Merck (MRK) Annual Balance Sheet

Balance Sheet Summary

Merck & (MRK) annual balance sheet covering fiscal 2020 through 2025, as reported to the SEC.

Merck & had total Assets of $136.87B as of December 31, 2025.
Total Assets were up 16.9% from $117.11B in fiscal 2024.
Total current assets of $43.52B were 1.5 times total current liabilities of $28.33B.
Cash and cash equivalents were $14.56B, up 10% from $13.24B. That is 10.6% of total assets.
Long-Term Debt was $46.75B, or 34.2% of total assets, up 35.7% from $34.46B.
Merck & has built up retained earnings of $73.08B.

Total Assets have grown 8.4% a year on average since fiscal 2020, from $91.59B to $136.87B.

A balance sheet shows what a company owns and what it owes on a single date. The difference between the two belongs to shareholders.

Figures in USD millions

						Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20
Assets
Current Assets
Cash and cash equivalents
14,565	13,242	6,841	12,694	8,096	8,050	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash and cash equivalents						14,565	13,242	6,841	12,694	8,096	8,050	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Short-term investments
-	447	252	498	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Short-term investments						-	447	252	498	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts receivable (net of allowance for doubtful accounts of $108 in 2026 and $97 in 2025)
11,775	10,278	10,349	9,450	9,230	6,803	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts receivable (net of allowance for doubtful accounts of $108 in 2026 and $97 in 2025)						11,775	10,278	10,349	9,450	9,230	6,803	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Inventories (excludes inventories of $6,381 in 2026 and $5,681 in 2025 classified in Other assets - see Note 6)
6,658	6,109	6,358	5,911	5,953	5,554	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Inventories (excludes inventories of $6,381 in 2026 and $5,681 in 2025 classified in Other assets - see Note 6)						6,658	6,109	6,358	5,911	5,953	5,554	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other current assets
10,518	8,706	8,368	7,169	6,987	4,674	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other current assets						10,518	8,706	8,368	7,169	6,987	4,674	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current assets of discontinued operations
-	-	-	-	-	2,683	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current assets of discontinued operations						-	-	-	-	-	2,683	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total current assets
43,516	38,782	32,168	35,722	30,266	27,764	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total current assets						43,516	38,782	32,168	35,722	30,266	27,764	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Investments
956	463	252	1,015	370	785	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Investments						956	463	252	1,015	370	785	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Land
-	307	326	295	326	336	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Land						-	307	326	295	326	336	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Buildings
-	16,360	14,966	13,166	12,529	11,998	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Buildings						-	16,360	14,966	13,166	12,529	11,998	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Machinery, equipment and office furnishings
-	18,283	17,763	16,760	16,303	15,860	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Machinery, equipment and office furnishings						-	18,283	17,763	16,760	16,303	15,860	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Construction in progress
-	7,984	8,262	9,186	8,313	6,968	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Construction in progress						-	7,984	8,262	9,186	8,313	6,968	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Property, plant and equipment (at cost)
-	42,934	41,317	39,407	37,471	35,162	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Property, plant and equipment (at cost)						-	42,934	41,317	39,407	37,471	35,162	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: accumulated depreciation
-	19,155	18,266	17,985	18,192	18,162	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: accumulated depreciation						-	19,155	18,266	17,985	18,192	18,162	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Property, Plant and Equipment, at cost, net of accumulated depreciation of $22,729 in 2026 and $21,914 in 2025
25,316	23,779	23,051	21,422	19,279	17,000	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Property, Plant and Equipment, at cost, net of accumulated depreciation of $22,729 in 2026 and $21,914 in 2025						25,316	23,779	23,051	21,422	19,279	17,000	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Goodwill
21,579	21,668	21,197	21,204	21,264	18,882	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Goodwill						21,579	21,668	21,197	21,204	21,264	18,882	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other Intangibles, Net
26,681	16,370	18,011	20,269	22,933	14,101	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other Intangibles, Net						26,681	16,370	18,011	20,269	22,933	14,101	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other Assets
18,818	16,044	11,996	9,528	11,582	9,881	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other Assets						18,818	16,044	11,996	9,528	11,582	9,881	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noncurrent Assets of Discontinued Operations
-	-	-	-	-	3,175	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noncurrent Assets of Discontinued Operations						-	-	-	-	-	3,175	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Assets
136,866	117,106	106,675	109,160	105,694	91,588	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Assets						136,866	117,106	106,675	109,160	105,694	91,588	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Liabilities and Equity
Current Liabilities
