Merck & Co. debt and dilution72

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$53,906M

Cash & equivalents

USD millions

$6,849M

Net debt

USD millions

$47,057M

Debt / equity

1.28×

Debt / assets

41.53%

Net debt / EBITDA

× · TTM

—

Operating income is unavailable in the extracted statements for this period.

Debt / FCF

× · TTM

3.36×

Interest coverage

× · TTM

—

Operating income is unavailable in the extracted statements for this period.

Current ratio

1.32×

Diluted shares

Million shares

2,470M shares

Basic shares

Million shares

2,470M shares

Share count growth

-1.59%

Share repurchases

USD millions

$757M

Quarterly data

Merck & Co. capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	53,906	6,849	47,057	1.28×	41.53%	—	3.36×	—	1.32×	2,470	2,470	-1.59%	757
FY 2026 Q1	Mar 31, 2026	49,117	5,327	43,790	1.07×	38.17%	—	3.48×	—	1.3×	2,472	2,472	-2.02%	874
FY 2025 Q4	Dec 31, 2025	49,339	14,565	34,774	0.94×	36.05%	—	3.99×	—	1.54×	2,486.23	2,481.23	-1.77%	1,252
FY 2025 Q3	Sep 30, 2025	41,374	18,169	23,205	0.8×	31.94%	—	3.17×	—	1.66×	2,498	2,495	-1.54%	1,323
FY 2025 Q2	Jun 30, 2025	35,402	8,007	27,395	0.72×	30.12%	—	2.4×	—	1.42×	2,513	2,510	-0.95%	1,345
FY 2025 Q1	Mar 31, 2025	34,844	8,629	26,215	0.72×	30.27%	—	2.04×	—	1.41×	2,531	2,523	-0.39%	1,164
FY 2024 Q4	Dec 31, 2024	37,111	13,242	23,869	0.8×	31.69%	—	2.05×	—	1.36×	2,535.04	2,526.04	-0.32%	489
FY 2024 Q3	Sep 30, 2024	38,131	14,593	23,538	0.86×	32.44%	—	2.57×	—	1.36×	2,541	2,534	-0.12%	444
FY 2024 Q2	Jun 30, 2024	37,788	11,304	26,484	0.87×	33.55%	—	2.87×	—	1.47×	2,544	2,534	-0.2%	251
FY 2024 Q1	Mar 31, 2024	34,219	5,579	28,640	0.85×	32.33%	—	3.1×	—	1.25×	2,544	2,533	-0.2%	122
FY 2023 Q4	Dec 31, 2023	35,055	6,841	28,214	0.93×	32.86%	—	3.83×	—	1.25×	2,541.07	2,534.03	-0.04%	393
FY 2023 Q3	Sep 30, 2023	34,859	8,605	26,254	0.84×	32.66%	—	2.65×	—	1.38×	2,546	2,537	0.16%	466
FY 2023 Q2	Jun 30, 2023	36,911	5,660	31,251	0.95×	35.33%	—	3.41×	—	1.28×	2,539	2,539	0.32%	338
FY 2023 Q1	Mar 31, 2023	30,746	9,707	21,039	0.66×	28.52%	—	2.73×	—	1.44×	2,551	2,538	0.4%	149
FY 2022 Q4	Dec 31, 2022	30,691	12,694	17,997	0.67×	28.12%	—	2.09×	—	1.47×	2,547.93	2,534.97	0.31%	0
FY 2022 Q3	Sep 30, 2022	30,418	11,145	19,273	0.68×	28.41%	—	1.99×	—	1.46×	2,542	2,533	0.12%	0
FY 2022 Q2	Jun 30, 2022	31,663	9,675	21,988	0.73×	29.57%	—	2.19×	—	1.39×	2,540	2,531	-0.08%	0
FY 2022 Q1	Mar 31, 2022	31,794	8,556	23,238	0.78×	29.81%	—	2.58×	—	1.4×	2,537	2,528	-4.69%	0
FY 2021 Q4	Dec 31, 2021	33,102	8,096	25,006	0.87×	31.32%	—	3.82×	—	1.27×	2,535.03	2,527.03	-4.69%	18
FY 2021 Q3	Sep 30, 2021	26,441	10,016	16,425	0.74×	28.28%	—	3.38×	—	1.31×	2,536	2,530	-4.54%	583
