What is Merck & Co.'s construction in progress?

Merck & Co. (MRK) reported construction in progress of $9.17B in Q4 2025.

How has Merck & Co.'s construction in progress changed year-over-year?

Merck & Co.'s construction in progress increased by 14.8% year-over-year, from $7.98B to $9.17B.

What is the long-term trend for Merck & Co.'s construction in progress?

Over 5 years (2020 to 2025), Merck & Co.'s construction in progress has grown at a 4.6% compound annual growth rate (CAGR), from $7.32B to $9.17B.

What does construction in progress mean?

Costs for capital projects currently being built that are not yet operational.

Discontinued — last reported Q4 '11

Construction in progress

Non-Current Assets

Merck & Co. Construction in progress increased by 14.8% to $9.17B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 14.8%, from $7.98B to $9.17B. Over 5 years (FY 2020 to FY 2025), Construction in progress shows an upward trend with a 4.6% CAGR.

Analysis

StatementBalance Sheet Statement

SectionNon-Current Assets

CategoryGrowth

SignalContext dependent

VolatilityVolatile

First reportedQ4 2009

Last reportedQ4 2011

Parent metricPP&E (Net)

How to read this metric

An increase signals future growth and capacity expansion, while a decrease suggests the completion of projects and their transition to active production.

Detailed definition

This represents the accumulated costs for capital projects that are currently under development but have not yet been pl...

Peer comparison

Common in capital-intensive sectors where companies frequently build new manufacturing or R&D facilities.

Metric ID: ppe_construction_in_progress

Historical Data

5 periods

	Q4 '21	Q4 '22	Q4 '23	Q4 '24	Q4 '25
Value	$8.31B	$9.19B	$8.26B	$7.98B	$9.17B
QoQ Change	—	+10.5%	-10.1%	-3.4%	+14.8%
YoY Change	—	+10.5%	-10.1%	-3.4%	+14.8%
% of PP&E (Net)	43.1%	42.9%	35.8%	33.6%	36.2%
Share Change	—	-0.2pp	-7.0pp	-2.3pp	+2.6pp

Range$7.98B – $9.19B

CAGR+10.3%

Avg YoY Growth+3.0%

Median YoY Growth+3.6%

Frequently Asked Questions

What is Merck & Co.'s construction in progress?: Merck & Co. (MRK) reported construction in progress of $9.17B in Q4 2025.
How has Merck & Co.'s construction in progress changed year-over-year?: Merck & Co.'s construction in progress increased by 14.8% year-over-year, from $7.98B to $9.17B.
What is the long-term trend for Merck & Co.'s construction in progress?: Over 5 years (2020 to 2025), Merck & Co.'s construction in progress has grown at a 4.6% compound annual growth rate (CAGR), from $7.32B to $9.17B.
What does construction in progress mean?: Costs for capital projects currently being built that are not yet operational.