MRK · Merck & Co., Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.29B | - | $17.28B | $15.81B | $15.53B | - | $16.66B | $16.11B | $15.78B | - |
| Cost of Revenue | $4.20B | - | $3.85B | $3.56B | $3.42B | - | $4.08B | $3.75B | $3.54B | - |
| Gross Profit | $12.09B | - | $13.42B | $12.25B | $12.11B | - | $12.58B | $12.37B | $12.23B | - |
| R&D | $12.59B | - | $4.23B | $4.05B | $3.62B | - | $5.86B | $3.50B | $3.99B | - |
| SG&A | $2.70B | - | $2.63B | $2.65B | $2.55B | - | $2.73B | $2.74B | $2.48B | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $581.00M | - | - | - | $502.00M | - | - | - | $511.00M | - |
| Operating Income | ($3.53B) | - | $6.75B | $5.00B | $5.90B | - | $4.09B | $6.01B | $5.67B | - |
| Interest Expense | $479.00M | - | $327.00M | $305.00M | $303.00M | - | $317.00M | $310.00M | $303.00M | - |
| Income Tax | $709.00M | - | $958.00M | $571.00M | $818.00M | - | $929.00M | $545.00M | $903.00M | - |
| Net Income | ($4.24B) | - | $5.79B | $4.43B | $5.08B | - | $3.16B | $5.46B | $4.76B | - |
| EPS - Basic | ($1.72) | - | $2.32 | $1.76 | $2.01 | - | $1.25 | $2.15 | $1.88 | - |
| EPS - Diluted | ($1.72) | - | $2.32 | $1.76 | $2.01 | - | $1.24 | $2.14 | $1.87 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.33B | $14.56B | $18.17B | $8.01B | $8.63B | $13.24B | $14.59B | $11.30B | $5.58B | $6.84B |
| Accounts Receivable | $12.21B | $11.78B | $12.12B | $11.85B | $10.79B | $10.28B | $11.38B | $11.64B | $11.37B | $10.35B |
| Inventory | $6.48B | $6.66B | $6.44B | $6.60B | $6.20B | $6.11B | $6.24B | $6.47B | $6.51B | $6.36B |
| Accounts Payable | $3.86B | $4.40B | $4.15B | $3.89B | $3.78B | $4.08B | $3.59B | $3.52B | $3.51B | $3.92B |
| Current Assets | $35.02B | $43.52B | $47.56B | $37.06B | $35.50B | $38.78B | $40.36B | $38.20B | $31.45B | $32.17B |
| Total Assets | $128.69B | $136.87B | $129.55B | $117.52B | $115.12B | $117.11B | $117.53B | $112.63B | $105.85B | $106.67B |
| Current Liabilities | $26.95B | $28.33B | $28.63B | $26.04B | $25.17B | $28.42B | $29.59B | $26.06B | $25.10B | $25.69B |
| Long-term Debt | $46.67B | $46.75B | $39.97B | $33.97B | $33.48B | $34.46B | $34.98B | $34.72B | $31.14B | $33.68B |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $45.88B | $52.61B | $51.85B | $48.99B | $48.34B | $46.31B | $44.50B | $43.58B | $40.36B | $37.58B |
| Retained Earnings | $66.72B | $73.08B | $72.23B | $68.48B | $66.10B | $63.07B | $61.38B | $60.19B | $56.70B | $53.90B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.92B | - | - | - | $2.50B | - | - | - | $3.09B | - |
| Investing Cash Flow | ($10.21B) | - | - | - | ($1.49B) | - | - | - | ($1.38B) | - |
| Financing Cash Flow | ($2.98B) | - | - | - | ($5.75B) | - | - | - | ($2.81B) | - |
| CapEx | $991.00M | - | - | - | $1.33B | - | - | - | $861.00M | - |
