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Merck & Co.

NYSE: MRK · USD

Merck & Co. cash flow and EPS96

Operating cash flow, capital investment, free cash flow and earnings per share.

Capital allocation

% of tracked cash uses

$3,799M
Merck & Co. capital allocation. Quarterly values. Missing values are unavailable.
PeriodCapexAcquisitionsBuybacksDividendsDebt repaymentsTracked uses
FY 2009 Q285.19% · $365.2M0% · $0MUnavailableUnavailable14.81% · $63.5M100% · $428.7M
FY 2009 Q374.1% · $303.3M0% · $0MUnavailable25.9% · $106M0% · $0M100% · $409.3M
FY 2009 Q416.13% · $557M0% · $0MUnavailable83.87% · $2,897MUnavailable100% · $3,454M
FY 2010 Q115% · $342.8M5.75% · $131.3MUnavailable52.02% · $1,188.6M27.23% · $622.3M100% · $2,285M
FY 2010 Q221.88% · $337M0.65% · $10MUnavailable77.22% · $1,189.3M0.25% · $3.8M100% · $1,540.1M
FY 2010 Q317.89% · $337.9M0.56% · $10.5M15.67% · $296.1M62.54% · $1,181.3M3.35% · $63.2M100% · $1,889M
FY 2010 Q425.48% · $660.3M4.02% · $104.2MUnavailable45.34% · $1,174.8M25.15% · $651.7M100% · $2,591M
FY 2011 Q121.56% · $324MUnavailableUnavailable78.18% · $1,175M0.27% · $4M100% · $1,503M
FY 2018 Q29.94% · $583M6.34% · $372M27.2% · $1,596M22.35% · $1,311M34.17% · $2,005M100% · $5,867M
FY 2018 Q322.26% · $653M0% · $0M33.95% · $996M43.8% · $1,285MUnavailable100% · $2,934M
FY 2018 Q49.8% · $929M0.62% · $59M62.6% · $5,933M13.47% · $1,277M13.5% · $1,280M100% · $9,478M
FY 2019 Q119.11% · $595M0% · $0M35.01% · $1,090M45.87% · $1,428M0% · $0M100% · $3,113M
FY 2019 Q220.83% · $782M7.19% · $270M32.89% · $1,235M39.09% · $1,468M0% · $0M100% · $3,755M
FY 2019 Q325.52% · $959MUnavailable37.39% · $1,405M37.09% · $1,394M0% · $0M100% · $3,758M
FY 2019 Q431.43% · $1,137M0.69% · $25M29.03% · $1,050M38.84% · $1,405M0% · $0M100% · $3,617M
FY 2020 Q111.86% · $986M30.61% · $2,545M15.41% · $1,281M18.66% · $1,551M23.47% · $1,951M100% · $8,314M
FY 2020 Q229.74% · $668MUnavailable0% · $0M70.21% · $1,577M0.04% · $1M100% · $2,246M
FY 2020 Q341.55% · $1,516M16.06% · $586M0% · $0M42.34% · $1,545M0.05% · $2M100% · $3,649M
FY 2020 Q443.05% · $1,514M13.02% · $458M0% · $0M43.84% · $1,542M0.09% · $3M100% · $3,517M
FY 2021 Q128.74% · $1,134M0.35% · $14M0% · $0M41.69% · $1,645M29.22% · $1,153M100% · $3,946M
FY 2021 Q231.96% · $934M2.6% · $76M8.18% · $239M57.26% · $1,673M0% · $0M100% · $2,922M
FY 2021 Q334.43% · $1,172MUnavailable17.13% · $583M48.44% · $1,649M0% · $0M100% · $3,404M
FY 2021 Q429.28% · $1,208M2.18% · $90M0.44% · $18M39.83% · $1,643M28.27% · $1,166M100% · $4,125M
FY 2022 Q124.73% · $984MUnavailable0% · $0M43.86% · $1,745M31.41% · $1,250M100% · $3,979M
FY 2022 Q238.94% · $1,129MUnavailable0% · $0M61.06% · $1,770M0% · $0M100% · $2,899M
FY 2022 Q328.19% · $1,126M3.03% · $121M0% · $0M43.74% · $1,747M25.04% · $1,000M100% · $3,994M
FY 2022 Q439.62% · $1,149M0% · $0M0% · $0M60.34% · $1,750M0.03% · $1M100% · $2,900M
FY 2023 Q133.46% · $1,007M0% · $0M4.95% · $149M61.56% · $1,853M0.03% · $1M100% · $3,010M
FY 2023 Q26.17% · $965M68.43% · $10,705M2.16% · $338M12.05% · $1,885M11.19% · $1,750M100% · $15,643M
FY 2023 Q327.98% · $902MUnavailable14.45% · $466M57.54% · $1,855M0.03% · $1M100% · $3,224M
FY 2023 Q430.55% · $989M0% · $0M12.14% · $393M57.21% · $1,852M0.09% · $3M100% · $3,237M
FY 2024 Q119.44% · $861M16.84% · $746M2.75% · $122M44.02% · $1,950M16.95% · $751M100% · $4,430M
FY 2024 Q226.12% · $791M0% · $0M8.29% · $251M65.59% · $1,986M0% · $0M100% · $3,028M
FY 2024 Q324.62% · $783M0% · $0M13.96% · $444M61.42% · $1,953M0% · $0M100% · $3,180M
FY 2024 Q423.93% · $937M0% · $0M12.49% · $489M49.82% · $1,951M13.76% · $539M100% · $3,916M
FY 2025 Q118.86% · $1,328M0% · $0M16.53% · $1,164M29.11% · $2,050M35.5% · $2,500M100% · $7,042M
FY 2025 Q218.25% · $764M0% · $0M32.13% · $1,345M49.62% · $2,077M0% · $0M100% · $4,186M
FY 2025 Q322.73% · $987M0% · $0M30.47% · $1,323M46.78% · $2,031M0.02% · $1M100% · $4,342M
FY 2025 Q47.2% · $1,033M69.99% · $10,042M8.73% · $1,252M14.07% · $2,018M0.01% · $2M100% · $14,347M
FY 2026 Q17.14% · $991M63.21% · $8,779M6.29% · $874M15.16% · $2,105M8.21% · $1,140M100% · $13,889M
FY 2026 Q223.51% · $893M0% · $0M19.93% · $757M56.44% · $2,144M0.13% · $5M100% · $3,799M
Jun 30, 2009 through Jun 30, 2026

