.98	5.20	6.12	5.78	5.79	5.76	6.10	6.04	6.40
Long-term debt	18.32	19.43	11.84	11.23	10.93
Capital lease obligations	1.86	1.92	1.97	1.98	2.21
Other non-current liabilities	1.70	1.57	1.58	1.72	2.07
Total liabilities	43.40	42.95	35.66	33.37	23.17	23.79	23.41	13.99	12.99	11.92	11.61	10.66	9.01	9.68	9.51	8.90	9.47	9.48	9.54	12.32

Total stockholders' equity +	15.10	13.34	12.19	10.52	11.01	9.10	7.79	7.51	7.36	6.19	6.51	7.05	7.91	6.54	5.88	6.37	5.83	5.72	7.82	5.82
Common stock and paid-in capital	-12.67	-11.96	-10.57	-9.78	-7.38	-7.17	-7.41	-6.84	-5.78	-6.20	-4.79	-3.28	-1.55	-2.09	-2.07	-1.07	-1.21	-1.52	0.09	0.13
Retained earnings	27.77	25.31	22.76	20.30	18.39	16.27	15.20	14.35	13.14	12.39	11.30	10.34	9.45	8.63	7.95	7.44	7.03	7.24	7.73	5.69
Common shares outstanding	490	496	499	505	513	512	511	511	519	524	536	553	558	552	551	544	524	515	546	557

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18	Sep-18	Jun-18	Mar-18	Dec-17	Sep-17	Jun-17	Mar-17	Dec-16	Sep-16	Jun-16	Mar-16	Dec-15	Sep-15	Jun-15	Mar-15	Dec-14	Sep-14	Jun-14	Mar-14	Dec-13	Sep-13	Jun-13	Mar-13	Dec-12	Sep-12	Jun-12	Mar-12	Dec-11	Sep-11	Jun-11	Mar-11	Dec-10	Sep-10	Jun-10	Mar-10	Dec-09	Sep-09	Jun-09	Mar-09	Dec-08	Sep-08	Jun-08	Mar-08	Dec-07	Sep-07	Jun-07	Mar-07	Dec-06	Sep-06	Jun-06	Mar-06
Total cash and short-term investments +	1.61	2.69	2.51	1.68	1.60	2.40	1.80	1.65	1.45	3.36	2.90	1.17	1.01	1.44	0.80	0.91	0.77	1.75	1.40	0.89	1.12	2.09	2.39	1.71	1.48	1.16	1.21	1.29	1.12	1.07	0.95	1.04	1.17	1.21	1.08	0.97	0.93	1.03	1.39	0.97	0.92	1.37	1.33	0.93	1.10	1.96	2.65	2.01	1.38	2.30	2.17	1.23	1.26	2.30	2.04	1.50	1.41	2.11	1.71	1.66	1.33	1.89	1.70	1.48	1.17	1.78	1.81	1.29	1.41	1.69	1.46	1.17	1.29	2.13	2.82	1.12	1.20	2.09	1.68	1.38	1.58
Cash and cash equivalents	1.61	2.69	2.51	1.68	1.60	2.40	1.80	1.65	1.45	3.36	2.90	1.17	1.01	1.44	0.80	0.91	0.77	1.75	1.40	0.89	1.12	2.09	2.39	1.71	1.48	1.16	1.21	1.29	1.12	1.07	0.95	1.04	1.17	1.21	1.08	0.97	0.93	1.03	1.39	0.97	0.92	1.37	1.33	0.93	1.10	1.96	2.65	2.01	1.38	2.30	2.17	1.23	1.26	2.30	2.04	1.50	1.41	2.11	1.71	1.66	1.33	1.89	1.70	1.48	1.17	1.78	1.81	1.29	1.41	1.69	1.46	1.17	1.29	2.13	2.82	1.12	1.20	2.09	1.68	1.38	1.58
Short-term investments
