Merck & Co. (MRK)

NYSE Health Care Pharmaceuticals S&P 500Dow 30

$146.73

-0.21 (-0.14%)

Close of Nov 06, 2026 · end-of-day data

Source: Merck & Co.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$39.81B	$40.12B	$42.29B	$39.12B	$41.52B	$48.70B	$59.28B	$60.12B	$64.17B	$65.01B
Cost of revenue	$14.03B	$12.91B	$13.51B	$12.02B	$13.62B	$13.63B	$17.41B	$16.13B	$15.19B	$16.38B
Gross profit	$25.78B	$27.21B	$28.79B	$27.11B	$27.90B	$35.08B	$41.87B	$43.99B	$48.98B	$48.63B
Research & development	$10.26B	$10.34B	$9.75B	$9.72B	$13.40B	$12.24B	$13.55B	$30.53B	$17.94B	$15.79B
Selling, general & admin	$10.02B	$10.07B	$10.10B	$9.46B	$8.96B	$9.63B	$10.04B	$10.50B	$10.82B	$10.73B
Interest expense	$693.00M	$754.00M	$772.00M	$893.00M	$831.00M	$806.00M	$962.00M	$1.15B	$1.27B	$1.36B
Pre-tax income	$4.66B	$6.52B	$8.70B	$7.17B	$5.86B	$13.88B	$16.44B	$1.89B	$19.94B	$21.07B
Income tax	$718.00M	$4.10B	$2.51B	$1.56B	$1.34B	$1.52B	$1.92B	$1.51B	$2.80B	$2.80B
Net income	$3.92B	$2.39B	$6.22B	$9.84B	$7.07B	$13.05B	$14.52B	$365.00M	$17.12B	$18.25B
EPS (basic)	$1.42	$0.88	$2.34	$3.84	$2.79	$5.16	$5.73	$0.14	$6.76	$7.30
EPS (diluted)	$1.41	$0.87	$2.32	$3.81	$2.78	$5.14	$5.71	$0.14	$6.74	$7.28
Diluted shares	2.79B	2.75B	2.68B	2.58B	2.54B	2.54B	2.54B	2.55B	2.54B	2.51B
Gross margin	64.8%	67.8%	68.1%	69.3%	67.2%	72.0%	70.6%	73.2%	76.3%	74.8%
Net margin	9.8%	6.0%	14.7%	25.2%	17.0%	26.8%	24.5%	0.6%	26.7%	28.1%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$6.51B	$6.09B	$7.96B	$9.68B	$8.05B	$8.10B	$12.69B	$6.84B	$13.24B	$14.56B
Short-term investments	$7.83B	$2.41B	$899.00M	$774.00M	$0	$0	$498.00M	$252.00M	$447.00M	$0
Receivables	$7.02B	$6.87B	$7.07B	$6.78B	$6.80B	$9.23B	$9.45B	$10.35B	$10.28B	$11.78B
Inventory	$4.87B	$5.10B	$5.44B	$5.98B	$5.55B	$5.95B	$5.91B	$6.36B	$6.11B	$6.66B
Total current assets	$30.61B	$24.77B	$25.88B	$27.48B	$27.76B	$30.27B	$35.72B	$32.17B	$38.78B	$43.52B
Goodwill	$18.16B	$18.28B	$18.25B	$18.07B	$18.88B	$21.26B	$21.20B	$21.20B	$21.67B	$21.58B
Total assets	$95.38B	$87.87B	$82.64B	$84.40B	$91.59B	$105.69B	$109.16B	$106.67B	$117.11B	$136.87B
Total current liabilities	$17.20B	$18.61B	$22.21B	$22.22B	$27.33B	$23.87B	$24.24B	$25.69B	$28.42B	$28.33B
Short-term debt	$568.00M	$3.06B	$5.31B	$3.61B	$6.43B	$2.41B	$1.95B	$1.37B	$2.65B	$2.59B
Long-term debt	$24.27B	$21.35B	$19.81B	$22.74B	$25.36B	$30.69B	$28.75B	$33.68B	$34.46B	$46.75B
Total debt	$24.84B	$24.41B	$25.11B	$26.35B	$31.79B	$33.10B	$30.69B	$35.05B	$37.11B	$49.34B
Total liabilities	$55.29B	$53.54B	$55.94B	$58.49B	$66.27B	$67.51B	$63.17B	$69.09B	$70.79B	$84.26B
Shareholders' equity	$40.09B	$34.34B	$26.70B	$25.91B	$25.32B	$38.18B	$45.99B	$37.58B	$46.31B	$52.61B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$10.38B	$6.45B	$10.92B	$13.44B	$10.25B	$13.12B	$19.09B	$13.01B	$21.47B	$16.47B
Capital expenditures	$1.61B	$1.89B	$2.62B	$3.37B	$4.43B	$4.45B	$4.39B	$3.86B	$3.37B	$4.11B
Free cash flow	$8.76B	$4.56B	$8.31B	$10.07B	$5.82B	$8.67B	$14.71B	$9.14B	$18.10B	$12.36B
Investing cash flow	-$3.21B	$2.68B	$4.31B	-$2.63B	-$9.44B	-$16.42B	-$4.96B	-$14.08B	-$7.73B	-$13.74B
Financing cash flow	-$9.04B	-$10.01B	-$13.16B	-$8.86B	-$2.83B	$3.10B	-$9.12B	-$4.81B	-$7.03B	-$1.92B
Dividends paid	$5.12B	$5.17B	$5.17B	$5.70B	$6.21B	$6.61B	$7.01B	$7.45B	$7.84B	$8.18B
Share buybacks	$3.43B	$4.01B	$9.09B	$4.78B	$1.28B	$840.00M	$0	$1.35B	$1.31B	$5.08B
Stock-based compensation	$300.00M	$312.00M	$348.00M	$388.00M	$441.00M	$479.00M	$541.00M	$645.00M	$761.00M	$820.00M
Depreciation & amortization	$5.47B	$4.68B	$4.52B	$3.65B	$1.67B	$1.58B	$1.82B	$1.83B	$2.10B	$3.04B

