Merck & Co., Inc. (MRK)

Merck & Co. Cash Flow Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	17,117	365	14,519	13,049	7,067
Depreciation & Amortization	4,245	3,732	3,789	3,123	3,218
Asset Writedown & Restructuring Costs	293	932	1,869	393	1,986
Loss (Gain) on Equity Investments	-14	-340	1,419	-1,940	-1,338
Stock-Based Compensation	761	645	541	479	441
Other Operating Activities	2,733	9,877	-260	1,857	844
Change in Accounts Receivable	-244	-1,148	-644	-2,033	-1,002
Change in Inventory	-835	-816	-161	-674	-895
Change in Accounts Payable	182	-380	-289	405	684
Change in Income Taxes	1,023	214	380	-540	814
Change in Other Net Operating Assets	-3,793	-75	-2,068	-997	-4,202
Operating Cash Flow	21,468	13,006	19,095	14,109	10,241
Operating Cash Flow Growth	65.06%	-31.89%	35.34%	37.77%	-23.80%
Capital Expenditures	-3,372	-3,863	-4,388	-4,448	-4,429
Cash Acquisitions	-4,093	-12,032	-	-12,907	-6,606
Investment in Securities	-142	1,848	-483	1,025	1,717
Other Investing Activities	-127	-36	-89	-225	-125
Investing Cash Flow	-7,734	-14,083	-4,960	-16,555	-9,443
Short-Term Debt Issued	-	-	-	-	2,549
Long-Term Debt Issued	3,599	5,939	-	7,936	4,419
Total Debt Issued	3,599	5,939	-	7,936	6,968
Short-Term Debt Repaid	-	-	-	-3,986	-
Long-Term Debt Repaid	-1,290	-1,755	-2,251	-2,319	-1,957
Total Debt Repaid	-1,290	-1,755	-2,251	-6,305	-1,957
Net Debt Issued (Repaid)	2,309	4,184	-2,251	1,631	5,011
Issuance of Common Stock	177	125	384	202	89
Repurchase of Common Stock	-1,306	-1,346	-	-840	-1,281
Common Dividends Paid	-7,840	-7,445	-7,012	-6,610	-6,215
Other Financing Activities	-372	-328	-240	8,210	-436
Financing Cash Flow	-7,032	-4,810	-9,119	2,593	-2,832
Foreign Exchange Rate Adjustments	-293	23	-410	-133	253
Net Cash Flow	6,409	-5,864	4,606	14	-1,781
Free Cash Flow	18,096	9,143	14,707	9,661	5,812
Free Cash Flow Growth	97.92%	-37.83%	52.23%	66.22%	-42.29%
Free Cash Flow Margin	28.20%	15.21%	24.81%	19.84%	14.00%
Free Cash Flow Per Share	7.12	3.59	5.79	3.81	2.29
Cash Interest Paid	1,300	1,100	937	779	822
Cash Income Tax Paid	3,928	4,338	3,239	2,412	2,700
Levered Free Cash Flow	17,829	9,262	12,643	5,427	4,760
Unlevered Free Cash Flow	18,624	9,978	13,244	5,931	5,279
Change in Working Capital	-3,667	-2,205	-2,782	-3,839	-4,601

Updated Oct 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q