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:
- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Sales (P/S) 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: 2026-06-30), 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).
The overall financial position is characterized by a significant expansion of the balance sheet, with total liabilities and equity increasing from 90,847 million USD in March 2021 to 129,802 million USD by June 2026. This growth is primarily driven by a substantial increase in long-term leverage and a fluctuating equity base.
- Debt and Long-Term Obligations
- A pronounced upward trend in long-term debt is observed, with the balance excluding the current portion rising from 24,002 million USD in March 2021 to 51,081 million USD in June 2026. This represents more than a doubling of long-term borrowing over the period. A particularly sharp escalation occurred between September 2025 and June 2026, where debt levels climbed from 39,969 million USD to 51,081 million USD.
- Current Liabilities and Liquidity Obligations
- Current liabilities exhibited moderate volatility, generally trending upward from 26,361 million USD in March 2021 to 27,731 million USD in June 2026. Accrued and other current liabilities remained a dominant component of short-term obligations, peaking at 16,539 million USD in September 2024. Income taxes payable showed a marked increase over the long term, rising from approximately 1,490 million USD in early 2021 to consistently exceed 4,000 million USD between March 2025 and June 2026.
- Stockholders' Equity and Capital Structure
- Total stockholders' equity followed a non-linear trajectory, increasing from 26,945 million USD in March 2021 to a peak of 52,606 million USD in December 2025, before contracting to 41,933 million USD by June 2026. This recent decline is mirrored in retained earnings, which fell from 73,075 million USD in December 2025 to 63,269 million USD in June 2026, suggesting significant distributions or losses in the final two quarters of the period.
- Share Repurchase Activity
- Treasury stock reflects a consistent and aggressive share buyback strategy. The cost of treasury stock increased steadily from 56,722 million USD in March 2021 to 64,132 million USD in June 2026, indicating a continuous commitment to returning capital to shareholders through equity reductions.
- Total Liability Profile
- Total liabilities grew from 63,808 million USD in March 2021 to 87,818 million USD in June 2026. The composition of these liabilities shifted increasingly toward long-term debt, which became the primary driver of the total liability increase, while current liabilities remained relatively stable by comparison.