Merck & Co., Inc. (MRK) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 35.02B | 43.52B | 47.56B | 37.06B | 35.5B | 38.78B | 40.36B | 38.2B | 31.45B | 32.17B | 31.95B | 29.98B | 33.4B | 35.72B | 33.56B | 32.12B | 31.18B | 30.27B | 31.06B | 28.66B |
| Cash & Short-Term Investments | 5.7B | 14.56B | 18.21B | 8.62B | 9.23B | 13.69B | 14.59B | 11.35B | 5.62B | 7.09B | 8.77B | 6.38B | 10.39B | 13.19B | 11.25B | 10.13B | 8.93B | 8.1B | 10.02B | 8.57B |
| Cash Only | 5.33B | 14.56B | 18.17B | 8.01B | 8.63B | 13.24B | 14.59B | 11.3B | 5.58B | 6.84B | 8.61B | 5.66B | 9.71B | 12.69B | 11.14B | 9.68B | 8.56B | 8.1B | 10.02B | 8.57B |
| Short-Term Investments | 375M | 0 | 45M | 615M | 599M | 447M | 0 | 50M | 40M | 252M | 168M | 718M | 680M | 498M | 103M | 453M | 372M | 0 | 0 | 0 |
| Accounts Receivable | 12.21B | 12.68B | 12.12B | 11.85B | 10.79B | 10.28B | 11.38B | 11.64B | 11.37B | 10.35B | 10.39B | 11.03B | 10.41B | 9.45B | 9.48B | 9.64B | 9.83B | 9.23B | 8.57B | 7.84B |
| Days Sales Outstanding | 68.77 | 69.88 | 64.16 | 65.19 | 60.7 | 63.77 | 63.58 | 64.97 | 62.63 | 65.22 | 61.74 | 64.9 | 61.71 | 62.97 | 58.81 | 60.71 | 53.93 | 60.56 | 57.4 | 64.16 |
| Inventory | 6.48B | 6.66B | 6.44B | 6.6B | 6.2B | 6.11B | 6.24B | 6.47B | 6.51B | 6.36B | 6.13B | 5.93B | 5.86B | 5.91B | 5.61B | 5.54B | 5.77B | 5.95B | 7.98B | 7.91B |
| Days Inventory Outstanding | 200.8 | 125.12 | 143.08 | 151.36 | 142.53 | 148.44 | 143.33 | 157.69 | 165.39 | 146.85 | 130.11 | 133.35 | 134.95 | 136.6 | 130.36 | 122.05 | 98.09 | 165.39 | 211.83 | 241.69 |
| Other Current Assets | 10.62B | 9.49B | 10.78B | 10B | 9.29B | 8.71B | 8.14B | 8.74B | 7.95B | 8.37B | 6.66B | 6.64B | 6.74B | 7.17B | 7.22B | 6.81B | 6.65B | 6.99B | 4.5B | 4.34B |
| Total Non-Current Assets | 93.67B | 93.35B | 81.99B | 80.46B | 79.62B | 78.32B | 77.17B | 74.42B | 74.4B | 74.51B | 74.77B | 74.49B | 74.39B | 73.44B | 73.52B | 74.98B | 75.48B | 75.43B | 62.44B | 62.02B |
| Property, Plant & Equipment | 25.43B | 26.82B | 25.64B | 25.24B | 24.79B | 23.78B | 23.45B | 23.22B | 23.05B | 23.05B | 22.53B | 22.23B | 21.76B | 21.42B | 20.42B | 20.06B | 19.75B | 19.28B | 18.57B | 18.06B |
| Fixed Asset Turnover | 0.62x | 0.62x | 0.68x | 0.63x | 0.64x | 0.66x | 0.71x | 0.70x | 0.68x | 0.64x | 0.71x | 0.68x | 0.67x | 0.66x | 0.74x | 0.73x | 0.81x | 0.71x | 0.72x | 0.63x |
| Goodwill | 21.58B | 21.58B | 21.59B | 21.59B | 21.68B | 21.67B | 21.7B | 21.16B | 21.18B | 21.2B | 21.18B | 21.2B | 21.21B | 21.2B | 21.16B | 21.21B | 21.26B | 21.26B | 18.86B | 18.87B |
| Intangible Assets | 25.75B | 26.68B | 15.31B | 15.19B | 15.76B | 16.37B | 17.01B | 16.98B | 17.57B | 18.01B | 19.2B | 19.66B | 19.86B | 20.27B | 21.37B | 22.5B | 23.02B | 22.93B | 13.38B | 13.62B |
| Long-Term Investments | 1.1B | 2.24B | 1.12B | 774M | 616M | 463M | 575M | 357M | 280M | 252M | 1.31B | 1.21B | 1.29B | 1.01B | 984M | 238M | 316M | 370M | 435M | 411M |
