Merck & Co Inc. (MRK) financial statements: income statement, balance sheet and cash flow
Merck & Co Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Merck & Co Inc. reported revenue of $65.0B (+1.3% year on year) and net income of $18.3B (+6.6% year on year).
Income statement
Merck & Co Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Sales
$65.0B
$64.2B
$60.1B
$59.3B
Cost of sales
$16.4B
$15.2B
$16.1B
$17.4B
Selling, general and administrative
$10.7B
$10.8B
$10.5B
$10.0B
Research and development
$15.8B
$17.9B
$30.5B
$13.5B
Restructuring costs
$889.0M
$309.0M
$599.0M
$337.0M
Other (income) expense, net
$151.0M
($24.0M)
$466.0M
$1.5B
Total costs, expenses and other
$43.9B
$44.2B
$58.2B
$42.8B
Income Before Taxes
$21.1B
$19.9B
$1.9B
$16.4B
Taxes on Income
$2.8B
$2.8B
$1.5B
$1.9B
Net Income
$18.3B
$17.1B
—
—
Less: Net Income Attributable to Noncontrolling Interests
$9.0M
$16.0M
$12.0M
$7.0M
Net Income Attributable to Merck & Co., Inc.
$18.3B
$17.1B
$365.0M
$14.5B
Basic Earnings per Common Share Attributable to Merck & Co., Inc. Common Shareholders (in dollars per share)
$7.30
$6.76
$0.14
$5.73
Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders (in dollars per share)
$7.28
$6.74
$0.14
$5.71
Merck & Co Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Sales
$16.6B
$16.3B
$17.3B
$15.8B
Cost of sales
$4.4B
$4.2B
$3.9B
$3.6B
Selling, general and administrative
$2.9B
$2.7B
$2.6B
$2.6B
Research and development
$9.7B
$12.6B
$4.2B
$4.0B
Restructuring costs
$151.0M
$195.0M
$47.0M
$560.0M
Other (income) expense, net
$99.0M
$138.0M
($238.0M)
($7.0M)
Total Costs, Expenses and Other
$17.3B
$19.8B
$10.5B
$10.8B
(Loss) Income Before Taxes
($683.0M)
($3.5B)
$6.7B
$5.0B
Income Tax Provision
$654.0M
$709.0M
$958.0M
$571.0M
Net (Loss) Income
($1.3B)
($4.2B)
$5.8B
$4.4B
Less: Net (Loss) Income Attributable to Noncontrolling Interests
($2.0M)
($3.0M)
$2.0M
$1.0M
Net (Loss) Income Attributable to Merck & Co., Inc.
($1.3B)
($4.2B)
$5.8B
$4.4B
Basic (Loss) Earnings per Common Share Attributable to Merck & Co., Inc. Common Shareholders (in dollars per share)
-$0.54
-$1.72
$2.32
$1.76
(Loss) Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders (in dollars per share)
-$0.54
-$1.72
$2.32
$1.76
Balance sheet
Merck & Co Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$14.6B
$13.2B
$6.8B
$12.7B
Short-term investments
$0
$447.0M
$252.0M
$498.0M
Accounts receivable (net of allowance for doubtful accounts of $97 in 2025 and $89 in 2024)
$11.8B
$10.3B
$10.3B
$9.4B
Inventories (excludes inventories of $5,681 in 2025 and $4,193 in 2024 classified in Other assets - see Note 7)
$6.7B
$6.1B
$6.4B
$5.9B
Other current assets
$10.5B
$8.7B
$8.4B
$7.2B
Total current assets
$43.5B
$38.8B
$32.2B
$35.7B
Investments
$956.0M
$463.0M
$252.0M
$1.0B
Land
$321.0M
$307.0M
$326.0M
$295.0M
Buildings
$18.0B
$16.4B
$15.0B
$13.2B
Machinery, equipment and office furnishings
$19.8B
$18.3B
$17.8B