Percentages cover the five tracked cash uses. SBC is noncash and excluded.

Operating cash flow

USD millions

$5,370M

Capital expenditures

USD millions

$893M

Free cash flow

USD millions

$4,477M

Stock-based compensation

USD millions

$298M

SBC / free cash flow

% · FCF before SBC deduction

6.66%

SBC / operating cash flow

%

5.55%

Software & intangible investment

USD millions

—

Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.

Diluted EPS

USD per share

$-0.54

Quarterly data

Merck & Co. cash-flow history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal periodEndedOperating cash flowUSD millionsCapital expendituresUSD millionsFree cash flowUSD millionsStock-based compensationUSD millionsSBC / free cash flow%SBC / operating cash flow%Software & intangible investmentUSD millionsDiluted EPSUSD per share
FY 2026 Q2Jun 30, 20265,3708934,4772986.66%5.55%—$-0.54
FY 2026 Q1Mar 31, 20263,9189912,9271856.32%4.72%—$-1.72
FY 2025 Q4Dec 31, 20252,8571,0331,82420511.24%7.18%——
FY 2025 Q3Sep 30, 20257,8229876,8352042.98%2.61%—$2.32
FY 2025 Q2Jun 30, 20253,2937642,5292168.54%6.56%—$1.76
FY 2025 Q1Mar 31, 20252,5001,3281,17219516.64%7.8%—$2.01
FY 2024 Q4Dec 31, 20243,4509372,5131877.44%5.42%——
FY 2024 Q3Sep 30, 20249,2917838,5081952.29%2.1%—$1.24
FY 2024 Q2Jun 30, 20245,6377914,8462034.19%3.6%—$2.14
FY 2024 Q1Mar 31, 20243,0908612,2291767.9%5.7%—$1.87
FY 2023 Q4Dec 31, 2023246989-743167—67.89%——
FY 2023 Q3Sep 30, 20237,7179026,8151642.41%2.13%—$1.86
FY 2023 Q2Jun 30, 20233,7049652,7391696.17%4.56%—$-2.35
FY 2023 Q1Mar 31, 20231,3391,00733214543.67%10.83%—$1.11
FY 2022 Q4Dec 31, 20224,4301,1493,2811454.42%3.27%——
FY 2022 Q3Sep 30, 20225,6021,1264,4761393.11%2.48%—$1.28
FY 2022 Q2Jun 30, 20224,3021,1293,1731374.32%3.18%—$1.55
FY 2022 Q1Mar 31, 20224,7619843,7771203.18%2.52%—$1.7
FY 2021 Q4Dec 31, 20215,0951,2083,8871193.06%2.34%——
FY 2021 Q3Sep 30, 20214,7971,1723,6251173.23%2.44%—$1.8
FY 2021 Q2Jun 30, 20211,9909341,05612311.65%6.18%—$0.61
FY 2021 Q1Mar 31, 20211,7911,13465712018.26%6.7%—$1.19
FY 2020 Q4Dec 31, 20204,0061,5142,4921214.86%3.02%——
FY 2020 Q3Sep 30, 20202,1731,51665712619.18%5.8%—$1.11
FY 2020 Q2Jun 30, 20203,3676682,6991214.48%3.59%—$1.13
FY 2020 Q1Mar 31, 2020707986-279108—15.28%—$1.2
FY 2019 Q4Dec 31, 20194,7941,1373,6571113.04%2.32%——
FY 2019 Q3Sep 30, 20194,2269593,2671013.09%2.39%—$0.71
FY 2019 Q2Jun 30, 20193,0847822,3021114.82%3.6%—$0.98
FY 2019 Q1Mar 31, 20191,3365957419312.55%6.96%—$1.07
FY 2018 Q4Dec 31, 20183,5929292,663873.27%2.42%——
FY 2018 Q3Sep 30, 20182,7936532,140914.25%3.26%—$0.7
FY 2018 Q2Jun 30, 20183,3825832,799903.22%2.66%—$0.6
FY 2011 Q1Mar 31, 20111,7213241,397936.66%5.4%—$0.32
FY 2010 Q4Dec 31, 20103,539.1660.32,878.8109.53.8%3.09%——
FY 2010 Q3Sep 30, 20102,591.9337.92,254125.35.56%4.83%—$0.1
FY 2010 Q2Jun 30, 20103,324.93372,987.9141.84.75%4.26%—$0.23
FY 2010 Q1Mar 31, 20101,366.1342.81,023.3132.412.94%9.69%—$0.09
FY 2009 Q4Dec 31, 2009768557211280.5132.94%36.52%——
FY 2009 Q3Sep 30, 20091,042303.3738.7547.31%5.18%—$0.28
FY 2009 Q2Jun 30, 2009869.4365.2504.2-32.3-6.41%-3.72%—$0.36
Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 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.

