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.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Debt
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Merck & Co. Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 net income demonstrated considerable volatility over the periods analyzed. Initial quarters in 2020 showed positive net income, followed by a significant loss in the fourth quarter of 2020. Afterward, net income mostly recovered with fluctuations, including another substantial loss in the fourth quarter of 2022 and early 2023. The most recent quarters show a return to positive and increasing net income, with a peak observed in mid-2024.
- Amortization and Depreciation
- Amortization expenses appeared from mid-2020 onwards, generally fluctuating around 400 to 700 million USD per quarter without a distinct upward or downward trend. Depreciation remained relatively stable around 400 to 550 million USD per quarter, with slight incremental growth noted towards the latter periods.
- Intangible Asset Impairment Charges
- Significant impairment charges were reported sporadically, notably very high in the end of 2020, and again with spikes in late 2021 and 2022. These charges were irregular, indicating possible write-downs associated with specific assets or business units.
- Investment Income (Loss) from Equity Securities
- Investment income from equity securities showed a pattern of alternating gains and losses. Large losses were evident in late 2020, with subsequent recoveries and gains in 2022. Variability in these values suggests exposure to market fluctuations or investment portfolio restructuring.
- Research and Development Asset Acquisition
- This cost item appeared intermittently with notable peaks, especially in mid-2023 with a very large acquisition-related charge, indicating significant investment in R&D assets during that time frame.
- Deferred Income Taxes
- Deferred tax balances showed a downward trend with some recovery attempts. Negative values dominated after 2020, reflecting deferred tax liabilities or valuation allowances affecting future taxable income.
- Share-Based Compensation
- Share-based compensation expenses steadily increased over the period, reaching approximately 190 to 200 million USD in recent quarters, indicating expanding employee incentives or stock compensation programs.
- Other Adjustments
- Other income and expenses along with net changes in assets and liabilities revealed significant fluctuations without a clear pattern, including large negative adjustments in some quarters, possibly reflecting operational or balance sheet management activities.
- Cash Flows from Operating Activities
- Operating cash flow generally showed strength and growth, with some quarters reaching over 9 billion USD. However, sharp declines occurred in certain quarters, such as a steep drop in early 2023, indicating uneven cash generation from operations.
- Capital Expenditures
- Capital expenditures remained relatively consistent, mostly between 800 to 1,300 million USD per quarter, illustrating steady ongoing investments in property, plant, and equipment with no drastic variations.
- Investing Activities
- Investing cash flows were predominantly negative, influenced by multiple significant acquisitions, such as the large purchase of Prometheus Biosciences in late 2021 and Acceleron Pharma in 2020. These acquisitions led to spikes in cash used in investing activities. Periodic purchases and sales of securities introduced variability in investing cash flows.
- Financing Activities
- Financing cash flows fluctuated significantly, with periods of large debt issuance and subsequent repayments. Dividend payments steadily increased over the period, reflecting a consistent return to shareholders. Treasury stock purchases were notable in several quarters, indicating active share repurchase programs. A major distribution from a subsidiary in mid-2021 notably impacted financing cash flow positively.
- Net Cash Position
- The overall net change in cash and equivalents showed high volatility with alternating positive and negative fluctuations. Notably, there were large cash inflows in some quarters, offset by steep decreases in others, suggesting dynamic liquidity management amid operating, investing, and financing activities.
- Additional Observations
- Exchange rate effects on cash flows were inconsistent, with both positive and negative impacts observed over the analyzed periods. Large one-time charges and acquisition costs heavily influenced the cash flow profile, creating spikes and troughs inconsistent with operating performance alone.