Earnings quality
Compare earnings and operating cash flow for earnings quality.
Merck & Co., Inc.
Ticker MRK · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-24 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 38.4%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio38.4%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Merck & Co., Inc. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 908-740-4000 · As of filing date 2026-02-24
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | — | — |
| Income tax | $2.8B | $2.8B |
| Net income | $17.1B | $18.3B |
| Basic EPS | 6.76 | 7.30 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $13.2B | $14.6B |
| Current assets | $38.8B | $43.5B |
| Non-current assets* | $78.3B | $93.3B |
| Total assets | $117.1B | $136.9B |
| Current liabilities | $28.4B | $28.3B |
| Non-current liabilities* | — | — |
| Total liabilities | — | — |
| Stockholders’ equity | $46.3B | $52.6B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $21.5B | $16.5B |
| Investing cash flow | -$7.7B | -$13.7B |
| Financing cash flow | -$7.0B | -$1.9B |
| Cash at end of period | $13.2B | $14.6B |
Five-year trends
No multi-year summary metrics found in this filing.
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—). Operating profit went from — to — (—).
Operating cash flow was $16.5B (prior $21.5B), with cash on the balance sheet at $14.6B versus $13.2B.
Liquidity & leverage
Cash moved from $13.2B to $14.6B; current liabilities $28.3B.
Capital buffer
Stockholders’ equity moved from $46.3B to $52.6B.
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Source: SEC EDGAR 0000310158-26-000063
(Merck & Co., Inc.), period end 2025-12-31.