Merck & Co. Cash Flow Statement

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

Millions USD. 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	-	17,117	365	14,519	13,049
Depreciation & Amortization	-	4,245	3,732	3,789	3,123
Asset Writedown & Restructuring Costs	-	293	932	1,869	393
Loss (Gain) on Equity Investments	-	-14	-340	1,419	-1,940
Stock-Based Compensation	-	761	645	541	479
Other Operating Activities	-	2,733	9,877	-260	1,857
Change in Accounts Receivable	-	-244	-1,148	-644	-2,033
Change in Inventory	-	-835	-816	-161	-674
Change in Accounts Payable	-	182	-380	-289	405
Change in Income Taxes	-	1,023	214	380	-540
Change in Other Net Operating Assets	-	-3,793	-75	-2,068	-997
Operating Cash Flow	-	21,468	13,006	19,095	14,109
Operating Cash Flow Growth	-	65.06%	-31.89%	35.34%	37.77%
Capital Expenditures	-	-3,372	-3,863	-4,388	-4,448
Cash Acquisitions	-	-4,093	-12,032	-	-12,907
Investment in Securities	-	-142	1,848	-483	1,025
Other Investing Activities	-	-127	-36	-89	-225
Investing Cash Flow	-	-7,734	-14,083	-4,960	-16,555
Long-Term Debt Issued	-	3,599	5,939	-	7,936
Total Debt Issued	-	3,599	5,939	-	7,936
Short-Term Debt Repaid	-	-	-	-	-3,986
Long-Term Debt Repaid	-	-1,290	-1,755	-2,251	-2,319
Total Debt Repaid	-	-1,290	-1,755	-2,251	-6,305
Net Debt Issued (Repaid)	-	2,309	4,184	-2,251	1,631
Issuance of Common Stock	-	177	125	384	202
Repurchase of Common Stock	-	-1,306	-1,346	-	-840
Common Dividends Paid	-	-7,840	-7,445	-7,012	-6,610
Other Financing Activities	-	-372	-328	-240	8,210
Financing Cash Flow	-	-7,032	-4,810	-9,119	2,593
Foreign Exchange Rate Adjustments	-	-293	23	-410	-133
Net Cash Flow	-	6,409	-5,864	4,606	14
Free Cash Flow	-	18,096	9,143	14,707	9,661
Free Cash Flow Growth	-	97.92%	-37.83%	52.23%	66.22%
Free Cash Flow Margin	-	28.20%	15.21%	24.81%	19.84%
Free Cash Flow Per Share	-	7.12	3.59	5.79	3.81
Cash Interest Paid	-	1,300	1,100	937	779
Cash Income Tax Paid	-	3,928	4,338	3,239	2,412
Levered Free Cash Flow	-	17,829	9,262	12,643	5,427
Unlevered Free Cash Flow	-	18,624	9,978	13,244	5,931
Change in Working Capital	-	-3,667	-2,205	-2,782	-3,839

Source: S&P Global Market Intelligence. Standard template. Financial Sources.