Loans payable and current portion of long-term debt
2,589	2,649	1,372	1,946	2,412	6,431	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loans payable and current portion of long-term debt						2,589	2,649	1,372	1,946	2,412	6,431	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Trade accounts payable
4,404	4,079	3,922	4,264	4,609	4,327	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Trade accounts payable						4,404	4,079	3,922	4,264	4,609	4,327	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued and other current liabilities
14,468	15,694	15,766	14,159	13,859	12,212	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued and other current liabilities						14,468	15,694	15,766	14,159	13,859	12,212	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes payable
4,726	3,914	2,649	1,986	1,224	1,597	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes payable						4,726	3,914	2,649	1,986	1,224	1,597	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends payable
2,140	2,084	1,985	1,884	1,768	1,674	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends payable						2,140	2,084	1,985	1,884	1,768	1,674	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current liabilities of discontinued operations
-	-	-	-	-	1,086	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current liabilities of discontinued operations						-	-	-	-	-	1,086	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
6% Mandatory convertible preferred stock, $1 par value Authorized - 11,500,000 shares issued and outstanding - 855,422 shares
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
6% Mandatory convertible preferred stock, $1 par value Authorized - 11,500,000 shares issued and outstanding - 855,422 shares						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total current liabilities
28,327	28,420	25,694	24,239	23,872	27,327	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total current liabilities						28,327	28,420	25,694	24,239	23,872	27,327	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Long-Term Debt
46,750	34,462	33,683	28,745	30,690	25,360	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Long-Term Debt						46,750	34,462	33,683	28,745	30,690	25,360	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred Income Taxes
1,439	1,387	871	1,795	3,441	1,005	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred Income Taxes						1,439	1,387	871	1,795	3,441	1,005	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other Noncurrent Liabilities
7,688	6,465	8,792	8,323	9,434	12,306	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other Noncurrent Liabilities						7,688	6,465	8,792	8,323	9,434	12,306	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noncurrent Liabilities of Discontinued Operations
-	-	-	-	-	186	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noncurrent Liabilities of Discontinued Operations						-	-	-	-	-	186	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred Income Taxes and Noncurrent Liabilities
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred Income Taxes and Noncurrent Liabilities						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Merck & Co., Inc. Stockholders’ Equity
Common stock, $0.50 par value Authorized - 6,500,000,000 shares Issued - 3,577,103,522 shares in 2026 and 2025
1,788	1,788	1,788	1,788	1,788	1,788	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Common stock, $0.50 par value Authorized - 6,500,000,000 shares Issued - 3,577,103,522 shares in 2026 and 2025						1,788	1,788	1,788	1,788	1,788	1,788	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other paid-in capital
45,029	44,704	44,509	44,379	44,238	39,588	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other paid-in capital						45,029	44,704	44,509	44,379	44,238	39,588	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Retained earnings
73,075	63,069	53,895	61,081	53,696	47,362	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Retained earnings						73,075	63,069	53,895	61,081	53,696	47,362	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accumulated other comprehensive loss
-4,287	-4,945	-5,161	-4,768	-4,429	-6,634	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accumulated other comprehensive loss						-4,287	-4,945	-5,161	-4,768	-4,429	-6,634	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Stockholders' equity before deduction for treasury stock
115,605	104,616	95,031	102,480	95,293	82,104	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Stockholders' equity before deduction for treasury stock						115,605	104,616	95,031	102,480	95,293	82,104	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less treasury stock, at cost: 1,108,460,187 shares in 2026 and 1,102,476,756 shares in 2025
62,999	58,303	57,450	56,489	57,109	56,787	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less treasury stock, at cost: 1,108,460,187 shares in 2026 and 1,102,476,756 shares in 2025						62,999	58,303	57,450	56,489	57,109	56,787	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Merck & Co., Inc. stockholders’ equity
52,606	46,313	37,581	45,991	38,184	25,317	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Merck & Co., Inc. stockholders’ equity						52,606	46,313	37,581	45,991	38,184	25,317	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noncontrolling Interests
56	59	54	67	73	87	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noncontrolling Interests						56	59	54	67	73	87	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total equity
52,662	46,372	37,635	46,058	38,257	25,404	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total equity						52,662	46,372	37,635	46,058	38,257	25,404	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Liabilities and Equity
136,866	117,106	106,675	109,160	105,694	91,588	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Liabilities and Equity						136,866	117,106	106,675	109,160	105,694	91,588	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx