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Merck & Co., Inc. (MRK) Financials

Merck & Co., Inc. logo
$119.75 -2.66 (-2.17%)
As of 05/26/2026 03:58 PM Eastern
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Annual Income Statements for Merck & Co., Inc.

Annual Income Statements for Merck & Co., Inc.

This table shows Merck & Co., Inc.'s income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 4,442 3,920 2,394 6,220 9,843 7,067 13,036 14,519 365 17,117 18,254
Consolidated Net Income / (Loss)		 4,459 3,941 2,418 6,193 9,759 7,071 13,049 14,526 377 17,133 18,263
Net Income / (Loss) Continuing Operations		 4,459 3,941 2,418 6,193 5,606 4,523 12,358 14,526 377 17,133 18,263
Total Pre-Tax Income 		5,401 4,659 6,521 8,701 7,171 5,863 13,879 16,444 1,889 19,936 21,067
Total Operating Income		 6,928 4,848 6,021 8,299 7,300 4,973 12,538 17,945 2,355 19,912 21,218
Total Gross Profit		 24,564 25,777 27,210 28,785 27,105 27,900 35,078 41,872 43,989 48,975 48,629
Total Revenue		 39,498 39,807 40,122 42,294 39,121 41,518 48,704 59,283 60,115 64,168 65,011
Operating Revenue		 39,498 39,807 40,122 42,294 39,121 41,518 48,704 59,283 60,115 64,168 65,011
Total Cost of Revenue		 14,934 14,030 12,912 13,509 12,016 13,618 13,626 17,411 16,126 15,193 16,382
Operating Cost of Revenue		 14,934 14,030 12,912 13,509 12,016 13,618 13,626 17,411 16,126 15,193 16,382
Total Operating Expenses		 17,636 20,929 21,189 20,486 19,805 22,927 22,540 23,927 41,634 29,063 27,411
Selling, General & Admin Expense		 10,313 10,017 10,074 10,102 9,455 8,955 9,634 10,042 10,504 10,816 10,733
Research & Development Expense		 6,704 10,261 10,339 9,752 9,724 13,397 12,245 13,548 30,531 17,938 15,789
Restructuring Charge		 619 651 776 632 626 575 661 337 599 309 889
Total Other Income / (Expense), net		 -1,527 -189 500 402 -129 890 1,341 -1,501 -466 24 -151
Other Income / (Expense), net		 -1,527 -189 500 402 -129 890 1,341 -1,501 -466 24 -151
Income Tax Expense		 942 718 4,103 2,508 1,565 1,340 1,521 1,918 1,512 2,803 2,804
Net Income / (Loss) Attributable to Noncontrolling Interest		 17 21 24 -27 -84 4.00 13 7.00 12 16 9.00
Basic Earnings per Share		 $1.58 $1.42 $0.88 $2.34 $3.84 $2.79 $5.16 $5.73 $0.14 $6.76 $7.30
Weighted Average Basic Shares Outstanding		 2.78B 2.77B 2.73B 2.66B 2.54B 2.53B 2.53B 2.54B 2.53B 2.53B 2.47B
Diluted Earnings per Share		 $1.56 $1.41 $0.87 $2.32 $3.81 $2.78 $5.14 $5.71 $0.14 $6.74 $7.28
Weighted Average Diluted Shares Outstanding		 2.78B 2.77B 2.73B 2.66B 2.54B 2.53B 2.53B 2.54B 2.53B 2.53B 2.47B
Weighted Average Basic & Diluted Shares Outstanding		 2.78B 2.77B 2.73B 2.66B 2.54B 2.53B 2.53B 2.54B 2.53B 2.53B 2.47B
Cash Dividends to Common per Share		 $1.81 $1.85 $1.89 $1.99 $2.26 $2.48 $2.64 $2.80 $2.96 $3.12 $3.28

Quarterly Income Statements for Merck & Co., Inc.

This table shows Merck & Co., Inc.'s income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 4,745 -1,226 4,762 5,455 3,157 3,743 5,079 4,427 5,785 2,963 -4,240
Consolidated Net Income / (Loss)		 4,750 -1,226 4,767 5,461 3,161 3,744 5,085 4,428 5,787 2,963 -4,243
Net Income / (Loss) Continuing Operations		 4,750 -1,226 4,767 5,461 3,161 3,744 5,085 4,428 5,787 2,963 -4,243
Total Pre-Tax Income 		5,620 -2,046 5,670 6,006 4,090 4,170 5,903 4,999 6,745 3,420 -3,534
Total Operating Income		 5,746 -1,967 5,637 6,048 3,928 4,299 5,868 4,992 6,507 3,851 -3,396
Total Gross Profit		 11,698 10,719 12,235 12,367 12,577 11,796 12,110 12,249 13,421 10,849 12,091
Total Revenue		 15,962 14,631 15,775 16,112 16,657 15,624 15,529 15,806 17,276 16,400 16,286
Operating Revenue		 15,962 14,631 15,775 16,112 16,657 15,624 15,529 15,806 17,276 16,400 16,286
Total Cost of Revenue		 4,264 3,912 3,540 3,745 4,080 3,828 3,419 3,557 3,855 5,551 4,195
Operating Cost of Revenue		 4,264 3,912 3,540 3,745 4,080 3,828 3,419 3,557 3,855 5,551 4,195
Total Operating Expenses		 5,952 12,686 6,598 6,319 8,649 7,497 6,242 7,257 6,914 6,998 15,487
Selling, General & Admin Expense		 2,519 2,804 2,483 2,739 2,731 2,863 2,552 2,649 2,633 2,899 2,700
Research & Development Expense		 3,307 9,627 3,992 3,500 5,862 4,584 3,621 4,048 4,234 3,886 12,592
Restructuring Charge		 126 255 123 80 56 50 69 560 47 213 195
Total Other Income / (Expense), net		 -126 -79 33 -42 162 -129 35 7.00 238 -431 -138
Other Income / (Expense), net		 -126 -79 33 -42 162 -129 35 7.00 238 -431 -138
Income Tax Expense		 870 -820 903 545 929 426 818 571 958 457 709
Net Income / (Loss) Attributable to Noncontrolling Interest		 5.00 - 5.00 6.00 4.00 1.00 6.00 1.00 2.00 - -3.00
Basic Earnings per Share		 $1.87 ($0.49) $1.88 $2.15 $1.25 $1.48 $2.01 $1.76 $2.32 $1.21 ($1.72)
Weighted Average Basic Shares Outstanding		 2.53B 2.53B 2.53B 2.53B 2.53B 2.53B 2.51B 2.50B 2.48B 2.47B 2.47B
Diluted Earnings per Share		 $1.86 ($0.48) $1.87 $2.14 $1.24 $1.49 $2.01 $1.76 $2.32 $1.19 ($1.72)
Weighted Average Diluted Shares Outstanding		 2.53B 2.53B 2.53B 2.53B 2.53B 2.53B 2.51B 2.50B 2.48B 2.47B 2.47B
Weighted Average Basic & Diluted Shares Outstanding		 2.53B 2.53B 2.53B 2.53B 2.53B 2.53B 2.51B 2.50B 2.48B 2.47B 2.47B
Cash Dividends to Common per Share		 $0.73 $0.77 $0.77 $0.77 - $0.81 $0.81 $0.81 - - $0.85

Annual Cash Flow Statements for Merck & Co., Inc.