Accounts receivable, net	8.43	7.67	7.91	8.46	7.87	7.16	7.42	7.74	7.22	6.42	6.52	6.99	6.70	5.85	5.82	6.29	5.96	5.59	5.62	5.84	5.60	5.33	5.24	5.65	5.56	5.24	5.20	5.28	4.46	4.32	4.48	4.60	4.56	4.13	3.91	3.98	3.80	3.64	3.60	3.43	3.33	3.16	3.22	3.36	3.10	3.10	3.24	3.41	3.16	3.03	3.08	3.13	2.97	2.81	3.06	3.10	3.01	2.91	2.93	3.11	3.21	3.04	3.06	3.22	2.94	2.72	2.71	2.85	2.75	2.76	2.91	3.14	3.07	2.87	3.00	3.03	2.90	2.72	2.80	2.92	2.84
Inventories																													6.36																			0.00	0.00	0.00	0.00	-0.01	-0.01	-0.01				0.38
Other current assets	13.20	12.84	13.28	13.20	12.99	12.56	13.07	12.63	12.63	11.97	12.86	12.65	1.41	11.67	0.95	0.97	1.05	0.93	0.86	0.85	0.83	0.70	0.69	0.74	0.71	0.68	0.65	0.95	0.74	0.55	0.54	0.54	0.54	0.22	0.23	0.23	0.26	0.22	0.22	0.52	0.55	0.51	0.97	1.01	0.98	0.97	0.97	1.00	1.02	0.97	0.92	0.86	0.87	0.85	0.55	0.59	0.62	0.25	0.39	0.42	0.39	0.35	0.30	0.48	0.49	0.43	0.35	0.35	0.35	0.34	0.43	0.45	0.42	0.45	0.33	1.86	1.90	1.03	0.37	0.41	0.41
Total current assets	23.24	23.20	23.70	23.33	22.46	22.12	22.29	22.02	21.30	21.75	22.28	20.80	9.11	18.96	7.57	8.17	7.79	8.26	7.88	7.57	7.55	8.12	8.31	8.10	7.75	7.07	7.06	7.53	12.68	5.93	5.97	6.18	6.27	5.56	5.22	5.18	4.98	4.88	5.21	4.93	4.80	5.04	5.53	5.30	5.18	6.02	6.85	6.41	5.56	6.25	6.16	5.21	5.10	6.02	5.65	5.20	5.04	5.65	5.03	5.19	4.94	5.28	5.05	5.17	4.59	4.93	4.88	4.49	4.51	4.78	4.81	4.76	4.78	5.45	6.15	6.01	6.00	5.83	4.85	4.70	4.82
Total non-current assets +	35.32	35.51	35.08	35.22	34.55	34.36	27.58	26.57	26.27	26.28	25.72	25.76	25.25	25.16	24.45	25.27	25.90	26.12	25.11	25.38	24.72	24.91	24.45	24.07	23.64	24.25	24.04	24.59	17.46	15.64	15.16	14.98	15.11	14.87	14.48	14.26	13.99	13.31	13.15	13.15	13.33	13.17	12.24	12.11	11.66	11.82	11.21	11.17	11.01	10.68	10.82	10.62	10.44	10.28	10.09	10.01	9.98	9.81	10.09	10.27	10.14	10.03	9.86	10.45	10.37	10.41	10.47	10.43	10.35	10.42	11.22	11.67	11.69	11.91	11.39	11.18	11.22	12.30	12.97	12.74	12.70
Property, plant and equipment, net
Goodwill	24.27	24.34	23.95	23.92	23.54	23.31	18.24	17.52	17.31	17.23	16.66	16.62	16.30	16.25	15.58	15.96	16.25	16.32	15.65	15.78	15.46	15.52	15.03	14.80	14.41	14.67	14.29	14.48	9.74	9.60	9.44	9.18	9.19	9.09	9.10	8.82	8.77	8.37	7.98	7.95	7.95	7.89	7.51	7.38	7.16	7.24	7.18	7.23	7.16	6.89	6.87	6.80	6.75	6.79	6.68	6.64	6.68	6.56	6.54	6.60	6.56	3.04	3.06	6.16	6.80	2.72	6.70	2.85	2.75	7.16	7.34	7.38	7.46	7.76	7.76	7.61	7.59	7.78	0.46	7.82
