← Merck & Co., Inc.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $3.9b $2.4b $6.2b $9.8b $7.1b $13.0b $14.5b $365.0m $17.1b $18.3b
Net Income (Loss) Available to Common Stockholders, Basic $3.9b $2.4b $6.2b $9.8b $7.1b $13.0b $14.5b $365.0m $17.1b $18.3b
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent — — — — — $12.3b $14.5b $365.0m — —
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest — — — — — $12.4b $14.5b $377.0m — —
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent — — — — — $704.0m $0 $0 — —
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest — — — — — $707.0m — — — —
Net Income (Loss) Attributable to Noncontrolling Interest $21.0m $24.0m ($27.0m) ($66.0m) $15.0m $16.0m $7.0m $12.0m $16.0m $9.0m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $3.9b $2.4b $6.2b $9.8b $7.1b — — — $17.1b $18.3b
Amortization — — $3.1b $2.0b $1.9b $1.6b $2.1b $2.0b $2.4b $2.8b
Amortization of Intangible Assets $3.8b $3.2b $2.9b $2.0b $1.9b $1.6b $2.1b $2.0b $2.4b $2.8b
Depreciation $1.6b $1.5b $1.4b $1.7b $1.7b $1.6b $1.8b $1.8b $2.1b $3.0b
Depreciation, Depletion and Amortization $5.4b $4.6b $4.5b $3.7b $1.7b $1.6b $1.8b $1.8b $2.1b $3.0b
Deferred Income Tax Expense (Benefit) ($1.5b) ($2.6b) ($509.0m) ($556.0m) ($668.0m) $187.0m ($1.6b) ($1.9b) ($1.2b) ($1.7b)
Deferred income taxes ($1.5b) ($2.6b) ($509.0m) ($556.0m) ($668.0m) $187.0m ($1.6b) ($1.9b) ($1.2b) ($1.7b)
Goodwill and Intangible Asset Impairment $3.9b $646.0m $296.0m $1.0b $1.7b $302.0m $1.7b $792.0m $39.0m $55.0m
Goodwill, Impairment Loss $47.0m $38.0m $144.0m $162.0m — — — — — —
Impairment of Intangible Assets (Excluding Goodwill) — — — — — — — $792.0m $39.0m $55.0m
Impairment of Intangible Assets, Finite-lived $347.0m $58.0m — $705.0m — — — — — —
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $3.6b $483.0m $152.0m $172.0m — — $1.7b — — —
Intangible asset impairment charges $3.9b $646.0m $296.0m $1.0b $1.7b $302.0m $1.7b $792.0m $39.0m $55.0m
Share-based Payment Arrangement, Expense — — — — — $498.0m — — — —
Share-based Payment Arrangement, Noncash Expense $300.0m $312.0m $348.0m $417.0m $475.0m $479.0m $541.0m $645.0m $761.0m $820.0m
Share-based compensation $300.0m $312.0m $348.0m $417.0m $475.0m $479.0m $541.0m $645.0m $761.0m $820.0m
Equity Method Investment, Realized Gain (Loss) on Disposal $0 — — — — — — — — —
Gain (Loss) on Extinguishment of Debt $0 ($191.0m) — — — — — — — —
Income (Loss) from Equity Method Investments $86.0m $42.0m — ($170.0m) ($1.3b) ($1.9b) $1.4b ($340.0m) ($14.0m) ($368.0m)
Income Tax Expense (Benefit) $718.0m $4.1b $2.5b $1.7b $1.7b $1.5b $1.9b $1.5b $2.8b $2.8b
Interest Expense Nonoperating — — — — — — — — $1.3b $1.4b
Other Nonoperating Income (Expense) ($720.0m) ($12.0m) $402.0m ($139.0m) $886.0m $1.3b ($1.5b) ($466.0m) $24.0m ($151.0m)
Changes in operating assets and liabilities:
Additional Financial Items
Accounts receivable ($619.0m) $297.0m ($418.0m) $294.0m ($1.0b) ($2.0b) ($644.0m) ($1.1b) ($244.0m) ($1.1b)
