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Merck & Co. MRK Free cash flow

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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%
CapEx$991.0M-25.4%

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

Calculated from Merck & Co.’s reported figures.

$3.9Bnet cash from operating−$991.0Mcapital expenditures=$2.93B

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 free cash flow?
Merck & Co. (MRK) reported free cash flow of $2.93B in Q1 2026.
How has Merck & Co.'s free cash flow changed year-over-year?
Merck & Co.'s free cash flow increased by 149.7% year-over-year, from $1.17B to $2.93B.
What is the long-term trend for Merck & Co.'s free cash flow?
Over 4 years (2021 to 2025), Merck & Co.'s free cash flow has grown at a 9.3% compound annual growth rate (CAGR), from $8.67B to $12.36B.
What does free cash flow mean?
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and maintain or expand its capital asset base. It serves as a critical indicator of a company's ability to fund organic growth, pay down debt, or return capital to shareholders without relying on external financing.