Intangible assets	4.61	5.21	4.67	4.77	4.74	4.82	2.72	2.64	2.63	2.63	2.50	2.51	2.45	3.03	2.40	2.54	2.72	2.81	2.59	2.72	2.60	2.70	2.71	2.76	2.66	2.77	2.87	3.08	1.46	1.44	1.33	1.23	1.26	1.27	1.32	1.23	1.29	1.13	0.91	0.96	1.04	1.04	0.84	0.77	0.67	0.69	0.64	0.64	0.64	0.47	0.49	0.48	0.45	0.47	0.43	0.44	0.45	0.40	0.39	0.41	0.44			0.34	0.45		0.34												7.38		7.79
Long-term investments
Other non-current assets
Total assets	58.55	58.71	58.78	58.56	57.02	56.48	49.86	48.59	47.57	48.03	48.00	46.57	34.36	44.11	32.02	33.44	33.69	34.39	32.98	32.95	32.27	33.03	32.76	32.17	31.39	31.32	31.10	32.12	30.14	21.58	21.13	21.16	21.38	20.43	19.69	19.44	18.97	18.19	18.36	18.08	18.13	18.22	17.76	17.41	16.83	17.84	18.06	17.59	16.58	16.93	16.98	15.84	15.54	16.31	15.74	15.20	15.01	15.45	15.12	15.45	15.07	15.31	14.90	15.62	14.96	15.34	15.34	14.92	14.86	15.21	16.03	16.43	16.47	17.36	17.54	17.19	17.23	18.14	17.82	17.44	17.52

Total current liabilities +	2.03	21.06	21.10	19.40	19.78	19.52	19.60	18.86	18.66	19.80	20.61	19.81	7.91	17.83	7.29	7.02	6.59	6.65	6.66	5.82	6.12	6.56	6.53	5.93	6.86	6.68	6.20	6.38	5.74	4.92	4.73	4.22	4.12	4.26	3.81	3.65	3.59	4.08	3.83	3.50	3.16	3.71	3.40	3.21	2.75	3.68	4.13	3.53	3.34	3.81	3.89	2.96	2.84	3.57	3.51	3.17	3.03	3.74	3.38	3.24	2.89	3.11	2.95	3.85	3.17	3.70	3.40	2.67	2.80	3.39	3.31	3.24	2.88	3.49	4.17	5.32	4.89	5.55	4.72	3.87	4.03
Accounts payable	4.18	3.65	3.36	3.43	3.45	3.40	3.10	3.21	3.38	3.40	3.14	3.14	3.41	3.28	2.90	3.03	3.08	3.17	2.83	2.83	2.94	3.05	2.66	2.67	2.61	2.75	2.48	2.60	2.24	2.23	2.29	2.25	2.34	2.08	2.00	2.03	2.03	1.97	1.86	1.87	1.88	1.89	1.76	1.75	1.70	1.88	1.80	1.85	1.90	1.86	1.83	1.79	1.81	1.72	1.74	1.76	1.87	2.02	1.82	1.88	1.80	1.74	1.78	2.27	1.87	1.75	1.70	1.71	1.67	1.69	1.69	1.79	1.77	1.67	1.60	2.52	2.48	2.48	1.88	1.70	1.62
Short-term debt	2.03	1.60	1.60	1.10	1.99	0.84	0.83	1.57	1.48	1.93	2.17	2.68	2.42	0.58	1.27	1.63	1.52	0.35	0.86	0.86	1.36	0.86	1.55	1.55	2.74	1.56	1.48	2.01	1.85	0.31	0.64	0.44	0.51	0.26	0.01	0.16	0.41	0.31	0.26	0.26	0.27	0.01	0.06	0.11	0.06	0.01	0.64	0.33	0.43	0.33	0.58	0.01	0.01	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.01	0.01	0.56	0.56	0.56	0.56	0.01	0.41	0.41	0.41	0.41	0.01	0.26	0.26	1.34	1.05	1.11	1.22	0.70	0.88
Current portion of long-term debt	1.70	1.27	1.26	0.77	1.67	0.52	0.52
Deferred revenue
