Merck & Co., Inc. logo MRK - Merck & Co., Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 0
BUY 25
HOLD 11
SELL 1
STRONG
SELL 0
| PRICE TARGET: $136.33 DETAILS
HIGH: $155.00
LOW: $100.00
MEDIAN: $142.00
CONSENSUS: $136.33
UPSIDE: 6.93%
Annual Quarterly
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
Revenue
Revenue 64,926 64,168 60,115 59,283 48,704 41,518 39,121 42,294 40,122 39,807 39,498 42,237 44,033 47,267 48,047 45,987 27,428 23,850 24,197.7 22,636 22,011.9 22,972.8 22,485.9 21,445.8 21,199 40,363.2 32,714 26,898.2 23,636.9 19,828.7 16,681.1 14,969.8 10,498.2 9,662.5 8,602.7 7,671.5 6,550.5 5,939.5 5,061.3 4,128.9
Cost of Revenue 18,195 15,193 16,126 17,411 13,626 13,618 12,016 13,509 12,912 14,030 14,934 16,768 16,954 16,446 16,871 18,396 9,019 5,583 6,140.7 6,001.1 5,149.6 4,965.7 4,436.9 3,907.1 3,624.8 21,166.2 16,389.4 13,174.6 10,953.2 8,588.3 6,789.1 5,281.1 2,111.1 1,774.7 1,671.1 1,524.1 1,328.6 1,321.2 1,234.3 1,144.1
Gross Profit 46,731 48,975 43,989 41,872 35,078 27,900 27,105 28,785 27,210 25,777 24,564 25,469 27,079 30,821 31,176 27,591 18,409 18,267 18,057 16,634.9 16,862.3 18,007.1 18,049 17,538.7 17,574.2 19,197 16,324.6 13,723.6 12,683.7 11,240.4 9,892 9,688.7 8,387.1 7,887.8 6,931.6 6,147.4 5,221.9 4,618.3 3,827 2,984.8
Operating Expenses
R&D Expenses 12,514 17,938 30,531 13,548 12,245 13,397 9,724 9,752 10,339 10,261 6,704 7,180 7,503 8,168 8,467 11,111 5,845 4,805 4,882.8 4,782.9 3,848 4,010.2 3,279.9 2,677.2 2,456.4 2,343.8 2,068.3 1,821.1 1,683.7 1,487.3 1,331.4 1,230.6 1,172.8 0 0 0 0 0 0 0
SG&A Expenses 10,731 10,100 9,884 9,669 9,403 8,569 9,455 10,102 10,074 10,017 10,313 11,606 11,911 12,776 13,733 13,125 8,543 7,377 7,556.7 8,165.4 7,155.5 7,238.7 6,200.3 5,652.2 5,700.6 6,167.7 5,199.9 4,511.4 4,299.2 3,841.3 3,297.8 3,177.5 2,913.9 4,074.9 3,558.1 3,242 2,763.9 2,546.6 2,247.8 1,749.7
Other Expenses 0 716 620 373 231 386 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 120 139.1 1,596.4 1,462.2 1,015.1 837.1 927.1 859.2 875.5 414.7 321.4 263.8 254 221.7 204.9 210 193.9
Operating Expenses 23,245 28,754 41,035 23,590 21,879 22,352 19,179 19,854 20,413 20,278 17,017 18,786 19,414 20,944 22,200 24,236 14,388 12,182 12,439.5 12,948.3 11,003.5 11,248.9 9,480.2 8,449.4 8,296.1 10,107.9 8,730.4 7,347.6 6,820 6,255.7 5,488.4 5,283.6 4,501.4 4,396.3 3,821.9 3,496 2,985.6 2,751.5 2,457.8 1,943.6
Operating Income
Operating Income 23,486 20,221 2,954 18,282 13,199 5,548 7,926 8,931 6,797 5,499 7,547 6,683 7,665 9,877 8,976 3,355 4,021 6,085 5,617.5 3,686.6 5,858.8 6,758.2 8,568.8 9,089.3 9,278.1 9,089.1 7,594.2 6,376 5,863.7 4,984.7 4,403.6 4,405.1 3,885.7 3,491.5 3,109.7 2,651.4 2,236.3 1,866.8 1,369.2 1,041.2
