Income Statement Balance Sheet Cash Flow Segments

Merck & Co. Balance Sheet Statement

Assets, liabilities, and shareholders' equity

Merck & Co. holds $128.69B in total assets. Shareholders' equity is $45.9B against $49.1B in total debt. Cash and equivalents total $5.4B. The current ratio is 1.30 and debt-to-equity is 1.07. Based on the Q1 2026 filing.

Total Assets$128.69B Total Stockholders Equity$45.9B Long Term Debt$49.1B Cash And Equivalents$5.4B Total Current Assets$35.0B Total Current Liabilities$26.9B

Latest FilingQ1 2026

Report Date2026-05-04

Market Cap$298.26B

P/E Ratio33.38

ROE18.97%

Current Liabilities

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Accounts payable	$4.1B	$3.8B	$3.9B	$4.1B	$4.4B	$3.9B
Accrued Environmental Liabilities	$41M	—	—	—	$42M	—
Accrued expenses	$41M	—	—	—	$42M	—
Accrued Income Taxes, Current	$3.9B	$5.2B	$4.2B	$4.8B	$4.7B	$3.9B
Other accrued liabilities	$15.7B	$12.8B	$14.5B	$16.2B	$14.5B	$14.5B
Derivative Liabilities - Fair Value	$299M	$239M	$445M	$246M	$245M	$225M
Derivative Liabilities - Not Offset Policy Election Deduction	$299M	$239M	$445M	$246M	$245M	$225M
Dividends payable	$2.1B	$2.1B	$2.1B	$2B	$2.1B	$2.1B
Lease Liability Payments - Remainder of Fiscal Year	$329M	—	—	—	$335M	—
Sales Rebates and Discounts	$2.2B	—	—	—	$1.5B	—
Total current liabilities	$28.4B	$25.2B	$26B	$28.6B	$28.3B	$26.9B

Current Assets

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Accounts receivable, net	$10.3B	$10.8B	$11.8B	$12.1B	$11.8B	$12.2B
Allowance for Doubtful Accounts	$89M	$93M	$94M	$93M	$97M	$103M
Cash and cash equivalents	$13.3B	$8.7B	$8.1B	$18.3B	$14.7B	$5.4B
Contract Assets, Net	$84M	—	—	—	$72M	—
Short- term Investments	$447M	$599M	$615M	$45M	$0	$375M
Other current assets	$8.7B	$9.3B	$10B	$10.8B	$10.5B	$10.6B
Derivative Assets - Fair Value	$729M	$410M	$546M	$316M	$323M	$562M
Derivative assets	$729M	$410M	$546M	$316M	$323M	$562M
Income taxes receivable	$3.9B	—	—	—	$5.7B	—
Finished goods	$2B	$2.1B	$2.1B	$2.2B	$2.3B	$2.2B
Inventories	$4.2B	$4.6B	$4.9B	$5.4B	$5.7B	$6.2B
Other Inventory, Net	$84M	—	—	—	$72M	—
Materials and supplies	$289M	$290M	$312M	$325M	$331M	$334M
Restricted cash	$76M	$103M	$66M	$91M	$125M	$71M
Short-term investments	$447M	$599M	$615M	$45M	$0	$375M
Total current assets	$38.8B	$35.5B	$37.1B	$47.6B	$43.5B	$35B
Trading Securities in Marketable Securities	$863M	$872M	$870M	$834M	$831M	$881M