This table details how cash moves in and out of Merck & Co., Inc.'s business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1,083 -2,009 -876 2,076 1,967 -1,769 14 4,606 -5,864 6,409 1,372
Net Cash From Operating Activities		 12,538 10,376 6,451 10,922 8,884 7,617 13,122 19,095 13,006 21,468 16,472
Net Cash From Continuing Operating Activities		 12,538 10,376 6,451 10,922 8,884 7,617 13,122 19,095 13,006 21,468 16,472
Net Income / (Loss) Continuing Operations		 4,459 3,941 2,418 6,193 5,606 4,523 12,358 14,526 377 17,133 18,263
Consolidated Net Income / (Loss)		 4,459 3,941 2,418 6,193 - 4,523 12,358 14,526 377 17,133 18,263
Depreciation Expense		 6,375 5,471 4,676 1,416 1,615 1,669 1,578 1,824 1,828 2,104 3,045
Amortization Expense		 - - - 3,103 1,695 1,817 1,636 2,085 2,044 2,395 2,793
Non-Cash Adjustments To Reconcile Net Income		 2,736 5,086 1,648 2,272 2,605 4,775 1,202 5,010 12,861 4,752 1,018
Changes in Operating Assets and Liabilities, net		 -1,032 -4,122 -2,291 -2,062 -2,637 -5,167 -3,652 -4,350 -4,104 -4,916 -8,647
Net Cash From Investing Activities		 -4,758 -3,210 2,679 4,314 -2,529 -9,193 -16,421 -4,960 -14,083 -7,734 -13,741
Net Cash From Continuing Investing Activities		 -4,758 -3,210 2,679 4,314 -2,529 -9,193 -16,421 -4,960 -14,083 -7,734 -13,741
Purchase of Property, Plant & Equipment		 -1,283 -1,614 -1,888 -2,615 -3,369 -4,429 -4,448 -4,388 -3,863 -3,372 -4,112
Acquisitions		 -7,744 -780 -396 -431 -4,954 -6,606 -12,907 0.00 -12,032 -3,393 -10,042
Purchase of Investments		 -16,681 -15,651 -10,739 -7,994 -3,202 -95 -1.00 -1,204 -955 -519 -1,207
Sale and/or Maturity of Investments		 20,413 14,353 15,664 15,252 8,622 2,812 1,026 721 1,658 377 1,678
Other Investing Activities, net		 221 482 38 102 374 -875 -91 -89 1,109 -827 -58
Net Cash From Financing Activities		 -5,387 -9,044 -10,006 -13,160 -8,861 -2,832 3,097 -9,119 -4,810 -7,032 -1,922
Net Cash From Continuing Financing Activities		 -5,387 -9,044 -10,006 -13,160 -8,861 -2,832 3,097 -9,119 -4,810 -7,032 -1,922
Repayment of Debt		 -4,507 -2,504 -1,324 -4,612 -3,705 156 -6,591 -2,491 -2,083 -1,662 -2,634
Repurchase of Common Equity		 -4,186 -3,434 -4,014 -9,091 -4,780 -1,281 -840 0.00 -1,346 -1,306 -5,084
Payment of Dividends		 -5,117 -5,124 -5,167 -5,172 -5,695 -6,215 -6,610 -7,012 -7,445 -7,840 -8,176
Issuance of Debt		 7,938 1,079 0.00 5,124 4,958 4,419 7,936 0.00 5,939 3,599 13,880
Other Financing Activities, net		 485 939 499 591 361 89 9,202 384 125 177 92
Effect of Exchange Rate Changes		 -1,310 - - - 17 253 -133 -410 - - 563

Quarterly Cash Flow Statements for Merck & Co., Inc.

This table details how cash moves in and out of Merck & Co., Inc.'s business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 2,957 -1,760 -1,238 5,702 3,315 -1,370 -4,586 -659 10,187 -3,570 -9,292
Net Cash From Operating Activities		 7,717 246 3,090 5,637 9,291 3,450 2,500 3,293 7,822 2,857 3,918
Net Cash From Continuing Operating Activities		 7,717 246 3,090 5,637 9,291 3,450 2,500 3,293 7,822 2,857 3,918
Net Income / (Loss) Continuing Operations		 4,750 -1,226 4,767 5,461 3,161 3,744 5,085 4,429 5,787 2,962 -4,243
Consolidated Net Income / (Loss)		 4,750 -1,226 4,767 5,461 3,161 3,744 5,085 4,429 5,787 2,962 -4,243
Depreciation Expense		 452 502 511 518 553 522 502 518 532 1,493 581
Amortization Expense		 562 462 473 614 633 675 597 601 622 973 931
Non-Cash Adjustments To Reconcile Net Income		 112 1,295 772 237 2,763 980 214 452 -221 573 8,577
Changes in Operating Assets and Liabilities, net		 1,841 -787 -3,433 -1,193 2,181 -2,471 -3,898 -2,707 1,102 -3,144 -1,928
Net Cash From Investing Activities		 -334 53 -1,376 -1,069 -3,845 -1,444 -1,487 -770 -283 -11,201 -10,210
Net Cash From Continuing Investing Activities		 -334 53 -1,376 -1,069 -3,845 -1,444 -1,487 -770 -283 -11,201 -10,210
Purchase of Property, Plant & Equipment		 -902 -989 -861 -791 -783 -937 -1,328 -764 -987 -1,033 -991
Acquisitions		 - - -746 - -2,645 -2.00 0.00 - - -10,042 -8,779
Purchase of Investments		 -117 -251 -15 -49 - -455 -595 -612 - - -374
Sale and/or Maturity of Investments		 704 169 260 60 50 7.00 456 601 575 46 0.00
Other Investing Activities, net		 -19 1,124 -14 -289 -467 -57 -20 5.00 129 -172 -66
Net Cash From Financing Activities		 -4,269 -2,245 -2,814 1,216 -2,425 -3,009 -5,755 -3,556 2,638 4,751 -2,981
Net Cash From Continuing Financing Activities		 -4,269 -2,245 -2,814 1,216 -2,425 -3,009 -5,755 -3,556 2,638 4,751 -2,981
Repayment of Debt		 -1,948 -6.00 -829 -220 -32 -581 -2,560 -146 16 56 -1,220
Repurchase of Common Equity		 -466 -393 -122 -251 -444 -489 -1,164 -1,345 -1,323 -1,252 -874
Payment of Dividends		 -1,855 -1,852 -1,950 -1,986 -1,953 -1,951 -2,050 -2,077 -2,031 -2,018 -2,105
Issuance of Debt		 -7.00 - - - -1.00 - 0.00 - 5,962 7,918 1,061
Other Financing Activities, net		 7.00 6.00 87 73 5.00 12 19 12 14 47 157
Other Net Changes in Cash		 - - - - - - 156 - - - -19

Annual Balance Sheets for Merck & Co., Inc.

This table presents Merck & Co., Inc.'s assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 101,677 95,377 87,872 82,637 84,397 91,588 105,694 109,160 106,675 117,106 136,866
Total Current Assets		 29,751 30,614 24,766 25,875 27,483 27,764 30,266 35,722 32,168 38,782 43,516
Cash & Equivalents		 8,524 6,515 6,092 7,965 9,676 8,050 8,096 12,694 6,841 13,242 14,565
Short-Term Investments		 4,903 7,826 2,406 899 774 - 0.00 498 252 447 0.00
Accounts Receivable		 6,484 7,018 6,873 7,071 6,778 6,803 9,230 9,450 10,349 10,278 11,775
Inventories, net		 4,700 4,866 5,096 5,440 5,978 5,554 5,953 5,911 6,358 6,109 6,658
Other Current Assets		 5,140 4,389 4,299 4,500 4,277 4,674 6,987 7,169 8,368 8,706 10,518
Plant, Property, & Equipment, net		 12,507 12,026 12,439 13,291 15,053 17,000 19,279 21,422 23,051 23,779 25,316
Total Noncurrent Assets		 59,419 52,737 50,667 43,471 41,861 46,824 56,149 52,016 51,456 54,545 68,034
Long-Term Investments		 13,039 11,416 12,125 6,233 1,469 785 370 1,015 252 463 956
Goodwill		 17,723 18,162 18,284 18,253 19,425 18,882 21,264 21,204 21,197 21,668 21,579
Intangible Assets		 22,602 17,305 14,183 13,104 14,196 14,101 22,933 20,269 18,011 16,370 26,681
Other Noncurrent Operating Assets		 - - - - 6,771 - - 9,528 11,996 16,044 18,818
Total Liabilities & Shareholders' Equity		 101,677 95,377 87,872 82,637 84,397 91,588 105,694 109,160 106,675 117,106 136,866
Total Liabilities		 56,910 55,069 53,303 55,755 58,396 66,184 67,437 63,102 69,040 70,734 84,204
Total Current Liabilities		 19,201 17,204 18,614 22,206 22,220 27,327 23,872 24,239 25,694 28,420 28,327
Short-Term Debt		 2,583 568 3,057 5,308 3,610 6,431 2,412 1,946 1,372 2,649 2,589
Accounts Payable		 2,533 2,807 3,102 3,318 3,738 4,327 4,609 4,264 3,922 4,079 4,404
Dividends Payable		 1,309 1,316 1,320 1,458 1,587 1,674 1,768 1,884 1,985 2,084 2,140
Current Deferred & Payable Income Tax Liabilities		 1,560 2,239 708 1,971 736 1,597 1,224 1,986 2,649 3,914 4,726
Other Current Liabilities		 11,216 10,274 10,427 10,151 12,549 12,212 13,859 14,159 15,766 15,694 14,468
Total Noncurrent Liabilities		 37,709 37,865 34,689 33,549 36,176 38,857 43,565 38,863 43,346 42,314 55,877
Long-Term Debt		 23,829 24,274 21,353 19,806 22,736 25,360 30,690 28,745 33,683 34,462 46,750
Noncurrent Deferred & Payable Income Tax Liabilities		 6,535 5,077 2,219 1,702 1,470 1,005 3,441 1,795 871 1,387 1,439
Other Noncurrent Operating Liabilities		 7,345 8,514 11,117 12,041 11,970 12,306 9,434 8,323 8,792 6,465 7,688
Total Equity & Noncontrolling Interests		 44,767 40,308 34,569 26,882 26,001 25,404 38,257 46,058 37,635 46,372 52,662
Total Preferred & Common Equity		 44,676 40,088 34,336 26,701 25,907 25,317 38,184 45,991 37,581 46,313 52,606
Total Common Equity		 44,676 40,088 34,336 26,701 25,907 25,317 38,184 45,991 37,581 46,313 52,606
Common Stock		 42,010 41,727 41,690 40,596 41,448 41,376 46,026 46,167 46,297 46,492 46,817
Retained Earnings		 45,348 44,133 41,350 42,579 46,602 47,362 53,696 61,081 53,895 63,069 73,075
Treasury Stock		 -38,534 -40,546 -43,794 -50,929 -55,950 -56,787 -57,109 -56,489 -57,450 -58,303 -62,999
Accumulated Other Comprehensive Income / (Loss)		 -4,148 -5,226 -4,910 -5,545 -6,193 -6,634 -4,429 -4,768 -5,161 -4,945 -4,287
Noncontrolling Interest		 91 220 233 181 94 87 73 67 54 59 56

Quarterly Balance Sheets for Merck & Co., Inc.

This table presents Merck & Co., Inc.'s assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 104,469 106,727 106,675 105,849 112,630 117,532 117,106 115,122 117,523 129,546 128,685
Total Current Assets		 29,977 31,954 32,168 31,445 38,205 40,361 38,782 35,503 37,065 47,557 35,015
Cash & Equivalents		 5,660 8,605 6,841 5,579 11,304 14,593 13,242 8,629 8,007 18,169 5,327
Short-Term Investments		 718 168 252 40 50 0.00 447 599 615 45 375
Accounts Receivable		 11,030 10,394 10,349 11,366 11,642 11,381 10,278 10,790 11,846 12,120 12,210
Inventories, net		 5,930 6,131 6,358 6,510 6,469 6,244 6,109 6,196 6,601 6,444 6,479
Other Current Assets		 - 6,656 8,368 7,950 8,740 8,143 8,706 9,289 9,996 10,779 10,624
Plant, Property, & Equipment, net		 22,231 22,526 23,051 23,045 23,221 23,446 23,779 24,793 25,236 25,639 25,433
Total Noncurrent Assets		 52,261 52,247 51,456 51,359 51,204 53,725 54,545 54,826 55,222 56,350 68,237
Long-Term Investments		 1,214 1,306 252 280 357 575 463 616 774 1,117 1,105
Goodwill		 21,195 21,183 21,197 21,181 21,161 21,697 21,668 21,684 21,591 21,587 21,581
Intangible Assets		 19,665 19,199 18,011 17,572 16,984 17,010 16,370 15,758 15,193 15,313 25,745
Other Noncurrent Operating Assets		 - 10,559 11,996 12,326 12,702 14,443 16,044 16,768 17,664 18,333 19,806
Total Liabilities & Shareholders' Equity		 104,469 106,727 106,675 105,849 112,630 117,532 117,106 115,122 117,523 129,546 128,685
Total Liabilities		 65,727 65,427 69,040 65,425 68,982 72,972 70,734 66,722 68,463 77,639 82,754
Total Current Liabilities		 23,394 23,094 25,694 25,099 26,060 29,586 28,420 25,174 26,037 28,628 26,945
Short-Term Debt		 2,839 887 1,372 3,077 3,071 3,149 2,649 1,360 1,434 1,405 2,444
Accounts Payable		 3,442 3,509 3,922 3,514 3,519 3,586 4,079 3,784 3,892 4,147 3,863
Dividends Payable		 1,877 1,877 1,985 2,008 1,981 1,982 2,084 2,077 2,053 2,042 2,143
Current Deferred & Payable Income Tax Liabilities		 1,489 1,981 2,649 2,398 2,777 4,330 3,914 5,181 4,156 4,848 3,946
Other Current Liabilities		 13,747 14,840 15,766 14,102 14,712 16,539 15,694 12,772 14,502 16,186 14,549
Total Noncurrent Liabilities		 42,333 42,333 43,346 40,326 42,922 43,386 42,314 41,548 42,426 49,011 55,809
Long-Term Debt		 34,072 33,972 33,683 31,142 34,717 34,982 34,462 33,484 33,968 39,969 46,673
Noncurrent Deferred & Payable Income Tax Liabilities		 996 1,018 871 922 876 864 1,387 1,409 1,427 1,381 1,494
Other Noncurrent Operating Liabilities		 7,265 7,343 8,792 8,262 7,329 7,540 6,465 6,655 7,031 7,661 7,642
Total Equity & Noncontrolling Interests		 38,742 41,300 37,635 40,424 43,648 44,560 46,372 48,400 49,060 51,907 45,931
Total Preferred & Common Equity		 38,693 41,246 37,581 40,364 43,582 44,502 46,313 48,335 48,993 51,850 45,878
Total Common Equity		 38,693 41,246 37,581 40,364 43,582 44,502 46,313 48,335 48,993 51,850 45,878
Common Stock		 46,007 46,146 46,297 46,386 46,150 46,318 46,492 46,604 46,432 46,620 46,964
Retained Earnings		 54,198 57,082 53,895 56,697 60,187 61,384 63,069 66,097 68,477 72,231 66,721
Treasury Stock		 -56,612 -57,066 -57,450 -57,445 -57,394 -57,829 -58,303 -59,401 -60,495 -61,799 -63,747
Accumulated Other Comprehensive Income / (Loss)		 -4,900 -4,916 -5,161 -5,274 -5,361 -5,371 -4,945 -4,965 -5,421 -5,202 -4,060
Noncontrolling Interest		 49 54 54 60 66 58 59 65 67 57 53

Annual Metrics And Ratios for Merck & Co., Inc.

