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: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Aggregate Accruals
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Merck & Co. Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 cash flow statements reveal fluctuating performance over the observed period, spanning from March 2021 to December 2025. Operating activities generally provide a positive cash flow, though with significant variability. Investing activities consistently represent a cash outflow, with substantial increases in cash used in later periods, largely driven by acquisitions. Financing activities demonstrate considerable fluctuation, alternating between providing and using cash, influenced by debt issuance, repayments, stock repurchases, and dividend payments.
- Operating Activities
- Net cash provided by operating activities generally remained positive throughout the period, ranging from approximately US$1.2 billion to US$7.8 billion. A notable peak occurred in the September 2023 quarter (US$7.7 billion), followed by a decline in subsequent quarters. The period from March 2021 to June 2022 showed relatively stable operating cash flows, between US$1.2 billion and US$1.9 billion. Adjustments to reconcile net income to operating cash flow were substantial, particularly in June 2023 (US$9.7 billion) and December 2023 (US$1.5 billion), indicating significant non-cash items impacting the overall cash generation. Net income itself exhibited considerable volatility, including a substantial loss in June 2023 (-US$5.97 billion) and December 2023 (-US$1.23 billion).
- Investing Activities
- Investing activities consistently resulted in net cash outflows. The magnitude of these outflows increased significantly over time, peaking in December 2025 at -US$11.2 billion. This escalation is primarily attributable to a series of acquisitions, including substantial outlays in December 2023 (-US$10.04 billion) related to the acquisition of Verona Pharma, and in September 2024 (-US$1.3 billion) related to the acquisition of Eyebiotech Limited. Proceeds from sales of securities and other investments offered some offset, but were insufficient to counteract the large acquisition expenditures. Capital expenditures remained relatively stable, ranging between approximately -US$0.7 billion and -US$1.3 billion per quarter.
- Financing Activities
- Financing activities displayed significant variability. Positive cash flows were observed in several quarters, driven by proceeds from debt issuance, particularly in June 2023 (US$5.9 billion) and December 2025 (US$7.9 billion). However, substantial cash outflows were also present, primarily due to dividend payments (consistently around -US$1.8 to -US$2.1 billion per quarter), share repurchases, and debt repayments. A large net cash inflow was observed in June 2022 (US$3.8 billion), while significant outflows occurred in December 2021 (US$5.2 billion) and December 2024 (US$3.0 billion). The net change in short-term borrowings also contributed to fluctuations in financing cash flows.
- Overall Cash Flow & Key Observations
- The net increase or decrease in cash, cash equivalents, and restricted cash mirrored the combined effects of operating, investing, and financing activities. Periods of strong operating cash flow were often offset by substantial cash outflows from investing activities, particularly related to acquisitions. The company actively engaged in debt financing and share repurchases, alongside consistent dividend payments. Exchange rate changes also had a noticeable, though fluctuating, impact on cash positions. The significant acquisitions in later periods dramatically increased cash outflows from investing activities, resulting in substantial decreases in overall cash balances.