Capital Expenditures for Merck & Co. (MRK)
According to Merck & Co.'s latest reported financial statements, the company's current capital expenditures (TTM) is $4.11B USD. Capital expenditures (CapEx) are cash outlays for property, plant, and equipment and other long-lived productive assets — reported on the cash flow statement under investing activities. CapEx funds future capacity (factories, data centers, software, machinery), so rising spend can signal investment in growth, while heavy CapEx reduces free cash flow available to shareholders. We display CapEx as a positive amount (the absolute cash outflow); compare with revenue to gauge capital intensity and with total assets for the asset-base context.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
MRK
Currently viewingCapital ExpendituresSwitch metric
Latest period
$4.11B
YoY change
+21.9%
5Y CAGR
-1.5%
Peak year (2021)
$4.45B
Cumulative capital expenditures
$75.74B
CapEx history chart for Merck & Co. (MRK) from 1989 to 2025
CapEx history table for Merck & Co. (MRK) from 1989 to 2025
| Fiscal year | Period ended | Reported | Capital Expenditures | YoY |
|---|---|---|---|---|
| 2025 | $4.11B | +21.9% | ||
| 2024 | $3.37B | -12.7% | ||
| 2023 | $3.86B | -12.0% | ||
| 2022 | $4.39B | -1.3% | ||
| 2021 | $4.45B | +0.4% | ||
| 2020 | $4.43B | +27.5% | ||
| 2019 | $3.47B | +32.8% | ||
| 2018 | $2.62B | +38.5% | ||
| 2017 | $1.89B | +17.0% | ||
| 2016 | $1.61B | +25.8% | ||
| 2015 | $1.28B | -44.6% | ||
| 2014 | $2.32B | +49.7% | ||
| 2013 | $1.55B | -20.8% | ||
| 2012 | $1.95B | +13.4% | ||
| 2011 | $1.72B | +2.7% | ||
| 2010 | $1.68B | +14.9% | ||
| 2009 | $1.46B | +12.5% | ||
| 2008 | $1.30B | +28.4% | ||
| 2007 | $1.01B | +3.1% | ||
| 2006 | $980.20M | -30.1% | ||
| 2005 | $1.40B | -18.7% | ||
| 2004 | $1.73B | -9.9% | ||
| 2003 | $1.92B | -19.2% | ||
| 2002 | $2.37B | -13.0% | ||
| 2001 | $2.72B | -0.1% | ||
| 2000 | $2.73B | +6.5% | ||
| 1999 | $2.56B | +29.8% | ||
| 1998 | $1.97B | +36.2% | ||
| 1997 | $1.45B | +21.1% | ||
| 1996 | $1.20B | +19.0% | ||
| 1995 | $1.01B | -0.4% | ||
| 1994 | $1.01B | -0.3% | ||
| 1993 | $1.01B | -5.1% | ||
| 1992 | $1.07B | +2.4% | ||
| 1991 | $1.04B | +55.3% | ||
| 1990 | $670.80M | +54.9% | ||
| 1989 | $433.00M | — |
CapEx values are taken from Merck & Co.'s reported cash flow statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
In 2025, Merck & Co. (MRK) capital expenditures totalled $4.11B – grew 21.9% year-over-year.
Merck & Co. capital expenditures has contracted on net over the period, with a -1.5% compound annual growth rate over 2020–2025 (5 years).
Merck & Co. capital expenditures declined from $4.45B in 2021 to $4.11B in 2025, a 7.6% drawdown.
Across the available history, capital expenditures reached its high of $4.45B in 2021 and its low of $433.00M in 1989.
Within Healthcare, Merck & Co. (MRK) ranks 4th among 8 peers we track. The peer median for capital expenditures is $3.22B.
Merck & Co. Capital Expenditures by Year
Merck & Co. Capital Expenditures 2025: $4.11B
Merck & Co. capital expenditures in 2025 was $4.11B, grew 21.9% from 2024.
Merck & Co. Capital Expenditures 2024: $3.37B
Merck & Co. capital expenditures in 2024 was $3.37B, declined 12.7% below 2023.
Merck & Co. Capital Expenditures 2023: $3.86B
Merck & Co. capital expenditures in 2023 was $3.86B, declined 12.0% below 2022.
Merck & Co. Capital Expenditures 2022: $4.39B
Merck & Co. capital expenditures in 2022 was $4.39B, edged down 1.3% below 2021.
Merck & Co. Capital Expenditures 2021: $4.45B
Merck & Co. capital expenditures in 2021 was $4.45B.
See more financial history for Merck & Co. (MRK).
Sector peers — CapEx
Companies in the same sector as Merck & Co., ranked by their latest capital expenditures.
| Company | Capital Expenditures | Sector |
|---|---|---|
| Novo Nordisk A/S (NVO) | $90.11B | Healthcare |
| Eli Lilly and Company (LLY) | $7.84B | Healthcare |
| Johnson & Johnson (JNJ) | $4.83B | Healthcare |
| UnitedHealth Group Incorporated (UNH) | $3.62B | Healthcare |
| AstraZeneca PLC (AZN) | $2.81B | Healthcare |
| Amgen Inc. (AMGN) | $1.86B | Healthcare |
| Thermo Fisher Scientific Inc. (TMO) | $1.52B | Healthcare |
| AbbVie Inc. (ABBV) | $1.21B | Healthcare |
Frequently asked questions
What is Merck & Co.'s capital expenditures?
- Latest reported capital expenditures for Merck & Co. (MRK) is $4.11B (period ending December 31, 2025).
How has Merck & Co. capital expenditures changed year-over-year?
- Merck & Co. (MRK) capital expenditures changed +21.9% year-over-year on the latest annual filing.
What is the long-term growth rate of Merck & Co. capital expenditures?
- Merck & Co. (MRK) capital expenditures compound annual growth rate is -1.5% over the most recent 5 years available.
When did Merck & Co. capital expenditures hit its highest annual value?
- Merck & Co. capital expenditures reached its highest annual value of $4.45B in 2021.
What was Merck & Co. capital expenditures in 2024?
- Merck & Co. (MRK) capital expenditures in 2024 was $3.37B.
What was Merck & Co. capital expenditures in 2025?
- Merck & Co. (MRK) capital expenditures in 2025 was $4.11B.
Metrics overview
Pick a metric for charts, filings, and peers — each row shows the latest TTM or annual value with year-over-year change.
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