Other current liabilities	-4.75	15.44	15.53	14.24	13.78	14.90	15.11	13.58	13.35	14.14	14.81	13.59	1.74	13.76	2.69	1.91	1.67	2.94	2.64	1.78	1.46	2.44	2.00	1.35	1.25	2.20	1.99	1.61	1.39	2.22	1.62	1.32	1.01	1.72	1.57	1.27	0.94	1.66	1.49	1.19	0.89	1.66	1.48	1.14	0.86	3.24	1.49	1.14	0.84	2.98	1.33	1.00	0.87	1.47	1.35	1.04	0.82	1.40	1.23	0.99	0.78	1.29	-1.78	1.01	0.75	1.41	1.14	0.93	0.70	1.22	1.22	1.03	1.02	1.47	1.35	1.41	1.34	2.12	1.56	1.43	1.35
Total non-current liabilities +	41.72	22.34	22.33	23.18	22.97	23.43	16.38	16.16	16.29	15.87	15.81	14.61	15.25	15.53	14.94	15.51	15.95	16.51	16.44	16.87	16.55	17.23	17.40	17.85	17.08	16.74	17.10	17.40	16.41	9.07	8.86	9.15	9.24	8.73	8.75	8.72	8.76	7.84	7.78	7.87	8.20	7.91	7.98	7.33	7.22	6.98	5.94	5.83	5.19	5.20	5.96	6.03	5.98	6.12	5.65	5.69	5.71	5.78	5.27	5.43	5.50	5.79	5.54	5.73	5.77	5.76	5.90	6.49	6.37	6.10	5.80	5.66	6.07	6.04	6.45	6.22	6.39	6.40	6.89	7.55	7.76
Long-term debt	18.90	18.32	18.32	18.96	18.86	19.43	12.33
Capital lease obligations	1.85	1.86	1.85	1.88	1.89	1.92	1.93
Other non-current liabilities	1.67	1.70	1.70	1.86	1.72	1.57	1.73
Total liabilities	43.75	43.40	43.42	42.58	42.75	42.95	35.98	35.03	34.95	35.66	36.41	34.43	23.16	33.37	22.23	22.52	22.53	23.17	23.09	22.69	22.68	23.79	23.93	23.78	23.94	23.41	23.30	23.78	22.15	13.99	13.59	13.36	13.36	12.99	12.56	12.37	12.35	11.92	11.60	11.37	11.36	11.61	11.38	10.54	9.97	10.66	10.07	9.36	8.53	9.01	9.86	8.99	8.82	9.68	9.16	8.86	8.75	9.51	8.66	8.67	8.39	8.90	8.49	9.58	8.95	9.47	9.30	9.16	9.17	9.48	9.11	8.90	8.95	9.54	10.62	11.53	11.28	12.32	11.61	11.42	11.78

Total stockholders' equity +	14.57	15.10	15.15	15.77	14.07	13.34	13.69	13.37	12.42	12.19	11.41	11.96	10.95	10.52	9.57	10.69	10.94	11.01	9.73	10.11	9.43	9.10	8.59	8.23	7.30	7.79	7.62	8.07	7.91	7.51	7.45	7.72	7.94	7.36	7.05	6.99	6.53	6.19	6.67	6.62	6.68	6.51	6.25	6.78	6.77	7.05	7.83	8.15	7.96	7.91	7.04	6.78	6.64	6.54	6.51	6.27	6.20	5.88	6.41	6.73	6.63	6.37	6.42	6.00	5.98	5.83	6.00	5.73	5.66	5.72	6.92	7.53	7.52	7.82	6.92	5.66	5.95	5.82	6.20	6.02	5.74
Common stock and paid-in capital	-13.47	-12.67	-11.80	-11.32	-11.82	-11.96	-10.83	-11.21	-11.03	-10.57	-10.60	-10.02	-10.00	-9.78	-10.27	-9.19	-7.98	-7.38	-7.86	-7.49	-7.35	-7.17	-7.31	-7.83	-8.20	-7.41	-7.19	-6.68	-6.73	-6.84	-6.74	-6.42	-5.87	-5.78	-6.07	-5.92	-6.07	-6.20	-5.28	-5.13	-4.78	-4.79	-4.68	-3.99	-3.74	-3.28	-2.21	-1.75	-1.66	-1.55	-2.11	-2.26	-2.15	-2.09	-1.86	-1.98	-1.86	-2.07	-1.29	-0.96	-0.90	-1.07	-0.82	-1.19	-1.09	-1.21	-1.01	-1.17	-1.54	-1.52	-0.24	0.26	0.21	0.09	-0.73	-0.15	0.21	0.13	0.74	0.63	0.43
