Merck & Co. balance sheet

At the end of fiscal 2025, Merck & Co. had total assets of $136.87bn and shareholders' equity of $52.61bn. It held $14.56bn in cash against $49.34bn of debt: net debt of $34.77bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Merck & Co.: balance sheet, annual
Fiscal year	2007Dec 2007	2008Dec 2008	2009Dec 2009	2010Dec 2010	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	5.3	4.4	9.3	10.9	6.5	6.1	8.0	9.7	8.1	8.1	12.7	6.8	13.2	14.6	6.8
Receivables	—	2.8	6.6	7.3	7.0	6.9	7.1	6.8	6.8	9.2	9.5	10.3	10.3	11.8	12.6
Inventory	—	2.1	8.0	5.9	4.9	5.1	5.4	6.0	5.6	6.0	5.9	6.4	6.1	6.7	6.2
Total current assets	—	19.1	28.4	29.1	30.6	24.8	25.9	27.5	27.8	30.3	35.7	32.2	38.8	43.5	36.7
Goodwill	—	1.4	12.0	12.4	18.2	18.3	18.3	18.1	18.9	21.3	21.2	21.2	21.7	21.6	21.6
Total assets	—	47.2	112.3	105.8	95.4	87.9	82.6	84.4	91.6	105.7	109.2	106.7	117.1	136.9	129.8
Accounts payable	—	0.6	2.2	2.3	2.8	3.1	3.3	3.7	4.3	4.6	4.3	3.9	4.1	4.4	3.8
Total current liabilities	—	14.3	15.6	15.6	17.2	18.6	22.2	22.2	27.3	23.9	24.2	25.7	28.4	28.3	27.7
Short-term debt	—	2.3	1.4	2.4	0.6	3.1	5.3	3.6	6.4	2.4	1.9	1.4	2.6	2.6	2.8
Long-term debt	—	3.9	16.1	15.5	24.3	21.4	19.8	22.7	25.4	30.7	28.7	33.7	34.5	46.8	51.1
Total debt	0.0	6.2	17.5	17.9	24.8	24.4	25.1	26.3	31.8	33.1	30.7	35.1	37.1	49.3	53.9
Shareholders' equity	20.6	18.8	59.1	54.4	40.1	34.3	26.7	25.9	25.3	38.2	46.0	37.6	46.3	52.6	41.9
Net debt (negative = net cash)	−5.3	1.9	8.2	7.0	18.3	18.3	17.1	16.7	23.8	25.0	18.0	28.3	23.9	34.8	47.1

US$ billions unless shown otherwise. Fiscal quarters.

Merck & Co.: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	11.4	10.3	10.8	11.8	12.1	11.8	12.2	12.6
Inventory	6.2	6.1	6.2	6.6	6.4	6.7	6.5	6.2
Total current assets	40.4	38.8	35.5	37.1	47.6	43.5	35.0	36.7
Goodwill	21.7	21.7	21.7	21.6	21.6	21.6	21.6	21.6
Total assets	117.5	117.1	115.1	117.5	129.5	136.9	128.7	129.8
Accounts payable	3.6	4.1	3.8	3.9	4.1	4.4	3.9	3.8
Total current liabilities	29.6	28.4	25.2	26.0	28.6	28.3	26.9	27.7
Short-term debt	3.1	2.6	1.4	1.4	1.4	2.6	2.4	2.8
Long-term debt	35.0	34.5	33.5	34.0	40.0	46.8	46.7	51.1
Total debt	38.1	37.1	34.8	35.4	41.4	49.3	49.1	53.9
Shareholders' equity	44.5	46.3	48.3	49.0	51.9	52.6	45.9	41.9

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Merck & Co.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Merck & Co.