Financials · MRK

Merck & Company Inc. (MRK) financials

For the twelve months ended Sep 30, 2026, Merck & Company Inc. reported $67.38B of revenue and $2.45B of net income.

Revenue, TTM
$67.38B
Revenue growth, YoY
+4.9%
Net income, TTM
$2.45B
Net income growth, YoY
-87.1%
Net margin
3.6%
Free cash flow, TTM
$14.75B
EPS, diluted, TTM
$0.97
EPS growth, YoY
-87.2%
Cash
$9.55B
Total debt
$53.78B
P/E
147.46
P/S
5.37
Market cap
$361.71B
Annual revenue$65.01B
FY2016FY2025
Annual net income$18.25B
FY2016FY2025
Annual free cash flow$12.36B
FY2016FY2025

MRK revenue and earnings growth

MRK revenueQ3 2026$18.09B

Quarter YoY
+4.7%
QoQ
+8.9%
FY YoY
+1.3%
5Y CAGR
+9.4%

MRK revenue was $18.09B in fiscal Q3 2026 (ended Sep 30, 2026), up 4.7% from a year earlier and up 8.9% from the prior quarter. For the full fiscal 2025 it was $65.01B, up 1.3% from fiscal 2024. Compound annual growth was +9.4% over 5 years. It rose in 8 of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.

MRK net incomeQ3 2026$5.07B

Quarter YoY
-12.4%
FY YoY
+6.6%
5Y CAGR
+20.9%
10Y CAGR
+15.2%

MRK net income was $5.07B in fiscal Q3 2026 (ended Sep 30, 2026), down 12.4% from a year earlier. For the full fiscal 2025 it was $18.25B, up 6.6% from fiscal 2024. Compound annual growth was +20.9% over 5 years and +15.2% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MRK EPSQ3 2026$2.04

Quarter YoY
-12.1%
FY YoY
+8.0%
5Y CAGR
+21.2%
10Y CAGR
+16.7%

MRK diluted EPS was $2.04 in fiscal Q3 2026 (ended Sep 30, 2026), down 12.1% from a year earlier. For the full fiscal 2025 it was $7.28, up 8.0% from fiscal 2024. Compound annual growth was +21.2% over 5 years and +16.7% over 10 years.

MRK free cash flowQ3 2026$5.52B

Quarter YoY
-19.3%
QoQ
+23.3%
FY YoY
-31.7%
5Y CAGR
+31.1%
10Y CAGR
+0.9%

MRK free cash flow was $5.52B in fiscal Q3 2026 (ended Sep 30, 2026), down 19.3% from a year earlier and up 23.3% from the prior quarter. For the full fiscal 2025 it was $12.36B, down 31.7% from fiscal 2024. Compound annual growth was +31.1% over 5 years and +0.9% over 10 years. It rose in 4 of the last 10 fiscal years.

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Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$65.01B$64.17B$60.12B$59.28B$48.70B$41.52B$39.12B$42.29B$40.12B$39.81B
Cost of revenue$16.38B$15.19B$16.13B$17.41B$13.63B$13.62B$12.02B$13.51B$12.91B$14.03B
Gross profit$48.63B$48.98B$43.99B$41.87B$35.08B$27.90B$27.11B$28.79B$27.21B$25.78B
Research and development$15.79B$17.94B$30.53B$13.55B$12.24B$13.40B$9.72B$9.75B$10.34B$10.26B
Selling, general and admin$10.73B$10.82B$10.50B$10.04B$9.63B$8.96B$9.46B$10.10B$10.07B$10.02B
Interest expense$1.36B$1.27B$1.15B$962.00M$806.00M$831.00M$893.00M$772.00M$754.00M$693.00M
Pre-tax income$21.07B$19.94B$1.89B$16.44B$13.88B$5.86B$7.17B$8.70B$6.52B$4.66B
Income tax$2.80B$2.80B$1.51B$1.92B$1.52B$1.34B$1.56B$2.51B$4.10B$718.00M
Net income$18.25B$17.12B$365.00M$14.52B$13.05B$7.07B$9.84B$6.22B$2.39B$3.92B
EPS, basic$7.30$6.76$0.14$5.73$5.16$2.79$3.84$2.34$0.88$1.42
EPS, diluted$7.28$6.74$0.14$5.71$5.14$2.78$3.81$2.32$0.87$1.41
Diluted shares2.51B2.54B2.55B2.54B2.54B2.54B2.58B2.68B2.75B2.79B