FY 2021 Q2	Jun 30, 2021	26,521	8,575	17,946	0.79×	29.24%	—	5.45×	—	1.31×	2,540	2,533	-4.35%	239
FY 2021 Q1	Mar 31, 2021	31,253	6,981	24,272	1.16×	34.4%	—	4.8×	—	1.02×	2,662.97	2,652.49	-0.08%	0
FY 2020 Q4	Dec 31, 2020	31,791	8,062	23,729	1.25×	34.71%	—	5.71×	—	1.02×	2,662.97	2,651.44	-0.56%	0
FY 2020 Q3	Sep 30, 2020	28,741	7,356	21,385	0.98×	32.01%	—	4.27×	—	1.3×	2,659.82	2,650.39	-1.13%	0
FY 2020 Q2	Jun 30, 2020	30,874	11,103	19,771	1.11×	34.07%	—	3.3×	—	1.32×	2,657.73	2,648.3	-1.83%	0
FY 2020 Q1	Mar 31, 2020	27,998	7,425	20,573	1.06×	32.97%	—	3.13×	—	1.11×	2,669.26	2,654.58	-2.01%	1,281
FY 2019 Q4	Dec 31, 2019	26,346	9,676	16,670	1.01×	31.22%	—	2.64×	—	1.24×	2,682.07	2,666.35	-2.76%	1,050
FY 2019 Q3	Sep 30, 2019	26,088	7,869	18,219	0.97×	31.31%	—	2.91×	—	1.26×	2,695.46	2,680.78	-3.91%	1,405
FY 2019 Q2	Jun 30, 2019	26,587	6,659	19,928	0.96×	31.66%	—	3.39×	—	1.21×	2,712.22	2,697.55	-4.06%	1,235
FY 2019 Q1	Mar 31, 2019	25,896	8,076	17,820	0.94×	31.44%	—	3.1×	—	1.37×	2,727.94	2,709.08	-4.08%	1,090
FY 2018 Q4	Dec 31, 2018	25,114	7,965	17,149	0.93×	30.39%	—	3.02×	—	1.17×	2,760.94	2,742.11	-3.63%	5,933
FY 2018 Q3	Sep 30, 2018	23,592	7,826	15,766	0.72×	27.71%	—	2.64×	—	1.44×	2,806.54	2,789.78	-2.38%	996
FY 2018 Q2	Jun 30, 2018	23,338	5,310	18,028	0.71×	27.44%	—	4.49×	—	1.33×	2,825.41	2,811.78	-1.87%	1,596
FY 2018 Q1	Mar 31, 2018	23,556	4,483	19,073	0.69×	27.38%	—	4.43×	—	1.42×	2,840.08	2,824.36	-1.82%	566
FY 2017 Q4	Dec 31, 2017	24,410	6,092	18,318	0.71×	27.78%	—	5.35×	—	1.33×	2,861.25	2,845.49	-1.52%	1,702
FY 2017 Q3	Sep 30, 2017	26,995	7,901	19,094	0.7×	29.45%	—	6.22×	—	1.43×	2,857.9	2,857.9	-1.37%	159
FY 2017 Q2	Jun 30, 2017	24,887	7,786	17,101	0.63×	26.82%	—	2.92×	—	1.5×	2,884.1	2,865.23	-1.23%	1,134
FY 2017 Q1	Mar 31, 2017	28,474	11,708	16,766	0.71×	29.49%	—	4.17×	—	1.59×	2,898.77	2,876.76	-1.05%	1,019
FY 2016 Q4	Dec 31, 2016	24,842	6,515	18,327	0.62×	26.05%	—	2.84×	—	1.78×	2,908.29	2,889.4	-1.16%	1,016
FY 2016 Q3	Sep 30, 2016	25,143	7,907	17,236	0.57×	25.57%	—	2.66×	—	1.89×	2,919.73	2,897.72	-1.74%	845
FY 2016 Q2	Jun 30, 2016	24,286	6,608	17,678	0.56×	25.17%	—	2.46×	—	1.87×	2,922.87	2,900.86	-2.05%	660
FY 2016 Q1	Mar 31, 2016	25,769	9,716	16,053	0.59×	26.09%	—	2.36×	—	1.64×	2,929.16	2,907.15	-2.15%	913
FY 2015 Q4	Dec 31, 2015	26,514	8,524	17,990	0.59×	26.05%	—	2.38×	—	1.55×	2,949.38	2,923.18	-2.11%	1,181
FY 2015 Q3	Sep 30, 2015	26,667	7,548	19,119	0.58×	26.34%	—	4.65×	—	1.62×	2,972.13	2,949.07	-2.26%	1,281
FY 2015 Q2	Jun 30, 2015	26,552	6,922	19,630	0.57×	25.88%	—	3.92×	—	1.62×	2,986.8	2,961.65	-3.12%	709
