Skip to main content
logo
Merck & Co., Inc. (MRK)
NYSE: MRK · Real-Time Price · USD
149.52
+3.19 (2.18%)
At close: Oct 30, 2026, 4:00 PM EDT
149.55
+0.03 (0.02%)
After-hours: Oct 30, 2026, 7:59 PM EDT

Merck & Co. Cash Flow Statement

Millions USD. Fiscal year is Jan - Dec.

Operating Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Net Income
-1,335-4,2402,9635,7854,4275,0793,7433,1575,4554,762-1,2264,745-5,9752,8213,0173,2483,9444,3103,758
Depreciation & Amortization
1,4681,4041,4181,0981,0641,0581,1141,1461,0669199039788819708699388911,091804
Asset Writedown & Restructuring Costs
5,3868,6481,103565541-2,6342,79666658533622218629314729333
Loss (Gain) From Sale of Investments
168-168563-56390-90169-169143-14324034-274--1,3613702837081,535
Loss (Gain) on Equity Investments
-411--368189-189--14200-200--340-450-4501,419----1,940
Stock-Based Compensation
298185205204216195187195203176167164169145145139137120119
Other Operating Activities
-627-298-708-261-111-712,740-616-84693-495-41710,067722-174-287399-198531
Change in Accounts Receivable
---1,090----244----1,148----644----2,033
Change in Inventory
---1,180----835----816----161----674
Change in Accounts Payable
--110---182----380----289---405
Change in Income Taxes
--137---1,023---214---380----540
Change in Other Net Operating Assets
423-1,613-2961,314-2,259-3,712-1,9812,582-1,012-3,3822,2742,177-1,636-2,890367263-1,399-1,2992,797
Operating Cash Flow
5,3703,9182,8577,8223,2932,5003,4509,2915,6373,0902467,7173,7041,3394,4305,6024,3024,7615,031
Operating Cash Flow Growth (YoY)
63.07%56.72%-17.19%-15.81%-41.58%-19.09%1302.44%20.40%52.19%130.77%-94.45%37.75%-13.90%-71.88%-11.95%16.78%63.51%188.55%25.96%

Investing Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Capital Expenditures
-893-991-1,033-987-764-1,328-937-783-791-861-989-902-965-1,007-1,149-1,126-1,129-984-1,208
Cash Acquisitions
-5,842-8,779-10,042----2-3,345--746---10,705-1,327--121---11,264
Investment in Securities
1,155-37446575-11-139-44850112451,063587260-62-48233040-371529
Other Investing Activities
-22-66-1721295-20-57233-289-14-21-19-3337-117-4512182-106
Investing Cash Flow
-5,602-10,210-11,201-283-770-1,487-1,444-3,845-1,069-1,37653-334-11,443-2,359-1,748-962-1,077-1,173-12,049

Financing Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Short-Term Debt Issued
-1,061-----------------
Total Debt Issued
10,8951,0617,8555,977----13,600---1,9447,883-----7,936
Long-Term Debt Repaid
--1,140----2,500----751----1----1,250-
Total Debt Repaid
-6,005-1,140-2-1--2,500-539---751-3-1-1,750-1-1-1,000--1,250-1,169
Net Debt Issued (Repaid)
4,890-797,8535,976--2,500-539-13,600-751-3-1,9456,133-1-1-1,000--1,2506,767
Issuance of Common Stock
43157471412191257387678230265109712134
Repurchase of Common Stock
-757-874-1,252-1,323-1,345-1,164-489-444-251-122-393-466-338-149-----18
Common Dividends Paid
-2,144-2,105-2,018-2,031-2,077-2,050-1,951-1,953-1,986-1,950-1,852-1,855-1,885-1,853-1,750-1,747-1,770-1,745-1,643
Other Financing Activities
-270-801212-146-60-42-32-220-78-3-10-234-81-6835-104-103-33
Financing Cash Flow
1,762-2,9814,7512,638-3,556-5,755-3,009-2,4251,216-2,814-2,245-4,2693,758-2,054-1,554-2,702-1,777-3,0865,207

Net Cash Flow

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Foreign Exchange Rate Adjustments
-37-192310374156-367294-82-138186-157-9387366-412-309-55-68
Net Cash Flow
1,493-9,292-3,57010,187-659-4,586-1,3703,3155,702-1,238-1,7602,957-4,074-2,9871,4941,5261,139447-1,879

Free Cash Flow

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Free Cash Flow
4,4772,9271,8246,8352,5291,1722,5138,5084,8462,229-7436,8152,7393323,2814,4763,1733,7773,823
Free Cash Flow Growth (YoY)
77.03%149.74%-27.42%-19.66%-47.81%-47.42%-24.84%76.93%571.39%-52.26%-13.68%-91.21%-14.18%23.48%92.89%564.97%49.16%
Free Cash Flow Margin
26.96%17.97%11.12%39.56%16.00%7.55%16.08%51.08%30.08%14.13%-5.08%42.70%18.22%2.29%23.72%29.92%21.74%23.75%28.27%
Free Cash Flow Per Share
1.811.180.732.741.010.460.993.351.910.88-0.292.681.080.131.291.761.251.491.51
Levered Free Cash Flow
401.882,9232,3066,0322,432760.54,9477,4154,0131,466-585.55,7502,9311,1333,1573,4152,2143,5811,642
Unlevered Free Cash Flow
7303,2222,5626,2372,623956.135,1527,6224,2071,655-391.755,9483,1041,2843,3043,5682,3643,7331,773

Additional Metrics

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Cash Interest Paid
654342451233383233478241364217422229241208277211238211209
Cash Income Tax Paid
--6,086---3,928---4,338---3,239---2,400
Change in Working Capital
423-1,613-2,3191,314-2,259-3,712-1,8552,582-1,012-3,3821442,177-1,636-2,890-347263-1,399-1,299-45
SEC Filings: 10-K · 10-Q