Interest Expense 1,357 1,271 1,146 962 806 831 893 772 754 693 672 732 801 714 749 715 458 251 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 343 415 365 157 36 59 274 343 385 328 289 266 264 232 199 83 210.2 631 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 28,262 25,706 6,907 21,315 17,899 10,180 11,374 13,992 11,951 10,823 12,448 24,706 13,334 16,431 15,456 9,749 18,326 11,813 7,605.7 5,955 7,566.9 8,208.9 9,883 10,320.5 10,410.6 10,685.5 9,056.4 7,391.1 6,700.8 5,911.8 5,262.8 5,280.6 4,300.4 3,812.9 3,373.5 2,905.4 2,458 2,071.7 1,579.2 1,235.1
EBIT 22,424 21,207 3,035 17,406 14,685 6,694 12,357 9,473 7,275 5,352 6,073 18,015 6,346 9,453 8,083 2,368 15,749.8 10,183 3,876.4 6,717 7,871.2 8,422.4 8,568.8 9,089.3 9,278.1 9,089.1 7,594.2 6,376 5,863.7 4,984.7 4,403.6 4,405.1 3,885.7 3,491.5 3,109.7 2,651.4 2,236.3 1,866.8 1,369.2 1,041.2
Income Before Tax 21,067 19,936 1,889 16,444 13,879 5,863 7,171 8,701 6,521 4,659 5,401 17,283 5,545 8,739 7,334 1,653 15,290 9,931 3,370.7 6,221.4 7,363.9 8,002.8 9,051.6 9,651.7 9,948.1 9,824.1 8,619.5 8,133.1 6,462.3 5,540.8 4,797.2 4,415.2 3,102.7 3,563.6 3,166.7 2,698.8 2,283 1,871 1,405.2 1,073.3
Income Tax Expense 2,804 2,803 1,512 1,918 1,521 1,340 1,565 2,508 4,103 718 942 5,349 1,028 2,440 942 671 2,268 1,999 95.3 1,787.6 2,732.6 2,172.7 2,462 2,856.9 2,894.9 3,002.4 2,729 2,884.9 1,848.2 1,659.5 1,462 1,418.2 936.5 1,117 1,045 917.6 787.6 664.2 498.8 397.6
Net Income 18,254 17,117 365 14,519 13,049 7,067 9,843 6,220 2,394 3,920 4,442 11,920 4,404 6,168 6,272 861 12,899 7,808 3,275.4 4,433.8 4,631.3 5,830.1 6,830.9 7,149.5 7,281.8 6,821.7 5,890.5 5,248.2 4,614.1 3,881.3 3,335.2 2,997 2,166.2 1,984.2 2,121.7 1,781.2 1,495.4 1,206.8 906.4 675.7
Per Share Data
EPS (Basic) 7.30 6.76 0.14 5.73 5.16 2.79 3.84 2.40 0.95 2.07 1.60 4.20 1.50 2.20 2.06 0.28 4.15 3.65 -1.04 2.04 2.11 2.63 2.97 3.17 3.18 2.96 2.51 2.21 1.92 1.60 1.35 1.19 0.94 1.06 0.92 0.76 0.63 0.51 0.37 0.27
EPS (Diluted) 7.28 6.74 0.14 5.71 5.14 2.78 3.82 2.32 0.93 2.04 1.56 4.07 1.47 2.16 2.02 0.28 4.15 3.63 -1.04 2.03 2.10 2.62 2.97 3.14 3.14 2.90 2.45 2.15 1.87 1.56 1.32 1.18 0.93 1.05 0.91 0.76 0.63 0.51 0.37 0.27
Shares Outstanding 2,502 2,532 2,607.1 2,532 2,530 2,530 2,565 2,592.6 2,696.6 2,748.7 2,781.1 2,838.1 2,927.5 3,026.6 3,040.8 3,095 2,108.5 2,136 2,170.5 2,177.6 2,197 2,219 2,236.7 2,257.5 2,288.3 2,306.9 2,349 2,374.8 2,403.2 2,425.8 2,472.2 2,514.4 2,304.5 1,871.9 2,306.2 2,343.7 2,373.7 2,366.3 2,449.7 2,502.6
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
Current Assets
Cash & Cash Equivalents 14,565 13,242 6,841 12,694 8,096 8,050 9,676 7,965 6,092 6,515 8,524 7,441 15,621 13,451 13,531 10,900 9,311 4,368.3 5,336.1 5,914.7 9,585.3 2,878.8 1,201 2,243 2,144 2,536.8 2,021.9 2,606.2 1,125.1 1,352.4 1,847.4 1,604 829.4 575.1 797.9 806.4 685.1 1,550 1,148.2 965.8
Short-Term Investments 0 447 252 498 0 0 774 899 2,406 7,826 4,903 8,278 1,865 2,690 1,441 1,301 293 1,118.1 2,894.7 2,798.3 6,052.3 4,211.1 2,972 2,728.2 1,142.6 1,717.8 1,180.5 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 12,679 10,278 10,349 9,450 9,230 6,803 6,778 7,071 6,873 7,018 6,484 6,626 7,184 7,672 8,261 7,344 6,603 2,907.7 3,636.2 3,314.8 2,927.3 3,627.7 4,023.6 5,423.4 5,215.4 5,017.9 4,089 3,374.1 2,876.7 2,655.9 2,495.7 3,017.2 2,807.2 1,736.9 1,545.5 1,345.8 1,265.6 1,022.8 1,076.5 906.7
