For the quarter ending 2026-03-31, MRK had -$9,292M decrease in cash & cash equivalents over the period. $2,927M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net (loss) income | -4,243 | 2,962 | 5,787 | 4,429 |
| Amortization | 931 | 973 | 622 | 601 |
| Depreciation | 581 | 1,493 | 532 | 518 |
| Intangible asset impairment charges | - | 55 | - | - |
| Income from investments in equity securities, net | 168 | -195 | 374 | 99 |
| Charge for research and development asset acquisition | 8,540 | 0 | 0 | 0 |
| Deferred income taxes | -315 | -825 | -212 | -448 |
| Share-based compensation | 185 | 205 | 204 | 216 |
| Other | -20 | -118 | 51 | -335 |
| Accounts receivable | - | 1,090 | - | - |
| Inventories | - | 1,180 | - | - |
| Trade accounts payable | - | 110 | - | - |
| Accrued and other current liabilities | - | -1,841 | - | - |
| Income taxes payable | - | 137 | - | - |
| Noncurrent liabilities | - | 195 | - | - |
| Increase Decrease In Other Operating Capital Net | - | 3,307 | - | - |
| Net changes in assets and liabilities | -47 | - | -6,197 | 7,857 |
| Net cash provided by operating activities | 3,918 | 2,857 | 7,822 | 3,293 |
| Capital expenditures | 991 | 1,033 | 987 | 764 |
| Purchases of securities and other investments | 374 | 0 | 0 | 612 |
| Proceeds from sales of securities and other investments | 0 | 46 | 575 | 601 |
| Proceeds from sale of seagen inc. common stock | - | 0 | - | - |
| Acquisition of cidara therapeutics, inc., net of cash acquired | 8,779 | 10,042 | 0 | 0 |
| Acquisition of eyebiotech limited, net of cash acquired | - | 0 | - | - |
| Acquisition of elanco animal health incorporated aqua business | - | 0 | 0 | - |
| Acquisition of harpoon therapeutics, inc., net of cash acquired | - | 0 | 0 | - |
| Acquisition of mk-1045 from curon pharmaceutical | - | 0 | 0 | - |
| Acquisition of prometheus biosciences, inc., net of cash acquired | - | 0 | - | - |
| Acquisition of imago biosciences inc., net of cash acquired | - | 0 | - | - |
| Other | 66 | 172 | -129 | -5 |
| Net cash used in investing activities | -10,210 | -11,201 | -283 | -770 |
| Net change in short-term borrowings | 998 | - | 15 | 48 |
| Proceeds from issuance of debt | - | 7,918 | 5,962 | 0 |
| Payments on debt | 1,140 | 2 | 1 | 0 |
| Dividends paid to stockholders | 2,105 | 2,018 | 2,031 | 2,077 |
| Purchases of treasury stock | 874 | 1,252 | 1,323 | 1,345 |
| Proceeds from exercise of stock options | 157 | 47 | 14 | 12 |
| Other | -80 | 121 | 2 | -194 |
| Net cash used in financing activities | -2,981 | 4,751 | 2,638 | -3,556 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -19 | 23 | 10 | 374 |
| Net decrease in cash, cash equivalents and restricted cash | -9,292 | -3,570 | 10,187 | -659 |
Merck & Co., Inc. (MRK)
Merck & Co., Inc. (MRK)