Non-Current Assets

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Accumulated Goodwill Impairment Losses	$531M	—	—	—	$531M	—
Deferred tax assets	$2.2B	$1.4B	$1.4B	$1.4B	$1.2B	-$315M
Deferred Tax Assets and Other Non-Current Assets	$802M	$16.8B	$17.7B	$18.3B	$1.2B	$19.8B
Equity Securities Without Readily Determinable Fair Value - Cumulative Downward Adjustments	$863M	$872M	$870M	$834M	$831M	$881M
Equity Securities Without Readily Determinable Fair Value - Cumulative Upward Adjustments	$309M	$309M	$307M	$293M	$292M	$320M
Finite-Lived Intangible Assets - Expected Amortization Expense (Year One)	$1.5B	—	—	—	$2.7B	—
Goodwill	$21.7B	$21.7B	$21.6B	$21.6B	$21.6B	$21.6B
Indefinite-Lived Research and Development Assets	$3.1B	—	—	—	$4.1B	—
Equity securities	$920M	$1B	$1.2B	$1.5B	$1.4B	$1.6B
Intangible Assets Gross (Excluding Goodwill)	$42.2B	—	—	—	$55.4B	—
Investments - Amortized Cost Basis	$863M	$872M	$870M	$834M	$831M	$881M
Long-term investments	$910M	—	—	—	$956M	—
Net Operating Loss Carryforwards	$910M	—	—	—	$813M	—
Other intangible assets—net	$16.4B	$15.8B	$15.2B	$15.3B	$26.7B	$25.7B
Investments	$910M	—	—	—	$956M	$1.5B
Machinery and equipment	$18.3B	—	—	—	$19.8B	—
Long- term Investments	$463M	$616M	$774M	$1.1B	$956M	$1.1B
Other non-current assets	$16B	$16.8B	$17.7B	$18.3B	$18.8B	$19.8B
Property, plant and equipment at cost	$42.9B	—	—	—	$47.2B	—
Accumulated depreciation	$19.2B	$19.7B	$20.3B	$20.6B	$21.9B	$22.3B
Buildings and improvements	$16.4B	—	—	—	$18B	—
Construction in progress	$8B	—	—	—	$9.2B	—
Land	$307M	—	—	—	$321M	—
Machinery and equipment	$18.3B	—	—	—	$19.8B	—
Property and equipment, net	$23.8B	$24.8B	$25.2B	$25.6B	$25.3B	$25.4B
Software and Technology Licenses, Net	$16B	$16.8B	$17.7B	$18.3B	$18.8B	$19.8B
Tax Credit Carryforward Valuation Allowance	$710M	—	—	—	$824M	—
Total assets	$117.1B	$115.1B	$117.5B	$129.5B	$136.9B	$128.7B