Inventory 6,658 6,109 6,358 5,911 5,953 5,554 5,978 5,440 5,096 4,866 4,700 5,571 6,226 6,535 6,254 5,868 8,048 2,091 1,881 1,769.4 1,658.1 1,898.7 2,554.7 2,964.3 3,579.3 3,021.5 2,846.9 2,623.9 2,145.1 2,148.8 1,872.5 1,660.9 1,641.7 1,182.6 991.3 892.6 779.7 657.7 659.6 579.8
Other Current Assets 9,489 8,706 8,368 7,169 6,987 7,357 4,277 4,500 4,299 4,389 5,140 4,689 4,789 4,509 3,694 3,651 4,177 8,627.5 0 0 0 0 0 0 0 0 1,120.9 1,624.3 2,066.1 1,569.5 2,401.9 639.6 456.3 905.1 976.1 721.5 679.4 158.8 122.6 59
Total Current Assets 43,516 38,782 32,168 35,722 30,266 27,764 27,483 25,875 24,766 30,614 29,751 32,605 35,685 34,857 33,181 29,064 28,432 19,112.6 15,045.4 15,230.2 21,049.3 13,475.2 11,527.2 14,386.4 12,961.6 13,353.4 11,259.2 10,228.5 8,213 7,726.6 8,617.5 6,921.7 5,734.6 4,399.7 4,310.8 3,766.3 3,409.8 3,389.3 3,006.9 2,511.3
Non-Current Assets
Property, Plant & Equipment 26,823 23,779 23,051 21,422 19,279 17,000 15,053 13,291 12,439 12,026 12,507 13,136 14,973 16,030 16,297 17,082 18,279 11,999.6 12,346 13,194.1 14,398.2 14,713.7 14,169 14,195.6 13,103.4 11,482.1 9,676.7 7,843.8 6,609.4 5,926.7 5,269.1 5,296.3 4,894.6 4,271.1 3,504.5 2,721.7 2,292.5 2,070.7 1,948 1,906.2
Goodwill 21,579 21,668 21,197 21,204 21,264 18,882 19,425 18,253 18,284 18,162 17,723 12,992 12,301 12,134 12,155 12,378 12,038 1,438.7 1,454.8 1,431.6 1,085.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 26,681 16,370 18,011 20,269 22,933 14,101 14,196 13,104 14,183 17,305 22,602 20,386 23,801 29,083 34,302 39,456 47,757 525.4 713.2 943.9 518.7 1,764.9 1,949.4 7,241 7,491 7,374.2 7,584.2 8,287.2 6,780.5 6,736.6 6,826.3 7,212.3 6,645.5 153.5 0 0 0 0 0 0
Long-Term Investments 2,239 463 252 1,015 370 785 1,469 6,233 12,125 11,416 13,039 13,515 9,770 7,305 3,458 2,175 432 6,491.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 16,028 16,044 11,996 9,528 11,582 13,056 6,771 5,881 6,075 5,854 6,055 5,533 9,115 6,723 5,735 5,626 5,376 7,628.1 18,791.3 13,770 7,793.9 12,619 12,941.9 11,738.2 10,465.2 7,700.7 7,114.8 5,493.9 4,133 3,903.2 3,118.9 2,426.3 2,652.8 2,261.7 1,683.2 1,541.8 1,054.4 667.5 725.1 687.7
Total Non-Current Assets 93,350 78,324 74,507 73,438 75,428 63,824 56,914 56,762 63,106 64,763 71,926 65,562 69,960 71,275 71,947 76,717 83,882 28,083.1 33,305.3 29,339.6 23,796.5 29,097.6 29,060.3 33,174.8 31,059.6 26,557 24,375.7 21,624.9 17,522.9 16,566.5 15,214.3 14,934.9 14,192.9 6,686.3 5,187.7 4,263.5 3,346.9 2,738.2 2,673.1 2,593.9
Total Assets 136,866 117,106 106,675 109,160 105,694 91,588 84,397 82,637 87,872 95,377 101,677 98,167 105,645 106,132 105,128 105,781 112,314 47,195.7 48,350.7 44,569.8 44,845.8 42,572.8 40,587.5 47,561.2 44,021.2 39,910.4 35,634.9 31,853.4 25,735.9 24,293.1 23,831.8 21,856.6 19,927.5 11,086 9,498.5 8,029.8 6,756.7 6,127.5 5,680 5,105.2
