Merck & Co. cash flow statement

In fiscal 2025, Merck & Co.'s operations generated $16.47bn of cash; it spent $4.11bn on capital projects, leaving free cash flow of $12.36bn. It returned $8.18bn in dividends and $5.08bn through buybacks.

Cash flow statement

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

Merck & Co.: cash flow statement, 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 from operations	7.0	6.6	3.4	10.8	10.4	6.5	10.9	13.4	10.3	13.1	19.1	13.0	21.5	16.5	20.0
Depreciation and amortisation	2.0	1.6	2.6	7.4	5.5	4.7	4.5	3.7	1.7	1.6	1.8	1.8	2.1	3.0	3.2
Stock-based pay	0.3	0.3	0.4	0.5	0.3	0.3	0.3	0.4	0.4	0.5	0.5	0.6	0.8	0.8	0.9
Capital spending	1.0	1.3	1.5	1.7	1.6	1.9	2.6	3.4	4.4	4.4	4.4	3.9	3.4	4.1	3.9
Free cash flow	6.0	5.3	1.9	9.1	8.8	4.6	8.3	10.1	5.8	8.7	14.7	9.1	18.1	12.4	16.1
Free cash flow after stock pay	5.7	4.9	1.5	8.6	8.5	4.3	8.0	9.7	5.4	8.2	14.2	8.5	17.3	11.5	15.2
Dividends paid	3.3	3.3	3.2	4.7	5.1	5.2	5.2	5.7	6.2	6.6	7.0	7.4	7.8	8.2	8.3
Share buybacks	1.4	2.7	0.0	1.6	3.4	4.0	9.1	4.8	1.3	0.8	0.0	1.3	1.3	5.1	4.2

US$ millions unless shown otherwise. Fiscal quarters.

Merck & Co.: cash flow statement, 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
Cash from operations	9,291	3,450	2,500	3,293	7,822	2,857	3,918	5,370
Depreciation and amortisation	553	522	502	518	532	1,493	581	599
Stock-based pay	195	187	195	216	204	205	185	298
Capital spending	783	937	1,328	764	987	1,033	991	893
Free cash flow	8,508	2,513	1,172	2,529	6,835	1,824	2,927	4,477
Free cash flow after stock pay	8,313	2,326	977	2,313	6,631	1,619	2,742	4,179

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.