This table displays calculated financial ratios and metrics derived from Merck & Co., Inc.'s official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -6.48% 0.78% 0.79% 5.41% -7.50% 6.13% 17.31% 21.72% 1.40% 6.74% 1.31%
EBITDA Growth		 -50.88% -13.98% 10.53% 18.07% -20.72% -10.80% 82.83% 19.07% -71.69% 324.15% 10.11%
EBIT Growth		 -68.75% -13.74% 39.97% 33.43% -17.58% -18.24% 136.72% 18.48% -88.51% 955.37% 5.67%
NOPAT Growth		 46.09% -28.30% -45.56% 164.57% -3.39% -32.78% 191.00% 41.99% -97.04% 3,540.91% 7.49%
Net Income Growth		 -62.64% -11.62% -38.65% 156.12% 57.58% -27.54% 84.54% 11.32% -97.40% 4,444.56% 6.60%
EPS Growth		 -61.67% -9.62% -38.30% 166.67% 64.22% -27.03% 84.89% 11.09% -97.55% 4,714.29% 8.01%
Operating Cash Flow Growth		 56.94% -17.24% -37.83% 69.31% -18.66% -14.26% 72.27% 45.52% -31.89% 65.06% -23.27%
Free Cash Flow Firm Growth		 -84.99% 378.91% -65.31% 121.27% -71.65% -80.31% -2,095.24% 299.86% -115.13% 635.23% -90.87%
Invested Capital Growth		 8.88% -11.54% -2.54% -3.32% 9.54% 8.17% 42.27% -0.36% 4.51% 6.07% 24.09%
Revenue Q/Q Growth		 -0.67% -0.25% 0.80% 1.35% -14.90% 13.79% 9.79% 0.52% 1.35% 1.57% 1.21%
EBITDA Q/Q Growth		 -48.31% -20.09% 40.31% 4.40% -11.84% 18.46% 74.24% -1.64% -48.78% 35.86% 1.97%
EBIT Q/Q Growth		 -67.06% -31.80% 98.45% 9.10% -36.42% -24.67% 111.96% -2.35% -74.64% 45.31% -3.44%
NOPAT Q/Q Growth		 35.91% -35.00% -15.78% 90.70% -40.40% -29.08% 168.05% -3.72% -90.24% 41.46% -2.74%
Net Income Q/Q Growth		 -58.73% -28.46% -15.75% 83.39% 6.18% -38.59% 81.39% -4.85% -91.84% 40.86% -4.10%
EPS Q/Q Growth		 -58.06% -28.06% -17.14% 85.60% 6.42% -38.50% 80.99% -4.99% -92.22% 41.30% -3.96%
Operating Cash Flow Q/Q Growth		 72.77% -5.59% 6.38% -3.76% -27.41% 71.36% 14.73% -3.37% -24.34% 17.54% -3.47%
Free Cash Flow Firm Q/Q Growth		 2,093.34% 3.38% -33.68% 5.77% -58.35% 135.93% -635.94% 192.71% -281.89% 23.49% -90.43%
Invested Capital Q/Q Growth		 -5.04% -10.86% -8.57% -3.29% -5.20% -10.62% 20.83% -0.09% -0.92% 2.75% 16.62%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 62.19% 64.75% 67.82% 68.06% 69.29% 67.20% 72.02% 70.63% 73.17% 76.32% 74.80%
EBITDA Margin		 29.81% 25.45% 27.91% 31.26% 26.79% 22.52% 35.10% 34.33% 9.58% 38.08% 41.39%
Operating Margin		 17.54% 12.18% 15.01% 19.62% 18.66% 11.98% 25.74% 30.27% 3.92% 31.03% 32.64%
EBIT Margin		 13.67% 11.70% 16.25% 20.57% 18.33% 14.12% 28.50% 27.74% 3.14% 31.07% 32.41%
Profit (Net Income) Margin		 11.29% 9.90% 6.03% 14.64% 24.95% 17.03% 26.79% 24.50% 0.63% 26.70% 28.09%
Tax Burden Percent		 82.56% 84.59% 37.08% 71.18% 136.09% 120.60% 94.02% 88.34% 19.96% 85.94% 86.69%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 17.44% 15.41% 62.92% 28.82% 21.82% 22.86% 10.96% 11.66% 80.04% 14.06% 13.31%
Return on Invested Capital (ROIC)		 12.96% 9.46% 5.55% 15.14% 14.20% 8.77% 20.28% 24.56% 0.71% 24.67% 22.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 60.82% -9.85% 12.29% 18.59% 43.68% 26.71% 28.39% 18.64% 0.33% 24.74% 22.56%
Return on Net Nonoperating Assets (RNNOA)		 -3.42% -0.19% 0.90% 5.02% 22.71% 18.74% 20.72% 9.90% 0.19% 16.12% 13.89%
Return on Equity (ROE)		 9.53% 9.26% 6.46% 20.16% 36.91% 27.51% 41.00% 34.46% 0.90% 40.79% 36.88%
Cash Return on Invested Capital (CROIC)		 4.45% 21.71% 8.12% 18.52% 5.10% 0.92% -14.62% 24.92% -3.69% 18.78% 1.49%
Operating Return on Assets (OROA)		 5.41% 4.73% 7.12% 10.21% 8.59% 6.66% 14.07% 15.31% 1.75% 17.82% 16.59%
Return on Assets (ROA)		 4.46% 4.00% 2.64% 7.26% 11.69% 8.04% 13.23% 13.52% 0.35% 15.31% 14.38%
Return on Common Equity (ROCE)		 9.51% 9.23% 6.42% 20.02% 36.72% 27.41% 40.89% 34.40% 0.90% 40.73% 36.84%
Return on Equity Simple (ROE_SIMPLE)		 9.98% 9.83% 7.04% 23.19% 37.67% 27.93% 34.17% 31.58% 1.00% 36.99% 0.00%
Net Operating Profit after Tax (NOPAT)		 5,720 4,101 2,233 5,907 5,707 3,836 11,164 15,852 470 17,112 18,394
NOPAT Margin		 14.48% 10.30% 5.56% 13.97% 14.59% 9.24% 22.92% 26.74% 0.78% 26.67% 28.29%
Net Nonoperating Expense Percent (NNEP)		 -47.86% 19.31% -6.73% -3.45% -29.48% -17.94% -8.12% 5.92% 0.39% -0.08% 0.43%
Return On Investment Capital (ROIC_SIMPLE)		 8.04% 6.29% 3.79% 11.36% 10.90% 6.71% 15.64% 20.65% 0.65% 20.50% 18.03%