Current Liabilities
Account Payables 4,404 4,079 3,922 4,264 4,609 4,327 3,738 3,318 3,102 2,807 2,533 2,625 2,274 1,753 2,023 2,308 2,244 617.6 624.5 496.6 471.1 421.4 735.2 2,413.3 5,108.4 4,361.3 4,158.7 3,682.1 3,268.9 2,937.8 3,105.2 2,715.4 2,378.3 1,461.9 1,400.4 1,138.4 937.2 0 0 0
Short-Term Debt 2,883 2,649 1,372 1,946 2,412 6,431 3,610 5,308 3,057 568 2,583 2,704 4,521 4,315 1,990 2,400 1,379 2,297.1 1,823.6 1,285.1 2,972 2,181.2 1,700 3,669.8 4,066.7 3,319.3 2,859 624.2 902.5 606.1 423.1 146.7 1,736 825.2 338.4 793 327.3 458.8 850.8 372.9
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 14,089 (282) (285) (281) (304) 795 0 0 0 0 0 0 0 0 0 0 207 0 1,275.2 4,287.7 4,521.5 3,853.4 3,361.6 2,926.5 2,369.1 2,029 1,741.1 1,762.5 1,397.2 1,285.3 2,161.2 2,586.5 1,781.4 1,330.2 1,075.5 895.7 642.8 1,450.2 1,357.8 1,044.1
Total Current Liabilities 28,327 28,420 25,694 24,239 23,872 27,327 22,220 22,206 18,614 17,204 19,201 18,397 17,868 18,348 16,245 15,641 15,641 14,318.7 12,258.2 12,722.7 13,242.4 11,744.1 9,569.6 12,375.2 11,544.2 9,709.6 8,758.8 6,068.8 5,568.6 4,829.2 5,689.5 5,448.6 5,895.7 3,617.3 2,814.3 2,827.1 1,907.3 1,909 2,208.6 1,417
Non-Current Liabilities
Long-Term Debt 46,750 34,462 33,683 28,745 30,690 25,360 22,736 19,806 21,353 24,274 23,829 18,699 20,539 16,254 15,525 15,482 16,095 3,943.3 3,915.8 5,551 5,125.6 4,691.5 5,096 4,879 4,798.6 3,600.7 3,143.9 3,220.8 1,346.5 1,155.9 1,372.8 1,145.9 1,120.8 495.7 493.7 124.1 117.8 142.8 167.4 167.5
Deferred Tax Liabilities 1,439 1,387 871 1,795 3,441 1,005 1,470 1,702 2,219 5,077 6,535 4,467 6,776 5,740 16,415 17,853 19,093 7,766.6 11,585.3 6,330.3 6,092.9 6,442.1 6,430.3 7,178.2 6,790.8 6,746.7 7,030.1 6,057 5,060.1 4,027.3 2,747.5 2,914.3 1,744.9 1,343 679.7 694.9 701.1 676.2 652.2 542.3
Other Non-Current Liabilities 6,787 5,588 7,864 7,310 8,209 11,157 11,202 12,041 11,117 8,514 7,345 7,813 8,136 10,327 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 543.7 535.1 409.3
Total Non-Current Liabilities 55,877 42,314 43,346 38,863 43,565 38,857 36,176 33,549 34,689 37,865 37,709 30,979 35,451 32,321 31,940 33,335 35,188 11,709.9 15,501.1 11,881.3 11,218.5 11,133.6 11,526.3 12,057.2 11,589.4 10,347.4 10,174 9,277.8 6,406.6 5,183.2 4,120.3 4,060.2 2,865.7 1,838.7 1,173.4 819 818.9 1,362.7 1,354.7 1,119.1
Total Liabilities 84,204 70,734 69,040 63,102 67,437 66,184 58,396 55,755 53,303 55,069 56,910 49,376 53,319 50,669 48,185 48,976 50,829 26,028.6 27,759.3 24,604 24,460.9 22,877.7 21,095.9 24,432.4 23,133.6 20,057 18,932.8 15,346.6 11,975.2 10,012.4 9,809.8 9,508.8 8,761.4 5,456 3,987.7 3,646.1 2,726.2 3,271.7 3,563.3 2,536.1
Stockholders' Equity
