Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Merck & Co. Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	14,565)	13,242)	6,841)	12,694)	8,096)
Short-term investments	—)	447)	252)	498)	—)
Accounts receivable, net of allowance for doubtful accounts	11,775)	10,278)	10,349)	9,450)	9,230)
Inventories, excludes inventories classified in Other assets	6,658)	6,109)	6,358)	5,911)	5,953)
Other current assets	10,518)	8,706)	8,368)	7,169)	6,987)
Current assets	43,516)	38,782)	32,168)	35,722)	30,266)
Investments	956)	463)	252)	1,015)	370)
Property, plant and equipment, at cost, net of accumulated depreciation	25,316)	23,779)	23,051)	21,422)	19,279)
Goodwill	21,579)	21,668)	21,197)	21,204)	21,264)
Other intangibles, net	26,681)	16,370)	18,011)	20,269)	22,933)
Other assets	18,818)	16,044)	11,996)	9,528)	11,582)
Noncurrent assets	93,350)	78,324)	74,507)	73,438)	75,428)
Total assets	136,866)	117,106)	106,675)	109,160)	105,694)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets exhibited a generally increasing trend over the five-year period, moving from US$105.694 billion in 2021 to US$136.866 billion in 2025. However, this growth was not consistent year-over-year, with a slight decrease observed between 2021 and 2022, and again between 2022 and 2023. The most significant increase occurred between 2024 and 2025.

Current Assets: Current assets demonstrated volatility throughout the period. After increasing from US$30.266 billion in 2021 to US$35.722 billion in 2022, they decreased to US$32.168 billion in 2023 before rising substantially to US$38.782 billion in 2024 and further to US$43.516 billion in 2025. This suggests fluctuations in short-term liquidity and operational needs. Cash and cash equivalents experienced a significant increase from 2021 to 2022, followed by a decrease in 2023, and then another increase through 2025. Accounts receivable showed a consistent upward trend, increasing from US$9.230 billion to US$11.775 billion over the period. Other current assets also increased steadily, indicating potential growth in prepaid expenses or other short-term holdings.
Noncurrent Assets: Noncurrent assets generally increased over the period, moving from US$75.428 billion in 2021 to US$93.350 billion in 2025. Property, plant, and equipment, net of accumulated depreciation, showed a consistent, albeit moderate, increase throughout the period, indicating ongoing investment in fixed assets. Goodwill remained relatively stable, with only minor fluctuations. Other intangibles, net, experienced a decrease from 2021 to 2023, followed by a substantial increase in 2025, potentially reflecting acquisitions or changes in the valuation of intangible assets. Other assets also increased, particularly between 2023 and 2025.
Investments: Short-term investments were initially absent in 2021, appearing in 2022 and then decreasing in 2023, with a slight increase in 2024. Long-term investments showed a similar pattern of fluctuation, increasing from US$370 million in 2021 to US$1.015 billion in 2022, decreasing in 2023, and then increasing again through 2025, reaching US$956 million. This suggests active management of the investment portfolio.

The composition of assets shifted slightly over the period. While noncurrent assets represented a larger portion of the total asset base initially, the increasing proportion of current assets, particularly in 2024 and 2025, suggests a potential shift towards greater short-term liquidity or increased operational activity.

Merck & Co. Inc. (NYSE:MRK)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items