Merck & Company, Inc. Common Stock (new)

Balance sheet and cash generation are robust. Year‑end 2025 cash and equivalents were about 14.6 billion dollars, debt carrying value about 49.3 billion dollars, and cash from operations 16.5 billion dollars. Capex was 4.1 billion dollars, implying TTM FCF around 12.4 billion dollars.

Merck plans about 20 billion dollars of capital projects during 2025 to 2029, mostly U.S., while still funding R&D and shareholder returns. Dividend cash outlay was approximately 8.2 billion dollars in 2025. This profile supports resilience into policy and LOE headwinds.