Merck & Co., Inc. (MRK)
NYSE: MRK · Real-Time Price · USD
135.84
+0.29 (0.21%)
At close: Aug 14, 2026, 4:00 PM EDT
135.04
-0.80 (-0.59%)
After-hours: Aug 14, 2026, 7:56 PM EDT
Merck & Co. Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 | 3,173 | 18,254 | 17,117 | 365 | 14,519 | 13,049 |
Depreciation & Amortization | 5,388 | 4,638 | 4,245 | 3,732 | 3,789 | 3,123 |
Asset Writedown & Restructuring Costs | 15,193 | 1,255 | 293 | 932 | 1,869 | 393 |
Loss (Gain) on Equity Investments | -590 | -368 | -14 | -340 | 1,419 | -1,940 |
Stock-Based Compensation | 892 | 820 | 761 | 645 | 541 | 479 |
Other Operating Activities | -1,894 | -1,151 | 2,733 | 9,877 | -260 | 1,857 |
Change in Accounts Receivable | -1,090 | -1,090 | -244 | -1,148 | -644 | -2,033 |
Change in Inventory | -1,180 | -1,180 | -835 | -816 | -161 | -674 |
Change in Accounts Payable | 110 | 110 | 182 | -380 | -289 | 405 |
Change in Income Taxes | 137 | 137 | 1,023 | 214 | 380 | -540 |
Change in Other Net Operating Assets | -172 | -4,953 | -3,793 | -75 | -2,068 | -997 |
Operating Cash Flow | 19,967 | 16,472 | 21,468 | 13,006 | 19,095 | 14,109 |
Operating Cash Flow Growth | 7.73% | -23.27% | 65.06% | -31.89% | 35.34% | 37.77% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Capital Expenditures | -3,904 | -4,112 | -3,372 | -3,863 | -4,388 | -4,448 |
Cash Acquisitions | -24,663 | -10,042 | -4,093 | -12,032 | - | -12,907 |
Investment in Securities | 1,402 | 471 | -142 | 1,848 | -483 | 1,025 |
Other Investing Activities | -131 | -58 | -127 | -36 | -89 | -225 |
Investing Cash Flow | -27,296 | -13,741 | -7,734 | -14,083 | -4,960 | -16,555 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Long-Term Debt Issued | - | 13,880 | 3,599 | 5,939 | - | 7,936 |
Total Debt Issued | 25,836 | 13,880 | 3,599 | 5,939 | - | 7,936 |
Short-Term Debt Repaid | - | - | - | - | - | -3,986 |
Long-Term Debt Repaid | - | -2,503 | -1,290 | -1,755 | -2,251 | -2,319 |
Total Debt Repaid | -7,148 | -2,503 | -1,290 | -1,755 | -2,251 | -6,305 |
Net Debt Issued (Repaid) | 18,688 | 11,377 | 2,309 | 4,184 | -2,251 | 1,631 |
Issuance of Common Stock | 261 | 92 | 177 | 125 | 384 | 202 |
Repurchase of Common Stock | -4,206 | -5,084 | -1,306 | -1,346 | - | -840 |
Common Dividends Paid | -8,298 | -8,176 | -7,840 | -7,445 | -7,012 | -6,610 |
Other Financing Activities | -275 | -131 | -372 | -328 | -240 | 8,210 |
Financing Cash Flow | 6,170 | -1,922 | -7,032 | -4,810 | -9,119 | 2,593 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Foreign Exchange Rate Adjustments | -23 | 563 | -293 | 23 | -410 | -133 |
Net Cash Flow | -1,182 | 1,372 | 6,409 | -5,864 | 4,606 | 14 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Free Cash Flow | 16,063 | 12,360 | 18,096 | 9,143 | 14,707 | 9,661 |
Free Cash Flow Growth | 9.11% | -31.70% | 97.92% | -37.83% | 52.23% | 66.22% |
Free Cash Flow Margin | 24.13% | 19.01% | 28.20% | 15.21% | 24.81% | 19.84% |
Free Cash Flow Per Share | 6.47 | 4.93 | 7.12 | 3.59 | 5.79 | 3.81 |
Levered Free Cash Flow | 15,172 | 11,887 | 17,829 | 9,262 | 12,643 | 5,427 |
Unlevered Free Cash Flow | 16,261 | 12,735 | 18,624 | 9,978 | 13,244 | 5,931 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 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 |
Cash Interest Paid | 1,680 | 1,300 | 1,300 | 1,100 | 937 | 779 |
Cash Income Tax Paid | 6,086 | 6,086 | 3,928 | 4,338 | 3,239 | 2,412 |
Change in Working Capital | -2,195 | -6,976 | -3,667 | -2,205 | -2,782 | -3,839 |