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MRK

Merck & Co., Inc.eval run
10-K for period ending 2025-12-31gpt-6-luna@none · prompt v4$0.00115.2sfiling on sec.gov ↗

figures

fieldvaluestatement rowprintedSEC
Total revenue$65.0BR1 Sales65,011 millions$65.0B ✓
Operating income-not printed on this statement--
Net income attributable to the company$18.3BR13 Net Income Attributable to Merck & Co., Inc.18,254 millions$18.3B ✓
Diluted EPS$7.28R15 Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders7.28$7.28 ✓
Cash and cash equivalents$14.6BR3 Cash and cash equivalents14,565 millions$14.6B ✓
Total assets$136.9BR21 (unlabeled total row)136,866 millions$136.9B ✓
Total liabilities-not printed on this statement--
Total shareholders' equity attributable to the company$52.6BR40 Total Merck & Co., Inc. stockholders’ equity52,606 millions$52.6B ✓
Net cash from operating activities$16.5BR20 Net Cash Provided by Operating Activities16,472 millions$16.5B ✓
Net cash from investing activities-$13.7BR34 Net Cash Used in Investing Activities(13,741) millions-$13.7B ✓
Net cash from financing activities-$1.9BR42 Net Cash Used in Financing Activities(1,922) millions-$1.9B ✓

checks

  • assets = liabilities + equity · total assets equals total liabilities and equity
  • equity excludes minority interests · totalEquity excludes noncontrolling interests
  • net income is before preferred dividends · net income is not the after-preferred-dividends line
  • diluted EPS is for total net income · diluted EPS is for total net income
  • net income excludes minority interests · netIncome excludes noncontrolling interests
  • cash flows tie to the change in cash · operating + investing + financing (+ FX) equals the net change in cash

management's claims

Found 5 claims, none about a company-wide figure the statements can confirm.

