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)

Microsoft Excel
Jun 30, 2026 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 2.18 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 2.95 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 11.34 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 3.25 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 1.64 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 21.36% 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 39.35 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 1.10 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 5.83 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 46.29% 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 67.66% 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 1.38 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 34.63 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 48.74 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 -3.04 -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 -49.41 -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 32.31% 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 0.04 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 32.34% 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% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 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 analysis of the common-size balance sheet reveals a shifting capital structure characterized by a strategic increase in long-term debt and fluctuating levels of total equity over the observed period.

Total Liabilities and Leverage Trends
Total liabilities remained a dominant component of the balance sheet, starting at 70.24% in March 2021 and ending at 67.66% in June 2026. A period of contraction was observed between 2021 and early 2023, with total liabilities reaching a minimum of 56.49% in March 2023. However, a steady upward trend resumed from late 2024 through mid-2026, indicating a growing reliance on external financing relative to total assets.
Current Liabilities Analysis
Current liabilities showed a general downward trend, decreasing from 29.02% in March 2021 to 21.36% by June 2026. Accrued and other current liabilities remained the most significant component of this category, typically fluctuating between 10.5% and 15.2%. Trade accounts payable remained relatively stable, oscillating between 2.95% and 4.44%. Income taxes payable exhibited increased volatility toward the end of the period, peaking at 4.50% in March 2025 before settling at 3.25% in June 2026.
Noncurrent Liabilities and Long-Term Debt
A significant increase in noncurrent liabilities is evident, rising from 41.22% in March 2021 to 46.29% in June 2026. This growth was driven primarily by long-term debt, excluding the current portion, which climbed from 26.42% to 39.35%. This suggests a strategic shift toward longer-term financing structures. Conversely, other noncurrent liabilities decreased steadily from 13.47% in early 2021 to 5.83% by mid-2026, indicating a reallocation of noncurrent obligations toward formalized debt.
Stockholders' Equity and Components
Total equity experienced a cyclical pattern, increasing from 29.76% in March 2021 to a peak of 43.51% in March 2023, before declining to 32.34% by June 2026. Retained earnings remained a strong positive driver, though they trended downward from a high of 58.27% in June 2022 to 48.74% by June 2026. This decline in total equity is further influenced by a substantial and consistent contra-equity position in treasury stock, which remained heavily negative throughout the period, ranging from -46.03% to -62.50%. Other paid-in capital also saw a gradual decline from 43.60% to 34.63% over the timeframe.

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