Investing
CapEx
Merck & Co. CapEx increased by 4.7% to $1.03B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 10.2%, from $937.00M to $1.03B. Over 4 years (FY 2021 to FY 2025), CapEx shows relatively stable performance with a -1.9% CAGR.
Analysis
StatementCash Flow Statement
SectionInvesting
CategoryGrowth
SignalContext dependent
VolatilityModerate
First reportedQ4 2013
Last reportedQ4 2025
How to read this metric
An increase signals growth investment or infrastructure modernization; a decrease might suggest cost-cutting or a transition to an asset-light model.
Detailed definition
Funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technolog...
Peer comparison
Hardware-focused tech firms typically have higher CapEx relative to revenue than pure software companies due to manufacturing and supply chain needs.
Metric ID:
cf_capital_expendituresHistorical Data
19 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $934.00M | $1.17B | $1.21B | $984.00M | $1.13B | $1.13B | $1.15B | $1.01B | $965.00M | $902.00M | $989.00M | $861.00M | $791.00M | $783.00M | $937.00M | $1.33B | $764.00M | $987.00M | $1.03B |
| QoQ Change | — | +25.5% | +3.1% | -18.5% | +14.7% | -0.3% | +2.0% | -12.4% | -4.2% | -6.5% | +9.6% | -12.9% | -8.1% | -1.0% | +19.7% | +41.7% | -42.5% | +29.2% | +4.7% |
| YoY Change | — | — | — | — | +20.9% | -3.9% | -4.9% | +2.3% | -14.5% | -19.9% | -13.9% | -14.5% | -18.0% | -13.2% | -5.3% | +54.2% | -3.4% | +26.1% | +10.2% |
Range$764.00M – $1.33B
CAGR+2.3%
Avg YoY Growth+0.1%
Median YoY Growth-4.9%
Current Streak2 quarters growth
CapEx at Other Companies
Frequently Asked Questions
- What is Merck & Co.'s capex?
- Merck & Co. (MRK) reported capex of $1.03B in Q4 2025.
- How has Merck & Co.'s capex changed year-over-year?
- Merck & Co.'s capex increased by 10.2% year-over-year, from $937.00M to $1.03B.
- 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?
- The money spent on long-term physical assets like machinery, data centers, and office buildings.