v3.26.1
Master Trust
12 Months Ended
Dec. 31, 2025
EBP 004  
EBP, Master Trust [Line Items]  
Master Trust Master Trust
The net assets of the Master Trust and the Plan's interest are as follows:
2025
(in thousands)Master TrustMSD Employee Stock Purchase and Savings Plan Interest
Registered investment companies (mutual funds)$97,747 $4,127 
Common/collective trusts12,677,091 397,740 
Equity securities2,307,397 84,643 
Fixed income securities406,994 13,019 
Self-directed brokerage accounts459,800 22,763 
Merck common stock907,977 66,630 
Accrued interest and dividends15,877 829 
Other net assets8,648 272 
$16,881,531$590,023 
2024
(in thousands)Master TrustMSD Employee Stock Purchase and Savings Plan Interest
Registered investment companies (mutual funds)$500,106 $17,600 
Common/collective trusts11,107,463 336,118 
Equity securities2,244,340 81,379 
Fixed income securities386,182 11,707 
Self-directed brokerage accounts368,784 15,937 
Merck common stock1,026,831 70,418 
Accrued interest and dividends17,180 858 
Other net assets4,994 177 
$15,655,880$534,194
Total investment income (loss) of the Master Trust for the year ended December 31, 2025, is as follows:
2025
(in thousands)Master Trust
Investment income
    Net appreciation$2,354,281 
    Interest and dividends157,490 
        Total investment income$2,511,771