Merck & Co., Inc. (MRK) quarterly cash flow statement — complete operating, investing & financing history
Merck & Co., Inc. (MRK) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 5.37B | 3.92B | 2.86B | 7.82B | 3.29B | 2.5B | 3.45B | 9.29B | 5.64B | 3.09B | 246M | 7.72B | 3.7B | 1.34B | 4.43B | 5.6B | 4.3B | 4.76B | 5.03B | 4.8B |
| Operating CF Margin % | 32.34% | 24.06% | 17.5% | 45.52% | 20.84% | 16.01% | 22.08% | 55.78% | 34.99% | 19.59% | 1.68% | 48.35% | 24.64% | 9.24% | 32.03% | 37.45% | 29.48% | 29.94% | 37.21% | 36.47% |
| Operating CF Growth % | 63.07% | 56.72% | -17.19% | -15.81% | -41.58% | -19.09% | 1302.44% | 20.4% | 52.19% | 130.77% | -94.45% | 37.75% | -13.9% | -71.88% | -11.95% | 16.78% | 72.77% | 165.83% | 25.59% | 120.75% |
| Net Income | -1.34B | -4.24B | 2.96B | 5.79B | 4.43B | 5.08B | 3.74B | 3.16B | 5.46B | 4.77B | -1.23B | 4.75B | -5.97B | 2.82B | 3.02B | 3.25B | 3.95B | 4.31B | 3.82B | 4.57B |
| Depreciation & Amortization | 1.58B | 1.51B | 1.42B | 1.15B | 1.12B | 1.1B | 1.2B | 1.19B | 1.13B | 984M | 964M | 1.01B | 903M | 991M | 892M | 959M | 938M | 1.12B | 835M | 759M |
| Stock-Based Compensation | 298M | 185M | 205M | 204M | 216M | 195M | 187M | 195M | 203M | 176M | 167M | 164M | 169M | 145M | 145M | 139M | 137M | 120M | 119M | 117M |
| Deferred Taxes | -544M | -315M | 0 | -212M | -448M | -186M | -616M | -401M | -181M | -51M | -931M | -336M | -355M | -277M | -307M | -661M | -262M | -338M | 159M | -1M |
| Other Non-Cash Items | 3.76B | 8.39B | 837M | -425M | 236M | 19M | 793M | 2.57B | 34M | 596M | 1.13B | -47M | 10.6B | 549M | 1.03B | 1.65B | 939M | 851M | 139M | -510M |
| Working Capital Changes | 1.61B | -1.61B | -2.57B | 1.31B | -2.26B | -3.71B | -1.85B | 2.58B | -1.01B | -3.38B | 144M | 2.18B | -1.64B | -2.89B | -347M | 263M | -1.4B | -1.3B | -45M | -139M |
| Change in Receivables | 0 | 0 | -1.09B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -644M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | -1.18B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -161M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.6B | -10.21B | -11.2B | -283M | -770M | -1.49B | -1.44B | -3.85B | -1.07B | -1.38B | 53M | -334M | -11.44B | -2.36B | -1.75B | -962M | -1.08B | -1.17B | -12.05B | -1.06B |
| Capital Expenditures | -893M | -991M | -1.03B | -987M | -764M | -1.33B | -937M | -783M | -791M | -861M | -989M | -902M | -965M | -1.01B | -1.15B | -1.13B | -1.13B | -984M | -1.21B | -1.17B |
| CapEx % of Revenue | 5.38% | 6.08% | 6.33% | 5.74% | 4.84% | 8.5% | 6% | 4.7% | 4.91% | 5.46% | 6.76% | 5.65% | 6.42% | 6.95% | 8.31% | 7.53% | 7.74% | 6.19% | 8.93% | 8.91% |