Accrued and other current liabilities ($2.0b) ($922.0m) ($341.0m) $376.0m ($1.1b) $277.0m ($50.0m) $1.8b ($2.3b) ($1.8b)
Acquisition of Elanco Animal Health Incorporated aqua business — — — — — — $0 $0 ($1.3b) $0
Acquisition of Eyebiotech Limited, net of cash acquired $0 $0 $0 ($3.6b) ($2.5b) ($11.2b) $0 $0 $0 $0
Acquisition of Harpoon Therapeutics, Inc., net of cash acquired $0 $0 $0 ($1.0b) ($2.7b) ($1.6b) $0 $0 $0 $0
Acquisition of Imago BioSciences Inc., net of cash acquired — — — ($3.6b) $0 $0 — ($1.3b) $0 $0
Acquisition of MK-1045 from Curon Pharmaceutical — — — — — — $0 $0 ($700.0m) $0
Acquisition of Prometheus Biosciences, Inc., net of cash acquired — — $0 ($1.0b) $0 $0 $0 ($1.3b) ($1.3b) $0
Acquisition of Verona Pharma plc, net of cash acquired ($780.0m) ($396.0m) ($431.0m) ($294.0m) ($1.4b) ($179.0m) ($121.0m) $0 ($746.0m) ($10.0b)
Charges for certain research and development asset acquisitions — — — $0 $0 $1.6b $0 $0 $3.5b $0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal $0 — — — — — — — — —
Equity Securities, FV-NI, Gain (Loss) — — $324.0m $170.0m $1.3b $1.9b ($1.4b) $340.0m $14.0m $368.0m
Equity Securities, FV-NI, Realized Gain (Loss) — — — — — $1.4b ($1.0b) — — —
Equity Securities, FV-NI, Unrealized Gain (Loss) — — ($35.0m) $160.0m $163.0m ($232.0m) ($462.0m) $411.0m ($30.0m) $474.0m
Foreign Currency Transaction Gain (Loss), Realized $0 $0 — — — — — — — —
Foreign Currency Transaction Gain (Loss), before Tax ($174.0m) $11.0m ($145.0m) ($187.0m) ($145.0m) ($297.0m) ($237.0m) ($370.0m) ($227.0m) ($323.0m)
Gain (Loss) Related to Litigation Settlement ($625.0m) $0 $0 — — — — — — —
Goodwill $18.2b $18.3b $18.3b $19.4b $20.2b $21.3b $21.2b $21.2b $21.7b $21.6b
Income from investments in equity securities, net — — — ($170.0m) ($1.3b) ($1.9b) $1.4b ($340.0m) ($14.0m) ($368.0m)
Income taxes payable $124.0m ($3.3b) $827.0m ($2.4b) $560.0m ($540.0m) $380.0m $214.0m $1.0b $137.0m
Increase (Decrease) in Accounts Receivable $619.0m ($297.0m) $418.0m ($294.0m) $1.0b $2.0b $644.0m $1.1b $244.0m $1.1b
Increase (Decrease) in Inventories ($206.0m) $145.0m $911.0m $508.0m $855.0m $674.0m $161.0m $816.0m $835.0m $1.2b
Inventories $206.0m ($145.0m) ($911.0m) ($508.0m) ($855.0m) ($674.0m) ($161.0m) ($816.0m) ($835.0m) ($1.2b)
Investment Income, Interest $328.0m $385.0m $343.0m $274.0m $59.0m $36.0m $157.0m $365.0m $415.0m $343.0m
Noncurrent liabilities ($809.0m) ($123.0m) ($266.0m) ($237.0m) ($453.0m) $484.0m ($545.0m) $456.0m ($49.0m) $195.0m
Other ($118.0m) ($195.0m) ($325.0m) $5.0m ($436.0m) ($286.0m) ($240.0m) ($328.0m) ($372.0m) ($131.0m)
Proceeds from Stock Options Exercised $939.0m $499.0m $591.0m $361.0m $89.0m $202.0m $384.0m $125.0m $177.0m $92.0m
Proceeds from exercise of stock options $939.0m $499.0m $591.0m $361.0m $89.0m $202.0m $384.0m $125.0m $177.0m $92.0m
Purchases of treasury stock ($3.4b) ($4.0b) ($9.1b) ($4.8b) ($1.3b) ($840.0m) $0 ($1.3b) ($1.3b) ($5.1b)
Trade accounts payable $278.0m $254.0m $230.0m $399.0m $724.0m $405.0m ($289.0m) ($380.0m) $182.0m $110.0m
Net Cash Provided by (Used in) Operating Activities $10.4b $6.4b $10.9b $13.4b $10.3b $987.0m $0 $0 $21.5b $16.5b
