What is Merck & Co.'s capex?

Merck & Co. (MRK) reported capex of $991M in Q1 2026.

How has Merck & Co.'s capex changed year-over-year?

Merck & Co.'s capex decreased by 25.4% year-over-year, from $1.33B to $991M.

What is the long-term trend for Merck & Co.'s capex?

Over 4 years (2021 to 2025), Merck & Co.'s capex has grown at a -1.9% compound annual growth rate (CAGR), from $4.45B to $4.11B.

What does capex mean?

Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.

Merck & Co. MRK CapEx

CapEx at other companies

Bristol-Myers SquibbBMY

$347M+33.5%

PfizerPFE

$436M-22.7%

Johnson & JohnsonJNJ

$1.05B+31.9%

Regeneron PharmaceuticalsREGN

$230.6M+0.6%

CytokineticsCYTK

$5.93M+4.7%

Phibro Animal HealthPAHC

$15.32M+97.7%

Other financials

Income statement

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Revenue$16.3B+4.9%

Gross profit$12.1B-0.2%

Net income-$4.2B-183%

EPS (diluted)-$1.72-186%

Balance sheet

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Cash & equivalents$5.4B-38.2%

Total debt$49.1B+35.8%

Total equity$45.9B-5.1%

Total assets$128.69B+11.8%

Cash flow

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Operating cash flow$3.9B+56.7%

Free cash flow$2.9B+150%

Valuation

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Market cap$309.84B+56.1%

Enterprise value$353.54B+56.5%

P/E34.7×+23.3×

P/S4.7×+1.6×

Profitability

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Gross margin73.9%-2.5pp

Net margin13.6%-13.7pp

FCF margin21.5%-5.2pp

Returns & leverage

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Return on equity19%-20.3pp

Debt / equity1.1×+0.3×

Current ratio1.3×-0.1×

Where this comes from

Reported directly by Merck & Co. in its filing.

Tagged under the XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

The official record: Merck & Co.’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Merck & Co.'s capex?: Merck & Co. (MRK) reported capex of $991M in Q1 2026.
How has Merck & Co.'s capex changed year-over-year?: Merck & Co.'s capex decreased by 25.4% year-over-year, from $1.33B to $991M.
What is the long-term trend for Merck & Co.'s capex?: Over 4 years (2021 to 2025), Merck & Co.'s capex has grown at a -1.9% compound annual growth rate (CAGR), from $4.45B to $4.11B.
What does capex mean?: Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.