Revenue
$65.01B
Fiscal year ended 2025-12-31Operating income
Unavailable
Fiscal year ended 2025-12-31Free cash flow
$12.36B
Fiscal year ended 2025-12-31Merck & Co., Inc. (MRK) reported revenue of $65.01B and net income of $18.25B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Merck & Co., Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Pharmaceutical Preparations.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $27.10B | $28.78B | $27.21B | $25.78B |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $18.25B | $17.12B | $365.00M | $14.52B | $13.05B | $7.07B | $9.84B | $6.22B | $2.39B | $3.92B |
| Research & development | $15.79B | $17.94B | $30.53B | $13.55B | $12.24B | $13.40B | $9.72B | $9.75B | $10.34B | $10.26B |
| Weighted-average diluted shares | shares 2.51B | shares 2.54B | shares 2.55B | shares 2.54B | shares 2.54B | shares 2.54B | shares 2.58B | shares 2.68B | shares 2.75B | shares 2.79B |
| Pretax income | $21.07B | $19.94B | $1.89B | $16.44B | $13.88B | $5.86B | $7.17B | $8.70B | $6.52B | $4.66B |
| Income tax expense | $2.80B | $2.80B | $1.51B | $1.92B | $1.52B | $1.34B | $1.56B | $2.51B | $4.10B | $718.00M |
| Diluted EPS | $7.28 | $6.74 | $0.14 | $5.71 | $5.14 | $2.78 | $3.81 | $2.32 | $0.87 | $1.41 |
| Selling, general & administrative | $10.73B | $10.82B | $10.50B | $10.04B | $9.63B | $8.96B | $9.46B | $10.10B | $10.07B | $10.02B |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $14.56B | $13.24B | $6.84B | $12.69B | $8.10B | $8.05B | $9.68B | $7.96B | $6.09B | $6.52B |
| Total assets | $136.87B | $117.11B | $106.68B | $109.16B | $105.69B | $91.59B | $84.40B | $82.64B | $87.87B | $95.38B |
| Current assets | $43.52B | $38.78B | $32.17B | $35.72B | $30.27B | $27.76B | $27.48B | $25.88B | $24.77B | $30.61B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $28.33B | $28.42B | $25.69B | $24.24B | $23.87B | $27.33B | $22.22B | $22.21B | $18.61B | $17.20B |
| Total equity incl. NCI | $52.66B | $46.37B | $37.64B | $46.06B | $38.26B | $25.40B | $26.00B | $26.88B | $34.57B | $40.31B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $6.66B | $6.11B | $6.36B | $5.91B | $5.95B | $5.55B | $5.98B | $5.44B | $5.10B | $4.87B |
| Accounts receivable | $11.78B | $10.28B | $10.35B | $9.45B | $9.23B | $6.80B | $6.78B | $7.07B | $6.87B | $7.02B |
| Goodwill | $21.58B | $21.67B | $21.20B | $21.20B | $21.26B | $18.88B | $18.07B | $18.25B | $18.28B | $18.16B |
| Long-term debt | $46.75B | $34.46B | $33.68B | $28.74B | $30.69B | $25.36B | $22.74B | $19.81B | $21.35B | $24.27B |
| Accounts payable | $4.40B | $4.08B | $3.92B | $4.26B | $4.61B | $4.33B | $3.74B | $3.32B | $3.10B | $2.81B |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $16.47B | $21.47B | $13.01B | $19.10B | Unavailable | $10.25B | $13.44B | $10.92B | $6.45B | $10.38B |
| Capital expenditures | $4.11B | $3.37B | $3.86B | $4.39B | $4.45B | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$13.74B | -$7.73B | -$14.08B | -$4.96B | Unavailable | -$9.44B | -$2.63B | $4.31B | $2.68B | -$3.21B |
| Financing cash flow | -$1.92B | -$7.03B | -$4.81B | -$9.12B | Unavailable | -$2.83B | -$8.86B | -$13.16B | -$10.01B | -$9.04B |
| Net change in cash | $1.37B | $6.41B | -$5.86B | $4.61B | $14.00M | -$1.77B | $1.97B | $1.87B | -$419.00M | -$2.01B |
| Stock-based compensation | $820.00M | $761.00M | $645.00M | $541.00M | $479.00M | $441.00M | $388.00M | $348.00M | $312.00M | $300.00M |
| Common dividends paid | $8.18B | $7.84B | $7.44B | $7.01B | $6.61B | $6.22B | $5.70B | $5.17B | $5.17B | $5.12B |
| Common share repurchases | $5.08B | $1.31B | $1.35B | $0 | $840.00M | $1.28B | $4.78B | $9.09B | $4.01B | $3.43B |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $3.65B | $4.52B | $4.68B | $5.47B |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $12.36B | $18.10B | $9.14B | $14.71B | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | 74.8% | 76.3% | 73.2% | 70.6% | 72.0% | 67.2% | 69.3% | 68.1% | 67.8% | 64.8% |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | 19.0% | 28.2% | 15.2% | 24.8% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 1.3% | 1.2% | 1.1% | 0.9% | 1.0% | 1.1% | 1.0% | 0.8% | 0.8% | 0.8% |
| Current ratio | 1.54x | 1.36x | 1.25x | 1.47x | 1.27x | 1.02x | 1.24x | 1.17x | 1.33x | 1.78x |
| Revenue YoY growth | 1.3% | 6.7% | 1.4% | 21.7% | 17.3% | 6.1% | -7.5% | 5.4% | 0.8% | Unavailable |
| Net margin | 28.1% | 26.7% | 0.6% | 24.5% | 26.8% | 17.0% | 25.2% | 14.7% | 6.0% | 9.8% |
| R&D / revenue | 24.3% | 28.0% | 50.8% | 22.9% | 25.1% | 32.3% | 24.9% | 23.1% | 25.8% | 25.8% |
| CapEx / revenue | 6.3% | 5.3% | 6.4% | 7.4% | 9.1% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 0.89x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 13.3% | 14.1% | 80.0% | 11.7% | 11.0% | 22.9% | 21.8% | 28.8% | 62.9% | 15.4% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open MRK in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-07View SEC filing
10-Q · Filed 2026-05-04View SEC filing
10-K · Filed 2026-02-24View SEC filing
10-Q · Filed 2025-11-05View SEC filing
10-Q · Filed 2025-08-05View SEC filing
10-Q · Filed 2025-05-02View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.