FY 2015 Q1	Mar 31, 2015	30,234	7,980	22,254	0.63×	27.91%	—	4.67×	—	1.61×	3,002.52	2,971.08	-3.37%	1,015
FY 2014 Q4	Dec 31, 2014	21,403	7,441	13,962	0.44×	21.77%	—	3.27×	—	1.77×	3,025.01	2,986.26	-2.66%	1,620
FY 2014 Q3	Sep 30, 2014	27,841	11,370	16,471	0.61×	27.35%	—	2.58×	—	1.34×	3,050.73	3,017.19	-1.64%	2,670
FY 2014 Q2	Jun 30, 2014	23,067	9,743	13,324	0.48×	23.57%	—	2.23×	—	1.87×	3,090.55	3,057.02	-2.02%	2,246
FY 2014 Q1	Mar 31, 2014	28,148	15,828	12,320	0.54×	25.95%	—	2.74×	—	1.84×	3,113.61	3,074.83	-2.91%	1,167
FY 2013 Q4	Dec 31, 2013	25,060	15,621	9,439	0.48×	23.72%	—	2.48×	—	2×	3,105.6	3,067.91	—	196
FY 2013 Q3	Sep 30, 2013	26,623	14,090	12,533	0.53×	25.02%	—	3.12×	—	2.07×	3,102.08	3,067.5	-3.88%	215
FY 2013 Q2	Jun 30, 2013	28,108	15,090	13,018	0.56×	26.3%	—	3.66×	—	2.01×	3,154.48	3,119.9	-2.1%	5,525
FY 2013 Q1	Mar 31, 2013	20,825	13,024	7,801	0.37×	19.61%	—	2.53×	—	1.87×	3,199.54	3,167.06	-0.69%	580
FY 2012 Q4	Dec 31, 2012	20,569	13,451	7,118	0.37×	19.38%	—	2.55×	—	1.9×	—	—	—	1,152
FY 2012 Q3	Sep 30, 2012	19,600	17,360	2,240	0.34×	18.44%	—	2.03×	—	2.32×	3,226.79	3,191.16	-0.81%	454
FY 2012 Q2	Jun 30, 2012	18,979	16,752	2,227	0.33×	17.99%	—	1.71×	—	2.11×	3,219.46	3,186.97	-1.46%	529
FY 2012 Q1	Mar 31, 2012	18,158	14,656	3,502	0.32×	17.21%	—	1.64×	—	2.07×	3,221.55	3,189.06	-1.33%	456
FY 2011 Q4	Dec 31, 2011	17,515	13,531	3,984	0.31×	16.66%	—	1.64×	—	2.04×	3,217.63	3,193.53	-1.13%	562
FY 2011 Q3	Sep 30, 2011	18,147	14,253	3,894	0.32×	17.03%	—	1.66×	—	2.06×	3,239.37	3,217.36	-0.27%	1,045
FY 2011 Q2	Jun 30, 2011	18,306	12,342	5,964	0.32×	17.24%	—	2.03×	—	2.05×	3,259.28	3,234.13	-0.62%	—
FY 2011 Q1	Mar 31, 2011	17,846	11,695	6,151	0.31×	16.86%	—	1.88×	—	1.98×	3,252.99	3,232.03	-0.96%	—
FY 2010 Q4	Dec 31, 2010	17,882	10,900	6,982	0.31×	16.9%	—	1.96×	—	1.86×	3,259.5	3,230.19	12.44%	0.3
FY 2010 Q3	Sep 30, 2010	18,147.9	9,874.4	8,273.5	0.31×	16.83%	—	2.8×	—	1.6×	3,250.48	3,225.95	45.95%	296.1
FY 2010 Q2	Jun 30, 2010	17,982.6	8,665.6	9,317	0.31×	16.94%	—	3.62×	—	1.7×	3,275.52	3,254.46	47.27%	—
FY 2010 Q1	Mar 31, 2010	19,103.5	8,236	10,867.5	0.32×	17.12%	—	7.71×	—	1.72×	3,291.77	3,263.47	—	—
FY 2009 Q4	Dec 31, 2009	17,454.1	9,311.4	8,142.7	0.28×	15.57%	—	9.04×	—	1.8×	2,887.14	2,872.88	—	—
FY 2009 Q3	Sep 30, 2009	8,218	4,312	3,906	0.64×	26.9%	—	—	—	2.59×	2,215.16	2,210.34	—	—
FY 2009 Q2	Jun 30, 2009	8,169	2,989	5,180	0.68×	27.65%	—	—	—	2.44×	2,211.28	2,209.92	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 19, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · MRK, USD. Latest completed close Oct 22, 2026. Price data retrieved Oct 23, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.