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$14.63B	$15.78B	$16.11B	$16.66B	$15.62B	$15.53B	$15.81B	$17.28B	$16.40B	$16.29B	$16.61B	$18.09B
Cost of revenue	$3.91B	$3.54B	$3.75B	$4.08B	$3.83B	$3.42B	$3.56B	$3.85B	$5.55B	$4.20B	$4.39B	$4.89B
Gross profit	$10.72B	$12.23B	$12.37B	$12.58B	$11.80B	$12.11B	$12.25B	$13.42B	$10.85B	$12.09B	$12.21B	$13.19B
Research & development	$9.63B	$3.99B	$3.50B	$5.86B	$4.58B	$3.62B	$4.05B	$4.23B	$3.89B	$12.59B	$9.74B	$4.54B
Selling, general & admin	$2.80B	$2.48B	$2.74B	$2.73B	$2.86B	$2.55B	$2.65B	$2.63B	$2.90B	$2.70B	$2.90B	$2.89B
Interest expense	$310.00M	$303.00M	$310.00M	$330.00M	$328.00M	$313.00M	$305.00M	$327.00M	$411.00M	$479.00M	$525.00M	$546.00M
Pre-tax income	-$2.05B	$5.67B	$6.01B	$4.09B	$4.17B	$5.90B	$5.00B	$6.75B	$3.42B	-$3.53B	-$683.00M	$5.56B
Income tax	-$820.00M	$903.00M	$545.00M	$929.00M	$426.00M	$818.00M	$571.00M	$958.00M	$458.00M	$709.00M	$654.00M	$492.00M
Net income	-$1.23B	$4.76B	$5.46B	$3.16B	$3.74B	$5.08B	$4.43B	$5.79B	$2.96B	-$4.24B	-$1.33B	$5.07B
EPS (basic)	$-0.49	$1.88	$2.15	$1.25	$1.48	$2.01	$1.76	$2.32	$1.21	$-1.72	$-0.54	$2.05
EPS (diluted)	$-0.48	$1.87	$2.14	$1.24	$1.48	$2.01	$1.76	$2.32	$1.20	$-1.72	$-0.54	$2.04
Diluted shares	-2.00M	2.54B	2.54B	2.54B	-2.00M	2.53B	2.51B	2.50B	-7.00M	2.47B	2.47B	2.48B
Gross margin	73.3%	77.6%	76.8%	75.5%	75.5%	78.0%	77.5%	77.7%	66.2%	74.2%	73.5%	72.9%
Net margin	-8.4%	30.2%	33.9%	19.0%	24.0%	32.7%	28.0%	33.5%	18.1%	-26.0%	-8.0%	28.0%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$6.84B	$5.58B	$11.30B	$14.59B	$13.24B	$8.63B	$8.01B	$18.17B	$14.56B	$5.33B	$6.85B	$9.55B
Short-term investments	$252.00M	$40.00M	$50.00M	$0	$447.00M	$599.00M	$615.00M	$45.00M	$0	$375.00M	$292.00M	$100.00M
Receivables	$10.35B	$11.37B	$11.64B	$11.38B	$10.28B	$10.79B	$11.85B	$12.12B	$11.78B	$12.21B	$12.56B	$12.74B
Inventory	$6.36B	$6.51B	$6.47B	$6.24B	$6.11B	$6.20B	$6.60B	$6.44B	$6.66B	$6.48B	$6.21B	$6.16B
Total current assets	$32.17B	$31.45B	$38.20B	$40.36B	$38.78B	$35.50B	$37.06B	$47.56B	$43.52B	$35.02B	$36.68B	$38.94B