FCF subtracts reported cash capital investment. PPE purchases are preferred; the productive-assets fallback also includes software and intangibles. Acquisitions and noncash lease additions are excluded. EPS and weighted shares are not summed across quarters. Annual figures use annual reports.

SBC / FCF always uses FCF before SBC deduction; both SBC ratios compare amounts from the same period. A zero or negative cash-flow denominator is undefined, and values above 100% are retained.

Each reported nonnegative cash use / sum of available tracked nonnegative cash uses × 100. Missing categories are omitted, never set to zero. This is the composition of tracked uses, not a complete cash-flow reconciliation or a percentage of OCF. SBC is noncash and excluded. Negative amounts are excluded as reversals or net receipts; they are not converted to spending. Annual bars use reported annual amounts. Turning off a category hides its share without changing the denominator. Debt repayments prefer a reported aggregate, with long-term or convertible-only scope identified in the tooltip. Acquisitions are net of cash acquired. Dividend payments use the aggregate where reported, including dividend equivalents when part of that concept.

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

Market prices: Yahoo Finance · MRK, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Operating cash flow
Reported net cash provided by or used in operating activities.
Capital expenditures
Reported cash capital investment. Uses purchases of property, plant and equipment where disclosed; otherwise purchases of productive assets, which can also include software and intangibles. Excludes acquisitions and noncash lease additions.
Free cash flow
Operating cash flow − reported cash capital investment. PPE purchases are preferred; the productive-assets fallback also includes software and intangibles. Reflects the SBC option and can differ from issuer-defined FCF.
Stock-based compensation
Reported share-based compensation addback in the cash-flow statement. Missing disclosure is not treated as zero.
SBC / free cash flow
Reported share-based compensation / (operating cash flow − cash capital investment) × 100, for the same fiscal period. Always uses FCF before SBC deduction. Zero or negative FCF is undefined; values above 100% are retained.
SBC / operating cash flow
Reported share-based compensation / reported operating cash flow × 100, for the same fiscal period. Zero or negative operating cash flow is undefined. Unaffected by the SBC deduction scenario.
Software & intangible investment
Separately tagged payments for capitalized software under US GAAP, or purchases of intangible assets under IFRS. This optional disclosure is not inferred from total capex or deducted a second time from FCF.
Diluted EPS
Reported diluted earnings per share, normalized for recorded subsequent stock splits. Quarterly EPS is never subtracted from annual or YTD EPS.