Company: Merck & Co., Inc.
Ticker: MRK
Form: 10-K
Filed: 2026-02-24
Fiscal Period: {"fp": "FY", "fy": 2025}

Question: What was Merck & Co., Inc.'s operating cash flow margin in fiscal year 2025?
Question Type: derived_ratio

Concept: NetCashProvidedByUsedInOperatingActivities
Revenues
Answer (Numeric): 25.34
Answer (Display): 25.34%
Unit: percent

Evidence:
[{"chunk_id": "220", "equivalent_chunk_ids": ["220"], "section": "Consolidated Statement of Cash Flows", "supports": ["numerator", "denominator"], "text": "Merck & Co., Inc. and Subsidiaries\nYears Ended December 31\n($ in millions)\nCash Flows from Operating Activities\nNet income\n18,263\n17,133\nAdjustments to reconcile net income to net cash provided by operating activities:\nAmortization\n2,793\n2,395\n2,044\nDepreciation\n3,045\n2,104\n1,828\nIntangible asset impairment charges\nIncome from investments in equity securities, net\nCharges for certain research and development asset acquisitions\n3,456\n11,409\nDeferred income taxes\n1,671\n1,249\n1,899\nShare-based compensation\nOther\nNet changes in assets and liabilities:\nAccounts receivable\n1,090\n1,148\nInventories\n1,180\nTrade accounts payable\nAccrued and other current liabilities\n1,841\n2,328\n1,783\nIncome taxes payable\n1,023\nNoncurrent liabilities\nOther\n3,307\n1,416\n2,314\nNet Cash Provided by Operating Activities\n16,472\n21,468\n13,006\nCash Flows from Investing Activities\nCapital expenditures\n4,112\n3,372\n3,863\nPurchases of securities and other investments\n1,207\nProceeds from sales of securities and other investments\n1,678\n1,658\nProceeds from sale of Seagen Inc. common stock\n1,145\nAcquisition of Verona Pharma plc, net of cash acquired\n10,042\nAcquisition of Eyebiotech Limited, net of cash acquired\n1,344\nAcquisition of Elanco Animal Health Incorporated aqua business\n1,303\nAcquisition of Harpoon Therapeutics, Inc., net of cash acquired\nAcquisition of MK-1045 from Curon Pharmaceutical\nAcquisition of Prometheus Biosciences, Inc., net of cash acquired\n10,705\nAcquisition of Imago BioSciences Inc., net of cash acquired\n1,327\nOther\nNet Cash Used in Investing Activities\n13,741\n7,734\n14,083\nCash Flows from Financing Activities\nPayments on debt\n2,503\n1,290\n1,755\nProceeds from issuance of debt\n13,880\n3,599\n5,939\nPurchases of treasury stock\n5,084\n1,306\n1,346\nDividends paid to stockholders\n8,176\n7,840\n7,445\nProceeds from exercise of stock options\nOther\nNet Cash Used in Financing Activities\n1,922\n7,032\n4,810\nEffect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash\nNet Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash\n1,372\n6,409\n5,864\nCash, Cash Equivalents and Restricted Cash at Beginning of Year (includes $\nand $\nof restricted cash at January 1, 2025, 2024 and 2023, respectively, included in\nOther current assets\n13,318\n6,909\n12,773\nCash, Cash Equivalents and Restricted Cash at End of Year (includes $\nand $\nof restricted cash at December 31, 2025, 2024 and 2023, respectively, included in\nOther current assets\n14,690\n13,318\n6,909\nThe accompanying notes are an integral part of this consolidated financial statement."}]

Derivation: {"denominator": "revenue", "denominator_value": 65011.0, "format": "percentage", "numerator": "operating_cash_flow", "numerator_value": 16472.0, "op": "divide"}