Cost of Revenue to Revenue		 37.81% 35.25% 32.18% 31.94% 30.72% 32.80% 27.98% 29.37% 26.83% 23.68% 25.20%
SG&A Expenses to Revenue		 26.11% 25.16% 25.11% 23.89% 24.17% 21.57% 19.78% 16.94% 17.47% 16.86% 16.51%
R&D to Revenue		 16.97% 25.78% 25.77% 23.06% 24.86% 32.27% 25.14% 22.85% 50.79% 27.95% 24.29%
Operating Expenses to Revenue		 44.65% 52.58% 52.81% 48.44% 50.63% 55.22% 46.28% 40.36% 69.26% 45.29% 42.16%
Earnings before Interest and Taxes (EBIT)		 5,401 4,659 6,521 8,701 7,171 5,863 13,879 16,444 1,889 19,936 21,067
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 11,776 10,130 11,197 13,220 10,481 9,349 17,093 20,353 5,761 24,435 26,905
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.38 3.01 3.43 5.89 7.26 6.85 4.61 5.74 7.09 5.39 4.97
Price to Tangible Book Value (P/TBV)		 24.46 26.15 62.94 0.00 0.00 0.00 0.00 58.45 0.00 30.15 60.11
Price to Revenue (P/Rev)		 2.69 3.04 2.93 3.72 4.81 4.18 3.62 4.45 4.44 3.89 4.02
Price to Earnings (P/E)		 23.96 30.83 49.14 25.26 19.11 24.55 13.51 18.19 730.45 14.58 14.31
Dividend Yield		 4.75% 4.22% 4.38% 3.29% 3.06% 3.62% 3.79% 2.69% 2.81% 3.16% 3.12%
Earnings Yield		 4.17% 3.24% 2.04% 3.96% 5.23% 4.07% 7.40% 5.50% 0.14% 6.86% 6.99%
Enterprise Value to Invested Capital (EV/IC)		 2.31 2.95 3.07 4.36 4.82 4.32 3.11 4.36 4.37 3.82 3.33
Enterprise Value to Revenue (EV/Rev)		 2.70 3.02 3.03 3.96 5.18 4.73 4.12 4.73 4.90 4.25 4.54
Enterprise Value to EBITDA (EV/EBITDA)		 9.04 11.86 10.87 12.66 19.33 21.02 11.75 13.79 51.10 11.15 10.97
Enterprise Value to EBIT (EV/EBIT)		 19.71 25.79 18.66 19.23 28.26 33.52 14.47 17.07 155.84 13.67 14.01
Enterprise Value to NOPAT (EV/NOPAT)		 18.61 29.30 54.49 28.33 35.51 51.22 17.99 17.70 626.34 15.92 16.05
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.49 11.58 18.86 15.32 22.81 25.80 15.30 14.70 22.63 12.69 17.92
Enterprise Value to Free Cash Flow (EV/FCFF)		 54.16 12.76 37.25 23.16 98.90 487.13 0.00 17.45 0.00 20.92 248.24
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.59 0.62 0.71 0.93 1.01 1.25 0.87 0.67 0.93 0.80 0.94
Long-Term Debt to Equity		 0.53 0.60 0.62 0.74 0.87 1.00 0.80 0.62 0.90 0.74 0.89
Financial Leverage		 -0.06 0.02 0.07 0.27 0.52 0.70 0.73 0.53 0.57 0.65 0.62
Leverage Ratio		 2.14 2.32 2.45 2.77 3.16 3.42 3.10 2.55 2.58 2.66 2.56
Compound Leverage Factor		 2.14 2.32 2.45 2.77 3.16 3.42 3.10 2.55 2.58 2.66 2.56
Debt to Total Capital		 37.11% 38.13% 41.39% 48.30% 50.33% 55.58% 46.39% 39.99% 48.23% 44.45% 48.37%
Short-Term Debt to Total Capital		 3.63% 0.87% 5.18% 10.21% 6.90% 11.24% 3.38% 2.54% 1.89% 3.17% 2.54%
Long-Term Debt to Total Capital		 33.48% 37.26% 36.20% 38.09% 43.43% 44.34% 43.01% 37.45% 46.34% 41.28% 45.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.13% 0.34% 0.40% 0.35% 0.18% 0.15% 0.10% 0.09% 0.07% 0.07% 0.05%
Common Equity to Total Capital		 62.77% 61.53% 58.22% 51.35% 49.49% 44.26% 53.51% 59.92% 51.70% 55.48% 51.57%
Debt to EBITDA		 2.24 2.45 2.18 1.90 2.51 3.40 1.94 1.51 6.08 1.52 1.83
Net Debt to EBITDA		 0.00 -0.09 0.34 0.76 1.38 2.46 1.44 0.81 4.81 0.94 1.26
Long-Term Debt to EBITDA		 2.02 2.40 1.91 1.50 2.17 2.71 1.80 1.41 5.85 1.41 1.74
Debt to NOPAT		 4.62 6.06 10.93 4.25 4.62 8.29 2.97 1.94 74.58 2.17 2.68
Net Debt to NOPAT		 -0.01 -0.22 1.70 1.70 2.53 5.98 2.21 1.04 58.96 1.34 1.84
Long-Term Debt to NOPAT		 4.17 5.92 9.56 3.35 3.98 6.61 2.75 1.81 71.67 2.01 2.54
Altman Z-Score		 2.43 2.71 2.77 3.33 3.52 2.97 3.24 4.46 3.72 4.09 3.73
Noncontrolling Interest Sharing Ratio		 0.25% 0.37% 0.61% 0.67% 0.52% 0.35% 0.25% 0.17% 0.14% 0.13% 0.12%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.55 1.78 1.33 1.17 1.24 1.02 1.27 1.47 1.25 1.36 1.54
Quick Ratio		 1.04 1.24 0.83 0.72 0.78 0.54 0.73 0.93 0.68 0.84 0.93
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,966 9,414 3,266 7,226 2,049 403 -8,049 16,087 -2,434 13,027 1,189
Operating Cash Flow to CapEx		 977.24% 642.87% 341.68% 417.67% 263.70% 171.98% 295.01% 435.16% 336.68% 636.65% 400.58%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.40 0.40 0.44 0.50 0.47 0.47 0.49 0.55 0.56 0.57 0.51
Accounts Receivable Turnover		 6.03 5.90 5.78 6.07 5.65 6.11 6.08 6.35 6.07 6.22 5.90
Inventory Turnover		 2.91 2.93 2.59 2.56 2.10 2.36 2.37 2.94 2.63 2.44 2.57
Fixed Asset Turnover		 3.08 3.25 3.28 3.29 2.76 2.59 2.69 2.91 2.70 2.74 2.65
Accounts Payable Turnover		 5.79 5.25 4.37 4.21 3.41 3.38 3.05 3.92 3.94 3.80 3.86
Days Sales Outstanding (DSO)		 60.57 61.90 63.19 60.17 64.61 59.70 60.08 57.51 60.11 58.67 61.91
Days Inventory Outstanding (DIO)		 125.52 124.43 140.80 142.34 173.42 154.54 154.12 124.36 138.85 149.76 142.23
Days Payable Outstanding (DPO)		 63.03 69.46 83.52 86.73 107.17 108.08 119.68 93.01 92.64 96.11 94.50
Cash Conversion Cycle (CCC)		 123.06 116.87 120.47 115.77 130.86 106.16 94.51 88.86 106.31 112.31 109.63
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 46,022 40,709 39,676 38,357 42,015 45,448 64,661 64,426 67,330 71,415 88,620
Invested Capital Turnover		 0.89 0.92 1.00 1.08 0.97 0.95 0.88 0.92 0.91 0.93 0.81
Increase / (Decrease) in Invested Capital		 3,754 -5,313 -1,033 -1,319 3,658 3,433 19,213 -235 2,904 4,085 17,205
Enterprise Value (EV)		 106,457 120,150 121,657 167,339 202,640 196,515 200,794 280,644 294,380 272,511 295,132
Market Capitalization		 106,420 120,845 117,637 157,141 188,119 173,472 176,085 264,093 266,616 249,493 261,258
Book Value per Share		 $15.99 $14.54 $12.60 $10.27 $10.18 $10.01 $15.12 $18.14 $14.83 $18.31 $21.19
Tangible Book Value per Share		 $1.56 $1.68 $0.69 ($1.79) ($3.03) ($3.03) ($2.38) $1.78 ($0.64) $3.27 $1.75
Total Capital		 71,179 65,150 58,979 51,996 52,347 57,195 71,359 76,749 72,690 83,483 102,001
Total Debt		 26,412 24,842 24,410 25,114 26,346 31,791 33,102 30,691 35,055 37,111 49,339
Total Long-Term Debt		 23,829 24,274 21,353 19,806 22,736 25,360 30,690 28,745 33,683 34,462 46,750
Net Debt		 -54 -915 3,787 10,017 14,427 22,956 24,636 16,484 27,710 22,959 33,818
Capital Expenditures (CapEx)		 1,283 1,614 1,888 2,615 3,369 4,429 4,448 4,388 3,863 3,372 4,112
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -294 -363 711 113 -1,577 -1,182 710 237 753 -678 3,213
Debt-free Net Working Capital (DFNWC)		 13,133 13,978 9,209 8,977 8,873 6,868 8,806 13,429 7,846 13,011 17,778
Net Working Capital (NWC)		 10,550 13,410 6,152 3,669 5,263 437 6,394 11,483 6,474 10,362 15,189
Net Nonoperating Expense (NNE)		 1,261 160 -185 -286 -4,052 -3,235 -1,885 1,326 93 -21 131
Net Nonoperating Obligations (NNO)		 1,255 401 5,107 11,475 16,014 20,044 26,404 18,368 29,695 25,043 35,958
Total Depreciation and Amortization (D&A)		 6,375 5,471 4,676 4,519 3,310 3,486 3,214 3,909 3,872 4,499 5,838
Debt-free, Cash-free Net Working Capital to Revenue		 -0.74% -0.91% 1.77% 0.27% -4.03% -2.85% 1.46% 0.40% 1.25% -1.06% 4.94%
Debt-free Net Working Capital to Revenue		 33.25% 35.11% 22.95% 21.23% 22.68% 16.54% 18.08% 22.65% 13.05% 20.28% 27.35%
Net Working Capital to Revenue		 26.71% 33.69% 15.33% 8.68% 13.45% 1.05% 13.13% 19.37% 10.77% 16.15% 23.36%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.58 $1.42 $0.88 $2.34 $3.84 $2.79 $5.16 $5.73 $0.14 $6.76 $7.30
Adjusted Weighted Average Basic Shares Outstanding		 2.78B 2.75B 2.70B 2.58B 2.54B 2.53B 2.53B 2.54B 2.53B 2.53B 2.47B
Adjusted Diluted Earnings per Share		 $1.56 $1.41 $0.87 $2.32 $3.81 $2.78 $5.14 $5.71 $0.14 $6.74 $7.28
Adjusted Weighted Average Diluted Shares Outstanding		 2.78B 2.75B 2.70B 2.58B 2.54B 2.53B 2.53B 2.54B 2.53B 2.53B 2.47B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.78B 2.75B 2.70B 2.58B 2.54B 2.53B 2.53B 2.54B 2.53B 2.53B 2.47B
Normalized Net Operating Profit after Tax (NOPAT)		 6,231 4,652 4,758 6,357 6,196 4,280 11,753 16,150 2,068 17,378 19,165
Normalized NOPAT Margin		 15.77% 11.69% 11.86% 15.03% 15.84% 10.31% 24.13% 27.24% 3.44% 27.08% 29.48%
Pre Tax Income Margin		 13.67% 11.70% 16.25% 20.57% 18.33% 14.12% 28.50% 27.74% 3.14% 31.07% 32.41%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 114.76% 130.02% 213.69% 83.51% 58.36% 87.89% 50.66% 48.27% 1,974.80% 45.76% 44.77%
Augmented Payout Ratio		 208.63% 217.15% 379.69% 230.31% 107.34% 106.01% 57.09% 48.27% 2,331.83% 53.38% 72.61%

Quarterly Metrics And Ratios for Merck & Co., Inc.

This table displays calculated financial ratios and metrics derived from Merck & Co., Inc.'s official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 2,472,392,003.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 2,472,392,003.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -1.71
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.71% 5.79% 8.89% 7.16% 4.35% 6.79% -1.56% -1.90% 3.72% 4.97% 4.87%
EBITDA Growth		 46.06% -124.56% 43.37% 261.06% -20.47% 596.03% 5.23% -14.29% 49.72% 9.67% -128.88%
EBIT Growth		 56.85% -158.24% 55.34% 212.58% -27.22% 303.81% 4.11% -16.77% 64.91% -17.99% -159.87%
NOPAT Growth		 33.33% -146.62% 63.77% 252.16% -37.49% 380.33% 6.66% -19.59% 83.90% -13.56% -147.03%
Net Income Growth		 46.02% -140.64% 68.74% 191.44% -33.45% 405.38% 6.67% -18.92% 83.08% -20.86% -183.44%
EPS Growth		 45.31% -140.68% 68.47% 191.06% -33.33% 410.42% 7.49% -17.76% 87.10% -20.13% -185.57%
Operating Cash Flow Growth		 37.75% -94.45% 130.77% 52.19% 20.40% 1,302.44% -19.09% -41.58% -15.81% -17.19% 56.72%
Free Cash Flow Firm Growth		 118.85% -234.26% 551.22% 152.05% 7.77% 94.74% -82.34% -126.57% -160.77% -6,058.94% -5,340.02%
Invested Capital Growth		 5.39% 4.51% 4.23% 2.53% 2.28% 6.07% 6.68% 7.55% 9.33% 24.09% 19.75%
Revenue Q/Q Growth		 6.17% -8.34% 7.82% 2.14% 3.38% -6.20% -0.61% 1.78% 9.30% -5.07% -0.70%
EBITDA Q/Q Growth		 249.68% -116.31% 714.97% 7.27% -26.09% 1.72% 30.46% -12.63% 29.11% -25.48% -134.35%
EBIT Q/Q Growth		 205.34% -136.41% 377.13% 5.93% -31.90% 1.96% 41.56% -15.31% 34.93% -49.30% -203.33%
NOPAT Q/Q Growth		 234.38% -128.35% 444.20% 16.03% -44.80% 27.14% 30.96% -12.52% 26.26% -40.24% -171.25%
Net Income Q/Q Growth		 179.54% -125.81% 488.83% 14.56% -42.12% 18.44% 35.82% -12.92% 30.69% -48.80% -243.20%
EPS Q/Q Growth		 179.15% -125.81% 489.58% 14.44% -42.06% 20.16% 34.90% -12.44% 31.82% -48.71% -244.54%
Operating Cash Flow Q/Q Growth		 108.34% -96.81% 1,156.10% 82.43% 64.82% -62.87% -27.54% 31.72% 137.53% -63.47% 37.14%
Free Cash Flow Firm Q/Q Growth		 119.26% -410.10% 143.64% 99.72% -60.13% -115.14% 246.48% -400.50% 8.78% -1,433.80% -24.63%
Invested Capital Q/Q Growth		 -2.83% -0.92% 5.08% 1.35% -3.07% 2.75% 5.69% 2.18% -1.46% 16.62% 1.99%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 73.29% 73.26% 77.56% 76.76% 75.51% 75.50% 77.98% 77.50% 77.69% 66.15% 74.24%
EBITDA Margin		 41.56% -7.40% 42.18% 44.30% 31.67% 34.35% 45.09% 38.71% 45.72% 35.89% -12.42%
Operating Margin		 36.00% -13.44% 35.73% 37.54% 23.58% 27.52% 37.79% 31.58% 37.67% 23.48% -20.85%
EBIT Margin		 35.21% -13.98% 35.94% 37.28% 24.55% 26.69% 38.01% 31.63% 39.04% 20.85% -21.70%
Profit (Net Income) Margin		 29.76% -8.38% 30.22% 33.89% 18.98% 23.96% 32.75% 28.01% 33.50% 18.07% -26.05%
Tax Burden Percent		 84.52% 59.92% 84.07% 90.93% 77.29% 89.78% 86.14% 88.58% 85.80% 86.64% 120.06%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 15.48% 0.00% 15.93% 9.07% 22.71% 10.22% 13.86% 11.42% 14.20% 13.36% 0.00%
Return on Invested Capital (ROIC)		 27.25% -8.59% 26.61% 30.11% 16.75% 22.85% 28.46% 23.92% 28.53% 16.53% -11.58%
ROIC Less NNEP Spread (ROIC-NNEP)		 26.80% -7.96% 26.72% 29.98% 17.24% 22.43% 28.56% 23.94% 29.37% 15.30% -16.79%
Return on Net Nonoperating Assets (RNNOA)		 14.55% -4.57% 15.70% 21.56% 10.36% 14.61% 18.46% 14.49% 14.93% 9.43% -12.73%
Return on Equity (ROE)		 41.81% -13.16% 42.31% 51.67% 27.11% 37.46% 46.92% 38.41% 43.46% 25.96% -24.31%
Cash Return on Invested Capital (CROIC)		 2.02% -3.69% -0.50% 17.19% 15.35% 18.78% 17.37% 14.70% 17.08% 1.49% -6.90%
Operating Return on Assets (OROA)		 19.53% -7.79% 20.66% 21.46% 13.83% 15.31% 21.99% 17.48% 20.30% 10.68% -11.71%
Return on Assets (ROA)		 16.51% -4.67% 17.37% 19.51% 10.69% 13.74% 18.94% 15.49% 17.42% 9.25% -14.06%
Return on Common Equity (ROCE)		 41.75% -13.14% 42.25% 51.60% 27.08% 37.41% 46.85% 38.35% 43.41% 25.93% -24.28%
Return on Equity Simple (ROE_SIMPLE)		 11.20% 0.00% 5.75% 31.55% 27.33% 0.00% 36.10% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 4,856 -1,377 4,739 5,499 3,036 3,860 5,055 4,422 5,583 3,336 -2,377
NOPAT Margin		 30.43% -9.41% 30.04% 34.13% 18.23% 24.70% 32.55% 27.98% 32.32% 20.34% -14.60%
Net Nonoperating Expense Percent (NNEP)		 0.46% -0.63% -0.11% 0.13% -0.49% 0.42% -0.11% -0.02% -0.83% 1.22% 5.22%
Return On Investment Capital (ROIC_SIMPLE)		 6.38% -1.89% 6.35% 6.75% 3.67% 4.62% 6.07% 5.24% 5.98% 3.27% -2.50%
Cost of Revenue to Revenue		 26.71% 26.74% 22.44% 23.24% 24.49% 24.50% 22.02% 22.50% 22.31% 33.85% 25.76%
SG&A Expenses to Revenue		 15.78% 19.16% 15.74% 17.00% 16.40% 18.32% 16.43% 16.76% 15.24% 17.68% 16.58%
R&D to Revenue		 20.72% 65.80% 25.31% 21.72% 35.19% 29.34% 23.32% 25.61% 24.51% 23.70% 77.32%
Operating Expenses to Revenue		 37.29% 86.71% 41.83% 39.22% 51.92% 47.98% 40.20% 45.91% 40.02% 42.67% 95.09%
Earnings before Interest and Taxes (EBIT)		 5,620 -2,046 5,670 6,006 4,090 4,170 5,903 4,999 6,745 3,420 -3,534
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 6,634 -1,082 6,654 7,138 5,276 5,367 7,002 6,118 7,899 5,886 -2,022
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.07 7.09 8.05 7.03 6.36 5.39 4.69 4.06 4.04 4.97 6.48
Price to Tangible Book Value (P/TBV)		 289.71 0.00 201.58 56.35 48.86 30.15 20.81 16.28 14.02 60.11 0.00
Price to Revenue (P/Rev)		 4.22 4.44 5.29 4.90 4.48 3.89 3.55 3.12 3.26 4.02 4.52
Price to Earnings (P/E)		 54.32 730.45 140.82 22.30 23.31 14.58 13.01 12.12 11.01 14.31 33.29
Dividend Yield		 2.96% 2.81% 2.34% 2.51% 2.76% 3.16% 3.52% 4.04% 3.86% 3.12% 2.76%
Earnings Yield		 1.84% 0.14% 0.71% 4.48% 4.29% 6.86% 7.69% 8.25% 9.08% 6.99% 3.00%
Enterprise Value to Invested Capital (EV/IC)		 4.05 4.37 4.99 4.64 4.40 3.82 3.34 2.92 3.05 3.33 3.76
Enterprise Value to Revenue (EV/Rev)		 4.64 4.90 5.75 5.32 4.85 4.25 3.94 3.53 3.61 4.54 5.17
