Merck KGaA Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,547	2,615	2,786	2,834	3,339	3,065
Depreciation & Amortization	2,322	2,298	2,134	1,880	2,030	1,767
Other Adjustments	-215.7	-168	-24	-222	-27	57
Change in Receivables	-131.7	-166	79	-8	-413	-310
Changes in Inventories	-286.8	-257	36	-89	-604	-472
Changes in Accounts Payable	144.3	73	-178	-43	101	433
Changes in Accrued Expenses	151.7	124	62	188	279	196
Changes in Other Operating Activities	-334.1	-588	-309	-755	-445	-121
Operating Cash Flow	4,194	3,932	4,586	3,784	4,259	4,616
Operating Cash Flow Growth	2.14%	-14.26%	21.20%	-11.15%	-7.73%	32.76%
Capital Expenditures	-1,551	-1,585	-1,702	-1,807	-1,531	-1,066
Sale of Property, Plant & Equipment	28.6	25	27	19	1,098	7
Purchases of Intangible Assets	-428.3	-373	-482	-216	-275	-355
Proceeds from Sale of Intangible Assets	205.1	171	18	136	38	39
Purchases of Investments	-	-	-	-	-364	-269
Proceeds from Sale of Investments	-	-	-	-	219	69
Payments for Business Acquisitions	-2,964	-2,915	-774	-12	-854	-4
Proceeds from Business Divestments	413.9	415	7	-	4	1
Other Investing Activities	-302.9	0	-144	-10	-1,075	-
Investing Cash Flow	-4,597	-4,261	-3,050	-1,892	-2,743	-1,578
Long-Term Debt Issued	-	9,861	2,796	1,216	2,918	859
Long-Term Debt Repaid	-51	-8,184	-2,743	-1,784	-3,506	-2,606
Net Long-Term Debt Issued (Repaid)	-51	1,677	53	-568	-588	-1,747
Common Dividends Paid	-284.3	-284	-284	-284	-239	-181
Other Financing Activities	2,510	-765	-756	-880	-727	-575
Financing Cash Flow	2,175	628	-985	-1,732	-1,555	-2,504
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-33.5	-77	-16	-31	-7	9
Net Cash Flow	1,773	299	551	160	-39	534
Free Cash Flow	2,643	2,347	2,884	1,977	2,728	3,550
Free Cash Flow Growth	12.62%	-18.62%	45.88%	-27.53%	-23.16%	72.00%
FCF Margin	12.61%	11.12%	13.63%	9.42%	12.27%	18.03%
Free Cash Flow Per Share	6.08	5.40	6.63	4.55	6.27	8.17
Levered Free Cash Flow	2,927	4,350	2,873	1,630	2,568	2,045
Unlevered Free Cash Flow	3,238	2,912	2,914	2,310	3,315	4,001

Updated May 13, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.