$16.8B
Construction in progress
$9.2B
$8.0B
$8.3B
$9.2B
Property, plant and equipment (at cost)
$47.2B
$42.9B
$41.3B
$39.4B
Less: accumulated depreciation
$21.9B
$19.2B
$18.3B
$18.0B
Property, plant and equipment, net
$25.3B
$23.8B
$23.1B
$21.4B
Goodwill
$21.6B
$21.7B
$21.2B
$21.2B
Other Intangibles, Net
$26.7B
$16.4B
$18.0B
$20.3B
Other Assets
$18.8B
$16.0B
$12.0B
$9.5B
Total Assets
$136.9B
$117.1B
$106.7B
$109.2B
Loans payable and current portion of long-term debt
$2.6B
$2.6B
$1.4B
$1.9B
Trade accounts payable
$4.4B
$4.1B
$3.9B
$4.3B
Accrued and other current liabilities
$14.5B
$15.7B
$15.8B
$14.2B
Income taxes payable
$4.7B
$3.9B
$2.6B
$2.0B
Dividends payable
$2.1B
$2.1B
$2.0B
$1.9B
Total current liabilities
$28.3B
$28.4B
$25.7B
$24.2B
Long-Term Debt
$46.8B
$34.5B
$33.7B
$28.7B
Deferred Income Taxes
$1.4B
$1.4B
$871.0M
$1.8B
Other Noncurrent Liabilities
$7.7B
$6.5B
$8.8B
$8.3B
Common stock, $0.50 par value Authorized - 6,500,000,000 shares Issued - 3,577,103,522 shares in 2025 and 2024
1.8B
1.8B
1.8B
1.8B
Other paid-in capital
$45.0B
$44.7B
$44.5B
$44.4B
Retained earnings
$73.1B
$63.1B
$53.9B
$61.1B
Accumulated other comprehensive loss
($4.3B)
($4.9B)
($5.2B)
($4.8B)
Stockholders' equity before deduction for treasury stock
$115.6B
$104.6B
$95.0B
$102.5B
Less treasury stock, at cost: 1,102,476,756 shares in 2025 and 1,049,466,187 shares in 2024
63.0B
58.3B
57.5B
56.5B
Total Merck & Co., Inc. stockholders’ equity
$52.6B
$46.3B
$37.6B
$46.0B
Noncontrolling Interests
$56.0M
$59.0M
$54.0M
$67.0M
Total equity
$52.7B
$46.4B
$37.6B
$46.1B
Total Liabilities and Equity
$136.9B
$117.1B
$106.7B
$109.2B
Merck & Co Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$6.8B
$5.3B
$18.2B
$8.0B
Short-term investments
$292.0M
$375.0M
$45.0M
$615.0M
Accounts receivable (net of allowance for doubtful accounts of $108 in 2026 and $97 in 2025)
$12.6B
$12.2B
$12.1B
$11.8B
Inventories (excludes inventories of $6,381 in 2026 and $5,681 in 2025 classified in Other assets - see Note 6)
$6.2B
$6.5B
$6.4B
$6.6B
Other current assets
$10.8B
$10.6B
$10.8B
$10.0B
Total current assets
$36.7B
$35.0B
$47.6B
$37.1B
Investments
$1.2B
$1.1B
$1.1B
$774.0M
Property, Plant and Equipment, at cost, net of accumulated depreciation of $22,729 in 2026 and $21,914 in 2025
$25.7B
$25.4B
$25.6B
$25.2B
Goodwill
$21.6B
$21.6B
$21.6B
$21.6B
Other Intangibles, Net
$25.0B
$25.7B
$15.3B
$15.2B
Other Assets
$19.6B
$19.8B
$18.3B
$17.7B
Total Assets
$129.8B
$128.7B
$129.5B
$117.5B
Loans payable and current portion of long-term debt
$2.8B
$2.4B
$1.4B
$1.4B
Trade accounts payable
$3.8B
$3.9B
$4.1B
$3.9B
Accrued and other current liabilities
$14.7B
$14.5B
$16.2B
$14.5B
Income taxes payable
$4.2B
$3.9B
$4.8B
$4.2B
Dividends payable
$2.1B
$2.1B
$2.0B
$2.1B
Total current liabilities
$27.7B
$26.9B
$28.6B
$26.0B
Long-Term Debt
$51.1B
$46.7B
$40.0B
$34.0B
Deferred Income Taxes
$1.4B
$1.5B
$1.4B
$1.4B
Other Noncurrent Liabilities