Retained earnings	28.04	27.77	26.95	27.09	25.88	25.31	24.52	24.58	23.46	22.76	22.01	21.98	20.95	20.30	19.84	19.88	18.92	18.39	17.59	17.60	16.78	16.27	15.90	16.06	15.49	15.20	14.81	14.74	14.64	14.35	14.20	14.13	13.81	13.14	13.11	12.92	12.61	12.39	11.95	11.75	11.46	11.30	10.93	10.77	10.52	10.34	10.04	9.90	9.62	9.45	9.15	9.04	8.79	8.63	8.37	8.26	8.05	7.95	7.70	7.69	7.53	7.44	7.24	7.19	7.06	7.03	7.01	6.90	7.20	7.24	7.16	7.27	7.31	7.73	7.65	5.80	5.73	5.69	5.47	5.39	5.31
Common shares outstanding	486	490	494	495	495	496	496	496	497	498	499	499	500	501	503	506	509	511	513	513	514	513	512	511	510	510	511	512	511	509	510	512	514	517	519	520	522	521	523	525	526	527	533	541	545	548	551	556	556	557	558	559	557	554	552	553	551	542	549	555	552	544	548	545	536	533	526	523	515	515	523	512	519	519	540	558	562	553	554	555	555

about 2 months ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06
Operating cash flow +	5.29	4.30	4.26	3.47	3.52	3.38	2.36	2.43	1.89	2.01	1.89	2.11	1.34	1.32	1.71	0.72	0.64	0.94	-0.23	0.88
Net income
Depreciation, depletion and amortization	0.91	0.75	0.71	0.72	0.75	0.74	0.65	0.49	0.48	0.44	0.42	0.39	0.36	0.35	0.33	0.36	0.37	0.40	0.44	0.49
Stock-based compensation	0.39	0.37	0.36	0.37	0.35	0.29	0.25	0.19	0.15	0.11	0.09	0.09	0.02	0.03	0.02	0.02	0.01	0.03
Change in inventory					0.25	0.08	0.13
Other working capital changes	3.99	3.19	3.18	2.38	2.17	2.28	1.33	1.74	1.26	1.46	1.38	1.63	0.97	0.95	1.35	0.35	0.26	0.50	-0.67	0.39
Cash flow from investing +	-0.85	-8.82	-1.42	-0.85	-1.16	-0.79	-4.40	-1.09	-0.96	-1.06	-1.27	-1.22	-0.45	-0.58	-0.46	0.54	-0.24	-0.35	2.84	-0.14
Capital expenditures	-0.29	-0.32	-0.42	-0.47	-0.41	-0.35	-0.42	-0.31	-0.30	-0.25	-0.33	-0.37	-0.40	-0.32	-0.28	-0.27	-0.31	-0.39	-0.38	-0.31
Others incl. marketable securities changes	-0.55	-8.51	-1.00	-0.38	-0.76	-0.45	-3.97	-0.78	-0.65	-0.80	-0.94	-0.85	-0.05	-0.26	-0.18	0.81	0.07	0.04	3.22	0.17
Cash flow from financing +	-4.63	4.46	-1.12	-1.05	-1.30	-0.93	4.33	-1.31	-1.01	-1.07	-0.91	-0.96	-0.83	-0.63	-1.01	-1.13	-0.46	-0.54	-2.64	-0.76
