Balance Sheet: Assets
Quarterly Data
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.
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Merck & Co. Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Merck & Co. Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
Total assets exhibit a general upward trajectory over the analyzed period, increasing from 90.8 billion US dollars in March 2021 to a peak of 136.8 billion US dollars in December 2025, before ending at 128.6 billion US dollars in March 2026. The growth is primarily driven by steady expansions in non-current assets and significant, though volatile, fluctuations in current asset liquidity.
- Current Asset Dynamics
- Current assets grew from 26.9 billion US dollars in March 2021 to a high of 47.5 billion US dollars in September 2025. This trend is characterized by high volatility in cash and cash equivalents, which fluctuated significantly, peaking at 18.1 billion US dollars in September 2025 and dropping to 5.3 billion US dollars by March 2026. In contrast, accounts receivable showed a consistent long-term increase, rising from 8.2 billion US dollars to 12.2 billion US dollars. Inventories remained relatively stable, generally oscillating between 5.4 billion and 6.6 billion US dollars, indicating consistent inventory management relative to growth.
- Fixed Asset and Infrastructure Investment
- Property, plant, and equipment (PP&E) demonstrated a steady and linear growth pattern, increasing from 18.2 billion US dollars in March 2021 to 25.4 billion US dollars in March 2026. This consistent rise suggests a sustained commitment to capital expenditures and the expansion of physical operational capacity over the five-year period.
- Intangible Assets and Goodwill
- Goodwill remained remarkably stable, hovering around 21 billion US dollars for the majority of the period. Other intangible assets exhibited more volatility, with a sharp increase occurring in December 2021, rising from approximately 13.3 billion US dollars to 22.9 billion US dollars. After a period of gradual decline, another significant spike was observed in December 2025, where intangibles reached 26.6 billion US dollars, suggesting strategic acquisitions or asset revaluations.
- Other Asset Growth
- Both other current assets and other non-current assets showed marked growth. Other current assets increased from 5.2 billion US dollars in March 2021 to 10.6 billion US dollars in March 2026. Similarly, other non-current assets nearly doubled, growing from 10.4 billion US dollars to 19.8 billion US dollars over the same timeframe, contributing significantly to the overall increase in the balance sheet size.
- Overall Asset Composition
- The proportion of non-current assets relative to total assets has remained dominant, shifting from approximately 70% of total assets in early 2021 to roughly 73% by March 2026. This indicates a balance sheet heavily weighted toward long-term investments, infrastructure, and intangible value rather than short-term liquid holdings.