$7.6B
$7.6B
$7.7B
$7.0B
Common stock, $0.50 par value Authorized - 6,500,000,000 shares Issued - 3,577,103,522 shares in 2026 and 2025
1.8B
1.8B
1.8B
1.8B
Other paid-in capital
$45.0B
$45.2B
$44.8B
$44.6B
Retained earnings
$63.3B
$66.7B
$72.2B
$68.5B
Accumulated other comprehensive loss
($3.9B)
($4.1B)
($5.2B)
($5.4B)
Stockholders' equity before deduction for treasury stock
$106.1B
$109.6B
$113.6B
$109.5B
Less treasury stock, at cost: 1,108,460,187 shares in 2026 and 1,102,476,756 shares in 2025
64.1B
63.7B
61.8B
60.5B
Total Merck & Co., Inc. stockholders’ equity
$41.9B
$45.9B
$51.9B
$49.0B
Noncontrolling Interests
$51.0M
$53.0M
$57.0M
$67.0M
Total equity
$42.0B
$45.9B
$51.9B
$49.1B
Liabilities and Equity
$129.8B
$128.7B
$129.5B
$117.5B
Cash flow statement
Merck & Co Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$18.3B
$17.1B
—
—
Amortization
$2.8B
$2.4B
$2.0B
$2.1B
Depreciation
$3.0B
$2.1B
$1.8B
$1.8B
Intangible asset impairment charges
$55.0M
$39.0M
$792.0M
$1.7B
Income from investments in equity securities, net
($368.0M)
($14.0M)
($340.0M)
$1.4B
Charges for certain research and development asset acquisitions
$0
$3.5B
$0
$0
Deferred income taxes
($1.7B)
($1.2B)
($1.9B)
($1.6B)
Share-based compensation
$820.0M
$761.0M
$645.0M
$541.0M
Other
$511.0M
$510.0M
$355.0M
$1.3B
Accounts receivable
($1.1B)
($244.0M)
($1.1B)
($644.0M)
Inventories
($1.2B)
($835.0M)
($816.0M)
($161.0M)
Trade accounts payable
$110.0M
$182.0M
($380.0M)
($289.0M)
Accrued and other current liabilities
($1.8B)
($2.3B)
$1.8B
($50.0M)
Income taxes payable
$137.0M
$1.0B
$214.0M
$380.0M
Noncurrent liabilities
$195.0M
($49.0M)
$456.0M
($545.0M)
Other
($3.3B)
($1.4B)
($2.3B)
($1.5B)
Net Cash Provided by Operating Activities
$16.5B
$21.5B
$0
$0
Capital expenditures
($4.1B)
($3.4B)
($3.9B)
($4.4B)
Purchases of securities and other investments
($1.2B)
($519.0M)
($955.0M)
($1.2B)
Proceeds from sales of securities and other investments
$1.7B
$377.0M
$1.7B
$721.0M
Proceeds from sale of Seagen Inc. common stock
$0
$0
$1.1B
—
Acquisition of Verona Pharma plc, net of cash acquired
($10.0B)
($746.0M)
$0
($121.0M)
Acquisition of Eyebiotech Limited, net of cash acquired
$0
$0
$0
$0
Acquisition of Elanco Animal Health Incorporated aqua business
$0
($1.3B)
—
—
Acquisition of Harpoon Therapeutics, Inc., net of cash acquired
$0
$0
$0
$0
Acquisition of MK-1045 from Curon Pharmaceutical
$0
($700.0M)
—
—
Acquisition of Prometheus Biosciences, Inc., net of cash acquired
$0
($1.3B)
($10.7B)
$0
Acquisition of Imago BioSciences Inc., net of cash acquired
$0
—
($1.3B)
—
Other
($58.0M)
($127.0M)
($36.0M)
$32.0M
Net Cash Used in Investing Activities
($13.7B)
($7.7B)
$0
$0
Payments on debt
($2.5B)
($1.3B)
($1.8B)
($2.3B)
Proceeds from issuance of debt
$13.9B
$3.6B
$5.9B
$0
Purchases of treasury stock
($5.1B)
($1.3B)
($1.3B)
$0
Dividends paid to stockholders
($8.2B)
($7.8B)
($7.4B)
($7.0B)
