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:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Analysis of Revenues
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Merck & Co. Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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).
Over the observed period, the company’s total assets exhibited a generally increasing trend, although with some fluctuations. Initial values around 90.8 billion US dollars in March 2021 rose to a peak of approximately 109.2 billion US dollars by December 2022, before experiencing a dip and subsequent recovery to 136.9 billion US dollars by December 2025. This overall growth was driven by changes in both current and noncurrent asset categories.
- Current Assets
- Current assets demonstrated a fluctuating pattern, beginning at 26.9 billion US dollars in March 2021. They increased to a high of 35.7 billion US dollars in December 2022, then decreased to a low of 29.977 billion US dollars in March 2023. A significant increase was then observed, reaching 47.557 billion US dollars in September 2025. This variability was largely influenced by movements in cash and cash equivalents, and other current assets.
- Cash and Cash Equivalents
- Cash and cash equivalents experienced substantial volatility. Starting at 6.981 billion US dollars in March 2021, it rose to a peak of 12.694 billion US dollars by December 2022, then declined significantly to 5.660 billion US dollars in June 2023. A subsequent increase brought the balance to 18.169 billion US dollars in September 2025, indicating active cash management or significant operational events.
- Accounts Receivable
- Accounts receivable exhibited a generally upward trend, increasing from 8.235 billion US dollars in March 2021 to 12.120 billion US dollars in September 2025. While fluctuations occurred, the overall trajectory suggests growing sales or changes in credit terms. The increase appears relatively consistent throughout the period.
- Inventories
- Inventory levels remained relatively stable, fluctuating between approximately 5.5 billion US dollars and 6.6 billion US dollars throughout the period. A slight upward trend is observable towards the end of the period, reaching 6.658 billion US dollars in December 2025. This suggests consistent inventory management practices.
- Noncurrent Assets
- Noncurrent assets demonstrated a more consistent upward trend compared to current assets. Beginning at 63.9 billion US dollars in March 2021, they increased to 78.3 billion US dollars by December 2022, and continued to rise to 93.4 billion US dollars by December 2025. This growth was primarily driven by increases in goodwill, other intangibles, and property, plant, and equipment.
- Goodwill
- Goodwill remained relatively stable, fluctuating around 21 billion US dollars throughout the observed period. Minor variations were present, but the overall value remained consistent, suggesting limited significant acquisitions or impairments during this timeframe.
- Other Intangibles
- Other intangibles experienced a notable increase over the period, starting at 14.4 billion US dollars in March 2021 and rising to 26.7 billion US dollars by December 2025. This substantial growth suggests significant investment in intellectual property or other intangible assets.
- Property, Plant, and Equipment
- Property, plant, and equipment also showed a consistent upward trend, increasing from 18.3 billion US dollars in March 2021 to 25.3 billion US dollars in December 2025. This indicates ongoing investment in fixed assets, potentially supporting future growth or operational improvements.
In summary, the company’s asset base expanded over the period, with both current and noncurrent assets contributing to the growth. The most significant changes were observed in cash and cash equivalents, other intangibles, and property, plant, and equipment, suggesting strategic financial management and investment in long-term assets.