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.
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Merck & Co. Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Merck & Co. Inc., consolidated balance sheet: liabilities and stockholders’ equity (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).
An analysis of the balance sheet reveals a general expansion of the total capital structure, with total liabilities and equity growing from 90,847 million USD in March 2021 to a peak of 136,866 million USD in December 2025, before moderating to 128,685 million USD by March 2026.
- Liability Structure and Debt Trends
- Total liabilities exhibited a long-term upward trajectory, increasing from 63,808 million USD in March 2021 to 82,754 million USD by March 2026. This growth was primarily driven by a significant increase in long-term debt, excluding the current portion, which nearly doubled from 24,002 million USD at the start of the period to 46,673 million USD by March 2026. Current liabilities remained relatively stable for several years but experienced a peak of 29,586 million USD in September 2024. A notable increase is observed in income taxes payable, which rose from 1,490 million USD in March 2021 to 3,946 million USD in March 2026, indicating higher tax obligations over time.
- Equity and Retained Earnings
- Total stockholders' equity demonstrated growth from 26,945 million USD in March 2021 to a peak of 52,606 million USD in December 2025, followed by a contraction to 45,878 million USD in March 2026. Retained earnings followed a similar growth pattern, rising from 48,888 million USD in March 2021 to a peak of 73,075 million USD in December 2025, before declining sharply to 66,721 million USD in the final quarter. This suggest a period of significant profit accumulation followed by a substantial distribution or write-down in early 2026.
- Treasury Stock and Capital Allocation
- A consistent increase in the magnitude of treasury stock is evident, moving from -56,722 million USD in March 2021 to -63,747 million USD in March 2026. This trend indicates an aggressive and sustained share repurchase program, which serves to reduce the number of outstanding shares and offset the growth in retained earnings.
- Comprehensive Loss and Noncontrolling Interests
- Accumulated other comprehensive loss remained relatively stable but negative throughout the period, fluctuating between -4,060 million USD and -6,622 million USD. Noncontrolling interests remained a negligible component of the total equity, consistently staying below 100 million USD across all reported quarters.
Overall, the financial position is characterized by increasing leverage through long-term debt to fund operations and share buybacks, alongside a general expansion of the balance sheet that peaked in late 2025 before experiencing a correction in the first quarter of 2026.