Balance Sheet: Liabilities and Stockholders’ Equity
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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	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	2,589)	1,405)	1,434)	1,360)	2,649)	3,149)	3,071)	3,077)	1,372)	887)	2,839)	2,672)	1,946)	1,936)	2,979)	1,208)	2,412)	3,534)	2,488)	7,251)
Trade accounts payable	4,404)	4,147)	3,892)	3,784)	4,079)	3,586)	3,519)	3,514)	3,922)	3,509)	3,442)	3,680)	4,264)	3,371)	3,482)	3,715)	4,609)	3,366)	3,897)	4,034)
Accrued and other current liabilities	14,468)	16,186)	14,502)	12,772)	15,694)	16,539)	14,712)	14,102)	15,766)	14,840)	13,747)	13,000)	14,159)	14,222)	13,501)	14,051)	13,859)	14,214)	12,888)	11,911)
Income taxes payable	4,726)	4,848)	4,156)	5,181)	3,914)	4,330)	2,777)	2,398)	2,649)	1,981)	1,489)	1,872)	1,986)	1,698)	1,438)	1,571)	1,224)	954)	971)	1,490)
Dividends payable	2,140)	2,042)	2,053)	2,077)	2,084)	1,982)	1,981)	2,008)	1,985)	1,877)	1,877)	1,907)	1,884)	1,771)	1,768)	1,771)	1,768)	1,660)	1,662)	1,675)
Current liabilities	28,327)	28,628)	26,037)	25,174)	28,420)	29,586)	26,060)	25,099)	25,694)	23,094)	23,394)	23,131)	24,239)	22,998)	23,168)	22,316)	23,872)	23,728)	21,906)	26,361)
Long-term debt, excluding current portion	46,750)	39,969)	33,968)	33,484)	34,462)	34,982)	34,717)	31,142)	33,683)	33,972)	34,072)	28,074)	28,745)	28,482)	28,684)	30,586)	30,690)	22,907)	24,033)	24,002)
Deferred income taxes	1,439)	1,381)	1,427)	1,409)	1,387)	864)	876)	922)	871)	1,018)	996)	1,442)	1,795)	2,417)	2,974)	3,071)	3,441)	1,527)	1,489)	1,204)
Other noncurrent liabilities	7,688)	7,661)	7,031)	6,655)	6,465)	7,540)	7,329)	8,262)	8,792)	7,343)	7,265)	8,244)	8,323)	8,660)	8,951)	9,742)	9,434)	9,469)	9,872)	12,241)
Noncurrent liabilities	55,877)	49,011)	42,426)	41,548)	42,314)	43,386)	42,922)	40,326)	43,346)	42,333)	42,333)	37,760)	38,863)	39,559)	40,609)	43,399)	43,565)	33,903)	35,394)	37,447)
Total liabilities	84,204)	77,639)	68,463)	66,722)	70,734)	72,972)	68,982)	65,425)	69,040)	65,427)	65,727)	60,891)	63,102)	62,557)	63,777)	65,715)	67,437)	57,631)	57,300)	63,808)
Common stock, $0.50 par value	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)	1,788)
Other paid-in capital	45,029)	44,832)	44,644)	44,816)	44,704)	44,530)	44,362)	44,598)	44,509)	44,358)	44,219)	44,467)	44,379)	44,243)	44,115)	44,275)	44,238)	44,149)	44,039)	39,613)
Retained earnings	73,075)	72,231)	68,477)	66,097)	63,069)	61,384)	60,187)	56,697)	53,895)	57,082)	54,198)	62,039)	61,081)	59,928)	58,437)	56,252)	53,696)	51,691)	48,777)	48,888)
Accumulated other comprehensive loss	(4,287)	(5,202)	(5,421)	(4,965)	(4,945)	(5,371)	(5,361)	(5,274)	(5,161)	(4,916)	(4,900)	(4,883)	(4,768)	(4,743)	(4,327)	(4,369)	(4,429)	(4,590)	(4,628)	(6,622)
Treasury stock, at cost	(62,999)	(61,799)	(60,495)	(59,401)	(58,303)	(57,829)	(57,394)	(57,445)	(57,450)	(57,066)	(56,612)	(56,577)	(56,489)	(56,758)	(56,770)	(57,063)	(57,109)	(57,244)	(56,682)	(56,722)
Total Merck & Co., Inc. stockholders’ equity	52,606)	51,850)	48,993)	48,335)	46,313)	44,502)	43,582)	40,364)	37,581)	41,246)	38,693)	46,834)	45,991)	44,458)	43,243)	40,883)	38,184)	35,794)	33,294)	26,945)
Noncontrolling interests	56)	57)	67)	65)	59)	58)	66)	60)	54)	54)	49)	71)	67)	66)	75)	70)	73)	69)	94)	94)
Total equity	52,662)	51,907)	49,060)	48,400)	46,372)	44,560)	43,648)	40,424)	37,635)	41,300)	38,742)	46,905)	46,058)	44,524)	43,318)	40,953)	38,257)	35,863)	33,388)	27,039)
Total liabilities and equity	136,866)	129,546)	117,523)	115,122)	117,106)	117,532)	112,630)	105,849)	106,675)	106,727)	104,469)	107,796)	109,160)	107,081)	107,095)	106,668)	105,694)	93,494)	90,688)	90,847)