Common Stock 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,788 1,781 29.8 29.8 29.8 29.8 29.8 29.8 29.8 29.8 29.7 29.7 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings 73,075 63,069 53,895 61,081 53,696 47,362 46,602 42,579 41,350 44,133 45,348 46,021 39,257 39,985 38,990 37,536 41,405 43,698.8 39,140.8 39,095.1 37,980 36,626.3 34,142 35,434.9 31,489.6 27,363.9 23,447.9 20,186.7 17,291.5 14,817.7 12,740.6 10,942 9,393.2 8,466 7,588.7 6,387.3 5,394.2 4,580.3 3,919.8 3,378.6
Accumulated Other Comprehensive Income (4,287) (4,945) (5,161) (4,768) (4,429) (6,634) (6,193) (5,545) (4,910) (5,226) (4,148) (4,323) (2,197) (4,682) (3,132) (3,216) (2,767) (2,553.9) (826.1) (1,164.3) 52.3 (45.9) 65.5 (98.8) 10.6 30.8 8.1 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Stockholders' Equity 52,606 46,313 37,581 45,991 38,184 25,317 25,907 26,701 34,336 40,088 44,676 48,647 49,765 53,020 54,517 54,376 59,058 18,758.3 18,184.7 17,559.7 17,977.7 17,288.2 15,576.4 18,200.5 16,050.1 14,832.4 13,241.6 12,801.8 12,594.6 11,970.5 11,735.7 11,139 10,021.7 5,002.9 4,916.2 3,834.4 3,520.6 2,855.8 2,116.7 2,569.1
Total Liabilities & Equity 136,866 117,106 106,675 109,160 105,694 91,588 84,397 82,637 87,872 95,377 101,677 98,167 105,645 106,132 105,128 105,781 112,314 47,195.7 48,350.7 44,569.8 44,845.8 42,572.8 40,587.5 47,561.2 44,021.2 39,910.4 35,634.9 31,853.4 25,735.9 24,293.1 23,831.8 21,856.6 19,927.5 11,086 9,498.5 8,029.8 6,756.7 6,127.5 5,680 5,105.2
Debt Metrics
Total Debt 50,534 38,270 36,268 31,985 34,631 33,417 27,351 25,114 24,410 24,842 26,412 21,403 25,060 20,569 17,515 17,882 17,474 6,240.4 5,739.4 6,836.1 8,097.6 6,872.7 6,796 8,548.8 8,865.3 6,920 6,002.9 3,845 2,249 1,762 1,795.9 1,292.6 2,856.8 1,320.9 832.1 917.1 445.1 601.6 1,018.2 540.4
Net Debt 35,969 25,028 29,427 19,291 26,535 25,367 17,675 17,149 18,318 18,327 17,888 13,962 9,439 7,118 3,984 6,982 8,163 1,872.1 403.3 921.4 (1,487.7) 3,993.9 5,595 6,305.8 6,721.3 4,383.2 3,981 1,238.8 1,123.9 409.6 (51.5) (311.4) 2,027.4 745.8 34.2 110.7 (240) (948.4) (130) (425.4)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Operating Activities
Net Income 18,254 17,133 365 14,526 12,358 7,082 9,777 6,193 2,418 3,941 4,459 11,934 4,517 6,299 6,392 982 13,024.2 7,808.4 3,275.4 4,433.8 4,631.3 5,813.4 6,830.9 7,149.5 7,281.8 6,821.7 5,890.5 5,248.2 4,614.1 3,881.3 3,335.2 2,997 2,166.2 2,446.6 2,121.7 1,781.2 1,495.4
Depreciation & Amortization 5,838 4,499 3,872 3,909 3,214 3,625 3,652 4,519 4,637 5,441 6,375 6,691 6,988 6,978 7,427 7,381 2,576 1,631.2 1,988.2 2,268.4 1,708.1 1,450.7 1,314.2 1,488.3 1,463.8 1,277.3 1,144.8 1,015.1 1,034.3 927.1 859.2 875.5 414.7 321.4 263.8 254 221.7
Stock-Based Compensation 0 761 645 541 479 441 417 348 312 300 299 278 276 335 369 509 415.5 219 211 168 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (6,976) (3,667) (2,205) (2,782) (3,839) (4,590) (2,067) (1,553) (5,021) (2,601) (268) 1,824 (794) (4,136) (766) 930 (2,706.9) (3,984) 1,355.9 (137.4) 1,180.5 1,521.5 489.1 547 (123.7) (1,023.6) (3,454.4) (741.7) 17 64.9 (423.6) 564.4 7.8 (54.1) 41.1 228 (274.8)