Other

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Aggregate Notional Principal Outstanding	$38.6B	$42.4B	$44.7B	$42.9B	$40.3B	$42.1B
AOCI - Cash Flow Hedge Reclassification (Next 12 Months)	$262M	$16M	-$473M	-$298M	-$178M	-$69M
Gross Assets/Liabilities	$345M	$268M	$855M	$492M	$324M	$229M
Long-term debt interest payments - 2024	$1.1B	—	—	—	$1.7B	—
Long-term debt interest payments - 2025	$1.1B	—	—	—	$1.6B	—
Long-term debt interest payments - 2026	$1B	—	—	—	$1.5B	—
Accrual for Environmental Loss Contingencies	$41M	—	—	—	$42M	—
Allowance for doubtful accounts	$89M	$93M	$94M	$93M	$97M	$103M
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax	$0	$0	$0	$0	$0	$0
Gross Unrealized Gains	$0	$0	$0	$0	$0	$0
Total	$536M	$690M	$707M	$145M	$101M	$476M
Available for sale investments	$536M	$690M	$707M	$145M	$101M	$476M
Common stock, par value (in dollars per share)	$0.50	$0.50	$0.50	$0.50	$0.50	$0.50
Common stock, shares authorized (in shares)	6.5B	6.5B	6.5B	6.5B	6.5B	6.5B
Common stock, shares issued (in shares)	3.6B	3.6B	3.6B	3.6B	3.6B	3.6B
Construction work in progress	$8B	—	—	—	$9.2B	—
Short-term debt and current portion of long-term debt	$2.6B	$1.4B	$1.4B	$1.4B	$2.6B	$2.4B
Debt Instrument, Fair Value Disclosure	$32.6B	$30.6B	$31.3B	$37.7B	$45.6B	$44.7B
Debt Securities and Equity Securities, FV-NI	$1.5B	$1.7B	$1.9B	$1.7B	$1.5B	$2B
Deferred Tax Liabilities, Gross	$3.1B	—	—	—	$5.6B	—
Deferred income taxes	$1.4B	$1.4B	$1.4B	$1.4B	$1.4B	$1.5B
Deferred Tax Assets, Goodwill and Intangible Assets	$71M	—	—	—	$140M	—
Deferred Tax Assets, Gross	$6B	—	—	—	$7.6B	—
Deferred Tax Assets, Net	$2.2B	—	—	—	$1.2B	—
Deferred Tax Assets, Net of Valuation Allowance	$5.3B	—	—	—	$6.7B	—
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	$224M	—	—	—	$117M	—
Deferred Tax Assets, Valuation Allowance	$710M	—	—	—	$824M	—
Federal and state intangible assets	$978M	—	—	—	$3.3B	—
Deferred Tax Liabilities, Other	$159M	—	—	—	$134M	—
Deferred Tax Liabilities, Property, Plant and Equipment	$645M	—	—	—	$594M	—
Derivative Asset, Subject to Master Netting Arrangement, after Offset	$265M	$148M	$97M	$69M	$77M	$248M
Potential reduction in net position of total derivative assets	—	—	—	—	$245M	$225M
Margin cash collateral received from counterparties that was not offset against derivative assets	—	—	—	—	$1M	$89M
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities	—	—	—	—	$0	$0
Derivative, gross, assets	$729M	$410M	$546M	$316M	$323M	$562M
Derivatives, gross, liabilities	$345M	$268M	$855M	$492M	$324M	$229M
Derivative Liability	$345M	$268M	$855M	$492M	$324M	$229M
Derivative Liability, Subject to Master Netting Arrangement, after Offset	$46M	$29M	$313M	$246M	$79M	$4M
Potential reduction in net position of total derivative liabilities	$299M	$239M	$445M	$246M	$245M	$225M
Notional	$38.6B	$42.4B	$44.7B	$42.9B	$40.3B	$42.1B
Trading securities, cost	$863M	$872M	$870M	$834M	$831M	$881M
Finite-Lived Intangible Assets, Accumulated Amortization	$25.8B	—	—	—	$28.7B	—
2028	$2.3B	—	—	—	$3.6B	—
2030	$1.8B	—	—	—	$3B	—
2031	$1.5B	—	—	—	$2.7B	—
2027	$2.4B	—	—	—	$3.8B	—
2029	$2.1B	—	—	—	$3.3B	—
Goodwill accumulated impairment losses	$531M	—	—	—	$531M	—
Carrying values of hedged liabilities	—	—	—	—	$1.8B	$2.5B
Cumulative amount of fair value hedging adjustment	—	—	—	—	$70M	$57M
Indefinite- lived intangible impairment	$42.2B	—	—	—	$55.4B	—
Inventory, LIFO Reserve	—	—	—	—	$912M	$1B
Inventory Net And Inventory Noncurrent	$10.3B	$10.8B	$11.5B	$11.9B	$12.3B	$12.7B
Raw materials and work in process	$8.8B	$9.2B	$9.9B	$10.2B	$10.6B	$11.1B
Committed Revolving Credit Facilities	$6B	—	—	—	$6B	—
2028	$2.2B	—	—	—	$2.7B	—
2029	$1.5B	—	—	—	$2.1B	—
2029	$1.7B	—	—	—	$2.7B	—
2030	$2.1B	—	—	—	$3B	—
2027	$2.6B	—	—	—	$2.6B	—
Noncontrolling interests in subsidiaries	$59M	$65M	$67M	$57M	$56M	$53M
Other financial assets	$546M	—	—	—	$537M	$567M
Preferred Stock, Shares Authorized	$20M	—	—	—	$20M	—
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$85.1	—	—	—	$87.7	—
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number	$9.1M	—	—	—	$9.3M	—
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	$12.5M	—	—	—	$12.5M	—
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	$12.2M	—	—	—	$12.2M	—
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$249M	—	—	—	$272M	—
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$86	—	—	—	$88	—
Incentive stock program, shares reserved for future grants (in shares)	$75M	—	—	—	$66M	—
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value	$249M	—	—	—	$275M	—
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$74	—	—	—	$82.1	—
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value	$241M	—	—	—	$244M	—
Stockholders' Equity before Treasury Stock	$104.6B	$107.7B	$109.5B	$113.6B	$115.6B	$109.6B
Tax Cuts and Jobs Act payment	—	—	—	—	$1.2B	—
Treasury stock, shares (in shares)	1B	1.1B	1.1B	1.1B	1.1B	1.1B
Unrecognized tax benefits	$2.3B	—	—	—	$2.5B	—
Penalties and interest accrued on unrecognized tax benefits	$437M	—	—	—	$546M	—
Amount that if recognized, would affect the effective tax rate or regulatory liability	$2.2B	—	—	—	$2.5B	—
Unrecorded Unconditional Purchase Obligation	$183M	—	—	—	$400M	—
Unrecorded Unconditional Purchase Obligation	$183M	—	—	—	$400M	—