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$14.56B$13.32B$6.91B$12.77B$8.17B$8.15B$9.93B$7.97B$6.10B$6.51B
Short-term investments$0$447.00M$252.00M$498.00M$0$0$774.00M$899.00M$2.41B$7.83B
Receivables$11.78B$10.28B$10.35B$9.45B$9.23B$6.80B$6.78B$7.07B$6.87B$7.02B
Inventory$6.66B$6.11B$6.36B$5.91B$5.95B$5.55B$5.98B$5.44B$5.10B$4.87B
Current assets$43.52B$38.78B$32.17B$35.72B$30.27B$27.76B$27.48B$25.88B$24.77B$30.61B
Goodwill$21.58B$21.67B$21.20B$21.20B$21.26B$18.88B$18.07B$18.25B$18.28B$18.16B
Total assets$136.87B$117.11B$106.67B$109.16B$105.69B$91.59B$84.40B$82.64B$87.87B$95.38B
Current liabilities$28.33B$28.42B$25.69B$24.24B$23.87B$27.33B$22.22B$22.21B$18.61B$17.20B
Short-term debt$2.59B$2.65B$1.37B$1.95B$2.41B$6.43B$3.61B$5.31B$3.06B$568.00M
Long-term debt$46.75B$34.46B$33.68B$28.75B$30.69B$25.36B$22.74B$19.81B$21.35B$24.27B
Total debt$49.34B$37.11B$35.05B$30.69B$33.10B$31.79B$26.35B$25.11B$24.41B$24.84B
Total liabilities$84.20B$70.73B$69.04B$63.10B$67.44B$66.18B$58.40B$55.76B$53.30B$55.07B
Shareholders' equity$52.61B$46.37B$37.63B$46.06B$38.26B$25.40B$26.00B$26.88B$34.57B$40.31B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$16.47B$21.47B$13.01B$19.09B$13.12B$7.62B$8.88B$10.92B$6.45B$10.38B
Capital expenditures$4.11B$3.37B$3.86B$4.39B$4.45B$4.43B$3.37B$2.62B$1.89B$1.61B
Free cash flow$12.36B$18.10B$9.14B$14.71B$8.67B$3.19B$5.51B$8.31B$4.56B$8.76B
Investing cash flow-$13.74B-$7.73B-$14.08B-$4.96B-$16.42B-$9.19B-$2.53B$4.31B$2.68B-$3.21B
Financing cash flow-$1.92B-$7.03B-$4.81B-$9.12B$3.10B-$2.83B-$8.86B-$13.16B-$10.01B-$9.04B
Dividends paid$8.18B$7.84B$7.45B$7.01B$6.61B$6.21B$5.70B$5.17B$5.17B$5.12B
Share repurchases$5.08B$1.31B$1.35B$0$840.00M$1.28B$4.78B$9.09B$4.01B$3.43B
Stock-based compensation$820.00M$761.00M$645.00M$541.00M$479.00M$441.00M$388.00M$348.00M$312.00M$300.00M
Depreciation and amortization------$3.65B$4.52B$4.68B$5.47B

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY1.3%6.7%1.4%21.7%17.3%6.1%-7.5%5.4%0.8%-
Net income growth, YoY6.6%4589.6%-97.5%11.3%84.6%-28.2%58.2%159.8%-38.9%-11.8%
EPS growth, YoY8.0%4714.3%-97.5%11.1%84.9%-27.0%64.2%166.7%-38.3%-9.6%
Gross margin74.8%76.3%73.2%70.6%72.0%67.2%69.3%68.1%67.8%64.8%
Net margin28.1%26.7%0.6%24.5%26.8%17.0%25.2%14.7%6.0%9.8%
Free cash flow margin19.0%28.2%15.2%24.8%17.8%7.7%14.1%19.6%11.4%22.0%
Return on equity34.7%36.9%1.0%31.5%34.1%27.8%37.9%23.1%6.9%9.7%
Return on assets13.3%14.6%0.3%13.3%12.3%7.7%11.7%7.5%2.7%4.1%
Current ratio1.541.361.251.471.271.021.241.171.331.78
Debt to equity0.940.800.930.670.871.251.010.930.710.62

Source: XBRL data Merck & Company Inc. files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MRK peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MRK$67.38B+4.9%$2.45B3.6%$361.71B
NVS$54.53B+8.4%$13.98B25.6%$310.17B
AZN$58.74B+8.6%$10.22B17.4%$289.10B
AMGN$38.90B+8.2%$9.39B24.1%$249.05B
GILD$30.99B+6.5%-$3.86B-12.5%$207.00B
PFE$63.63B+1.3%$4.03B6.3%$167.49B
BMY$50.03B+4.2%$9.24B18.5%$127.01B

MRK FAQ

9 questions
  • What is MRK revenue?
    Merck & Company Inc. (MRK) reported $67.38B of revenue for the twelve months ended Sep 30, 2026. That is up 4.9% from the year before. Revenue for fiscal 2025 was $65.01B.
  • Is MRK profitable?
    Yes. Merck & Company Inc. earned $2.45B in net income for the twelve months ended Sep 30, 2026, a net margin of 3.6%.
  • How much cash and debt does MRK have?
    Merck & Company Inc. reported $9.55B in cash and cash equivalents and $53.78B of debt on its most recent balance sheet in SEC filings.
  • How fast is MRK revenue growing?
    Merck & Company Inc.'s revenue changed +1.3% in fiscal 2025, to $65.01B. Its compound annual growth rate was +9.4% over 5 years.
  • What is MRK gross margin?
    Merck & Company Inc.'s gross profit was $48.34B on $67.38B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 71.8%.
  • What is MRK free cash flow?
    Merck & Company Inc. generated $14.75B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $18.70B less capital expenditures.
  • What is MRK earnings per share?
    Diluted earnings per share were $0.97 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MRK last report financial results?
    The latest statements here come from Merck & Company Inc.'s 10-Q filed on Nov 4, 2026, covering the period ended Sep 30, 2026.
  • Where does this MRK financial data come from?
    Quantisnow builds these statements from the structured XBRL data Merck & Company Inc. files with the SEC. It is provided for information only and is not investment advice.