Other Non-Cash Items 1,027 3,991 12,228 4,469 1,710 4,363 2,217 1,924 6,722 4,816 2,320 (10,267) 997 (123) 498 2,112 (11,737) 367 1,950.6 562.6 79.6 (35.4) 1,096.5 (100.9) 458 611.9 2,549.8 (193.3) 651.2 554.4 (826.6) (3.5) (57.1) 269.5 6.2 (75.4) 4.3
Operating Cash Flow 16,472 21,468 13,006 19,095 14,109 10,253 13,440 10,922 6,447 10,376 12,421 7,860 11,654 10,022 12,383 10,822 3,392 6,571.7 6,999.2 6,765.2 7,608.5 8,799.1 9,862.4 9,528.7 9,079.9 7,687.3 6,130.7 5,328.3 6,316.6 5,427.7 2,944.2 4,139.9 3,048.5 2,504.4 2,434 2,055.6 1,380.7
Investing Activities
Capital Expenditure (4,112) (3,372) (3,863) (4,388) (4,448) (4,429) (3,473) (2,615) (1,888) (1,614) (1,283) (2,317) (1,548) (1,954) (1,723) (1,678) (1,460.6) (1,298.3) (1,011) (980.2) (1,402.7) (1,726.1) (1,915.9) (2,369.7) (2,724.7) (2,727.8) (2,560.5) (1,973.4) (1,448.8) (1,196.7) (1,005.5) (1,009.3) (1,012.7) (1,066.6) (1,041.5) (670.8) (433)
Acquisitions (10,042) (4,093) (12,032) (121) (12,907) (6,606) (4,954) (431) (396) (780) (7,428) 11,239 (200) 1,954 (50) 391 (8,972.6) 0 (1,135.9) 0 0 (12.8) (1,527.8) 0 0 0 0 2,586.2 910 0 1,321.1 0 0 0 0 0 0
Purchases of Investments (1,207) (519) (955) (1,204) (1) (1,095) (3,202) (7,994) (10,739) (15,651) (16,681) (24,944) (17,991) (12,841) (7,325) (7,197) (3,070.8) (11,967.3) (10,132.7) (20,044.3) (125,308.4) (82,256.4) (61,586.9) (37,555) (34,780.4) (28,637.1) (42,211.2) (29,675.4) (22,986.7) (15,719.1) (13,772.3) (14,814.5) (9,521.4) (5,255.8) (8,800.6) (8,563.3) (8,848.2)
Sales/Maturities of Investments 1,678 377 1,658 721 1,026 2,812 8,622 15,252 15,664 14,353 20,413 15,533 16,298 7,783 6,324 4,561 10,941.9 11,065.8 10,860.2 16,143.8 128,981.4 82,363.8 60,823.4 35,913.8 33,383 27,667.5 40,308.7 28,618.9 22,075.4 15,079.2 12,430.1 15,082.3 9,863.5 4,983.1 8,518.9 8,227.6 8,659.3
Other Investing Activities (58) (127) 1,109 32 (225) 130 378 102 38 482 221 115 293 (1,747) (116) 426 5,718.1 365.4 (1,390.6) (3) (3.1) (6.6) (25) (0.1) (190.2) 56.1 1,646 432.3 (152.6) (142.7) (295.7) 709.1 (1,917.1) (12.6) 22.6 6.7 63.9
Investing Cash Flow (13,741) (7,734) (14,083) (4,960) (16,555) (9,443) (2,629) 4,314 2,679 (3,210) (4,758) (374) (3,148) (6,805) (2,890) (3,497) 3,156 (1,834.4) (2,810) (4,883.7) 2,267.2 (1,638.1) (4,232.2) (4,011) (4,312.3) (3,641.3) (2,817) (11.4) (1,602.7) (1,979.3) (1,322.3) (32.4) (2,587.7) (1,351.9) (1,300.6) (999.8) (558)
Financing Activities
Net Debt Issuance 11,377 2,309 4,184 (2,251) 1,631 5,011 1,248 837 (1,129) (1,307) 3,492 (3,471) 4,533 3,164 (471) 748 1,781 468 (1,183.9) (1,273.9) 1,281.3 115.4 (1,783.1) (394.8) 1,943.5 904.5 2,132 1,581.7 494.4 (21.3) 481.8 (1,396) 1,225.2 499.7 (124.9) 475.1 (153.9)
Stock Repurchased (5,084) (1,306) (1,346) 0 (840) (1,281) (4,780) (9,091) (4,014) (3,434) (4,186) (7,703) (6,516) (2,591) (1,921) (1,593) 0 (2,725) (1,429.7) (1,002.3) (1,015.3) (2,474.6) (2,034.1) (2,091.3) (3,890.8) (3,545.4) (3,582.1) (3,625.5) (3,572.8) (2,493.3) (1,570.9) (704.5) (371) (862.9) (184.1) (744.8) (208.2)