The balance sheet reveals notable shifts in the company’s liabilities and stockholders’ equity between March 2021 and December 2025. Total liabilities demonstrate an overall increasing trend, punctuated by periods of relative stability. Stockholders’ equity also generally increased, though with more pronounced fluctuations, particularly in the latter half of the observed period.

Loans Payable and Current Portion of Long-Term Debt: This line item exhibited significant volatility. Beginning at US$7.251 billion in March 2021, it decreased substantially to US$1.208 billion by March 2022. A subsequent increase occurred, peaking at US$3.077 billion in March 2023, before declining again to US$1.360 billion in March 2025. This suggests active debt management and potentially strategic borrowing and repayment cycles.
Trade Accounts Payable: Trade accounts payable remained relatively stable, fluctuating between approximately US$3.366 billion and US$4.609 billion throughout the period. A slight upward trend is observable towards the end of the period, reaching US$4.404 billion in December 2023 and US$4.147 billion in September 2025.
Accrued and Other Current Liabilities: Accrued and other current liabilities consistently represented a substantial portion of current liabilities, generally ranging from US$11.911 billion to US$16.539 billion. An increasing trend is evident, particularly from March 2023 onwards, culminating in US$14.468 billion in December 2025. This increase may reflect changes in operational practices or accrual accounting policies.
Income Taxes Payable: Income taxes payable showed considerable variation, influenced likely by tax obligations and timing of payments. The values ranged from US$954 billion to US$2.649 billion. A notable peak occurred in December 2023 at US$2.649 billion, followed by a decrease to US$4.726 billion in December 2025.
Dividends Payable: Dividends payable remained relatively consistent, fluctuating around US$1.660 billion to US$2.140 billion. A gradual increase is observed over the period, with the highest value recorded in December 2025 at US$2.140 billion, indicating a potential commitment to returning value to shareholders.
Current Liabilities: Current liabilities generally decreased from US$26.361 billion in March 2021 to US$21.906 billion in June 2021, then increased to US$25.694 billion in December 2023, before decreasing to US$28.327 billion in December 2025. The fluctuations correlate with the changes in the individual current liability components.
Long-Term Debt, Excluding Current Portion: Long-term debt remained relatively stable, fluctuating between approximately US$22.907 billion and US$34.072 billion. A significant increase occurred between September 2021 and December 2021, followed by a period of relative stability. A further increase is observed towards the end of the period, reaching US$46.750 billion in December 2023, before decreasing to US$46.313 billion in December 2025.
Deferred Income Taxes and Other Noncurrent Liabilities: Both deferred income taxes and other noncurrent liabilities exhibited decreasing trends over the period. Deferred income taxes decreased from US$1.204 billion to US$1.439 billion, while other noncurrent liabilities decreased from US$12.241 billion to US$7.688 billion. These decreases may indicate changes in tax strategies or the resolution of long-term obligations.
Noncurrent Liabilities and Total Liabilities: Noncurrent liabilities decreased from US$37.447 billion to US$38.863 billion, then increased to US$55.877 billion in December 2025. Total liabilities followed a similar pattern, increasing from US$63.808 billion to US$84.204 billion in December 2025. The increases in long-term debt and accrued liabilities contributed to this overall rise.
Total Stockholders’ Equity: Total stockholders’ equity demonstrated an overall increasing trend, rising from US$26.945 billion in March 2021 to US$52.662 billion in December 2025. However, there were periods of fluctuation, particularly between September 2022 and March 2023, likely influenced by changes in retained earnings and accumulated other comprehensive loss. Retained earnings were the largest component of equity and contributed significantly to the overall increase.
Total Liabilities and Equity: Total liabilities and equity increased from US$90.847 billion in March 2021 to US$136.866 billion in December 2025, reflecting the combined effects of the changes in liabilities and stockholders’ equity. This indicates overall growth in the company’s financial size.

AI Ask an analyst for more

Download chart

Merck & Co. Inc. (NYSE:MRK)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data