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)-$14.7BCapital 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$302.33B
P/E Ratio33.84
ROE18.97%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
Other non-cash income (expense)—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
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—
Gain (Loss) on Investment in Cenovus Energy—$90.0M$100.0M$373.0M—$168.0M
Deferred income taxes-$616.0M-$186.0M-$448.0M-$212.0M-$825.0M-$315.0M
Other Non-Cash Income (Expense)—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
Other Non-cash Income (Expense)—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
Other Non-cash Income (Expense)—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
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
Other non-cash income (expense)—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
Amortization$675.0M$597.0M$601.0M$622.0M$973.0M$931.0M
Depreciation$522.0M$502.0M$518.0M$532.0M$1.5B$581.0M
Equity Securities, FV-NI, Gain (Loss)—$90.0M$100.0M$373.0M—$168.0M
Accounts payable$45.5M$27.5M$27.5M$27.5M$27.5M—
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—$3.7B$2.3B——$1.6B
Other Noncash Income (Expense)—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
Acquired in-process research and development$700.0M$0.0$0.0$0.0$0.0$8.5B
Other Non-cash Income and Expense—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
Other Non-Cash Adjustments—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
Other Non-Cash Income and Expense—-$109.0M-$335.0M$0.0-$118.0M-$20.0M
Stock-based compensation$187.0M$195.0M$216.0M$204.0M$205.0M$185.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired-$1.3B$0.0$0.0$0.0$10.0B$8.8B
Capital expenditures$937.0M$1.3B$764.0M$987.0M$1.0B$991.0M
Proceeds from Sale of Retained Ownership Interests$0.0$0.0$0.0$0.0$0.0—
Payment for (Proceeds from) Other Investing Activity$57.0M$20.0M$0.0-$129.0M$172.0M$66.0M
Proceeds from disposal of certain strategic investments$0.0$0.0$0.0$0.0$0.0—
Proceeds from other investments$7.0M$456.0M$601.0M$575.0M$46.0M$0.0
Proceeds from Sale of Seagen Inc. Common Stock$0.0$0.0$0.0$0.0$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——$374.0M

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-$42.0M-$60.0M-$194.0M——-$80.0M
Proceeds from (Repayments of) Short-Term Debt—$0.0$48.0M$15.0M—$1.1B
Payment of Deferred Purchase Consideration-$42.0M-$60.0M-$194.0M——-$80.0M
Noncontrolling interest transactions and other-$42.0M-$60.0M-$194.0M——-$80.0M
Net cash from financing activities-$3.0B-$5.8B-$3.6B——-$3.0B
Noncontrolling Interests Activity and Other-$42.0M-$60.0M-$194.0M——-$80.0M
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
Net Change in Short-term Borrowings and Indebtedness to Subsidiaries—$0.0$48.0M$15.0M—$1.1B

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