| Free Cash Flow | $2.93B | - | - | - | $1.17B | - | - | - | $2.23B | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 74.2% | - | 77.7% | 77.5% | 78.0% | - | 75.5% | 76.8% | 77.6% | - |
| Operating margin | -21.7% | - | 39.0% | 31.6% | 38.0% | - | 24.6% | 37.3% | 35.9% | - |
| EBITDA margin | -18.1% | - | - | - | 41.2% | - | - | - | 39.2% | - |
| Net margin | -26.0% | - | 33.5% | 28.0% | 32.7% | - | 19.0% | 33.9% | 30.2% | - |
| Free cash flow margin | 18.0% | - | - | - | 7.5% | - | - | - | 14.1% | - |
| FCF / Net income | -0.69 | - | - | - | 0.23 | - | - | - | 0.47 | - |
| R&D / Revenue | 77.3% | - | 24.5% | 25.6% | 23.3% | - | 35.2% | 21.7% | 25.3% | - |
| SG&A / Revenue | 16.6% | - | 15.2% | 16.8% | 16.4% | - | 16.4% | 17.0% | 15.7% | - |
| Effective tax rate | - | - | 14.2% | 11.4% | 13.9% | - | 22.7% | 9.1% | 15.9% | - |
| Return on assets | -3.3% | - | 4.5% | 3.8% | 4.4% | - | 2.7% | 4.8% | 4.5% | - |
| Return on equity | -9.2% | - | 11.2% | 9.0% | 10.5% | - | 7.1% | 12.5% | 11.8% | - |
| Return on invested capital | -3.0% | - | 6.3% | 5.3% | 6.2% | - | 4.0% | 7.0% | 6.7% | - |
| Liquidity | ||||||||||
| Current ratio | 1.30 | 1.54 | 1.66 | 1.42 | 1.41 | 1.36 | 1.36 | 1.47 | 1.25 | 1.25 |
| Quick ratio | 1.06 | 1.30 | 1.44 | 1.17 | 1.16 | 1.15 | 1.15 | 1.22 | 0.99 | 1.00 |
| Cash ratio | 0.20 | 0.51 | 0.63 | 0.31 | 0.34 | 0.47 | 0.49 | 0.43 | 0.22 | 0.27 |
| Leverage | ||||||||||
| Debt / Equity | 1.02 | 0.89 | 0.77 | 0.69 | 0.69 | 0.74 | 0.79 | 0.80 | 0.77 | 0.90 |
| Debt / Assets | 0.36 | 0.34 | 0.31 | 0.29 | 0.29 | 0.29 | 0.30 | 0.31 | 0.29 | 0.32 |
| Debt / EBITDA | - | - | - | - | 5.23 | - | - | - | 5.04 | - |
| Interest coverage | -7.4x | - | 20.6x | 16.4x | 19.5x | - | 12.9x | 19.4x | 18.7x | - |
| Equity multiplier | 2.80 | 2.60 | 2.50 | 2.40 | 2.38 | 2.53 | 2.64 | 2.58 | 2.62 | 2.84 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.13 | - | 0.13 | 0.13 | 0.13 | - | 0.14 | 0.14 | 0.15 | - |
| Inventory turnover | 0.65 | - | 0.60 | 0.54 | 0.55 | - | 0.65 | 0.58 | 0.54 | - |
| Days sales outstanding | 274d | - | 256d | 274d | 254d | - | 249d | 264d | 263d | - |
| Days inventory outstanding | 564d | - | 610d | 677d | 661d | - | 559d | 630d | 671d | - |
| Days payable outstanding | 336d | - | 393d | 399d | 404d | - | 321d | 343d | 362d | - |
| Cash conversion cycle | 501d | - | 474d | 552d | 511d | - | 487d | 551d | 572d | - |
| Valuation | ||||||||||
| P / E | - | - | 36.2x | 45.0x | 44.7x | - | 91.6x | 57.9x | 70.6x | - |
| P / B | 6.5x | - | 4.0x | 4.1x | 4.7x | - | 6.5x | 7.2x | 8.3x | - |
| P / S | 18.3x | - | 12.1x | 12.6x | 14.6x | - | 17.3x | 19.5x | 21.3x | - |
| EV / EBITDA | - | - | - | - | 39.4x | - | - | - | 58.4x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 4.9% | - | 3.7% | -1.9% | -1.6% | - | 4.4% | 7.2% | 8.9% | - |
| Revenue CAGR (3y) | 4.0% | - | 4.9% | 2.7% | -0.8% | - | 8.2% | 12.2% | 9.3% | - |
| Revenue CAGR (5y) | 6.2% | - | 6.6% | 7.8% | 5.2% | - | 6.1% | 6.5% | 9.5% | - |
