Merck KGaA Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	2,608	2,777	2,824	3,326	3,055
Depreciation & Amortization	1,770	1,696	1,678	1,696	1,622
Other Amortization	109	110	104	102	90
Loss (Gain) From Sale of Assets	-164	-2	-150	-48	-24
Asset Writedown & Restructuring Costs	419	328	98	232	55
Other Operating Activities	4	-13	-63	33	92
Change in Accounts Receivable	-166	79	-8	-413	-310
Change in Inventory	-257	36	-89	-604	-472
Change in Accounts Payable	73	-178	-43	101	433
Change in Other Net Operating Assets	-464	-247	-567	-166	75
Operating Cash Flow	3,932	4,586	3,784	4,259	4,616
Operating Cash Flow Growth	-14.26%	21.20%	-11.15%	-7.73%	32.76%
Capital Expenditures	-1,585	-1,702	-1,807	-1,531	-1,066
Sale of Property, Plant & Equipment	25	27	19	21	7
Cash Acquisitions	-2,915	-774	-12	-854	-4
Divestitures	415	7	-	4	1
Sale (Purchase) of Intangibles	-202	-464	-80	-237	-316
Investment in Securities	-	-	-	-145	-200
Other Investing Activities	1	-144	-12	-1	-
Investing Cash Flow	-4,261	-3,050	-1,892	-2,743	-1,578
Short-Term Debt Issued	809	683	697	-	-
Long-Term Debt Issued	9,052	2,113	519	2,918	859
Total Debt Issued	9,861	2,796	1,216	2,918	859
Short-Term Debt Repaid	-247	-453	-420	-1,613	-393
Long-Term Debt Repaid	-7,937	-2,290	-1,364	-1,893	-2,213
Total Debt Repaid	-8,184	-2,743	-1,784	-3,506	-2,606
Net Debt Issued (Repaid)	1,677	53	-568	-588	-1,747
Common Dividends Paid	-1,039	-1,031	-1,152	-955	-748
Other Financing Activities	-10	-7	-12	-12	-9
Financing Cash Flow	628	-985	-1,732	-1,555	-2,504
Foreign Exchange Rate Adjustments	-77	-16	-31	-7	9
Miscellaneous Cash Flow Adjustments	1	-	-1	1	1
Net Cash Flow	223	535	128	-45	544
Free Cash Flow	2,347	2,884	1,977	2,728	3,550
Free Cash Flow Growth	-18.62%	45.88%	-27.53%	-23.16%	72.00%
Free Cash Flow Margin	11.12%	13.63%	9.42%	12.27%	18.03%
Free Cash Flow Per Share	5.40	6.63	4.55	6.27	8.16
Cash Interest Paid	296	240	224	185	216
Cash Income Tax Paid	939	957	1,015	1,199	1,045
Levered Free Cash Flow	2,630	1,739	1,965	2,266	2,839
Unlevered Free Cash Flow	2,833	1,882	2,128	2,388	2,992
Change in Working Capital	-814	-310	-707	-1,082	-274

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.