For the year ending 2025-12-31, MRK had $1,372M increase in cash & cash equivalents over the period. $12,360M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income from continuing operations | - | - | 377 | 14,526 |
| Net income | 18,263 | 17,133 | - | - |
| Amortization | 2,793 | 2,395 | 2,044 | 2,085 |
| Depreciation | 3,045 | 2,104 | 1,828 | 1,824 |
| Intangible asset impairment charges | 55 | 39 | 792 | 1,749 |
| Income from investments in equity securities, net | 368 | 14 | 340 | -1,419 |
| Charge for the acquisition of prometheus biosciences, inc | - | - | 10,217 | - |
| Charge for the acquisition of imago biosciences, inc | - | - | 1,192 | 0 |
| Charges for certain research and development asset acquisitions | 0 | 3,456 | 0 | 0 |
| Deferred income taxes | -1,671 | -1,249 | -1,899 | -1,568 |
| Share-based compensation | 820 | 761 | 645 | 541 |
| Other | -511 | -510 | -355 | -1,301 |
| Accounts receivable | 1,090 | 244 | 1,148 | 644 |
| Inventories | 1,180 | 835 | 816 | 161 |
| Trade accounts payable | 110 | 182 | -380 | -289 |
| Accrued and other current liabilities | -1,841 | -2,328 | 1,783 | -50 |
| Income taxes payable | 137 | 1,023 | 214 | 380 |
| Noncurrent liabilities | 195 | -49 | 456 | -545 |
| Other | 3,307 | 1,416 | 2,314 | 1,473 |
| Net cash provided by operating activities of continuing operations | - | - | 13,006 | 19,095 |
| Net cash provided by operating activities | 16,472 | 21,468 | - | - |
| Capital expenditures | 4,112 | 3,372 | 3,863 | 4,388 |
| Purchases of securities and other investments | 1,207 | 519 | 955 | - |
| Purchase of seagen inc. common stock | - | - | - | 0 |
| Proceeds from sales of securities and other investments | 1,678 | 377 | 1,658 | - |
| Purchases of securities and other investments | - | - | - | 1,204 |
| Proceeds from sale of seagen inc. common stock | 0 | 0 | 1,145 | - |
| Proceeds from sales of securities and other investments | - | - | - | 721 |
| Acquisition of verona pharma plc, net of cash acquired | 10,042 | 746 | 0 | 121 |
| Acquisition of eyebiotech limited, net of cash acquired | 0 | 0 | 0 | 0 |
| Acquisition of elanco animal health incorporated aqua business | 0 | 1,303 | - | - |
| Acquisition of harpoon therapeutics, inc., net of cash acquired | 0 | 0 | 0 | 0 |
| Acquisition of prometheus biosciences, inc., net of cash acquired | - | - | 10,705 | 0 |
| Acquisition of mk-1045 from curon pharmaceutical | 0 | 700 | - | - |
| Acquisition of prometheus biosciences, inc., net of cash acquired | 0 | 1,344 | 1,327 | 0 |
| Acquisition of imago biosciences inc., net of cash acquired | 0 | - | - | - |
| Other | 58 | 127 | 36 | -32 |
| Net cash used in investing activities of continuing operations | - | - | -14,083 | -4,960 |
| Net change in short-term borrowings | - | - | 0 | 0 |
| Net cash used in investing activities | -13,741 | -7,734 | - | - |
| Payments on debt | 2,503 | 1,290 | 1,755 | 2,251 |
| Proceeds from issuance of debt | - | - | 5,939 | 0 |
| Distribution from organon & co | - | - | 0 | 0 |
| Proceeds from issuance of debt | 13,880 | 3,599 | - | - |
| Purchases of treasury stock | 5,084 | 1,306 | 1,346 | 0 |
| Dividends paid to stockholders | 8,176 | 7,840 | 7,445 | 7,012 |
| Proceeds from exercise of stock options | 92 | 177 | 125 | 384 |
| Other | -131 | -372 | -328 | -240 |
| Net cash (used in) provided by financing activities of continuing operations | - | - | -4,810 | -9,119 |
| Net cash provided by operating activities | - | - | 0 | 0 |
| Net cash used in investing activities | - | - | 0 | 0 |
| Net cash used in financing activities | - | - | 0 | 0 |
| Net cash flows provided by discontinued operations | - | - | 0 | 0 |
| Net cash used in financing activities | -1,922 | -7,032 | - | - |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 563 | -293 | 23 | -410 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 1,372 | 6,409 | -5,864 | 4,606 |
| 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) | 13,318 | 6,909 | 12,773 | 8,167 |
| 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) | 14,690 | 13,318 | 6,909 | 12,773 |
Merck & Co., Inc. (MRK)
Merck & Co., Inc. (MRK)