Stock Analysis on Net
Stock Analysis on Net

Merck & Co. Inc. (NYSE:MRK)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Merck & Co. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Loans payable and current portion of long-term debt 1.90 1.89 1.08 1.22 1.18 2.26 2.68 2.73 2.91 1.29 0.83 2.72 2.48 1.78 1.81 2.78 1.13 2.28 3.78 2.74 7.98
Trade accounts payable 3.00 3.22 3.20 3.31 3.29 3.48 3.05 3.12 3.32 3.68 3.29 3.29 3.41 3.91 3.15 3.25 3.48 4.36 3.60 4.30 4.44
Accrued and other current liabilities 11.31 10.57 12.49 12.34 11.09 13.40 14.07 13.06 13.32 14.78 13.90 13.16 12.06 12.97 13.28 12.61 13.17 13.11 15.20 14.21 13.11
Income taxes payable 3.07 3.45 3.74 3.54 4.50 3.34 3.68 2.47 2.27 2.48 1.86 1.43 1.74 1.82 1.59 1.34 1.47 1.16 1.02 1.07 1.64
Dividends payable 1.67 1.56 1.58 1.75 1.80 1.78 1.69 1.76 1.90 1.86 1.76 1.80 1.77 1.73 1.65 1.65 1.66 1.67 1.78 1.83 1.84
Current liabilities 20.94% 20.70% 22.10% 22.15% 21.87% 24.27% 25.17% 23.14% 23.71% 24.09% 21.64% 22.39% 21.46% 22.21% 21.48% 21.63% 20.92% 22.59% 25.38% 24.16% 29.02%
Long-term debt, excluding current portion 36.27 34.16 30.85 28.90 29.09 29.43 29.76 30.82 29.42 31.58 31.83 32.61 26.04 26.33 26.60 26.78 28.67 29.04 24.50 26.50 26.42
Deferred income taxes 1.16 1.05 1.07 1.21 1.22 1.18 0.74 0.78 0.87 0.82 0.95 0.95 1.34 1.64 2.26 2.78 2.88 3.26 1.63 1.64 1.33
Other noncurrent liabilities 5.94 5.62 5.91 5.98 5.78 5.52 6.42 6.51 7.81 8.24 6.88 6.95 7.65 7.62 8.09 8.36 9.13 8.93 10.13 10.89 13.47
Noncurrent liabilities 43.37% 40.83% 37.83% 36.10% 36.09% 36.13% 36.91% 38.11% 38.10% 40.63% 39.66% 40.52% 35.03% 35.60% 36.94% 37.92% 40.69% 41.22% 36.26% 39.03% 41.22%
Total liabilities 64.31% 61.52% 59.93% 58.25% 57.96% 60.40% 62.09% 61.25% 61.81% 64.72% 61.30% 62.92% 56.49% 57.81% 58.42% 59.55% 61.61% 63.80% 61.64% 63.18% 70.24%
Common stock, $0.50 par value 1.39 1.31 1.38 1.52 1.55 1.53 1.52 1.59 1.69 1.68 1.68 1.71 1.66 1.64 1.67 1.67 1.68 1.69 1.91 1.97 1.97
Other paid-in capital 35.11 32.90 34.61 37.99 38.93 38.17 37.89 39.39 42.13 41.72 41.56 42.33 41.25 40.66 41.32 41.19 41.51 41.85 47.22 48.56 43.60
Retained earnings 51.85 53.39 55.76 58.27 57.41 53.86 52.23 53.44 53.56 50.52 53.48 51.88 57.55 55.96 55.97 54.57 52.74 50.80 55.29 53.79 53.81
Accumulated other comprehensive loss -3.15 -3.13 -4.02 -4.61 -4.31 -4.22 -4.57 -4.76 -4.98 -4.84 -4.61 -4.69 -4.53 -4.37 -4.43 -4.04 -4.10 -4.19 -4.91 -5.10 -7.29
Treasury stock, at cost -49.54 -46.03 -47.70 -51.48 -51.60 -49.79 -49.20 -50.96 -54.27 -53.86 -53.47 -54.19 -52.49 -51.75 -53.00 -53.01 -53.50 -54.03 -61.23 -62.50 -62.44
Total Merck & Co., Inc. stockholders’ equity 35.65% 38.44% 40.02% 41.69% 41.99% 39.55% 37.86% 38.69% 38.13% 35.23% 38.65% 37.04% 43.45% 42.13% 41.52% 40.38% 38.33% 36.13% 38.28% 36.71% 29.66%
Noncontrolling interests 0.04 0.04 0.04 0.06 0.06 0.05 0.05 0.06 0.06 0.05 0.05 0.05 0.07 0.06 0.06 0.07 0.07 0.07 0.07 0.10 0.10
Total equity 35.69% 38.48% 40.07% 41.75% 42.04% 39.60% 37.91% 38.75% 38.19% 35.28% 38.70% 37.08% 43.51% 42.19% 41.58% 40.45% 38.39% 36.20% 38.36% 36.82% 29.76%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The overall capital structure exhibits a fluctuating trend in leverage over the analyzed period. Total liabilities decreased from an initial high of 70.24% in March 2021 to a low of 56.49% by March 2023, before trending upward again to reach 64.31% by March 31, 2026. Consequently, total equity followed an inverse trajectory, peaking at 43.51% in March 2023 and declining to 35.69% by the end of the period.

Long-Term Debt Obligations
A significant increase in long-term debt, excluding the current portion, is observed toward the end of the timeline. After remaining relatively stable between 24% and 30% for several years, this component rose to 36.27% by March 31, 2026, indicating a strategic shift toward increased long-term borrowing to finance operations or acquisitions.
Current Liability Composition
Current liabilities remained relatively stable, generally oscillating between 20% and 25% of total liabilities and equity. Accrued and other current liabilities constitute the largest portion of this category, consistently ranging between 10% and 15%. Income taxes payable showed a modest increase in the latter half of the period, rising from approximately 1.4% in 2022 to a peak of 4.50% in March 2024.
Equity and Shareholder Value
Retained earnings remained a primary driver of equity, though they experienced volatility, fluctuating between 50.52% and 58.27%. A substantial negative balance in treasury stock is maintained throughout the period, ranging from -46.03% to -62.50%, which suggests a consistent and aggressive share repurchase program. Other paid-in capital showed a gradual downward trend, decreasing from 48.56% in June 2021 to 35.11% by March 2026.
Noncurrent Liability Trends
Other noncurrent liabilities experienced a steady decline, falling from 13.47% in March 2021 to 5.94% by March 2026. This reduction offset some of the growth in long-term debt, although the overall trajectory of noncurrent liabilities turned upward in the final quarters, reaching 43.37% by March 31, 2026.

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