Equity

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Accumulated other comprehensive income (loss)	-$4.9B	-$5B	-$5.4B	-$5.2B	-$4.3B	-$4.1B
Common Stock Shares Outstanding	$249M	—	—	—	$275M	—
Convertible Preferred Stock Authorized Shares	20M	—	—	—	20M	—
Cumulative Gross Losses and Impairments	$531M	—	—	—	$531M	—
Additional paid-in capital	$44.7B	$44.8B	$44.6B	$44.8B	$45B	$45.2B
Common stock; $0.001 par value; 6,000 shares authorized; 3,755 and 3,751 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	$1.8B	$1.8B	$1.8B	$1.8B	$1.8B	$1.8B
Number of Exercisable Options	$241M	—	—	—	$244M	—
Number of Vested and Expected to Vest Options	$249M	—	—	—	$272M	—
Retained earnings	$63.1B	$66.1B	$68.5B	$72.2B	$73.1B	$66.7B
Shares Reserved for Future Issuance Under Stock Plans	75M	—	—	—	66M	—
Total liabilities and stockholders' equity	$117.1B	$115.1B	$117.5B	$129.5B	$136.9B	$128.7B
Total stockholders' equity	$46.3B	$48.3B	$49B	$51.9B	$52.6B	$45.9B
Treasury stock	$58.3B	$59.4B	$60.5B	$61.8B	$63B	$63.7B
Weighted Average Exercise Price of Outstanding Options	$86.04	—	—	—	$87.95	—
Weighted Average Exercise Price of Vested and Expected to Vest Options	$85.10	—	—	—	$87.73	—

Non-Current Liabilities

Metric	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Debt Maturity - 2027	$1.7B	—	—	—	$2.7B	—
Deferred tax liabilities	$3.1B	—	—	—	$5.6B	—
Deferred Tax Liabilities - Foreign Earnings	$371M	—	—	—	$338M	—
Long-term debt	$37.1B	$34.8B	$35.4B	$41.4B	$49.3B	$49.1B
Other non-current liabilities	$6.5B	$6.7B	$7B	$7.7B	$7.7B	$7.6B
Secured Borrowings Cash Right to Reclaim	$0	$0	$97M	$0	$0	$0
Total liabilities	$538M	—	—	—	$324M	$229M
Unrecognized Tax Benefits	$2.3B	—	—	—	$2.5B	—
Unrecognized Tax Benefits - Impacting Effective Tax Rate	$2.2B	—	—	—	$2.5B	—
Unrecognized Tax Benefits - Income Tax Penalties and Interest Accrued	$437M	—	—	—	$546M	—