Merck & Co annual free cash flow
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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% | — |
| 2014 | 2014-12-31 | $6.67B | −$3.43B | −33.98% | — |
| 2013 | 2013-12-31 | $10.11B | $2.04B | +25.26% | — |
| 2012 | 2012-12-31 | $8.07B | −$2.59B | −24.32% | — |
| 2011 | 2011-12-31 | $10.66B | $1.52B | +16.58% | — |
| 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
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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% | — |
| 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 | — | — |
| Q4 2016 | 2016-12-31 | $3.08B | −$672.0M | −17.91% | — |
| Q3 2016 | 2016-09-30 | $2.56B | −$433.0M | −14.46% | — |
| Q2 2016 | 2016-06-30 | $1.23B | −$1.20B | −49.51% | — |
| Q1 2016 | 2016-03-31 | $1.89B | −$187.0M | −8.99% | — |
| Q4 2015 | 2015-12-31 | $3.75B | $5.28B | — | — |
| Q3 2015 | 2015-09-30 | $3.00B | −$1.03B | −25.65% | — |
| Q2 2015 | 2015-06-30 | $2.43B | $413.0M | +20.52% | — |
| Q1 2015 | 2015-03-31 | $2.08B | −$75.0M | −3.48% | — |
| Q4 2014 | 2014-12-31 | −$1.52B | −$4.12B | — | — |
| Q3 2014 | 2014-09-30 | $4.03B | $434.0M | +12.08% | — |
| Q2 2014 | 2014-06-30 | $2.01B | $88.0M | +4.57% | — |
| Q1 2014 | 2014-03-31 | $2.16B | $166.0M | +8.34% | — |
| Q4 2013 | 2013-12-31 | $2.60B | $1.57B | +151.89% | — |
| Q3 2013 | 2013-09-30 | $3.59B | $869.0M | +31.89% | — |
| Q2 2013 | 2013-06-30 | $1.93B | −$564.0M | −22.66% | — |
| Q1 2013 | 2013-03-31 | $1.99B | $167.0M | +9.16% | — |
| Q4 2012 | 2012-12-31 | $1.03B | −$1.60B | −60.80% | — |
| Q3 2012 | 2012-09-30 | $2.73B | −$1.42B | −34.27% | — |
| Q2 2012 | 2012-06-30 | $2.49B | $2.0M | +0.08% | — |
| Q1 2012 | 2012-03-31 | $1.82B | $426.0M | +30.49% | — |
| Q4 2011 | 2011-12-31 | $2.63B | −$249.0M | −8.65% | — |
| Q3 2011 | 2011-09-30 | $4.15B | $1.89B | +83.94% | — |
| Q2 2011 | 2011-06-30 | $2.49B | −$501.0M | −16.77% | — |
| 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 SEC-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 filings at SEC.gov ↗