Dividend payout	-1.70	-1.51	-1.30	-1.14	-1.03	-0.94	-0.88	-0.81	-0.74	-0.68	-0.63	-0.58	-0.53	-0.50	-0.48	-0.45	-0.43	-0.41	-0.41	-0.37
Common stock repurchases	-2.01	-0.90	-1.15	-1.95	-1.16		-0.57	-0.74	-0.95	-0.84	-1.45	-0.86	-0.63	-0.33	-0.45	-0.15			-1.30
Net Debt Issuance	-0.92	6.87	1.33	2.04	0.89	0.02	5.79	0.24	0.68	0.45	1.18	0.49	0.33	0.19	-0.07	-0.53	-0.03	-0.13	-0.93	-0.39

Change in cash	-0.19	-0.06	1.72	1.57	1.06	1.66	2.30	0.03	-0.07	-0.12	-0.28	-0.07	0.06	0.11	0.24	0.13	-0.06	0.05	-0.03	-0.02

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18	Sep-18	Jun-18	Mar-18	Dec-17	Sep-17	Jun-17	Mar-17	Dec-16	Sep-16	Jun-16	Mar-16	Dec-15	Sep-15	Jun-15	Mar-15	Dec-14	Sep-14	Jun-14	Mar-14	Dec-13	Sep-13	Jun-13	Mar-13	Dec-12	Sep-12	Jun-12	Mar-12	Dec-11	Sep-11	Jun-11	Mar-11	Dec-10	Sep-10	Jun-10	Mar-10	Dec-09	Sep-09	Jun-09	Mar-09	Dec-08	Sep-08	Jun-08	Mar-08	Dec-07	Sep-07	Jun-07	Mar-07	Dec-06	Sep-06	Jun-06	Mar-06
Operating cash flow +	-0.69	2.16	2.08	1.67	-0.62	1.96	1.91	1.22	-0.78	1.78	1.81	1.48	-0.82	1.50	1.38	1.28	-0.70	1.44	1.32	1.16	-0.41	1.38	1.42	1.22	-0.64	1.07	1.05	0.52	-0.28	1.11	0.91	0.78	-0.36	0.76	0.79	0.74	-0.40	0.90	0.88	0.81	-0.58	0.91	0.87	0.64	-0.53	0.97	0.88	0.64	-0.38	0.77	0.74	0.43	-0.59	0.57	0.68	0.57	-0.50	0.71	0.67	0.71	-0.38	0.67	-0.22	0.52	-0.25	0.24	0.64	0.21	-0.45	0.64	0.52	0.10	-0.42	-0.30	0.24	0.22	-0.38	0.74	0.51	0.14	-0.52
Net income
Depreciation, depletion and amortization	0.23	0.18	0.22	0.28	0.23	0.20	0.18	0.18	0.19	0.19	0.18	0.18	0.17	0.20	0.17	0.17	0.18	0.18	0.18	0.19	0.20	0.19	0.19	0.18	0.18	0.17	0.02	0.27	0.19	0.12	0.12	0.12	0.13	0.13	0.12	0.12	0.12	0.11	0.11	0.11	0.11	0.11	0.11	0.10	0.10	0.10	0.10	0.09	0.10	0.09	0.09	0.09	0.09	0.10	0.09	0.08	0.08	0.08	0.09	0.08	0.08	0.08	0.08	0.09	0.10	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.10	0.10	0.10	0.12	0.12	0.15	0.11	0.11	0.12
Stock-based compensation	0.14	0.07	0.10	0.12	0.11	0.09	0.09	0.09	0.10	0.09	0.08	0.09	0.10	0.08	0.09	0.09	0.11	0.09	0.09	0.10	0.08	0.07	0.07	0.08	0.07	0.07	0.07	0.06	0.06	0.05	0.05	0.05	0.05	0.04	0.04	0.03	0.04	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.00	0.00	0.01	0.01	0.00	0.00	0.01	0.01	0.01	0.00	0.01	0.01	0.00	0.00	0.01	0.01
Change in inventory