trace

  1. 0locator (code)0.23s
    {
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  "exhibits": [],
  "documents": 1
}
    {
  "income": {
    "rows": 16,
    "scale": 1000000,
    "score": 48.75,
    "heading": " Statement of Income Merck & Co., Inc. and Subsidiaries Years Ended December 31 ($ in millions except per share amounts)",
    "tableIndex": 43,
    "runnerUpScore": 26.25
  },
  "balance": {
    "rows": 44,
    "scale": 1000000,
    "score": 34.5,
    "heading": "tents Consolidated Balance Sheet Merck & Co., Inc. and Subsidiaries December 31 ($ in millions except per share amounts)",
    "tableIndex": 45,
    "runnerUpScore": 10
  },
  "cashflow": {
    "rows": 47,
    "scale": 1000000,
    "score": 55,
    "heading": "Contents Consolidated Statement of Cash Flows Merck & Co., Inc. and Subsidiaries Years Ended December 31 ($ in millions)",
    "tableIndex": 47,
    "runnerUpScore": 10
  }
}
  2. 1balance sheet agent1.85s · 1570 tokens · $0.0002
    {
  "rows": 44,
  "retryHint": null,
  "tableIndex": 45
}
    {
  "figures": [
    {
      "note": "This is the cash and cash equivalents line for the current period.",
      "field": "cash",
      "scale": 1000000,
      "value": 14565000000,
      "printed": "14,565",
      "rowIndex": 3,
      "rowLabel": "Cash and cash equivalents",
      "priorValue": 13242000000,
      "agentPrinted": "14,565",
      "failedChecks": [],
      "priorPrinted": "13,242",
      "groundingMismatch": false
    },
    {
      "note": "This unlabeled total follows the asset line items and is the printed total assets figure.",
      "field": "totalAssets",
      "scale": 1000000,
      "value": 136866000000,
      "printed": "136,866",
      "rowIndex": 21,
      "rowLabel": "(unlabeled total row)",
      "priorValue": 117106000000,
      "agentPrinted": "136,866",
      "failedChecks": [],
      "priorPrinted": "117,106",
      "groundingMismatch": false
    },
    {
      "note": "The statement does not print a total liabilities line; the final total combines liabilities and equity.",
      "field": "totalLiabilities",
      "scale": 1000000,
      "value": null,
      "printed": null,
      "rowIndex": null,
      "rowLabel": null,
      "priorValue": null,
      "agentPrinted": null,
      "failedChecks": [],
      "priorPrinted": null,
      "groundingMismatch": false
    },
    {
      "note": "This is total Merck & Co., Inc. stockholders’ equity, excluding noncontrolling interests.",
      "field": "totalEquity",
      "scale": 1000000,
      "value": 52606000000,
      "printed": "52,606",
      "rowIndex": 40,
      "rowLabel": "Total Merck & Co., Inc. stockholders’ equity",
      "priorValue": 46313000000,
      "agentPrinted": "52,606",
      "failedChecks": [],
      "priorPrinted": "46,313",
      "groundingMismatch": false
    }
  ],
  "statement": "balance",
  "tableIndex": 45,
  "priorColumn": 1,
  "currentColumn": 0
}
  3. 2income statement agent1.95s · 1351 tokens · $0.0002
    {
  "rows": 16,
  "retryHint": null,
  "tableIndex": 43
}
    {
  "figures": [
    {
      "note": "Sales is the company-wide revenue line; no broader revenue total is printed.",
      "field": "revenue",
      "scale": 1000000,
      "value": 65011000000,
      "printed": "65,011",
      "rowIndex": 1,
      "rowLabel": "Sales",
      "priorValue": 64168000000,
      "agentPrinted": "65,011",
      "failedChecks": [],
      "priorPrinted": "64,168",
      "groundingMismatch": false
    },
    {
      "note": "The statement prints income before taxes but no operating income line.",
      "field": "operatingIncome",
      "scale": 1000000,
      "value": null,
      "printed": null,
      "rowIndex": null,
      "rowLabel": null,
      "priorValue": null,
      "agentPrinted": null,
      "failedChecks": [],
      "priorPrinted": null,
      "groundingMismatch": false
    },
    {
      "note": "This line is net income attributable to Merck & Co., Inc., excluding noncontrolling interests.",
      "field": "netIncome",
      "scale": 1000000,
      "value": 18254000000,
      "printed": "18,254",
      "rowIndex": 13,
      "rowLabel": "Net Income Attributable to Merck & Co., Inc.",
      "priorValue": 17117000000,
      "agentPrinted": "18,254",
      "failedChecks": [],
      "priorPrinted": "17,117",
      "groundingMismatch": false
    },
    {
      "note": "This is diluted earnings per common share attributable to Merck common shareholders.",
      "field": "epsDiluted",
      "scale": 1,
      "value": 7.28,
      "printed": "7.28",
      "rowIndex": 15,
      "rowLabel": "Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders",
      "priorValue": 6.74,
      "agentPrinted": "7.28",
      "failedChecks": [],
      "priorPrinted": "6.74",
      "groundingMismatch": false
    }
  ],
  "statement": "income",
  "tableIndex": 43,
  "priorColumn": 1,
  "currentColumn": 0
}