Proceeds from exercise of stock options
$92.0M
$177.0M
$125.0M
$384.0M
Other
($131.0M)
($372.0M)
($328.0M)
($240.0M)
Net Cash Used in Financing Activities
($1.9B)
($7.0B)
$0
$0
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
$563.0M
($293.0M)
$23.0M
($410.0M)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
$1.4B
$6.4B
($5.9B)
$4.6B
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (includes $76, $68 and $79 of restricted cash at January 1, 2025, 2024 and 2023, respectively, included in Other current assets)
$13.3B
$6.9B
$12.8B
$8.2B
Cash, Cash Equivalents and Restricted Cash at End of Year (includes $125, $76 and $68 of restricted cash at December 31, 2025, 2024 and 2023, respectively, included in Other current assets)
$14.7B
—
—
—
Merck & Co Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net (loss) income
($5.6B)
($4.2B)
$15.3B
$9.5B
Amortization
$1.9B
$931.0M
$1.8B
$1.2B
Depreciation
$1.2B
$581.0M
$1.6B
$1.0B
Income from investments in equity securities, net
($411.0M)
($168.0M)
($563.0M)
($189.0M)
Charges for research and development asset acquisitions
$13.8B
$8.5B
$0
$0
Deferred income taxes
($859.0M)
($315.0M)
($846.0M)
($634.0M)
Share-based compensation
$483.0M
$185.0M
$615.0M
$411.0M
Other
($61.0M)
$20.0M
$393.0M
$444.0M
Net changes in assets and liabilities
($1.2B)
($1.6B)
($4.7B)
($6.0B)
Net Cash Provided by Operating Activities
$9.3B
$3.9B
$13.6B
$5.8B
Capital expenditures
($1.9B)
($991.0M)
($3.1B)
($2.1B)
Purchases of securities and other investments
($522.0M)
($374.0M)
($1.2B)
($1.2B)
Proceeds from sales of securities and other investments
$1.3B
$0
$1.6B
$1.1B
Acquisition of Cidara Therapeutics, Inc., net of cash acquired
($8.8B)
($8.8B)
$0
$0
Acquisition of Terns Pharmaceuticals, Inc., net of cash acquired
($5.8B)
—
—
—
Other
($88.0M)
($66.0M)
$114.0M
($15.0M)
Net Cash Used in Investing Activities
($15.8B)
($10.2B)
($2.5B)
($2.3B)
Proceeds from term loan
$6.0B
—
—
—
Payments on term loan
($6.0B)
—
—
—
Proceeds from issuance of debt
$6.0B
—
$6.0B
$0
Payments on debt
($1.1B)
($1.1B)
($2.5B)
($2.5B)
Dividends paid to stockholders
($4.2B)
($2.1B)
($6.2B)
($4.1B)
Purchases of treasury stock
($1.6B)
($874.0M)
($3.8B)
($2.5B)
Proceeds from exercise of stock options
$200.0M
$157.0M
$45.0M
$31.0M
Other
($350.0M)
($80.0M)
($252.0M)
($254.0M)
Net Cash Used in Financing Activities
($1.2B)
($3.0B)
($6.7B)
($9.3B)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
($56.0M)
($19.0M)
$540.0M
$530.0M
Net Decrease in Cash, Cash Equivalents and Restricted Cash
($7.8B)
($9.3B)
$4.9B
($5.2B)
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (includes restricted cash of $125 and $76 at January 1, 2026 and 2025, respectively, included in Other current assets)
$14.7B
$14.7B
$13.3B
$13.3B
Cash, Cash Equivalents and Restricted Cash at End of Period (includes restricted cash of $42 and $66 at June 30, 2026 and 2025, respectively, included in Other current assets)