Other working capital changes	-1.05	1.91	1.76	1.27	-0.96	1.67	1.64	0.95	-1.07	1.51	1.55	1.21	-1.09	1.22	1.13	1.03	-0.99	1.18	1.06	0.87	-0.68	1.12	1.16	0.96	-0.89	0.84	0.96	0.19	-0.53	0.94	0.74	0.61	-0.54	0.59	0.64	0.59	-0.56	0.76	0.75	0.67	-0.72	0.78	0.75	0.51	-0.66	0.85	0.76	0.53	-0.51	0.67	0.65	0.34	-0.69	0.47	0.59	0.48	-0.60	0.62	0.58	0.62	-0.47	0.59	-0.31	0.43	-0.35	0.15	0.55	0.12	-0.54	0.54	0.42	-0.01	-0.52	-0.41	0.13	0.10	-0.50	0.60	0.40	0.03	-0.64
Cash flow from investing +	-0.10	-0.52	-0.23	-0.12	0.03	-7.65	-0.39	-0.42	-0.37	-0.47	-0.44	-0.13	-0.37	-0.49	-0.11	-0.10	-0.16	-0.58	-0.15	-0.37	-0.07	-0.17	-0.08	-0.32	-0.25	-0.17	-0.07	-5.24	-0.19	-0.34	-0.47	-0.21	-0.07	-0.10	-0.32	-0.08	-0.46	-0.80	-0.07	-0.06	-0.13	-0.52	-0.22	-0.33	-0.19	-0.41	-0.24	-0.17	-0.42	-0.15	-0.11	-0.20	0.01	-0.21	-0.09	-0.17	-0.12	-0.18	-0.05	-0.05	-0.17	-0.28	0.97	-0.01	-0.14	-0.12	-0.05	0.00	-0.06	0.00	-0.12	-0.12	-0.12	-0.16	3.15	-0.04	-0.12	-0.21	-0.05	-0.09	0.21
Capital expenditures	-0.06	-0.11	-0.07	-0.06	-0.06	-0.08	-0.07	-0.08	-0.09	-0.12	-0.11	-0.10	-0.08	-0.10	-0.13	-0.12	-0.12	-0.14	-0.12	-0.08	-0.07	-0.07	-0.08	-0.08	-0.12	-0.14	-0.12	-0.09	-0.07	-0.09	-0.09	-0.08	-0.06	-0.09	-0.07	-0.08	-0.06	-0.08	-0.06	-0.06	-0.05	-0.08	-0.07	-0.09	-0.09	-0.08	-0.08	-0.10	-0.10	-0.11	-0.10	-0.10	-0.09	-0.07	-0.10	-0.10	-0.05	-0.08	-0.06	-0.08	-0.07	-0.08	-0.05	-0.06	-0.08	-0.10	-0.07	-0.07	-0.07	-0.05	-0.11	-0.10	-0.12	-0.12	-0.10	-0.08	-0.09	-0.14	-0.04	-0.06	-0.07
Others incl. marketable securities changes	-0.04	-0.42	-0.16	-0.06	0.08	-7.57	-0.32	-0.34	-0.28	-0.35	-0.33	-0.03	-0.28	-0.38	0.02	0.02	-0.04	-0.44	-0.04	-0.29	0.00	-0.10	0.00	-0.24	-0.13	-0.03	0.05	-5.16	-0.11	-0.25	-0.39	-0.13	-0.01	-0.01	-0.25	0.01	-0.40	-0.72	-0.01	0.00	-0.08	-0.45	-0.14	-0.25	-0.10	-0.32	-0.15	-0.06	-0.32	-0.03	-0.01	-0.10	0.10	-0.14	0.02	-0.07	-0.07	-0.11	0.01	0.02	-0.10	-0.20	1.02	0.05	-0.06	-0.03	0.01	0.08	0.01	0.05	-0.01	-0.02	0.00	-0.04	3.25	0.04	-0.03	-0.07	-0.01	-0.03	0.28
Cash flow from financing +	0.11	-2.05	-0.75	-1.70	-0.14	6.28	-1.44	-0.52	0.14	-2.33	0.99	-0.55	0.77	-1.07	-0.47	-0.36	0.86	0.75	-0.56	-1.04	-0.45	-1.72	-0.78	-0.72	1.34	-1.03	-0.99	-1.50	6.83	-0.56	-0.52	-0.53	0.29	-0.48	-0.54	-0.68	0.70	-0.28	-0.41	-0.62	0.25	-0.28	-0.14	-0.56	0.07	-1.09	0.12	0.13	-0.12	-0.48	0.24	-0.23	-0.36	-0.11	-0.16	-0.22	-0.15	-0.12	-0.42	-0.34	-0.13	-0.20	-0.67	-0.11	-0.16	-0.11	-0.12	-0.50	0.26	-0.10	-0.05	-0.08	-0.32	-0.09	-1.94	-0.29	-0.33	-0.16	-0.23	-0.25	-0.13
