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Merck & Co., Inc. (MRK)
NYSE: MRK · Real-Time Price · USD
147.76
-0.59 (-0.40%)
At close: Aug 31, 2026, 4:00 PM EDT
148.32
+0.56 (0.38%)
After-hours: Aug 31, 2026, 7:58 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 2021Q3 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 Sep '21
Net Income
-1,335-4,2402,9635,7854,4275,0793,7433,1575,4554,762-1,2264,745-5,9752,8213,0173,2483,9444,3103,7584,567
Depreciation & Amortization
1,4681,4041,4181,0981,0641,0581,1141,1461,0669199039788819708699388911,091804737
Asset Writedown & Restructuring Costs
5,3868,6481,103565541-2,6342,7966665853362221862931472933322
Loss (Gain) From Sale of Investments
168-168563-56390-90169-169143-14324034-274--1,3613702837081,535-681
Loss (Gain) on Equity Investments
-411--368189-189--14200-200--340-450-4501,419----1,940-
Stock-Based Compensation
298185205204216195187195203176167164169145145139137120119117
Other Operating Activities
-627-298-708-261-111-712,740-616-84693-495-41710,067722-174-287399-198531174
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
423-1,613-2961,314-2,259-3,712-1,9812,582-1,012-3,3822,2742,177-1,636-2,890367263-1,399-1,2992,797-139
Operating Cash Flow
5,3703,9182,8577,8223,2932,5003,4509,2915,6373,0902467,7173,7041,3394,4305,6024,3024,7615,0314,797
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 2021Q3 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 Sep '21
Capital Expenditures
-893-991-1,033-987-764-1,328-937-783-791-861-989-902-965-1,007-1,149-1,126-1,129-984-1,208-1,172
Cash Acquisitions
-5,842-8,779-10,042----2-3,345--746---10,705-1,327--121---11,2641
Investment in Securities
1,155-37446575-11-139-44850112451,063587260-62-48233040-371529111
Other Investing Activities
-22-66-1721295-20-57233-289-14-21-19-3337-117-4512182-106-1
Investing Cash Flow
-5,602-10,210-11,201-283-770-1,487-1,444-3,845-1,069-1,37653-334-11,443-2,359-1,748-962-1,077-1,173-12,049-1,061

Financing Activities

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 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 Sep '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
4315747141219125738767823026510971213417
Repurchase of Common Stock
-757-874-1,252-1,323-1,345-1,164-489-444-251-122-393-466-338-149-----18-583
Common Dividends Paid
-2,144-2,105-2,018-2,031-2,077-2,050-1,951-1,953-1,986-1,950-1,852-1,855-1,885-1,853-1,750-1,747-1,770-1,745-1,643-1,649
Other Financing Activities
-270-801212-146-60-42-32-220-78-3-10-234-81-6835-104-103-33-59
Financing Cash Flow
1,762-2,9814,7512,638-3,556-5,755-3,009-2,4251,216-2,814-2,245-4,2693,758-2,054-1,554-2,702-1,777-3,0865,207-2,274

Net Cash Flow

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 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 Sep '21
Foreign Exchange Rate Adjustments
-37-192310374156-367294-82-138186-157-9387366-412-309-55-68-46
Net Cash Flow
1,493-9,292-3,57010,187-659-4,586-1,3703,3155,702-1,238-1,7602,957-4,074-2,9871,4941,5261,139447-1,8791,416

Free Cash Flow

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 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 Sep '21
Free Cash Flow
4,4772,9271,8246,8352,5291,1722,5138,5084,8462,229-7436,8152,7393323,2814,4763,1733,7773,8233,625
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%27.56%
Free Cash Flow Per Share
1.811.180.732.741.010.460.993.351.910.88-0.292.681.080.131.291.761.251.491.511.43
Levered Free Cash Flow
401.882,9232,3066,0322,432760.54,9477,4154,0131,466-585.55,7502,9311,1333,1573,4152,2143,5811,6422,432
Unlevered Free Cash Flow
7303,2222,5626,2372,623956.135,1527,6224,2071,655-391.755,9483,1041,2843,3043,5682,3643,7331,7732,555

Additional Metrics

Fiscal Quarter
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 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 Sep '21
Cash Interest Paid
654342451233383233478241364217422229241208277211238211209207
Cash Income Tax Paid
--6,086---3,928---4,338---3,239---2,400-
Change in Working Capital
423-1,613-2,3191,314-2,259-3,712-1,8552,582-1,012-3,3821442,177-1,636-2,890-347263-1,399-1,299-45-139
SEC Filings: 10-K · 10-Q