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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Merck & Co. Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Merck & Co. Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
Operational cash flow exhibits significant volatility over the analyzed period, primarily driven by non-cash adjustments and strategic charges. While net income from continuing operations shows sharp fluctuations—including substantial losses in June 2023, December 2023, and March 2026—the net cash provided by operating activities remains predominantly positive. A notable divergence is observed in June 2023, where a net loss of 5.97 billion US dollars was offset by a large adjustment for research and development asset acquisition charges of 10.22 billion US dollars, contributing to a positive operating cash flow of 3.70 billion US dollars.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities reached a peak of 9.29 billion US dollars in September 2024, though it experienced a sharp decline to 246 million US dollars in December 2023. Depreciation and amortization expenses show a general upward trajectory, with depreciation spiking to 1.49 billion US dollars in December 2025. Share-based compensation has remained relatively stable, gradually increasing from approximately 111 million US dollars per quarter in early 2021 to around 185-205 million US dollars by 2026.
- Investment and Acquisition Strategy
- A consistent pattern of aggressive inorganic growth is evident through substantial acquisition outlays. Major capital deployments include Acceleron Pharma (11.17 billion US dollars in June 2022), Prometheus Biosciences (10.71 billion US dollars in September 2023), Verona Pharma (10.04 billion US dollars in March 2026), and Cidara Therapeutics (8.78 billion US dollars in March 2026). Capital expenditures for infrastructure remain steady, typically ranging between 750 million and 1.3 billion US dollars per quarter.
- Financing and Capital Structure
- The company maintains a disciplined approach to shareholder returns. Dividend payments have increased steadily from 1.65 billion US dollars per quarter in March 2021 to 2.11 billion US dollars per quarter by March 2026. Treasury stock purchases have also increased in volume, peaking at 1.35 billion US dollars in March 2025. To fund acquisitions and maintain liquidity, the company utilizes periodic large-scale debt issuances, such as the 7.94 billion US dollars raised in December 2021 and the 7.92 billion US dollars raised in March 2026.
The overall cash position is characterized by high volatility resulting from the timing of multi-billion dollar acquisitions and the subsequent issuance of debt to balance the capital structure. The most significant liquidity event occurred in June 2021 with a 9 billion US dollar distribution from Organon & Co. By the end of the period, the company demonstrates a cycle of utilizing strong operational cash flows and debt markets to fuel a continuous pipeline of strategic acquisitions while simultaneously increasing payouts to shareholders.