Dividends Paid (8,176) (7,840) (7,445) (7,012) (6,610) (6,215) (5,695) (5,172) (5,167) (5,124) (5,117) (5,247) (5,277) (5,236) (4,811) (4,853) (3,479.1) (3,278.5) (3,307.3) (3,322.6) (3,349.8) (3,310.7) (3,250.4) (3,191.6) (3,145) (2,798) (2,589.7) (2,253.1) (2,039.9) (1,728.9) (1,539.8) (1,434.1) (1,174.4) (1,064.3) (893.2) (749.4) (650.3)
Other Financing Activities (131) (195) (203) (240) 8,412 (347) 366 266 304 821 424 1,179 1,150 1,396 (22) (106) 59.7 13 156.2 (375.3) (93.1) (161.8) (148.5) (172.5) 41.4 (149.2) (152.5) (114.1) (153.9) (36) (56.1) (6.2) 22.6 20 15.8 27.6 21
Financing Cash Flow (1,922) (7,032) (4,810) (9,119) 2,593 (2,832) (8,861) (13,160) (10,006) (9,044) (5,387) (15,113) (5,990) (3,267) (6,904) (5,441) (1,638.3) (5,522.5) (4,866.1) (5,604.2) (3,040.4) (5,591.4) (6,827.9) (5,531.9) (5,071.2) (3,447.4) (3,869.4) (3,920.9) (4,858.9) (3,837.3) (1,401.4) (3,402.2) (214.2) (1,355.3) (1,138.1) (953.7) (955.4)
Cash Position
Net Change in Cash 1,372 6,409 (5,864) 4,606 14 (1,769) 1,967 1,871 (423) (2,009) 1,083 (8,180) 2,170 (80) 2,631 1,589 4,943.1 (967.8) (578.6) (3,670.6) 6,706.5 1,677.8 (1,042) 99 (392.8) 514.9 (584.3) 1,481.1 (227.3) (495) 243.4 774.6 254.3 (222.8) (8.5) 121.3 (168.9)
Cash at Beginning 13,318 6,909 12,773 8,167 8,153 9,934 7,967 6,096 6,515 8,524 7,441 15,621 13,451 13,531 10,900 9,311 4,368.3 5,336.1 5,914.7 9,585.3 2,878.8 1,201 2,243 2,144 2,536.8 2,021.9 2,606.2 1,125.1 1,352.4 1,847.4 1,604 829.4 575.1 797.9 806.4 685.1 854
Cash at End 14,690 13,318 6,909 12,773 8,167 8,165 9,934 7,967 6,092 6,515 8,524 7,441 15,621 13,451 13,531 10,900 9,311.4 4,368.3 5,336.1 5,914.7 9,585.3 2,878.8 1,201 2,243 2,144 2,536.8 2,021.9 2,606.2 1,125.1 1,352.4 1,847.4 1,604 829.4 575.1 797.9 806.4 685.1
Free Cash Flow 12,360 18,096 9,143 14,707 9,661 5,824 9,967 8,307 4,563 8,762 11,255 6,543 10,106 8,068 10,660 9,791 1,931.4 7,172.7 5,988.2 5,785 6,205.8 7,073 7,946.5 7,159 6,355.2 4,959.5 3,570.2 3,354.9 4,867.8 4,231 1,938.7 3,130.6 2,035.8 1,437.8 1,392.5 1,384.8 947.7
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
Income Statement
Revenue 64,926 64,168 60,115 59,283 48,704 41,518 39,121 42,294 40,122 39,807 39,498 42,237 44,033 47,267 48,047 45,987 27,428 23,850 24,197.7 22,636 22,011.9 22,972.8 22,485.9 21,445.8 21,199 40,363.2 32,714 26,898.2 23,636.9 19,828.7 16,681.1 14,969.8 10,498.2 9,662.5 8,602.7 7,671.5 6,550.5 5,939.5 5,061.3 4,128.9
Gross Profit 46,731 48,975 43,989 41,872 35,078 27,900 27,105 28,785 27,210 25,777 24,564 25,469 27,079 30,821 31,176 27,591 18,409 18,267 18,057 16,634.9 16,862.3 18,007.1 18,049 17,538.7 17,574.2 19,197 16,324.6 13,723.6 12,683.7 11,240.4 9,892 9,688.7 8,387.1 7,887.8 6,931.6 6,147.4 5,221.9 4,618.3 3,827 2,984.8
