Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
Paying user area
Try for free
Merck & Co. Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Merck & Co. Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Merck & Co. Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income from Continuing Operations
- The company's net income exhibits considerable volatility over the periods analyzed. Initial quarters in 2020 show positive results; however, a significant loss appears at the end of 2020. Recovery follows in early 2021 with fluctuating but generally positive income through 2022. The data reveals another sharp loss in the first quarter of 2023, indicating potential operational or market challenges. Subsequent quarters show recovery with earnings reaching new highs towards the end of 2024 and into 2025, demonstrating resilience and possibly the impact of strategic changes or market conditions.
- Amortization and Depreciation
- Both amortization and depreciation expenses show a generally steady pattern, with amortization fluctuating between approximately 350 and 675 million US dollars and depreciation hovering around 370 to 550 million US dollars. There is no clear directional trend, suggesting stable asset bases and consistent expensing policies.
- Intangible Asset Impairment Charges
- Impairment charges have been episodic, with significant spikes in late 2020 and late 2022. These indicate occasional write-downs of intangible assets, possibly reflecting changes in asset valuation or shifting strategic priorities.
- Investments in Equity Securities
- The income and loss related to investments in equity securities have swung between losses and gains, with notable losses in mid-2020 and gains in early to mid-2022. This variability suggests exposure to market risk within the investment portfolio.
- Research and Development Asset Acquisition Charges
- Research and development asset acquisition charges have large discrete values, particularly spikes in mid-2023 and early 2024, pointing to significant investment in R&D assets. These spikes may coincide with acquisitions or development of new products.
- Deferred Income Taxes
- Deferred income taxes data oscillate between positive and negative territory, with some large negative values particularly noticeable toward 2023 and 2024. This suggests tax timing differences and possible changes in tax strategies over time.
- Share-Based Compensation
- Share-based compensation increased gradually over the period, indicating a possible trend of increased employee incentives or retention efforts.
- Other Operational Adjustments
- Other operational items and net changes in assets and liabilities fluctuate widely, sometimes dramatically, including large negative adjustments in 2023 and 2024. This reflects underlying volatility in working capital and other non-operating factors affecting cash flows.
- Net Cash Provided by Operating Activities
- Operating cash flow demonstrates well-defined fluctuations, with significant peaks in late 2023 and throughout 2024. These peaks appear somewhat disconnected from net income figures, implying strong cash conversion or non-cash adjustments enhancing liquidity despite income volatility.
- Capital Expenditures
- Capital expenditures remain consistently negative, ranging primarily between approximately 650 and 1,300 million US dollars per quarter. This steady outflow highlights ongoing investment in fixed assets.
- Investing Activities
- Net cash used in investing activities is marked by large outflows, particularly in 2021 due to multiple acquisitions, including notable purchases of companies and technologies. These acquisitions suggest an active growth strategy through M&A.
- Financing Activities
- Financing cash flows have experienced significant variability with large inflows from debt issuance at several points and heavy outflows from debt repayments, dividends, and stock repurchases. Dividend payments consistently increase slightly over time, indicating commitment to shareholder returns. Debt-related cash flows indicate periods of active refinancing or capital structure adjustments.
- Share Repurchase and Dividend Policy
- The company maintained active stock buyback programs with substantial purchases over many quarters, peaking notably between late 2023 and 2025. Dividends paid increase moderately, reflecting an ongoing policy of returning capital to shareholders.
- Cash and Cash Equivalents
- The net change in cash and equivalents shows pronounced volatility, with periods of strong increases interspersed with sharp decreases. Particularly notable is the large positive change in early 2025, pointing to a significant liquidity event or operational improvement.
- Effect of Exchange Rate Changes
- Foreign exchange effects on cash have fluctuated moderately, with both positive and negative impacts across different quarters, implying exposure to currency risk in international operations.