| Other Non-Current Assets | 19.81B | 16.03B | 18.33B | 17.66B | 16.77B | 16.04B | 14.44B | 12.7B | 12.33B | 12B | 10.56B | 10.19B | 10.28B | 9.53B | 9.58B | 10.97B | 11.14B | 11.58B | 11.19B | 11.05B |
| Total Assets | 128.69B | 136.87B | 129.55B | 117.52B | 115.12B | 117.11B | 117.53B | 112.63B | 105.85B | 106.67B | 106.73B | 104.47B | 107.8B | 109.16B | 107.08B | 107.09B | 106.67B | 105.69B | 93.49B | 90.69B |
| Asset Turnover | 0.12x | 0.12x | 0.14x | 0.14x | 0.13x | 0.13x | 0.14x | 0.15x | 0.15x | 0.14x | 0.15x | 0.14x | 0.13x | 0.13x | 0.14x | 0.14x | 0.15x | 0.14x | 0.14x | 0.13x |
| Asset Growth % | 11.78% | 16.87% | 10.22% | 4.34% | 8.76% | 9.78% | 10.12% | 7.81% | -1.81% | -2.28% | -0.33% | -2.45% | 1.06% | 3.28% | 14.53% | 18.09% | 17.41% | 15.4% | 4.11% | 0.08% |
| Total Current Liabilities | 26.95B | 28.33B | 28.63B | 26.04B | 25.17B | 28.42B | 29.59B | 26.06B | 25.1B | 25.69B | 23.09B | 23.39B | 23.13B | 24.24B | 23B | 23.17B | 22.32B | 23.87B | 23.73B | 21.91B |
| Accounts Payable | 3.86B | 4.4B | 4.15B | 3.89B | 3.78B | 4.08B | 3.59B | 3.52B | 3.51B | 3.92B | 3.51B | 3.44B | 3.68B | 4.26B | 3.37B | 3.48B | 3.71B | 4.61B | 3.37B | 3.9B |
| Days Payables Outstanding | 126.36 | 81.66 | 88.17 | 90.79 | 91.08 | 92.11 | 80.11 | 85.45 | 95.58 | 87.38 | 74.99 | 80.53 | 91.05 | 90.49 | 80.13 | 77.67 | 69.62 | 94.7 | 96.84 | 116.26 |
| Short-Term Debt | 2.44B | 2.88B | 1.41B | 1.43B | 1.36B | 2.65B | 3.15B | 3.07B | 3.08B | 1.37B | 887M | 2.84B | 2.67B | 1.95B | 1.94B | 2.98B | 1.21B | 2.41B | 3.53B | 2.49B |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 14.09B | 0 | 0 | 0 | -282M | 0 | 0 | 0 | -285M | 0 | 0 | 0 | -281M | 0 | 0 | 0 | -304M | 0 | 0 |
| Current Ratio | 1.30x | 1.54x | 1.66x | 1.42x | 1.41x | 1.36x | 1.36x | 1.47x | 1.25x | 1.25x | 1.38x | 1.28x | 1.44x | 1.47x | 1.46x | 1.39x | 1.40x | 1.27x | 1.31x | 1.31x |
| Quick Ratio | 1.06x | 1.30x | 1.44x | 1.17x | 1.16x | 1.15x | 1.15x | 1.22x | 0.99x | 1.00x | 1.12x | 1.03x | 1.19x | 1.23x | 1.22x | 1.15x | 1.14x | 1.02x | 0.97x | 0.95x |
| Cash Conversion Cycle | 143.21 | 113.34 | 119.06 | 125.75 | 112.15 | 120.1 | 126.81 | 137.22 | 132.45 | 124.7 | 116.87 | 117.71 | 105.61 | 109.08 | 109.04 | 105.09 | 82.4 | 131.26 | 172.39 | 189.59 |
| Total Non-Current Liabilities | 55.81B | 55.88B | 49.01B | 42.43B | 41.55B | 42.31B | 43.39B | 42.92B | 40.33B | 43.35B | 42.33B | 42.33B | 37.76B | 38.86B | 39.56B | 40.61B | 43.4B | 43.56B | 33.9B | 35.39B |
| Long-Term Debt | 46.67B | 46.75B | 39.97B | 33.97B | 33.48B | 34.46B | 34.98B | 34.72B | 31.14B | 33.68B | 33.97B | 34.07B | 28.07B | 28.75B | 28.48B | 28.68B | 30.59B | 30.69B | 22.91B | 24.03B |
| Capital Lease Obligations | 0 | 901M | 0 | 0 | 0 | 877M | 0 | 0 | 0 | 928M | 0 | 0 | 0 | 1.01B | 0 | 0 | 0 | 1.23B | 0 | 0 |
| Deferred Tax Liabilities | 1.49B | 1.44B | 1.38B | 1.43B | 1.41B | 1.39B | 864M | 876M | 922M | 871M | 1.02B | 996M | 1.44B | 1.79B | 2.42B | 2.97B | 3.07B | 3.44B | 1.53B | 1.49B |
| Other Non-Current Liabilities | 7.64B | 6.79B | 7.66B | 7.03B | 6.66B | 5.59B | 7.54B | 7.33B | 8.26B | 7.86B | 7.34B | 7.26B | 8.24B | 7.31B | 8.66B | 8.95B | 9.74B | 8.21B | 9.47B | 9.87B |