| Acquisitions | 0 | -8.78B | -10.04B | 0 | 0 | 0 | -2M | -3.35B | 0 | -746M | 0 | 902M | -10.71B | -1.33B | 0 | -121M | 0 | 0 | -11.26B | 1M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.45B | -66M | -172M | 602M | 5M | 70M | -57M | 233M | -289M | -14M | 1.12B | -921M | -33M | 37M | -117M | -45M | 12M | 182M | -106M | -1.17B |
| Cash from Financing | 1.76B | -2.98B | 4.75B | 2.64B | -3.56B | -5.75B | -3.01B | -2.42B | 1.22B | -2.81B | -2.25B | -4.27B | 3.76B | -2.05B | -1.55B | -2.7B | -1.78B | -3.09B | 5.21B | -2.27B |
| Debt Issued (Net) | 4.89B | -79M | 7.85B | 5.98B | 48M | -2.5B | -539M | -1M | 3.6B | -751M | -3M | -1.95B | 6.13B | -1M | -1M | -1B | 0 | -1.25B | 6.77B | 0 |
| Equity Issued (Net) | -714M | -717M | -1.21B | 2.49B | -1.34B | -1.15B | -489M | -439M | -178M | -122M | -393M | -466M | -338M | -149M | 265M | 10M | 97M | 12M | -18M | -566M |
| Dividends Paid | -2.14B | -2.1B | -2.02B | -2.03B | -2.08B | -2.05B | -1.95B | -1.95B | -1.99B | -1.95B | -1.85B | -1.85B | -1.89B | -1.85B | -1.75B | -1.75B | -1.77B | -1.75B | -1.64B | -1.65B |
| Share Repurchases | -757M | -874M | -1.25B | 2.49B | -1.34B | -1.16B | -489M | -444M | -251M | -122M | -393M | -466M | -338M | -149M | 0 | 0 | 0 | 0 | -18M | -583M |
| Other Financing | -270M | -80M | 121M | -3.8B | -182M | -60M | -30M | -32M | -220M | 9M | 3M | -3M | -152M | -51M | -68M | 35M | -104M | -91M | 101M | -59M |
| Net Change in Cash | 1.49B | -9.29B | -3.51B | 10.19B | -659M | -4.59B | -1.37B | 3.31B | 5.7B | -1.24B | -1.76B | 2.96B | -4.07B | -2.99B | 1.49B | 1.53B | 1.14B | 447M | -1.88B | 1.42B |
| Free Cash Flow | 4.48B | 2.93B | 1.82B | 6.83B | 2.53B | 1.17B | 2.51B | 8.51B | 4.85B | 2.23B | -743M | 6.82B | 2.74B | 332M | 3.28B | 4.48B | 3.17B | 3.78B | 3.82B | 3.63B |
| FCF Margin % | 26.96% | 17.97% | 11.17% | 39.78% | 16.01% | 7.5% | 16.08% | 51.08% | 30.08% | 14.13% | -5.08% | 42.7% | 18.22% | 2.29% | 23.72% | 29.92% | 21.74% | 23.75% | 28.27% | 27.56% |
| FCF Growth % | 77.03% | 149.74% | -27.42% | -19.66% | -47.81% | -47.42% | 438.22% | 24.84% | 76.93% | 571.39% | -122.65% | 52.26% | -13.68% | -91.21% | -14.18% | 23.48% | 103.92% | 432.72% | 48.47% | 397.94% |
| FCF per Share | 1.81 | 1.18 | 0.73 | 2.74 | 1.01 | 0.46 | 0.99 | 3.35 | 1.90 | 0.88 | -0.29 | 2.68 | 1.08 | 0.13 | 1.29 | 1.76 | 1.25 | 1.49 | 1.51 | 1.43 |
| FCF Conversion (FCF/Net Income) | -4.02x | -0.92x | 0.96x | 1.35x | 0.74x | 0.49x | 0.92x | 2.94x | 1.03x | 0.65x | -0.20x | 1.63x | -0.62x | 0.47x | 1.47x | 1.72x | 1.09x | 1.10x | 1.34x | 1.05x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |