Merck & Co., Inc. (MRK) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	-$0.26	-$0.13	+50.0%	—	—	—
Q4 26	-$1.47	-$1.28	+12.9%	—	—	—
Q3 26	$2.01	$2.04	+1.5%	—	—	—
Q2 26	$2.35	$2.58	+9.8%	—	—	—
Q1 26	$2.03	$2.13	+4.9%	—	—	—
Q4 25	$2.14	$2.22	+3.7%	—	—	—
Q3 25	$1.67	$1.72	+3.0%	—	—	—
Q2 25	$1.57	$1.57	0.0%	—	—	—
Q1 25	$2.14	$2.28	+6.5%	—	—	—
Q4 24	$1.92	$2.07	+7.8%	—	—	—
Q3 24	-$0.11	$0.03	+127.3%	—	—	—
Q2 24	$1.95	$2.13	+9.2%	—	—	—
Q1 24	-$2.18	-$2.06	+5.5%	—	—	—
Q4 23	$1.34	$1.4	+4.5%	—	—	—
Q3 23	$1.54	$1.62	+5.2%	—	—	—
Q2 23	$1.71	$1.85	+8.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.38	—	—	$65B	—
FY24	—	$6.77	—	—	$64.2B	—
FY23	—	$0.14	—	—	$60.1B	—
FY22	—	$5.73	—	—	$59.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$39.8B	$40.1B	$42.3B	$39.1B	$41.5B	$48.7B	$59.3B	$60.1B	$64.2B	$65B
YoY change	+0.78%	+0.79%	+5.41%	-7.5%	+6.13%	+17.3%	+21.7%	+1.4%	+6.74%	+1.31%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	39.8B	40.1B	42.3B	39.1B	41.5B	48.7B	59.3B	60.1B	64.2B	65B
Cost of revenue	14B	12.9B	13.5B	12B	13.6B	13.6B	17.4B	16.1B	15.2B	16.4B
Gross profit	25.8B	27.2B	28.8B	27.1B	27.9B	35.1B	41.9B	44B	49B	48.6B
Gross margin	64.8%	67.8%	68.1%	69.3%	67.2%	72%	70.6%	73.2%	76.3%	74.8%
Research & development	10.3B	10.3B	9.8B	9.7B	13.4B	12.2B	13.5B	30.5B	17.9B	15.8B
Selling, general & administrative	10B	10.1B	10.1B	9.5B	9B	9.6B	10B	10.5B	10.8B	10.7B
Operating expenses	20.3B	20.4B	19.9B	19.2B	22.4B	21.9B	23.6B	41B	28.8B	26.5B
Operating income	5.5B	6.8B	8.9B	7.9B	5.5B	13.2B	18.3B	3B	20.2B	22.1B
Operating margin	13.8%	16.9%	21.1%	20.3%	13.4%	27.1%	30.8%	4.91%	31.5%	34%
Non-operating income, net	-475M	93M	199M	-136M	1.1B	1.4B	-1B	-284M	571M	-26M
Pretax income	4.7B	6.5B	8.7B	7.2B	5.9B	13.9B	16.4B	1.9B	19.9B	21.1B
Income tax	718M	4.1B	2.5B	1.6B	1.3B	1.5B	1.9B	1.5B	2.8B	2.8B
Net income	3.9B	2.4B	6.2B	9.8B	7.1B	13.1B	14.5B	377M	17.1B	18.3B
Net margin	9.9%	6.03%	14.6%	24.9%	17%	26.8%	24.5%	0.63%	26.7%	28.1%
EBITDA	11.6B	12.4B	14.4B	12B	9.6B	16.9B	23.3B	7.5B	26.2B	29.1B
EPS	2.07	0.95	2.4	3.88	2.79	5.16	5.73	0.14	6.77	7.38
Diluted EPS	2.04	0.93	2.32	3.81	2.78	5.14	5.71	0.14	6.74	7.28

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	16B	14.6B	15.8B	16.1B	16.7B	15.6B	15.5B	15.8B	17.3B	16.4B	16.3B	16.6B
Cost of revenue	4.3B	3.9B	3.5B	3.7B	4.1B	3.8B	3.4B	3.6B	3.9B	5.6B	4.2B	4.4B
Gross profit	11.7B	10.7B	12.2B	12.4B	12.6B	11.8B	12.1B	12.2B	13.4B	10.8B	12.1B	12.2B
Gross margin	73.3%	73.3%	77.6%	76.8%	75.5%	75.5%	78%	77.5%	77.7%	66.2%	74.2%	73.5%
Research & development	3.3B	9.6B	4B	3.5B	5.9B	4.6B	3.6B	4B	4.2B	3.9B	12.6B	9.7B
Selling, general & administrative	2.5B	2.8B	2.5B	2.7B	2.7B	2.9B	2.6B	2.6B	2.6B	2.9B	2.7B	2.9B
Operating expenses	5.8B	12.4B	6.5B	6.2B	8.6B	7.4B	6.2B	6.7B	6.9B	6.8B	15.3B	12.6B
Operating income	5.9B	-1.7B	5.8B	6.1B	4B	4.3B	5.9B	5.6B	6.6B	4.1B	-3.2B	-433M
Operating margin	36.8%	-11.7%	36.5%	38%	23.9%	27.8%	38.2%	35.1%	37.9%	24.8%	-19.7%	-2.61%
Non-operating income, net	-8M	-93M	140M	119M	309M	4M	170M	-317M	422M	-303M	111M	240M
Pretax income	5.6B	-2B	5.7B	6B	4.1B	4.2B	5.9B	5B	6.7B	3.4B	-3.5B	-683M
Income tax	870M	-820M	903M	545M	929M	426M	818M	571M	958M	458M	709M	654M
Net income	4.8B	-1.2B	4.8B	5.5B	3.2B	3.7B	5.1B	4.4B	5.8B	3B	-4.2B	-1.3B
Net margin	29.8%	-8.38%	30.2%	33.9%	19%	24%	32.7%	28%	33.5%	18.1%	-26.1%	-8.05%
EBITDA	7.2B	-455M	7B	7.5B	5.7B	6B	7.4B	7B	8B	6.8B	-1.5B	1.4B
EPS	1.87	-0.48	1.88	2.15	1.25	1.48	2.02	1.77	2.33	1.2	-1.72	-0.54
Diluted EPS	1.86	-0.48	1.87	2.14	1.24	1.48	2.01	1.76	2.32	1.19	-1.72	-0.54

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	154.4B	144.8B	189B	220.3B	197.5B	193.9B	280.9B	284.2B	251.4B	260.5B	366.8B
Enterprise value	164.9B	160.7B	205.3B	236.2B	221.2B	218.9B	298.4B	312.2B	274.9B	295.3B	413.9B
Shares outstanding	2.7B	2.7B	2.6B	2.5B	2.5B	2.5B	2.5B	2.6B	2.5B	2.5B	2.5B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	39.2	59.9	30.5	22.6	27.9	14.8	19.3	753.9	14.7	14.3	119
P/S	3.88	3.61	4.47	5.63	4.76	3.98	4.74	4.73	3.92	4.01	5.51
P/B	3.83	4.19	7.03	8.47	7.77	5.07	6.1	7.55	5.42	4.95	8.76
EV/EBITDA	14.2	13	14.2	19.7	23.1	12.9	12.8	41.4	10.5	10.1	14.3
EV/Sales	4.14	4.01	4.85	6.04	5.33	4.49	5.03	5.19	4.28	4.54	6.22
Earnings yield	2.55%	1.67%	3.28%	4.43%	3.58%	6.74%	5.17%	0.13%	6.81%	7.01%	0.84%
FCF yield	5.67%	3.15%	4.39%	4.57%	2.95%	4.98%	5.24%	3.22%	7.2%	4.75%	4.14%
PEG	—	—	—	—	—	—	—	—	—	—	-0.91

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	64.8%	67.8%	68.1%	69.3%	67.2%	72%	70.6%	73.2%	76.3%	74.8%	73.5%
Operating margin	13.8%	16.9%	21.1%	20.3%	13.4%	27.1%	30.8%	4.91%	31.5%	34%	-0.24%
Net margin	9.9%	6.03%	14.6%	24.9%	17%	26.8%	24.5%	0.63%	26.7%	28.1%	4.77%
ROE	9.78%	6.99%	23%	37.5%	27.8%	34.1%	31.5%	1%	36.9%	34.7%	6.96%
ROA	4.13%	2.75%	7.49%	11.6%	7.72%	12.4%	13.3%	0.35%	14.6%	13.3%	11.9%
ROIC	9.15%	4.99%	14.7%	14.8%	8.71%	18.6%	25.4%	0.9%	24.9%	21.9%	4.19%
Return on tangible assets	16.1%	10.5%	31.1%	56.9%	27.6%	75.5%	55.4%	1.33%	41.8%	45.3%	8.64%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.78	1.33	1.17	1.24	1.02	1.27	1.47	1.25	1.36	1.54	1.32
Quick ratio	1.5	1.06	0.92	0.97	0.81	1.02	1.23	1	1.15	1.3	1.1
Debt / equity	0.62	0.71	0.93	1.01	1.25	0.87	0.67	0.93	0.8	0.94	1.28
Debt / assets	0.26	0.28	0.3	0.31	0.35	0.31	0.28	0.33	0.32	0.36	0.42
Net debt / EBITDA	0.9	1.29	1.12	1.32	2.48	1.48	0.75	3.71	0.89	1.19	3.19
Interest coverage	7.72	9.65	12.3	9.03	8.06	18.2	18.1	2.65	16.7	16.5	4.41
Effective tax rate	15.4%	62.9%	28.8%	21.8%	22.9%	11%	11.7%	80%	14.1%	13.3%	46.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.5	14.9	16.3	15.4	16.4	19.3	23.4	23.1	25.4	26.3	26.8
EPS (basic)	2.07	0.95	2.4	3.88	2.79	5.16	5.73	0.14	6.77	7.38	7.38
EPS (diluted)	2.04	0.93	2.32	3.81	2.78	5.14	5.71	0.14	6.74	7.28	1.25
Book value per share	14.7	12.8	10.4	10.2	10	15.1	18.2	14.4	18.3	21.3	17
FCF per share	3.19	1.69	3.2	3.97	2.3	3.82	5.81	3.51	7.16	4.99	6.5
Cash per share	5.22	3.15	3.42	4.12	3.18	3.2	5.21	2.72	5.42	5.89	2.89
Capex per share	—	—	—	—	—	—	—	—	—	1.66	1.58

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	6.33%	5.86%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	25%	19.6%
Payout ratio	130%	213.7%	83.5%	58.4%	87.9%	50.6%	48.3%	2K%	45.8%	44.8%	268.8%
Dividend yield	3.32%	3.57%	2.74%	2.58%	3.15%	3.41%	2.5%	2.62%	3.12%	3.14%	2.28%

Yield

2.28%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.85

ex-dividend Sep 15, 2026

Payout ratio

269%

of earnings

Dividend growth

15 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.85
Jun 15, 2026	$0.85
Mar 16, 2026	$0.85

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$16B	$14.6B	$15.8B	$16.1B	$16.7B	$15.6B	$15.5B	$15.8B	$17.3B	$16.4B	$16.3B	$16.6B
YoY change	+6.7%	+5.78%	+8.89%	+7.16%	+4.35%	+6.79%	-1.56%	-1.9%	+3.72%	+4.97%	+4.87%	+5.07%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	14.3B	8.5B	8.9B	10.4B	8.1B	8.1B	13.2B	7.1B	13.7B	14.6B
Receivables	7B	6.9B	7.1B	6.8B	6.8B	9.2B	9.4B	10.3B	10.3B	11.8B
Inventory	4.9B	5.1B	5.4B	6B	5.6B	6B	5.9B	6.4B	6.1B	6.7B
Total current assets	30.6B	24.8B	25.9B	27.5B	27.8B	30.3B	35.7B	32.2B	38.8B	43.5B
Property, plant & equipment	587M	713M	1.8B	3.1B	5B	6.8B	8.3B	8.1B	7.4B	7.3B
Goodwill & intangibles	70.9B	64.9B	62.7B	67.2B	66B	88.4B	82.9B	78.4B	76.1B	96.5B
Total assets	95.4B	87.9B	82.6B	84.4B	91.6B	105.7B	109.2B	106.7B	117.1B	136.9B
Accounts payable	2.8B	3.1B	3.3B	3.7B	4.3B	4.6B	4.3B	3.9B	4.1B	4.4B
Short-term debt	568M	3.1B	5.3B	3.6B	6.4B	2.4B	1.9B	1.4B	2.6B	2.6B
Total current liabilities	17.2B	18.6B	22.2B	22.2B	27.3B	23.9B	24.2B	25.7B	28.4B	28.3B
Long-term debt	24.3B	21.4B	19.8B	22.7B	25.4B	30.7B	28.7B	33.7B	34.5B	46.8B
Total liabilities	55.1B	53.3B	55.8B	58.4B	66.2B	67.4B	63.1B	69B	70.7B	84.2B
Shareholders' equity	40.3B	34.6B	26.9B	26B	25.4B	38.3B	46.1B	37.6B	46.4B	52.7B
Total debt	24.8B	24.4B	25.1B	26.3B	31.8B	33.1B	30.7B	35.1B	37.1B	49.3B
Net debt	18.3B	18.3B	17.1B	16.7B	23.7B	25B	18B	28.2B	23.9B	34.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	8.8B	7.1B	5.6B	11.4B	14.6B	13.7B	9.2B	8.6B	18.2B	14.6B	5.7B	7.1B
Receivables	10.4B	10.3B	11.4B	11.6B	11.4B	10.3B	10.8B	11.8B	12.1B	11.8B	12.2B	12.6B
Inventory	6.1B	6.4B	6.5B	6.5B	6.2B	6.1B	6.2B	6.6B	6.4B	6.7B	6.5B	6.2B
Total current assets	32B	32.2B	31.4B	38.2B	40.4B	38.8B	35.5B	37.1B	47.6B	43.5B	35B	36.7B
Property, plant & equipment	-18.4B	8.1B	-18.6B	-19B	-19.1B	7.4B	-19.7B	-20.3B	-20.6B	7.3B	-22.3B	-22.7B
Goodwill & intangibles	80.8B	78.4B	77.5B	76.3B	77.4B	76.1B	74.9B	73.6B	73.8B	96.5B	94.7B	93.1B
Total assets	106.7B	106.7B	105.8B	112.6B	117.5B	117.1B	115.1B	117.5B	129.5B	136.9B	128.7B	129.8B
Accounts payable	3.5B	3.9B	3.5B	3.5B	3.6B	4.1B	3.8B	3.9B	4.1B	4.4B	3.9B	3.8B
Short-term debt	887M	1.4B	3.1B	3.1B	3.1B	2.6B	1.4B	1.4B	1.4B	2.6B	2.4B	2.8B
Total current liabilities	23.1B	25.7B	25.1B	26.1B	29.6B	28.4B	25.2B	26B	28.6B	28.3B	26.9B	27.7B
Long-term debt	34B	33.7B	31.1B	34.7B	35B	34.5B	33.5B	34B	40B	46.8B	46.7B	51.1B
Total liabilities	65.4B	69B	65.4B	69B	73B	70.7B	66.7B	68.5B	77.6B	84.2B	82.8B	87.8B
Shareholders' equity	41.3B	37.6B	40.4B	43.6B	44.6B	46.4B	48.4B	49.1B	51.9B	52.7B	45.9B	42B
Total debt	34.9B	35.1B	34.2B	37.8B	38.1B	37.1B	34.8B	35.4B	41.4B	49.3B	49.1B	53.9B
Net debt	26.3B	28.2B	28.6B	26.5B	23.5B	23.9B	26.2B	27.4B	23.2B	34.8B	43.8B	47.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.9B	2.4B	6.2B	5.6B	4.5B	12.4B	14.5B	377M	17.1B	18.3B
Depreciation & amortization	5.5B	4.7B	4.5B	3.3B	3.5B	3.2B	3.9B	3.9B	4.5B	5.8B
Stock-based compensation	300M	312M	348M	388M	441M	479M	541M	645M	761M	820M
Change in working capital	-707M	-804M	-2B	-601M	-4.3B	-3.6B	-3.1B	-4.2B	-2.4B	-5.3B
Operating cash flow	8.3B	4.7B	10.1B	9.5B	7.6B	15B	15.6B	10.6B	22.7B	16.5B
Capital expenditure	—	—	—	—	—	—	—	—	—	-4.1B
Investing cash flow	-1.6B	4.6B	6.9B	840M	-4.8B	-12B	-572M	-10.2B	-4.4B	-13.7B
Dividends paid	-5.1B	-5.2B	-5.2B	-5.7B	-6.2B	-6.6B	-7B	-7.4B	-7.8B	-8.2B
Share repurchases	-3.4B	-4B	-9.1B	-4.8B	-1.3B	-840M	0	-1.3B	-1.3B	-5.1B
Financing cash flow	-10B	-10.5B	-13.8B	-9.2B	-2.9B	2.9B	-9.5B	-4.9B	-7.2B	-2B
Net change in cash	-3.3B	-1.3B	3.3B	1.1B	-110M	5.9B	5.5B	-4.6B	11.2B	717M
Free cash flow	8.8B	4.6B	8.3B	10.1B	5.8B	9.7B	14.7B	9.1B	18.1B	12.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4.8B	-1.2B	4.8B	5.5B	3.2B	3.7B	5.1B	4.4B	5.8B	3B	-4.2B	-1.3B
Depreciation & amortization	1B	964M	984M	1.1B	1.2B	1.2B	1.1B	1.1B	1.2B	2.5B	1.5B	1.6B
Stock-based compensation	164M	167M	176M	203M	195M	187M	195M	216M	204M	205M	185M	298M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	5.5B	-577M	6.6B	6.7B	6.7B	5.1B	6.3B	3.3B	7.8B	2.9B	3.9B	5.4B
Capital expenditure	—	—	—	—	—	—	—	-764M	-987M	-1B	-991M	-893M
Investing cash flow	568M	1B	-515M	-278M	-3.1B	-507M	-159M	-770M	-283M	-11.2B	-10.2B	-5.6B
Dividends paid	-1.9B	-1.9B	-1.9B	-2B	-2B	-2B	-2B	-2.1B	-2B	-2B	-2.1B	-2.1B
Share repurchases	-466M	-393M	-122M	-251M	-444M	-489M	-1.2B	-1.3B	-1.3B	-1.3B	-874M	-757M
Financing cash flow	-2.3B	-2.3B	-2.9B	-2.5B	-2.4B	-3B	-5.8B	-3.6B	2.6B	4.8B	-3.1B	-10.2B
Net change in cash	3.7B	-1.8B	3.2B	4B	1.2B	1.6B	369M	-1B	10.2B	-3.6B	-9.4B	-10.5B
Free cash flow	6.8B	-743M	2.2B	4.8B	8.5B	2.5B	1.2B	2.5B	6.8B	1.8B	2.9B	4.5B

Date	Ratio
Jun 3, 2021	1048:1000
Feb 17, 1999	2:1
May 26, 1992	3:1
May 26, 1988	3:1
May 27, 1986	2:1
Jun 1, 1972	2:1

Merck & Co., Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history