  4. 3cash flow agent1.97s · 1748 tokens · $0.0002
    {
  "rows": 47,
  "retryHint": null,
  "tableIndex": 47
}
    {
  "figures": [
    {
      "note": "This is the operating activities section total, including changes in assets and liabilities.",
      "field": "operatingCashFlow",
      "scale": 1000000,
      "value": 16472000000,
      "printed": "16,472",
      "rowIndex": 20,
      "rowLabel": "Net Cash Provided by Operating Activities",
      "priorValue": 21468000000,
      "agentPrinted": "16,472",
      "failedChecks": [],
      "priorPrinted": "21,468",
      "groundingMismatch": false
    },
    {
      "note": "This is the investing activities section total.",
      "field": "investingCashFlow",
      "scale": 1000000,
      "value": -13741000000,
      "printed": "(13,741)",
      "rowIndex": 34,
      "rowLabel": "Net Cash Used in Investing Activities",
      "priorValue": -7734000000,
      "agentPrinted": "(13,741)",
      "failedChecks": [],
      "priorPrinted": "(7,734)",
      "groundingMismatch": false
    },
    {
      "note": "This is the financing activities section total.",
      "field": "financingCashFlow",
      "scale": 1000000,
      "value": -1922000000,
      "printed": "(1,922)",
      "rowIndex": 42,
      "rowLabel": "Net Cash Used in Financing Activities",
      "priorValue": -7032000000,
      "agentPrinted": "(1,922)",
      "failedChecks": [],
      "priorPrinted": "(7,032)",
      "groundingMismatch": false
    }
  ],
  "statement": "cashflow",
  "tableIndex": 47,
  "priorColumn": 1,
  "currentColumn": 0
}
  5. 4reconciler (code)0.00s
    null
    [
  {
    "name": "balance_identity",
    "detail": "total assets equals total liabilities and equity",
    "fields": [
      "totalAssets"
    ],
    "passed": true,
    "skipped": false,
    "statement": "balance"
  },
  {
    "name": "totalEquity_attribution",
    "detail": "totalEquity excludes noncontrolling interests",
    "fields": [
      "totalEquity"
    ],
    "passed": true,
    "skipped": false,
    "statement": "balance"
  },
  {
    "name": "netIncome_before_preferred",
    "detail": "net income is not the after-preferred-dividends line",
    "fields": [
      "netIncome"
    ],
    "passed": true,
    "skipped": false,
    "statement": "income"
  },
  {
    "name": "epsDiluted_total",
    "detail": "diluted EPS is for total net income",
    "fields": [
      "epsDiluted"
    ],
    "passed": true,
    "skipped": false,
    "statement": "income"
  },
  {
    "name": "netIncome_attribution",
    "detail": "netIncome excludes noncontrolling interests",
    "fields": [
      "netIncome"
    ],
    "passed": true,
    "skipped": false,
    "statement": "income"
  },
  {
    "name": "cash_flow_tie",
    "detail": "operating + investing + financing (+ FX) equals the net change in cash",
    "fields": [
      "operatingCashFlow",
      "investingCashFlow",
      "financingCashFlow"
    ],
    "passed": true,
    "skipped": false,
    "statement": "cashflow"
  }
]
  6. 5MD&A claims agent2.67s · 3092 tokens · $0.0004
    null
    [
  {
    "kind": "percent_change",
    "field": "revenue",
    "quote": "Worldwide sales were $65.0 billion in 2025, representing growth of 1% compared with 2024, or 2% excluding the unfavorable effect of foreign exchange.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Total revenue: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "1%",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "current_value",
    "field": "revenue",
    "quote": "Worldwide sales were $65.0 billion in 2025, representing growth of 1% compared with 2024, or 2% excluding the unfavorable effect of foreign exchange.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Total revenue: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$65.0 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "percent_change",
    "field": "revenue",
    "quote": "Worldwide sales were $65.0 billion in 2025, representing growth of 1% compared with 2024, or 2% excluding the unfavorable effect of foreign exchange.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Total revenue: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "2%",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "percent_change",
    "field": "revenue",
    "quote": "International sales declined 11% in 2025, or 10% excluding the unfavorable effect of foreign exchange.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Total revenue: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "11%",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "percent_change",
    "field": "revenue",
    "quote": "International sales declined 11% in 2025, or 10% excluding the unfavorable effect of foreign exchange.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Total revenue: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "10%",
    "tolerance": null,
    "quoteVerified": true
  }
]

Income statement

table #43 · current period is figure column 1
0202520242023
1Sales← Total revenue65,01164,16860,115
2Costs, Expenses and Other
3Cost of sales16,38215,19316,126
4Selling, general and administrative10,73310,81610,504
5Research and development15,78917,93830,531
6Restructuring costs889309599
7Other (income) expense, net151(24)466
843,94444,23258,226
9Income Before Taxes21,06719,9361,889
10Taxes on Income2,8042,8031,512
11Net Income18,26317,133377
12Less: Net Income Attributable to Noncontrolling Interests91612
13Net Income Attributable to Merck & Co., Inc.← Net income attributable to the company18,25417,117365
14Basic Earnings per Common Share Attributable to Merck & Co., Inc. Common Shareholders7.306.760.14
15Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders← Diluted EPS7.286.740.14

Balance sheet

table #45 · current period is figure column 1
020252024
1Assets
2Current Assets
3Cash and cash equivalents← Cash and cash equivalents14,56513,242
4Short-term investments-447
5Accounts receivable (net of allowance for doubtful accounts of $97 in 2025 and $89 in 2024)11,77510,278
6Inventories (excludes inventories of $5,681 in 2025 and $4,193 in 2024classified in Other assets - see Note 7)6,6586,109
7Other current assets10,5188,706
8Total current assets43,51638,782
9Investments956463
10Property, Plant and Equipment (at cost)
11Land321307
12Buildings17,98316,360
13Machinery, equipment and office furnishings19,76018,283
14Construction in progress9,1667,984
1547,23042,934
16Less: accumulated depreciation21,91419,155
1725,31623,779
18Goodwill21,57921,668
19Other Intangibles, Net26,68116,370
20Other Assets18,81816,044
21136,866117,106
22Liabilities and Equity
23Current Liabilities
24Loans payable and current portion of long-term debt2,5892,649
25Trade accounts payable4,4044,079
26Accrued and other current liabilities14,46815,694
27Income taxes payable4,7263,914
28Dividends payable2,1402,084
29Total current liabilities28,32728,420
30Long-Term Debt46,75034,462
31Deferred Income Taxes1,4391,387
32Other Noncurrent Liabilities7,6886,465
33Merck & Co., Inc. Stockholders’ Equity
34Common stock, $0.50 par valueAuthorized - 6,500,000,000 sharesIssued - 3,577,103,522 shares in 2025 and 20241,7881,788
35Other paid-in capital45,02944,704
36Retained earnings73,07563,069
37Accumulated other comprehensive loss(4,287)(4,945)
38115,605104,616
39Less treasury stock, at cost: 1,102,476,756 shares in 2025 and 1,049,466,187 shares in 202462,99958,303
40Total Merck & Co., Inc. stockholders’ equity← Total shareholders' equity attributable to the company52,60646,313
41Noncontrolling Interests5659
42Total equity52,66246,372
43136,866117,106

Cash flow statement

table #47 · current period is figure column 1
0202520242023
1Cash Flows from Operating Activities
2Net income18,26317,133377
3Adjustments to reconcile net income to net cash provided by operating activities:
4Amortization2,7932,3952,044
5Depreciation3,0452,1041,828
6Intangible asset impairment charges5539792
7Income from investments in equity securities, net(368)(14)(340)
8Charges for certain research and development asset acquisitions-3,45611,409
9Deferred income taxes(1,671)(1,249)(1,899)
10Share-based compensation820761645
11Other511510355
12Net changes in assets and liabilities:
13Accounts receivable(1,090)(244)(1,148)
14Inventories(1,180)(835)(816)
15Trade accounts payable110182(380)
16Accrued and other current liabilities(1,841)(2,328)1,783
17Income taxes payable1371,023214
18Noncurrent liabilities195(49)456
19Other(3,307)(1,416)(2,314)
20Net Cash Provided by Operating Activities← Net cash from operating activities16,47221,46813,006
21Cash Flows from Investing Activities
22Capital expenditures(4,112)(3,372)(3,863)
23Purchases of securities and other investments(1,207)(519)(955)
24Proceeds from sales of securities and other investments1,6783771,658
25Proceeds from sale of Seagen Inc. common stock--1,145
26Acquisition of Verona Pharma plc, net of cash acquired(10,042)--
27Acquisition of Eyebiotech Limited, net of cash acquired-(1,344)-
28Acquisition of Elanco Animal Health Incorporated aqua business-(1,303)-
29Acquisition of Harpoon Therapeutics, Inc., net of cash acquired-(746)-
30Acquisition of MK-1045 from Curon Pharmaceutical-(700)-
31Acquisition of Prometheus Biosciences, Inc., net of cash acquired--(10,705)
32Acquisition of Imago BioSciences Inc., net of cash acquired--(1,327)
33Other(58)(127)(36)
34Net Cash Used in Investing Activities← Net cash from investing activities(13,741)(7,734)(14,083)
35Cash Flows from Financing Activities
36Payments on debt(2,503)(1,290)(1,755)
37Proceeds from issuance of debt13,8803,5995,939
38Purchases of treasury stock(5,084)(1,306)(1,346)
39Dividends paid to stockholders(8,176)(7,840)(7,445)
40Proceeds from exercise of stock options92177125
41Other(131)(372)(328)
42Net Cash Used in Financing Activities← Net cash from financing activities(1,922)(7,032)(4,810)
43Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash563(293)23
44Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash1,3726,409(5,864)
45Cash, Cash Equivalents and Restricted Cash at Beginning of Year (includes $76, $68 and $79 of restricted cash at January 1, 2025, 2024 and 2023, respectively, included in Other current assets)13,3186,90912,773
46Cash, Cash Equivalents and Restricted Cash at End of Year (includes $125, $76 and $68 of restricted cash at December 31, 2025, 2024 and 2023, respectively, included in Other current assets)14,69013,3186,909