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $1.6b $1.9b $2.6b $3.5b $4.7b $4.4b $4.4b $3.9b $3.4b $4.1b
Payments to Acquire Businesses, Net of Cash Acquired $780.0m $396.0m $431.0m $294.0m $1.4b $179.0m $121.0m $0 $746.0m $10.0b
Payments to Acquire Investments — — — — — — — $955.0m $519.0m $1.2b
Purchases of securities and other investments ($15.7b) ($10.7b) ($8.0b) ($3.2b) ($95.0m) ($1.0m) ($1.2b) ($955.0m) ($519.0m) ($1.2b)
Proceeds from sales of securities and other investments $14.4b $15.7b $15.3b $8.6b $2.8b $1.0b $721.0m $1.7b $377.0m $1.7b
Payments for (Proceeds from) Other Investing Activities ($453.0m) ($38.0m) ($102.0m) ($378.0m) ($130.0m) $91.0m ($32.0m) $36.0m $127.0m $58.0m
Net Cash Provided by (Used in) Investing Activities ($3.2b) $2.7b $4.3b ($2.6b) ($9.4b) ($134.0m) $0 $0 ($7.7b) ($13.7b)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt $1.1b $0 $0 $5.0b $4.4b $7.9b $0 $5.9b $3.6b $13.9b
Proceeds from issuance of debt $1.1b $0 $0 $5.0b $4.4b $7.9b $0 $5.9b $3.6b $13.9b
Payments on debt ($2.4b) ($1.1b) ($4.3b) $0 ($2.0b) ($2.3b) ($2.3b) ($1.8b) ($1.3b) ($2.5b)
Repayments of Long-term Debt $2.4b $1.1b $4.3b $0 $2.0b $2.3b $2.3b $1.8b $1.3b $2.5b
Proceeds from sale of Seagen Inc. common stock — — — — — $0 $0 $1.1b $0 $0
Payments for Repurchase of Common Stock $3.4b $4.0b $9.1b $4.8b $1.3b $840.0m $0 $1.3b $1.3b $5.1b
Payments of Ordinary Dividends, Common Stock $5.1b $5.2b $5.2b $5.7b $6.2b $6.6b $7.0b $7.4b $7.8b $8.2b
Dividends Payable, Current $1.3b $1.3b $1.5b $1.6b $1.7b $1.8b $1.9b $2.0b $2.1b $2.1b
Dividends paid to stockholders ($5k) ($5k) ($5k) ($6k) ($6k) ($7k) ($7k) ($7k) ($8k) ($8k)
Proceeds from (Payments for) Other Financing Activities ($118.0m) ($195.0m) ($325.0m) $5.0m ($436.0m) ($286.0m) ($240.0m) ($328.0m) ($372.0m) ($131.0m)
Net Cash Provided by (Used in) Financing Activities ($9.0b) ($10.0b) ($13.2b) ($8.9b) ($2.8b) ($504.0m) $0 $0 ($7.0b) ($1.9b)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash ($131.0m) $457.0m ($205.0m) $17.0m $253.0m ($133.0m) ($410.0m) $23.0m ($293.0m) $563.0m
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents ($131.0m) $457.0m ($205.0m) $17.0m $253.0m ($133.0m) ($410.0m) $23.0m ($293.0m) $563.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect ($131.0m) $457.0m $1.9b $2.0b ($1.8b) $14.0m $4.6b ($5.9b) $6.4b $1.4b
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash ($2.0b) ($419.0m) $1.9b $2.0b ($1.8b) $14.0m $4.6b ($5.9b) $6.4b $1.4b
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (includes $76, $68 and $79 of restricted cash at January 1, 2025, 2024 and 2023, respectively, included in Other current assets) $6.5b $6.1b $8.0b $9.9b $8.2b $8.2b $12.8b $6.9b $13.3b $14.7b
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents ($131.0m) $457.0m $8.0b $9.9b $8.2b $8.2b $12.8b $6.9b $13.3b $14.7b
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities — — — — — — — $1.1b $1.3b $1.3b

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.