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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $65.01B | $64.17B | $60.12B | $59.28B | $48.70B | $47.99B |
| Cost of Revenue | $16.38B | $15.19B | $16.13B | $17.41B | $13.63B | $15.48B |
| Gross Profit | $48.63B | $48.98B | $43.99B | $41.87B | $35.08B | $32.51B |
| R&D | $15.79B | $17.94B | $30.53B | $13.55B | $12.24B | $13.56B |
| SG&A | $10.73B | $10.82B | $10.50B | $10.04B | $9.63B | $10.47B |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $3.04B | $2.10B | $1.83B | $1.82B | $1.58B | $1.73B |
| Operating Income | $21.07B | $19.94B | $1.89B | $16.44B | $13.88B | $8.79B |
| Interest Expense | $1.36B | $1.27B | $1.15B | $962.00M | $806.00M | $831.00M |
| Income Tax | $2.80B | $2.80B | $1.51B | $1.92B | $1.52B | $1.71B |
| Net Income | $18.25B | $17.12B | $365.00M | $14.52B | $13.05B | $7.07B |
| EPS - Basic | $7.30 | $6.76 | $0.14 | $5.73 | $5.16 | $2.66 |
| EPS - Diluted | $7.28 | $6.74 | $0.14 | $5.71 | $5.14 | $2.65 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.56B | $13.24B | $6.84B | $12.69B | $8.10B | $8.06B |
| Accounts Receivable | $11.78B | $10.28B | $10.35B | $9.45B | $9.23B | $7.85B |
| Inventory | $6.66B | $6.11B | $6.36B | $5.91B | $5.95B | $6.31B |
| Accounts Payable | $4.40B | $4.08B | $3.92B | $4.26B | $4.61B | $4.59B |
| Current Assets | $43.52B | $38.78B | $32.17B | $35.72B | $30.27B | $27.76B |
| Total Assets | $136.87B | $117.11B | $106.67B | $109.16B | $105.69B | $91.59B |
| Current Liabilities | $28.33B | $28.42B | $25.69B | $24.24B | $23.87B | $27.33B |
| Long-term Debt | $46.75B | $34.46B | $33.68B | $28.75B | $30.69B | $25.36B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $52.61B | $46.31B | $37.58B | $45.99B | $38.18B | $25.32B |
| Retained Earnings | $73.08B | $63.07B | $53.90B | $61.08B | $53.70B | $47.36B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.47B | $21.47B | $13.01B | $19.09B | $7.62B | $10.25B |
| Investing Cash Flow | ($13.74B) | ($7.73B) | ($14.08B) | ($4.96B) | ($9.19B) | ($9.44B) |
| Financing Cash Flow | ($1.92B) | ($7.03B) | ($4.81B) | ($9.12B) | ($2.83B) | ($2.83B) |
| CapEx | $4.11B | $3.37B | $3.86B | $4.39B | $4.45B | $4.68B |
| Free Cash Flow | $12.36B | $18.10B | $9.14B | $14.71B | $3.17B | $5.57B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 74.8% | 76.3% | 73.2% | 70.6% | 72.0% | 67.7% |
| Operating margin | 32.4% | 31.1% | 3.1% | 27.7% | 28.5% | 18.3% |
| EBITDA margin | 37.1% | 34.3% | 6.2% | 30.8% | 31.7% | 21.9% |
| Net margin | 28.1% | 26.7% | 0.6% | 24.5% | 26.8% | 14.7% |
| Free cash flow margin | 19.0% | 28.2% | 15.2% | 24.8% | 6.5% | 11.6% |
| FCF / Net income | 0.68 | 1.06 | 25.05 | 1.01 | 0.24 | 0.79 |
| R&D / Revenue | 24.3% | 28.0% | 50.8% | 22.9% | 25.1% | 28.2% |
| SG&A / Revenue | 16.5% | 16.9% | 17.5% | 16.9% | 19.8% | 21.8% |
| Effective tax rate | 13.3% | 14.1% | 80.6% | 11.7% | 10.4% | 19.5% |
| Return on assets | 13.3% | 14.6% | 0.3% | 13.3% | 12.3% | 7.7% |
| Return on equity | 34.7% | 37.0% | 1.0% | 31.6% | 34.2% | 27.9% |
| Return on invested capital | 18.4% | 21.2% | 1.3% | 19.4% | 18.0% | 14.0% |
| Liquidity | ||||||
| Current ratio | 1.54 | 1.36 | 1.25 | 1.47 | 1.27 | 1.02 |
| Quick ratio | 1.30 | 1.15 | 1.00 | 1.23 | 1.02 | 0.79 |
| Cash ratio | 0.51 | 0.47 | 0.27 | 0.52 | 0.34 | 0.30 |
| Leverage | ||||||
| Debt / Equity | 0.89 | 0.74 | 0.90 | 0.63 | 0.80 | 1.00 |
| Debt / Assets | 0.34 | 0.29 | 0.32 | 0.26 | 0.29 | 0.28 |
| Debt / EBITDA | 1.94 | 1.56 | 9.06 | 1.57 | 1.99 | 2.41 |
| Interest coverage | 15.5x | 15.7x | 1.6x | 17.1x | 17.2x | 10.6x |
| Equity multiplier | 2.60 | 2.53 | 2.84 | 2.37 | 2.77 | 3.62 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.47 | 0.55 | 0.56 | 0.54 | 0.46 | 0.52 |
| Inventory turnover | 2.46 | 2.49 | 2.54 | 2.95 | 2.29 | 2.45 |
| Days sales outstanding | 66d | 58d | 63d | 58d | 69d | 60d |
| Days inventory outstanding | 148d | 147d | 144d | 124d | 159d | 149d |
| Days payable outstanding | 98d | 98d | 89d | 89d | 123d | 108d |
| Cash conversion cycle | 116d | 107d | 118d | 93d | 105d | 100d |
| Valuation | ||||||
| P / E | 14.5x | 14.8x | 778.7x | 19.4x | 14.9x | 29.4x |
| P / B | 5.0x | 5.5x | 7.4x | 6.1x | 5.1x | 7.8x |
| P / S | 4.1x | 3.9x | 4.6x | 4.8x | 4.0x | 4.1x |
| EV / EBITDA | 12.3x | 12.4x | 81.9x | 16.3x | 14.0x | 20.5x |
| Growth | ||||||
| Revenue growth (YoY) | 1.3% | 6.7% | 1.4% | 21.7% | 1.5% | 2.5% |
| Revenue CAGR (3y) | 3.1% | 9.6% | 7.8% | 8.2% | 7.0% | - |
| Revenue CAGR (5y) | 6.3% | 6.5% | 8.6% | - | - | - |
| Gross profit growth (YoY) | -0.7% | 11.3% | 5.1% | 19.4% | 7.9% | -0.7% |
| Operating income growth (YoY) | 5.7% | 955.4% | -88.5% | 18.5% | 57.9% | -23.3% |
| Net income growth (YoY) | 6.6% | 4589.6% | -97.5% | 11.3% | 84.6% | -28.2% |
| EPS growth (YoY) | 8.0% | 4714.3% | -97.5% | 11.1% | 93.8% | -30.4% |
| EPS CAGR (3y) | 8.4% | 9.5% | -62.5% | 14.4% | 30.4% | 45.0% |
| EPS CAGR (5y) | 22.4% | 12.1% | -43.0% | 45.7% | 29.5% | 11.2% |
| FCF growth (YoY) | -31.7% | 97.9% | -37.8% | 364.1% | -43.1% | -44.1% |
| FCF CAGR (5y) | 17.3% | 12.7% | 1.9% | 26.4% | -18.4% | -12.9% |
| Book value growth (YoY) | 13.6% | 23.2% | -18.3% | 20.4% | 50.8% | -2.3% |
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%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
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 |