| Total Liabilities | 82.75B | 84.2B | 77.64B | 68.46B | 66.72B | 70.73B | 72.97B | 68.98B | 65.42B | 69.04B | 65.43B | 65.73B | 60.89B | 63.1B | 62.56B | 63.78B | 65.72B | 67.44B | 57.63B | 57.3B |
| Total Debt | 49.12B | 50.53B | 41.37B | 35.4B | 34.84B | 38.27B | 38.13B | 37.79B | 34.22B | 36.27B | 34.86B | 36.91B | 30.75B | 31.98B | 30.42B | 31.66B | 31.79B | 34.63B | 26.44B | 26.52B |
| Net Debt | 43.79B | 35.97B | 23.2B | 27.39B | 26.21B | 25.03B | 23.54B | 26.48B | 28.64B | 29.43B | 26.25B | 31.25B | 21.04B | 19.29B | 19.27B | 21.99B | 23.24B | 26.54B | 16.43B | 17.95B |
| Debt / Equity | 1.07x | 0.96x | 0.80x | 0.72x | 0.72x | 0.83x | 0.86x | 0.87x | 0.85x | 0.96x | 0.84x | 0.95x | 0.66x | 0.69x | 0.68x | 0.73x | 0.78x | 0.91x | 0.74x | 0.79x |
| Debt / EBITDA | - | 5.86x | 4.85x | 4.77x | 4.46x | 6.90x | 7.38x | 5.20x | 5.07x | - | 5.06x | - | 6.41x | 7.30x | 6.01x | 5.27x | 4.72x | 7.55x | 4.65x | 10.94x |
| Net Debt / EBITDA | - | 4.17x | 2.72x | 3.69x | 3.36x | 4.51x | 4.55x | 3.65x | 4.25x | - | 3.81x | - | 4.39x | 4.41x | 3.81x | 3.66x | 3.45x | 5.79x | 2.89x | 7.40x |
| Interest Coverage | - | 9.32x | 21.63x | 17.39x | 19.86x | 13.71x | 13.39x | 20.37x | 19.71x | -5.60x | 18.73x | -18.26x | 16.08x | 15.95x | 15.68x | 19.70x | 21.00x | 19.70x | 27.87x | 9.50x |
| Total Equity | 45.93B | 52.66B | 51.91B | 49.06B | 48.4B | 46.37B | 44.56B | 43.65B | 40.42B | 37.63B | 41.3B | 38.74B | 46.91B | 46.06B | 44.52B | 43.32B | 40.95B | 38.26B | 35.86B | 33.39B |
| Equity Growth % | -5.1% | 13.56% | 16.49% | 12.4% | 19.73% | 23.22% | 7.89% | 12.66% | -13.82% | -18.29% | -7.24% | -10.56% | 14.53% | 20.39% | 24.15% | 29.74% | 51.46% | 50.59% | 22.52% | 20.34% |
| Book Value per Share | 18.58 | 21.17 | 20.78 | 19.52 | 19.12 | 18.25 | 17.54 | 17.16 | 15.89 | 14.73 | 16.22 | 15.26 | 18.39 | 18.08 | 17.52 | 17.05 | 16.14 | 15.09 | 14.14 | 13.14 |
| Total Shareholders' Equity | 45.88B | 52.61B | 51.85B | 48.99B | 48.34B | 46.31B | 44.5B | 43.58B | 40.36B | 37.58B | 41.25B | 38.69B | 46.83B | 45.99B | 44.46B | 43.24B | 40.88B | 38.18B | 35.79B | 33.29B |
| Common Stock | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B |
| Retained Earnings | 66.72B | 73.08B | 72.23B | 68.48B | 66.1B | 63.07B | 61.38B | 60.19B | 56.7B | 53.9B | 57.08B | 54.2B | 62.04B | 61.08B | 59.93B | 58.44B | 56.25B | 53.7B | 51.69B | 48.78B |
| Treasury Stock | -63.75B | -63B | -61.8B | -60.49B | -59.4B | -58.3B | -57.83B | -57.39B | -57.45B | -57.45B | -57.07B | -56.61B | -56.58B | -56.49B | -56.76B | -56.77B | -57.06B | -57.11B | -57.24B | -56.68B |
| Accumulated OCI | -4.06B | -4.29B | -5.2B | -5.42B | -4.96B | -4.95B | -5.37B | -5.36B | -5.27B | -5.16B | -4.92B | -4.9B | -4.88B | -4.77B | -4.74B | -4.33B | -4.37B | -4.43B | -4.59B | -4.63B |
| Minority Interest | 53M | 56M | 57M | 67M | 65M | 59M | 58M | 66M | 60M | 54M | 54M | 49M | 71M | 67M | 66M | 75M | 70M | 73M | 69M | 94M |