Merck Cash Flow Statement
NYSE: MRKHealth CareBiotechnology: Pharmaceutical PreparationsUSD
At close: Oct 9, 4:02 PM ET · Delayed 15 min
Pre-market: 145.52 -0.03%
Merck free cash flow
In fiscal 2025, Merck generated $16.47 billion of operating cash flow and spent $4.11 billion on capital expenditures. That left free cash flow of $12.36 billion, a free-cash-flow margin of 19.0% of revenue. Free cash flow was down 31.7% from the prior year's $18.10 billion.
Merck returned $13.26 billion to shareholders: $8.18 billion in dividends and $5.08 billion in share repurchases, equal to 107% of free cash flow. Free cash flow covered dividend payments 1.5 times.
Summary generated from market data by MetaCap's automated system. Methodology
Merck cash flow statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 18.26B | 17.13B | 377.00M | 14.53B | 13.05B | 7.08B | 9.78B | 6.19B | 2.42B | 3.94B |
| Net Income growth (YoY) | +6.60% | +4444.56% | -97.40% | +11.32% | +84.26% | -27.56% | +57.87% | +156.12% | -38.65% | -11.62% |
| Depreciation & Amortization | 3.04B | 2.10B | 1.83B | 1.82B | 1.58B | 1.67B | 3.65B | 4.52B | 4.68B | 5.47B |
| Stock-Based Compensation | 820.00M | 761.00M | 645.00M | 541.00M | 479.00M | 441.00M | 388.00M | 348.00M | 312.00M | 300.00M |
| Change in Working Capital | -1.97B | -946.00M | -1.89B | -1.64B | -1.82B | -1.83B | -671.00M | -1.36B | 283.00M | -944.00M |
| Operating Cash Flow | 16.47B | 21.47B | 13.01B | 19.09B | 13.12B | 10.25B | 13.44B | 10.92B | 6.45B | 10.38B |
| Capital Expenditures | -4.11B | -3.37B | -3.86B | -4.39B | -4.45B | -4.43B | -3.37B | -2.62B | -1.89B | -1.61B |
| Investing Cash Flow | -13.74B | -7.73B | -14.08B | -4.96B | -16.42B | -9.44B | -2.63B | 4.31B | 2.68B | -3.21B |
| Dividends Paid | -8.18B | -7.84B | -7.45B | -7.01B | -6.61B | -6.21B | -5.70B | -5.17B | -5.17B | -5.12B |
| Share Repurchases | -5.08B | -1.31B | -1.35B | 0 | -840.00M | -1.28B | -4.78B | -9.09B | -4.01B | -3.43B |
| Debt Issued | 13.88B | 3.60B | 5.94B | 0 | 7.94B | 4.42B | 4.96B | 0 | 0 | 1.08B |
| Debt Repaid | -2.50B | -1.29B | -1.75B | -2.25B | -2.32B | -1.96B | 0 | -4.29B | -1.10B | -2.39B |
| Financing Cash Flow | -1.92B | -7.03B | -4.81B | -9.12B | 3.10B | -2.83B | -8.86B | -13.16B | -10.01B | -9.04B |
| Net Change in Cash | 1.37B | 6.41B | -5.86B | 4.61B | 14.00M | -1.77B | 1.97B | 1.87B | -419.00M | -2.01B |
| Free Cash Flow | 12.36B | 18.10B | 9.14B | 14.71B | 8.67B | 5.82B | 10.07B | 8.31B | 4.56B | 8.76B |
This table shows 10 annual periods of Merck's cash flow statement, from FY 2025 back to FY 2016, across 14 line items including net income, depreciation & amortization, stock-based compensation. Values in USD; B = billions, M = millions. Fiscal periods follow MRK's reporting calendar. What is a cash flow statement?