| Gross profit growth (YoY) | -0.2% | - | 6.7% | -1.0% | -1.0% | - | 7.5% | 12.3% | 15.9% | - |
| Operating income growth (YoY) | - | - | 64.9% | -16.8% | 4.1% | - | -27.2% | - | 55.3% | - |
| Net income growth (YoY) | - | - | 83.2% | -18.8% | 6.7% | - | -33.5% | - | 68.8% | - |
| EPS growth (YoY) | - | - | 87.1% | -17.8% | 7.5% | - | -33.3% | - | 68.5% | - |
| EPS CAGR (3y) | - | - | 21.9% | 4.3% | 5.7% | - | -11.7% | 51.9% | 14.4% | - |
| EPS CAGR (5y) | - | - | 14.9% | 8.3% | 9.8% | - | 10.9% | 15.7% | 10.8% | - |
| FCF growth (YoY) | 149.7% | - | - | - | -47.4% | - | - | - | -40.6% | - |
| FCF CAGR (5y) | 34.8% | - | - | - | - | - | - | - | 24.6% | - |
| Book value growth (YoY) | -5.1% | 13.6% | 16.5% | 12.4% | 19.7% | 23.2% | 7.9% | 12.6% | -13.8% | -18.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$64.50B totalPharmaceuticalsegment$58.14B · 90.1%
Animal Healthsegment$6.35B · 9.9%
Product / service
$37.00B totalKeytruda$18.83B · 50.9%
Gardasil Gardasil9$2.64B · 7.1%
Pro Quad MMRIIVarivax$1.89B · 5.1%
Bridion$1.63B · 4.4%
Winrevair$1.36B · 3.7%
Companion Animals$1.15B · 3.1%
Januvia$999.00M · 2.7%
Livestock$807.00M · 2.2%
Lenvima$737.00M · 2.0%
Capvaxive$730.00M · 2.0%
Alliancerevenue Lynparza$683.00M · 1.8%
Other Pharmaceutical$676.00M · 1.8%
Welireg$603.00M · 1.6%
Prevymis$475.00M · 1.3%
Vaxneuvance$459.00M · 1.2%
Alliance Revenue Reblozyl$432.00M · 1.2%
Rotateq$426.00M · 1.2%
Alliance Revenue Adempas Verquvo$421.00M · 1.1%
Lagevrio$380.00M · 1.0%
Adempas$312.00M · 0.8%
Janumet$268.00M · 0.7%
Dificid$202.00M · 0.5%
Zerbaxa$186.00M · 0.5%
Isentress Isentress HD$181.00M · 0.5%
Ohtuvayre$178.00M · 0.5%
Pifeltro$111.00M · 0.3%
Belsomra$82.00M · 0.2%
Delstrigo$56.00M · 0.2%
Verquvo$48.00M · 0.1%
Keytruda Qlex$38.00M · 0.1%
Pneumovax23$21.00M · 0.1%
Geographic
$86.64B totalUS$34.41B · 39.7%
Non Us$23.73B · 27.4%
EMEA$14.58B · 16.8%
Latin America$3.41B · 3.9%
Asia Pacific$2.98B · 3.4%
Other Countries$2.88B · 3.3%
JP$2.71B · 3.1%
CN$1.94B · 2.2%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Merck & Co. against the 5 most active filers in the same SIC group.
Dividends
$3.32/share trailing 12 months · +5.1% YoY
| Ex-date | Per share |
|---|---|
| Mar 16, 2026 | $0.8500 |
| Dec 15, 2025 | $0.8500 |
| Sep 15, 2025 | $0.8100 |
| Jun 16, 2025 | $0.8100 |
| Mar 17, 2025 | $0.8100 |
| Dec 16, 2024 | $0.8100 |
| Sep 16, 2024 | $0.7700 |
| Jun 17, 2024 | $0.7700 |
| Mar 14, 2024 | $0.7700 |
| Dec 14, 2023 | $0.7700 |
| Sep 14, 2023 | $0.7300 |
| Jun 14, 2023 | $0.7300 |
| Mar 14, 2023 | $0.7300 |
| Dec 14, 2022 | $0.7300 |
| Sep 14, 2022 | $0.6900 |
| Jun 14, 2022 | $0.6900 |
| Mar 14, 2022 | $0.6900 |
| Dec 14, 2021 | $0.6900 |
| Sep 14, 2021 | $0.6500 |
| Jun 14, 2021 | $0.6500 |
| Mar 12, 2021 | $0.6202 |
| Dec 14, 2020 | $0.6202 |
| Sep 14, 2020 | $0.5821 |
| Jun 12, 2020 | $0.5821 |