Dividend payout	-0.44	-0.44	-0.45	-0.41	-0.41	-0.40	-0.40	-0.35	-0.35	-0.35	-0.35	-0.30	-0.30	-0.30	-0.29	-0.28	-0.27	-0.26	-0.27	-0.24	-0.24	-0.23	-0.24	-0.23	-0.23	-0.24	-0.23	-0.21	-0.21	-0.21	-0.21	-0.19	-0.19	-0.20	-0.19	-0.18	-0.18	-0.18	-0.18	-0.17	-0.16	-0.16	-0.17	-0.15	-0.15	-0.15	-0.15	-0.14	-0.14	-0.14	-0.14	-0.13	-0.13	-0.13	-0.13	-0.12	-0.12	-0.12	-0.12	-0.12	-0.12	-0.12	-0.11	-0.11	-0.11	-0.11	-0.12	-0.11	-0.10	-0.10	-0.10	-0.10	-0.10	-0.10	-0.10	-0.11	-0.11	-0.09	-0.09	-0.09	-0.09
Common stock repurchases	-0.76	-0.86	-0.41	-0.30	-0.30	0.18	-0.30	-0.47	-0.30	-0.11	-0.30	-0.44	-0.30	-0.16	-0.51	-0.65	-0.63	-0.43	-0.30	-0.33	-0.21	0.00	-0.02	0.00	-0.11	-0.19	-0.20	-0.10	-0.09	-0.01	-0.18	-0.25	-0.31	-0.30	-0.20	-0.20	-0.25	-0.18	-0.22	-0.21	-0.24	-0.08	-0.55	-0.48	-0.35	-0.21	-0.25	-0.26	-0.15	-0.16	-0.16	-0.15	-0.17	-0.06	-0.08	-0.11	-0.08		-0.13	-0.24		-0.03				0.00	-0.01	0.00	-0.02			0.00	-0.02		-0.80
Net Debt Issuance	1.31	-0.74	0.10	-0.99	0.57	6.50	-0.73	0.31	0.79	-1.88	1.65	0.19	1.37	-0.62	0.34	0.56	1.76	1.44	0.02	-0.47	-0.01	-1.49	-0.53	-0.48	1.68	-0.61	-0.55	-1.19	7.12	-0.35	-0.13	-0.08	0.79	0.01	-0.15	-0.31	1.12	0.07	-0.01	-0.25	0.64	-0.04	0.57	0.07	0.57	-0.73	0.53	0.52	0.17	-0.19	0.54	0.05	-0.07	0.07	0.04	0.01	0.06	0.01	-0.17	0.01	-0.01	-0.05	-0.55	0.00	-0.05	0.00	0.01	-0.39	0.38	0.01	0.06	0.02	-0.19	0.01	-1.04	-0.19	-0.22	-0.06	-0.13	-0.15	-0.04

Change in cash	-0.68	-0.41	1.10	-0.15	-0.73	0.59	0.08	0.28	-1.01	-1.03	2.36	0.81	-0.41	-0.06	0.81	0.83	-0.01	1.62	0.62	-0.25	-0.93	-0.50	0.56	0.18	0.46	-0.13	-0.01	-6.23	6.36	0.21	-0.08	0.04	-0.14	0.18	-0.07	-0.02	-0.16	-0.19	0.41	0.13	-0.46	0.11	0.52	-0.26	-0.65	-0.53	0.77	0.60	-0.91	0.14	0.88	0.00	-0.95	0.25	0.44	0.19	-0.76	0.41	0.19	0.31	-0.67	0.19	0.08	0.40	-0.55	0.01	0.47	-0.28	-0.25	0.55	0.36	-0.10	-0.85	-0.55	1.45	-0.11	-0.82	0.38	0.24	-0.20	-0.44

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Income Statement - MARSH & MCLENNAN COMPANIES, INC. (MRSH)

Income Statement - MARSH & MCLENNAN COMPANIES, INC. (MRSH)

Balance Sheet - MARSH & MCLENNAN COMPANIES, INC. (MRSH)

Balance Sheet - MARSH & MCLENNAN COMPANIES, INC. (MRSH)

Cash Flow - MARSH & MCLENNAN COMPANIES, INC. (MRSH)

Cash Flow - MARSH & MCLENNAN COMPANIES, INC. (MRSH)