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Merck & Co., Inc. (MRK)
NYSE: MRK · Real-Time Price · USD
145.43
+1.50 (1.04%)
Sep 14, 2026, 1:28 PM EDT - Market open

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
3,1738,93518,25419,03416,40617,43417,11712,14813,7362,3063654,6083,11113,03014,51915,26016,57914,18013,0497,197
Depreciation & Amortization
5,3884,9844,6384,3344,3824,3844,2454,0343,8663,6813,7323,6983,6583,6683,7893,7243,5233,3423,1233,126
Asset Writedown & Restructuring Costs
15,1939,8621,255-2,4822582692933,7801,0209769329411,8361,8611,8691,3404314023931,819
Loss (Gain) From Sale of Investments
--78--394-53-71274-143--1,601-1,265-708-2,8961,8451,282--1,535
Loss (Gain) on Equity Investments
-590-368-368-14-3-14-14-340-540110-3401,4191,4199691,419-1,940-1,940-1,940-1,940-374
Stock-Based Compensation
892810820802793780761741710676645623598566541515493488479472
Other Operating Activities
-1,894-1,378-1,1512,2971,9421,9692,733-502-3039,8489,87710,19810,328660-2604459061,8351,8573,643
Change in Accounts Receivable
-1,090-1,090-1,090-244-244-244-244-1,148-1,148-1,148-1,148-644-644-644-644-2,033-2,033-2,033-2,033-1,002
Change in Inventory
-1,180-1,180-1,180-835-835-835-835-816-816-816-816-161-161-161-161-674-674-674-674-895
Change in Accounts Payable
110110110182182182182-380-380-380-380-289-289-289-289405405405405684
Change in Income Taxes
1371371371,0231,0231,0231,023214214214214380380380380-540-540-540-540814
Change in Other Net Operating Assets
-172-2,854-4,953-6,638-5,370-4,123-3,79346257-567-75-1,982-3,896-3,659-2,068362-40-104-997-2,512
Operating Cash Flow
19,96717,89016,47217,06518,53420,87821,46818,26416,69014,75713,00617,19015,07515,67319,09519,69618,89117,22014,10913,072
Operating Cash Flow Growth (YoY)
7.73%-14.31%-23.27%-6.57%11.05%41.48%65.06%6.25%10.71%-5.84%-31.89%-12.72%-20.20%-8.98%35.34%50.67%58.79%53.97%37.77%18.39%

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
-3,904-3,775-4,112-4,016-3,812-3,839-3,372-3,424-3,543-3,717-3,863-4,023-4,247-4,411-4,388-4,447-4,493-4,350-4,448-4,671
Cash Acquisitions
-24,663-18,821-10,042-2-3,347-3,347-4,093-4,091-746-11,451-12,032-12,032-12,153-1,448--11,385-11,263-12,907-12,907-4,797
Investment in Securities
1,402236471-23-548-526-1421,3691,9062,1551,84830346-174-4835283092691,025397
Other Investing Activities
-131-104-5857161-133-127-91-343-87-36-132-158-113-894387-2-225-213
Investing Cash Flow
-27,296-22,464-13,741-3,984-7,546-7,845-7,734-6,237-2,726-13,100-14,083-15,884-16,512-6,146-4,960-15,261-15,360-16,990-16,555-9,284

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
Long-Term Debt Issued
--13,880---3,599---5,939-------7,936-
Total Debt Issued
25,83614,94113,8805,977-13,5993,5993,5991,6565,9395,9395,9397,883--7,9367,9367,1487,9362,549
Short-Term Debt Repaid
-------------------3,986-
Long-Term Debt Repaid
---2,503----1,290----1,755----2,251----2,319-
Total Debt Repaid
-7,148-1,143-2,503-3,040-3,039-3,039-1,290-754-755-2,505-1,755-1,753-2,752-1,002-2,251-3,419-2,419-6,402-6,305-4,828
Net Debt Issued (Repaid)
18,68813,79811,3772,937-3,0405602,3092,8459013,4344,1844,1865,131-1,002-2,2514,5175,5177461,631-2,279
Issuance of Common Stock
26123092574810917717117318212538438740238425326020520289
Repurchase of Common Stock
-4,206-4,794-5,084-4,321-3,442-2,348-1,306-1,210-1,232-1,319-1,346-953-487-149--18-601-840-840-822
Common Dividends Paid
-8,298-8,231-8,176-8,109-8,031-7,940-7,840-7,741-7,643-7,542-7,445-7,343-7,235-7,120-7,012-6,905-6,807-6,710-6,610-6,509
Other Financing Activities
-275-151-131-246-280-354-372-333-311-325-328-393-348-218-240-205-2998,2048,2108,279
Financing Cash Flow
6,170852-1,922-9,682-14,745-9,973-7,032-6,268-8,112-5,570-4,810-4,119-2,552-8,087-9,119-2,358-1,9301,6052,593-1,242

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
-233885631734571-293260-191-20223203-52-268-410-844-478-91-13399
Net Cash Flow
-1,182-3,3341,3723,572-3,3003,0616,4096,0195,661-4,115-5,864-2,610-4,0411,1724,6061,2331,1231,744142,645

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
16,06314,11512,36013,04914,72217,03918,09614,84013,14711,0409,14313,16710,82811,26214,70715,24914,39812,8709,6618,401
Free Cash Flow Growth (YoY)
9.11%-17.16%-31.70%-12.07%11.98%54.34%97.92%12.71%21.42%-1.97%-37.83%-13.65%-24.80%-12.49%52.23%81.51%107.08%93.27%66.22%21.65%
Free Cash Flow Margin
24.13%21.46%19.01%20.31%23.14%26.66%28.20%23.49%21.04%17.98%15.21%22.20%18.57%19.46%24.81%25.86%25.19%23.84%19.84%18.21%
Free Cash Flow Per Share
6.475.664.935.185.826.717.125.845.164.343.595.174.264.425.796.015.675.073.813.31
Levered Free Cash Flow
15,17214,04911,88714,32515,49317,12417,82912,29711,0889,5949,26213,00410,56610,19512,64311,12910,0069,9345,4277,354
Unlevered Free Cash Flow
16,26115,00112,73515,12016,29017,92518,62413,08011,86310,3489,97813,67311,19010,79613,24411,71410,56110,4655,9317,857

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
1,6801,4091,3001,3271,3351,3161,3001,2441,2321,1091,100955937934937869865773779787
Cash Income Tax Paid
6,0866,0866,0863,9283,9283,9283,9284,3384,3384,3384,3383,2393,2393,2393,2392,4002,4002,4002,4122,700
Change in Working Capital
-2,195-4,877-6,976-6,512-5,244-3,997-3,667-1,668-2,073-2,697-2,205-2,696-4,610-4,373-2,782-2,480-2,882-2,946-3,839-2,911
SEC Filings: 10-K · 10-Q