Merck & Co annual free cash flow
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Merck & Co Free Cash Flow (FCF) History (MRK)
Merck & Co reported $12.36B in free cash flow for fiscal 2025, a decrease of 31.70% from the previous fiscal year, with a free cash flow margin of 19.01%.
View full Merck & Co company overviewMerck & Co free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $12.36B | −$5.74B | −31.70% | +19.01% |
| 2024 | 2024-12-31 | $18.10B | $8.95B | +97.92% | +28.20% |
| 2023 | 2023-12-31 | $9.14B | −$5.56B | −37.83% | +15.21% |
| 2022 | 2022-12-31 | $14.71B | $6.03B | +69.55% | +24.81% |
| 2021 | 2021-12-31 | $8.67B | $2.85B | +48.94% | +17.81% |
| 2020 | 2020-12-31 | $5.82B | −$4.25B | −42.17% | +14.03% |
| 2019 | 2019-12-31 | $10.07B | $1.76B | +21.24% | +25.74% |
| 2018 | 2018-12-31 | $8.31B | $3.74B | +82.05% | +19.64% |
| 2017 | 2017-12-31 | $4.56B | −$4.20B | −47.92% | +11.37% |
| 2016 | 2016-12-31 | $8.76B | −$2.49B | −22.15% | +22.01% |
| 2015 | 2015-12-31 | $11.26B | $4.58B | +68.69% | +28.50% |
| 2014 | 2014-12-31 | $6.67B | −$3.43B | −33.98% | +15.80% |
| 2013 | 2013-12-31 | $10.11B | $2.04B | +25.26% | +22.92% |
| 2012 | 2012-12-31 | $8.07B | −$2.59B | −24.32% | +17.07% |
| 2011 | 2011-12-31 | $10.66B | $1.52B | +16.58% | +22.19% |
| 2010 | 2010-12-31 | $9.14B | $7.21B | +373.54% | +19.88% |
| 2009 | 2009-12-31 | $1.93B | −$3.34B | −63.39% | +7.04% |
| 2008 | 2008-12-31 | $5.27B | −$714.2M | −11.93% | +22.11% |
| 2007 | 2007-12-31 | $5.99B | — | — | +24.75% |
Merck & Co quarterly free cash flow
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
Q4.13
Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $4.48B | $1.95B | +77.03% | +26.96% |
| Q1 2026 | 2026-03-31 | $2.93B | $1.75B | +149.74% | +17.97% |
| Q4 2025 | 2025-12-31 | $1.82B | −$689.0M | −27.42% | +11.12% |
| Q3 2025 | 2025-09-30 | $6.83B | −$1.67B | −19.66% | +39.56% |
| Q2 2025 | 2025-06-30 | $2.53B | −$2.32B | −47.81% | +16.00% |
| Q1 2025 | 2025-03-31 | $1.17B | −$1.06B | −47.42% | +7.55% |
| Q4 2024 | 2024-12-31 | $2.51B | $3.26B | — | +16.08% |
| Q3 2024 | 2024-09-30 | $8.51B | $1.69B | +24.84% | +51.08% |
| Q2 2024 | 2024-06-30 | $4.85B | $2.11B | +76.93% | +30.08% |
| Q1 2024 | 2024-03-31 | $2.23B | $1.90B | +571.39% | +14.13% |
| Q4 2023 | 2023-12-31 | −$743.0M | −$4.02B | — | −5.08% |
| Q3 2023 | 2023-09-30 | $6.82B | $2.34B | +52.26% | +42.70% |
| Q2 2023 | 2023-06-30 | $2.74B | −$434.0M | −13.68% | +18.22% |
| Q1 2023 | 2023-03-31 | $332.0M | −$3.44B | −91.21% | +2.29% |
| Q4 2022 | 2022-12-31 | $3.28B | −$55.0M | −1.65% | +23.72% |
| Q3 2022 | 2022-09-30 | $4.48B | $851.0M | +23.48% | +29.92% |
| Q2 2022 | 2022-06-30 | $3.17B | $2.17B | +216.04% | +21.74% |
| Q1 2022 | 2022-03-31 | $3.78B | $3.07B | +432.72% | +23.75% |
| Q4 2021 | 2021-12-31 | $3.34B | $761.0M | +29.55% | +24.67% |
| Q3 2021 | 2021-09-30 | $3.63B | $2.90B | +397.94% | +27.56% |
| Q2 2021 | 2021-06-30 | $1.00B | −$1.80B | −64.14% | +8.81% |
| Q1 2021 | 2021-03-31 | $709.0M | $988.0M | — | +6.67% |
| Q4 2020 | 2020-12-31 | $2.58B | −$1.19B | −31.53% | +28.05% |
| Q3 2020 | 2020-09-30 | $728.0M | −$2.54B | −77.72% | +6.66% |
| Q2 2020 | 2020-06-30 | $2.80B | $498.0M | +21.63% | +29.94% |
| Q1 2020 | 2020-03-31 | −$279.0M | −$1.02B | — | −2.31% |
| Q4 2019 | 2019-12-31 | $3.76B | $1.10B | +41.23% | +90.67% |
| Q3 2019 | 2019-09-30 | $3.27B | $1.13B | +52.66% | +26.35% |
| Q2 2019 | 2019-06-30 | $2.30B | −$497.0M | −17.76% | +19.57% |
| Q1 2019 | 2019-03-31 | $741.0M | $36.0M | +5.11% | +6.85% |
| Q4 2018 | 2018-12-31 | $2.66B | −$641.0M | −19.40% | +24.21% |
| Q3 2018 | 2018-09-30 | $2.14B | $3.75B | — | +19.83% |