Operating Income 23,486 20,221 2,954 18,282 13,199 5,548 7,926 8,931 6,797 5,499 7,547 6,683 7,665 9,877 8,976 3,355 4,021 6,085 5,617.5 3,686.6 5,858.8 6,758.2 8,568.8 9,089.3 9,278.1 9,089.1 7,594.2 6,376 5,863.7 4,984.7 4,403.6 4,405.1 3,885.7 3,491.5 3,109.7 2,651.4 2,236.3 1,866.8 1,369.2 1,041.2
Net Income 18,254 17,117 365 14,519 13,049 7,067 9,843 6,220 2,394 3,920 4,442 11,920 4,404 6,168 6,272 861 12,899 7,808 3,275.4 4,433.8 4,631.3 5,830.1 6,830.9 7,149.5 7,281.8 6,821.7 5,890.5 5,248.2 4,614.1 3,881.3 3,335.2 2,997 2,166.2 1,984.2 2,121.7 1,781.2 1,495.4 1,206.8 906.4 675.7
EPS (Diluted) 7.28 6.74 0.14 5.71 5.14 2.78 3.82 2.32 0.93 2.04 1.56 4.07 1.47 2.16 2.02 0.28 4.15 3.63 -1.04 2.03 2.10 2.62 2.97 3.14 3.14 2.90 2.45 2.15 1.87 1.56 1.32 1.18 0.93 1.05 0.91 0.76 0.63 0.51 0.37 0.27
Balance Sheet
Cash & Equivalents 14,565 13,242 6,841 12,694 8,096 8,050 9,676 7,965 6,092 6,515 8,524 7,441 15,621 13,451 13,531 10,900 9,311 4,368.3 5,336.1 5,914.7 9,585.3 2,878.8 1,201 2,243 2,144 2,536.8 2,021.9 2,606.2 1,125.1 1,352.4 1,847.4 1,604 829.4 575.1 797.9 806.4 685.1 1,550 1,148.2 965.8
Total Assets 136,866 117,106 106,675 109,160 105,694 91,588 84,397 82,637 87,872 95,377 101,677 98,167 105,645 106,132 105,128 105,781 112,314 47,195.7 48,350.7 44,569.8 44,845.8 42,572.8 40,587.5 47,561.2 44,021.2 39,910.4 35,634.9 31,853.4 25,735.9 24,293.1 23,831.8 21,856.6 19,927.5 11,086 9,498.5 8,029.8 6,756.7 6,127.5 5,680 5,105.2
Total Debt 50,534 38,270 36,268 31,985 34,631 33,417 27,351 25,114 24,410 24,842 26,412 21,403 25,060 20,569 17,515 17,882 17,474 6,240.4 5,739.4 6,836.1 8,097.6 6,872.7 6,796 8,548.8 8,865.3 6,920 6,002.9 3,845 2,249 1,762 1,795.9 1,292.6 2,856.8 1,320.9 832.1 917.1 445.1 601.6 1,018.2 540.4
Stockholders' Equity 52,606 46,313 37,581 45,991 38,184 25,317 25,907 26,701 34,336 40,088 44,676 48,647 49,765 53,020 54,517 54,376 59,058 18,758.3 18,184.7 17,559.7 17,977.7 17,288.2 15,576.4 18,200.5 16,050.1 14,832.4 13,241.6 12,801.8 12,594.6 11,970.5 11,735.7 11,139 10,021.7 5,002.9 4,916.2 3,834.4 3,520.6 2,855.8 2,116.7 2,569.1
Cash Flow
Operating Cash Flow 16,472 21,468 13,006 19,095 14,109 10,253 13,440 10,922 6,447 10,376 12,421 7,860 11,654 10,022 12,383 10,822 3,392 6,571.7 6,999.2 6,765.2 7,608.5 8,799.1 9,862.4 9,528.7 9,079.9 7,687.3 6,130.7 5,328.3 6,316.6 5,427.7 2,944.2 4,139.9 3,048.5 2,504.4 2,434 2,055.6 1,380.7
Capital Expenditure (4,112) (3,372) (3,863) (4,388) (4,448) (4,429) (3,473) (2,615) (1,888) (1,614) (1,283) (2,317) (1,548) (1,954) (1,723) (1,678) (1,460.6) (1,298.3) (1,011) (980.2) (1,402.7) (1,726.1) (1,915.9) (2,369.7) (2,724.7) (2,727.8) (2,560.5) (1,973.4) (1,448.8) (1,196.7) (1,005.5) (1,009.3) (1,012.7) (1,066.6) (1,041.5) (670.8) (433)
Free Cash Flow 12,360 18,096 9,143 14,707 9,661 5,824 9,967 8,307 4,563 8,762 11,255 6,543 10,106 8,068 10,660 9,791 1,931.4 7,172.7 5,988.2 5,785 6,205.8 7,073 7,946.5 7,159 6,355.2 4,959.5 3,570.2 3,354.9 4,867.8 4,231 1,938.7 3,130.6 2,035.8 1,437.8 1,392.5 1,384.8 947.7