Goodwill	$21.20B	$21.18B	$21.16B	$21.70B	$21.67B	$21.68B	$21.59B	$21.59B	$21.58B	$21.58B	$21.58B	$21.95B
Total assets	$106.67B	$105.85B	$112.63B	$117.53B	$117.11B	$115.12B	$117.52B	$129.55B	$136.87B	$128.69B	$129.80B	$132.77B
Total current liabilities	$25.69B	$25.10B	$26.06B	$29.59B	$28.42B	$25.17B	$26.04B	$28.63B	$28.33B	$26.95B	$27.73B	$28.80B
Short-term debt	$1.37B	$3.08B	$3.07B	$3.15B	$2.65B	$1.36B	$1.43B	$1.41B	$2.59B	$2.44B	$2.83B	$4.09B
Long-term debt	$33.68B	$31.14B	$34.72B	$34.98B	$34.46B	$33.48B	$33.97B	$39.97B	$46.75B	$46.67B	$51.08B	$49.69B
Total debt	$35.05B	$34.22B	$37.79B	$38.13B	$37.11B	$34.84B	$35.40B	$41.37B	$49.34B	$49.12B	$53.91B	$53.78B
Total liabilities	$69.09B	$65.48B	$69.05B	$73.03B	$70.79B	$66.79B	$68.53B	$77.70B	$84.26B	$82.81B	$87.87B	$87.88B
Shareholders' equity	$37.58B	$40.36B	$43.58B	$44.50B	$46.31B	$48.34B	$48.99B	$51.85B	$52.61B	$45.88B	$41.93B	$44.89B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$246.00M	$3.09B	$5.64B	$9.29B	$3.45B	$2.50B	$3.29B	$7.82B	$2.86B	$3.92B	$5.37B	$6.56B
Capital expenditures	$989.00M	$861.00M	$791.00M	$783.00M	$937.00M	$1.33B	$764.00M	$987.00M	$1.03B	$991.00M	$893.00M	$1.04B
Free cash flow	-$743.00M	$2.23B	$4.85B	$8.51B	$2.51B	$1.17B	$2.53B	$6.83B	$1.82B	$2.93B	$4.48B	$5.52B
Investing cash flow	$53.00M	-$1.38B	-$1.07B	-$3.85B	-$1.44B	-$1.49B	-$770.00M	-$283.00M	-$11.20B	-$10.21B	-$5.60B	-$1.32B
Financing cash flow	-$2.25B	-$2.81B	$1.22B	-$2.42B	-$3.01B	-$5.75B	-$3.56B	$2.64B	$4.75B	-$2.98B	$1.76B	-$2.43B
Dividends paid	$1.85B	$1.95B	$1.99B	$1.95B	$1.95B	$2.05B	$2.08B	$2.03B	$2.02B	$2.10B	$2.14B	$2.10B
Share buybacks	$393.00M	$122.00M	$251.00M	$444.00M	$489.00M	$1.16B	$1.34B	$1.32B	$1.25B	$874.00M	$757.00M	$653.00M
Stock-based compensation	$167.00M	$176.00M	$203.00M	$195.00M	$187.00M	$195.00M	$216.00M	$204.00M	$205.00M	$185.00M	$298.00M	$369.00M
Depreciation & amortization	$502.00M	$511.00M	$518.00M	$553.00M	$522.00M	$502.00M	$518.00M	$532.00M	$1.49B	$581.00M	$599.00M	$726.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.