| Q2 2018 | 2018-06-30 | $2.80B | −$125.0M | −4.27% | +26.75% |
| Q1 2018 | 2018-03-31 | $705.0M | $758.0M | — | +7.02% |
| Q4 2017 | 2017-12-31 | $3.30B | $223.0M | +7.24% | +31.67% |
| Q3 2017 | 2017-09-30 | −$1.61B | −$4.17B | — | −15.61% |
| Q2 2017 | 2017-06-30 | $2.92B | $1.70B | +138.69% | +29.45% |
| Q1 2017 | 2017-03-31 | −$53.0M | −$1.95B | — | −0.56% |
| Q4 2016 | 2016-12-31 | $3.08B | −$672.0M | −17.91% | +30.46% |
| Q3 2016 | 2016-09-30 | $2.56B | −$433.0M | −14.46% | +24.32% |
| Q2 2016 | 2016-06-30 | $1.23B | −$1.20B | −49.51% | +12.44% |
| Q1 2016 | 2016-03-31 | $1.89B | −$187.0M | −8.99% | +20.34% |
| Q4 2015 | 2015-12-31 | $3.75B | $5.28B | — | +36.74% |
| Q3 2015 | 2015-09-30 | $3.00B | −$1.03B | −25.65% | +29.73% |
| Q2 2015 | 2015-06-30 | $2.43B | $413.0M | +20.52% | +24.79% |
| Q1 2015 | 2015-03-31 | $2.08B | −$75.0M | −3.48% | +22.08% |
| Q4 2014 | 2014-12-31 | −$1.52B | −$4.12B | — | −14.55% |
| Q3 2014 | 2014-09-30 | $4.03B | $434.0M | +12.08% | +38.15% |
| Q2 2014 | 2014-06-30 | $2.01B | $88.0M | +4.57% | +18.41% |
| Q1 2014 | 2014-03-31 | $2.16B | $166.0M | +8.34% | +21.01% |
| Q4 2013 | 2013-12-31 | $2.60B | $1.57B | +151.89% | +22.84% |
| Q3 2013 | 2013-09-30 | $3.59B | $869.0M | +31.89% | +32.58% |
| Q2 2013 | 2013-06-30 | $1.93B | −$564.0M | −22.66% | +17.48% |
| Q1 2013 | 2013-03-31 | $1.99B | $167.0M | +9.16% | +18.65% |
| Q4 2012 | 2012-12-31 | $1.03B | −$1.60B | −60.80% | +8.78% |
| Q3 2012 | 2012-09-30 | $2.73B | −$1.42B | −34.27% | +23.72% |
| Q2 2012 | 2012-06-30 | $2.49B | $2.0M | +0.08% | +20.22% |
| Q1 2012 | 2012-03-31 | $1.82B | $426.0M | +30.49% | +15.54% |
| Q4 2011 | 2011-12-31 | $2.63B | −$249.0M | −8.65% | +21.39% |
| Q3 2011 | 2011-09-30 | $4.15B | $1.89B | +83.94% | +34.49% |
| Q2 2011 | 2011-06-30 | $2.49B | −$501.0M | −16.77% | +20.47% |
| Q1 2011 | 2011-03-31 | $1.40B | $374.0M | +36.56% | +12.06% |
| Q4 2010 | 2010-12-31 | $2.88B | $1.19B | +70.85% | +23.81% |
| Q3 2010 | 2010-09-30 | $2.25B | $2.87B | — | +20.26% |
| Q2 2010 | 2010-06-30 | $2.99B | $2.60B | +678.53% | +26.33% |
| Q1 2010 | 2010-03-31 | $1.02B | $545.5M | +114.24% | +8.96% |
| Q4 2009 | 2009-12-31 | $1.69B | — | — | +16.70% |
| Q3 2009 | 2009-09-30 | −$615.4M | — | — | −10.17% |
| Q2 2009 | 2009-06-30 | $383.8M | — | — | +6.51% |
| Q1 2009 | 2009-03-31 | $477.5M | — | — | +8.87% |
Merck & Co free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from $5.82B to $12.36B, a compound annual growth rate of 16.24%. Merck & Co's latest reported quarter, Q2 2026, generated $4.48B in free cash flow, an increase of 77.03% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Merck & Co source filings ↗Community posts
Merck licenses preclinical cancer drug for $400 million upfront
Merck ($MRK) has completed an exclusive worldwide licensing agreement with SciBrunch Therapeutics for SPR2015, an experimental oral inhibitor targeting the active form of KRAS G12D. Merck gains development, manufacturing and commercializati ...
Merck wins FDA approval for Welireg–Lenvima kidney-cancer combination
Merck ($MRK) received FDA approval for Welireg plus Lenvima as an oral treatment for adults with advanced clear-cell renal cell carcinoma after a PD-1 or PD-L1 inhibitor. The decision adds a treatment option for patients whose kidney cancer ...
Merck’s Keytruda–Padcev regimen advances toward broader European use
Merck ($MRK) received a positive European advisory opinion for Keytruda combined with Padcev before and after radical cystectomy in adults with resectable muscle-invasive bladder cancer. The recommendation also covers subcutaneous Keytruda. ...
