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	18,263	17,133	377	14,526	12,358
Depreciation & Amortization	5,838	4,499	3,872	3,909	3,214
Stock-Based Compensation	820	761	645	541	479
Other Adjustments	-1,473	2,742	10,317	2,901	910
Change in Receivables	-1,090	-244	-1,148	-644	-2,033
Changes in Inventories	-1,180	-835	-816	-161	-674
Changes in Accounts Payable	110	182	-380	-289	405
Changes in Accrued Expenses	-1,841	-2,328	1,783	-50	277
Changes in Income Taxes Payable	137	1,023	214	380	-540
Changes in Other Operating Activities	-3,112	-1,465	-1,858	-2,018	-287
Operating Cash Flow	16,472	21,468	13,006	19,095	14,109
Operating Cash Flow Growth	-23.27%	65.06%	-31.89%	35.34%	37.61%
Capital Expenditures	-4,112	-3,372	-3,863	-4,388	-4,448
Purchases of Investments	-1,207	-519	-955	-1,204	-1
Proceeds from Sale of Investments	1,678	377	2,803	721	1,026
Payments for Business Acquisitions	-10,042	-4,093	-12,032	-	-12,907
Other Investing Activities	-58	-127	-36	-89	-225
Investing Cash Flow	-13,741	-7,734	-14,083	-4,960	-16,555
Long-Term Debt Issued	13,880	3,599	5,939	-	7,936
Long-Term Debt Repaid	-2,503	-1,290	-1,755	-2,251	-2,319
Net Long-Term Debt Issued (Repaid)	11,377	2,309	4,184	-2,251	5,617
Issuance of Common Stock	92	177	125	384	202
Repurchase of Common Stock	-5,084	-1,306	-1,346	-	-840
Net Common Stock Issued (Repurchased)	-4,992	-1,129	-1,221	384	-638
Common Dividends Paid	-8,176	-7,840	-7,445	-7,012	-6,610
Other Financing Activities	-8,307	-8,212	-7,773	-7,252	-2,386
Financing Cash Flow	-1,922	-7,032	-4,810	-9,119	2,593
Effect of Exchange Rate Changes on Cash and Cash Equivalents	563	-293	23	-410	-133
Net Cash Flow	1,372	6,409	-5,864	4,606	14
Free Cash Flow	12,360	18,096	9,143	14,707	9,661
Free Cash Flow Growth	-31.70%	97.92%	-37.83%	52.23%	65.88%
FCF Margin	19.01%	28.20%	15.21%	24.81%	19.84%
Free Cash Flow Per Share	4.93	7.12	3.59	5.79	3.81
Levered Free Cash Flow	25,471	17,130	3,501	9,651	16,613
Unlevered Free Cash Flow	14,234	14,816	-578	13,235	9,111

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.