Income StatementBalance SheetCash FlowSegments
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Merck & Co. Cash Flow Statement

Operating, investing, and financing cash movements

Merck & Co. generated $17.9B in operating cash flow over the trailing twelve months. After $3.8B in capital expenditures, free cash flow was $14.1B. Free cash flow decreased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$17.9BNet Cash From Investing (TTM)-$22.5BNet Cash From Financing (TTM)-$9.7BCapital Expenditures (TTM)$3.8BDepreciation And Amortization Cf (TTM)$3.0BNet Change In Cash (TTM)$6.0B
Latest FilingQ1 2026
Report Date2026-05-04
Market Cap$278.00B
P/E Ratio31.11
ROE18.95%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$0.0$0.0$0.0$0.0$8.8B
Capital expenditures$937.0M$1.3B$764.0M$987.0M$1.0B$991.0M
Payment for (Proceeds from) Other Investing Activity—$20.0M———$66.0M
Proceeds from other investments—$456.0M———$0.0
Net cash from investing activities-$1.4B-$1.5B-$770.0M-$283.0M-$11.2B-$10.2B
Purchases of investments$455.0M$595.0M$612.0M$0.0$0.0$374.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$45.5M$27.5M$27.5M$27.5M$27.5M—
Change in accounts receivable$61.0M$272.5M$272.5M$272.5M$272.5M—
Change in accrued liabilities-$582.0M-$460.3M-$460.3M-$460.3M-$460.3M—
Change in income taxes payable/receivable$255.8M$34.3M$34.3M$34.3M$34.3M—
Change in inventories$208.8M$295.0M$295.0M$295.0M$295.0M—
Change in other liabilities-$12.3M$48.8M$48.8M$48.8M$48.8M—
Deferred income taxes-$616.0M-$186.0M-$448.0M-$212.0M-$825.0M-$315.0M
Net cash from operating activities$3.5B$2.5B$3.3B$7.8B$2.9B$3.9B
Net income$3.7B$5.1B$4.4B$5.8B$3.0B-$4.2B
Amortization—$597.0M———$931.0M
Depreciation—$502.0M———$581.0M
Equity Securities, FV-NI, Gain (Loss)—$90.0M———$168.0M
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—$3.7B———$1.6B
Other Noncash Income (Expense)—-$109.0M———-$20.0M
Acquired in-process research and development—$0.0———$8.5B
Stock-based compensation$187.0M$195.0M$216.0M$204.0M$205.0M$185.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$539.0M$2.5B$0.0$1.0M$2.0M$1.1B
Dividends paid$2.0B$2.1B$2.1B$2.0B$2.0B$2.1B
Other, net—-$60.0M———-$80.0M
Proceeds from (Repayments of) Short-Term Debt—$0.0———$1.1B
Net cash from financing activities-$3.0B-$5.8B-$3.6B$2.6B—-$3.0B
Proceeds from issuance of common stock$12.0M$19.0M$12.0M$14.0M$47.0M$157.0M
Repurchases of common stock$489.0M$1.2B$1.3B$1.3B$1.3B$874.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$2.5B$1.2B$2.5B$6.8B$1.8B$2.9B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$367.0M$156.0M$374.0M$10.0M$23.0M-$19.0M
Net increase (decrease) in cash—-$4.6B-$659.0M$10.2B—-$9.3B