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

	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Loans payable and current portion of long-term debt	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)	6,431)	2,420)	4,718)	6,361)
Trade accounts payable	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)	4,594)	3,744)	3,448)	3,572)
Accrued and other current liabilities	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)	13,053)	11,690)	11,182)	10,932)
Income taxes payable	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)	1,575)	984)	1,266)	1,033)
Dividends payable	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)	1,674)	1,567)	1,564)	1,585)
Current liabilities	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)	27,327)	20,405)	22,178)	23,483)
Long-term debt, excluding current portion	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)	25,360)	26,321)	26,156)	21,637)
Deferred income taxes	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)	1,015)	1,777)	2,091)	1,943)
Other noncurrent liabilities	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)	12,482)	12,027)	12,446)	11,550)
Noncurrent liabilities	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)	38,857)	40,125)	40,693)	35,130)
Total liabilities	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)	66,184)	60,530)	62,871)	58,613)
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)	1,788)
Other paid-in capital	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)	39,588)	39,489)	39,373)	39,697)
Retained earnings	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)	47,362)	51,107)	49,724)	48,272)
Accumulated other comprehensive loss	(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)	(6,634)	(6,383)	(6,393)	(6,391)
Treasury stock, at cost	(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)	(56,787)	(56,815)	(56,850)	(57,161)
Total Merck & Co., Inc. stockholders’ equity	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)	25,317)	29,186)	27,642)	26,205)
Noncontrolling interests	65)	59)	58)	66)	60)	54)	54)	49)	71)	67)	66)	75)	70)	73)	69)	94)	94)	87)	84)	102)	95)
Total equity	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)	25,404)	29,270)	27,744)	26,300)
Total liabilities and equity	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)	91,588)	89,800)	90,615)	84,913)

Loans Payable and Current Portion of Long-Term Debt: The amount fluctuated significantly over the reported periods, starting at a high of $6.361 billion in March 2020, dropping to as low as $887 million in September 2023, and showing intermittent rises thereafter. This volatility suggests periodic repayment and refinancing activities, with a notable decline in late 2023 followed by increases in 2024.
Trade Accounts Payable: This liability exhibited a cyclical pattern with quarterly variations but generally remained in a range between $3.4 billion and $4.6 billion. Peaks tend to occur towards the end of calendar years, possibly reflecting seasonal business cycles.
Accrued and Other Current Liabilities: These liabilities steadily increased from $10.9 billion in early 2020 to a peak of approximately $16.5 billion in late 2024, with some fluctuations. The general upward trend reflects growing short-term obligations, which may align with increases in business activity or timing of expenses.
Income Taxes Payable: The balance varied considerably from $1.0 billion to $5.2 billion, with an overall increasing trend through the periods, especially rising substantially beginning in late 2023. This suggests higher tax liabilities, potentially due to increased profitability or changes in tax planning and payments.
Dividends Payable: Dividends payable remained relatively stable, ranging narrowly between $1.56 billion and $2.08 billion, with small incremental increases over time. This consistency indicates a steady dividend payment policy.
Current Liabilities: Current liabilities saw notable fluctuations, rising sharply at various points to over $29 billion in late 2024 and settling near $25 billion by early 2025. The variations are driven by changes in payables, accrued liabilities, and current debt portions, indicating variable short-term funding requirements.
Long-Term Debt, Excluding Current Portion: Long-term debt levels were generally high, ranging from approximately $21.6 billion to $34.1 billion. There was a marked increase in the latter half of 2021 and parts of 2023, indicating substantial debt issuance or refinancing followed by gradual repayments or amortizations.
Deferred Income Taxes: Deferred income taxes declined from just over $2 billion in early 2020 to below $1 billion in most later periods, with minor fluctuations. This trend may reflect changes in tax timing differences or strategic tax management affecting deferred tax balances.
Other Noncurrent Liabilities: These liabilities decreased gradually from about $11.55 billion in early 2020 to around $6.65 billion by early 2025, suggesting repayment or reclassification of long-term obligations or reduced accrual of such liabilities.
Noncurrent Liabilities: The total noncurrent liabilities showed a declining trend from approximately $40.7 billion in early 2021 toward about $41.5 billion in early 2025, with a significant jump during late 2021 to over $43 billion. This overall stability reflects balancing between debt issuance and repayment alongside other noncurrent liabilities movements.
Total Liabilities: Total liabilities showed considerable volatility, ranging from $58.6 billion in early 2020 to a peak above $72.9 billion in late 2024, before declining somewhat. The fluctuations are due primarily to variations in both current and noncurrent liabilities, indicating active liability management and changing financing needs.
Common Stock and Other Paid-In Capital: Common stock value remained constant at $1.788 billion, reflecting no changes in par value or issued shares. Other paid-in capital stayed relatively stable around $39 to $44.8 billion, suggesting minimal additional equity financings or share repurchases affecting this account.
Retained Earnings: Retained earnings demonstrated a strong upward trajectory from $48.3 billion in Q1 2020 to nearly $66.1 billion by Q1 2025, with some dips notably in 2023. This growth indicates consistent profitability retained within the company over time despite occasional declines likely due to dividend payments or losses during specific quarters.
Accumulated Other Comprehensive Loss: The accumulated other comprehensive loss remained relatively stable around negative $4.3 billion to negative $6.6 billion, with minor fluctuations. This item reflects unrealized losses on certain financial instruments or foreign currency translations that have not materially shifted during the period.
Treasury Stock, at Cost: Treasury stock costs increased slightly in absolute terms (more negative), going from about -$57.2 billion to nearly -$59.4 billion, pointing to ongoing share repurchases or related equity transactions throughout the timeline.
Total Stockholders’ Equity: Equity increased over time, from $26.2 billion in early 2020 to $48.3 billion by early 2025, although with some notable declines in 2023 which may be linked to increased treasury stock or other comprehensive loss fluctuations. The overall upward trend supports solid growth in net assets available to shareholders.
Noncontrolling Interests: Noncontrolling interests remained low and relatively stable between $49 million and $102 million, representing a minor portion of total equity without significant volatility.
Total Equity: Total equity followed a similar pattern to stockholders’ equity, rising from $26.3 billion to $48.4 billion over the five-year span, showing sustained increase in net asset base with some periodic contractions mainly due to treasury stock activities and comprehensive losses.
Total Liabilities and Equity: The consolidated total of liabilities and equity increased from about $84.9 billion in early 2020 to a peak exceeding $117.5 billion in late 2024, subsequently decreasing slightly. This growth reflects both the expansion in liabilities and equity, underlying overall company growth and asset base expansion during this time frame.

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Merck & Co. Inc. (NYSE:MRK)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data