Enterprise Value to EBITDA (EV/EBITDA)		 24.46 51.10 45.42 17.19 17.02 11.15 10.16 9.46 8.78 10.97 19.00
Enterprise Value to EBIT (EV/EBIT)		 36.94 155.84 90.34 21.80 22.31 13.67 12.48 11.73 10.62 14.01 29.21
Enterprise Value to NOPAT (EV/NOPAT)		 57.15 626.34 139.96 23.84 25.31 15.92 14.45 13.75 12.25 16.05 37.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.01 22.63 23.93 19.92 16.76 12.69 12.06 12.13 13.58 17.92 18.99
Enterprise Value to Free Cash Flow (EV/FCFF)		 205.61 0.00 0.00 27.31 29.02 20.92 19.82 20.55 18.65 248.24 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.84 0.93 0.85 0.87 0.86 0.80 0.72 0.72 0.80 0.94 1.07
Long-Term Debt to Equity		 0.82 0.90 0.77 0.80 0.79 0.74 0.69 0.69 0.77 0.89 1.02
Financial Leverage		 0.54 0.57 0.59 0.72 0.60 0.65 0.65 0.61 0.51 0.62 0.76
Leverage Ratio		 2.49 2.58 2.45 2.64 2.61 2.66 2.49 2.48 2.56 2.56 2.58
Compound Leverage Factor		 2.49 2.58 2.45 2.64 2.61 2.66 2.49 2.48 2.56 2.56 2.58
Debt to Total Capital		 45.77% 48.23% 45.84% 46.40% 46.11% 44.45% 41.86% 41.91% 44.35% 48.37% 51.68%
Short-Term Debt to Total Capital		 1.16% 1.89% 4.12% 3.77% 3.81% 3.17% 1.63% 1.70% 1.51% 2.54% 2.57%
Long-Term Debt to Total Capital		 44.61% 46.34% 41.72% 42.63% 42.30% 41.28% 40.22% 40.22% 42.85% 45.83% 49.10%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.07% 0.07% 0.08% 0.08% 0.07% 0.07% 0.08% 0.08% 0.06% 0.05% 0.06%
Common Equity to Total Capital		 54.16% 51.70% 54.08% 53.52% 53.82% 55.48% 58.06% 58.01% 55.58% 51.57% 48.27%
Debt to EBITDA		 3.10 6.08 4.40 1.95 2.12 1.52 1.41 1.49 1.57 1.83 2.75
Net Debt to EBITDA		 2.20 4.81 3.64 1.35 1.28 0.94 1.01 1.09 0.84 1.26 2.37
Long-Term Debt to EBITDA		 3.02 5.85 4.01 1.79 1.95 1.41 1.35 1.43 1.51 1.74 2.61
Debt to NOPAT		 7.24 74.58 13.56 2.71 3.15 2.17 2.00 2.16 2.19 2.68 5.35
Net Debt to NOPAT		 5.15 58.96 11.22 1.87 1.90 1.34 1.43 1.59 1.17 1.84 4.61
Long-Term Debt to NOPAT		 7.06 71.67 12.34 2.49 2.89 2.01 1.92 2.08 2.11 2.54 5.08
Altman Z-Score		 3.87 3.60 4.56 4.27 3.82 3.64 3.67 3.35 3.24 3.30 3.38
Noncontrolling Interest Sharing Ratio		 0.14% 0.14% 0.15% 0.14% 0.13% 0.13% 0.14% 0.14% 0.12% 0.12% 0.13%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.38 1.25 1.25 1.47 1.36 1.36 1.41 1.42 1.66 1.54 1.30
Quick Ratio		 0.83 0.68 0.68 0.88 0.88 0.84 0.80 0.79 1.06 0.93 0.66
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,380 -4,281 1,868 3,731 1,488 -225 330 -991 -904 -13,869 -17,284
Operating Cash Flow to CapEx		 855.54% 24.87% 358.89% 712.64% 1,186.59% 368.20% 188.25% 431.02% 792.50% 276.57% 395.36%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.55 0.56 0.57 0.58 0.56 0.57 0.58 0.55 0.52 0.51 0.54
Accounts Receivable Turnover		 5.97 6.07 5.64 5.51 5.80 6.22 5.77 5.42 5.47 5.90 5.72
Inventory Turnover		 2.74 2.63 2.54 2.49 2.47 2.44 2.37 2.28 2.31 2.57 2.71
Fixed Asset Turnover		 2.76 2.70 2.74 2.75 2.75 2.74 2.67 2.63 2.62 2.65 2.62
Accounts Payable Turnover		 4.68 3.94 4.38 4.44 4.31 3.80 4.13 4.02 3.79 3.86 4.49
Days Sales Outstanding (DSO)		 61.16 60.11 64.74 66.22 62.90 58.67 63.26 67.38 66.77 61.91 63.82
Days Inventory Outstanding (DIO)		 133.18 138.85 143.46 146.36 147.83 149.76 153.85 160.26 157.96 142.23 134.82
Days Payable Outstanding (DPO)		 78.01 92.64 83.41 82.17 84.76 96.11 88.37 90.87 96.27 94.50 81.34
Cash Conversion Cycle (CCC)		 116.32 106.31 124.79 130.41 125.98 112.31 128.74 136.77 128.46 109.63 117.30
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 67,957 67,330 70,752 71,706 69,505 71,415 75,477 77,119 75,992 88,620 90,384
Invested Capital Turnover		 0.90 0.91 0.89 0.88 0.92 0.93 0.87 0.85 0.88 0.81 0.79
Increase / (Decrease) in Invested Capital		 3,476 2,904 2,871 1,768 1,548 4,085 4,725 5,413 6,487 17,205 14,907
Enterprise Value (EV)		 275,140 294,380 353,120 332,500 306,142 272,511 251,802 224,846 231,739 295,132 339,767
Market Capitalization		 250,306 266,616 324,740 306,357 283,121 249,493 226,737 198,773 209,639 261,258 297,404
Book Value per Share		 $16.25 $14.83 $15.94 $17.21 $17.56 $18.31 $19.13 $19.51 $20.76 $21.19 $18.56
Tangible Book Value per Share		 $0.34 ($0.64) $0.64 $2.15 $2.29 $3.27 $4.31 $4.86 $5.99 $1.75 ($0.59)
Total Capital		 76,159 72,690 74,643 81,436 82,691 83,483 83,244 84,462 93,281 102,001 95,048
Total Debt		 34,859 35,055 34,219 37,788 38,131 37,111 34,844 35,402 41,374 49,339 49,117
Total Long-Term Debt		 33,972 33,683 31,142 34,717 34,982 34,462 33,484 33,968 39,969 46,750 46,673
Net Debt		 24,780 27,710 28,320 26,077 22,963 22,959 25,000 26,006 22,043 33,818 42,310
Capital Expenditures (CapEx)		 902 989 861 791 783 937 1,328 764 987 1,033 991
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 974 753 3,804 3,862 -669 -678 2,461 3,840 2,120 3,213 4,812
Debt-free Net Working Capital (DFNWC)		 9,747 7,846 9,423 15,216 13,924 13,011 11,689 12,462 20,334 17,778 10,514
Net Working Capital (NWC)		 8,860 6,474 6,346 12,145 10,775 10,362 10,329 11,028 18,929 15,189 8,070
Net Nonoperating Expense (NNE)		 106 -151 -28 38 -125 116 -30 -6.20 -204 373 1,866
Net Nonoperating Obligations (NNO)		 26,657 29,695 30,328 28,058 24,945 25,043 27,077 28,059 24,085 35,958 44,453
Total Depreciation and Amortization (D&A)		 1,014 964 984 1,132 1,186 1,197 1,099 1,119 1,154 2,466 1,512
Debt-free, Cash-free Net Working Capital to Revenue		 1.64% 1.25% 6.20% 6.18% -1.06% -1.06% 3.85% 6.04% 3.30% 4.94% 7.32%
Debt-free Net Working Capital to Revenue		 16.43% 13.05% 15.35% 24.35% 22.04% 20.28% 18.29% 19.59% 31.66% 27.35% 15.99%
Net Working Capital to Revenue		 14.94% 10.77% 10.34% 19.44% 17.06% 16.15% 16.16% 17.34% 29.47% 23.36% 12.27%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.87 ($0.49) $1.88 $2.15 $1.25 $1.48 $2.01 $1.76 $2.32 $1.21 ($1.72)
Adjusted Weighted Average Basic Shares Outstanding		 2.53B 2.53B 2.53B 2.53B 2.53B 2.53B 2.51B 2.50B 2.48B 2.47B 2.47B
Adjusted Diluted Earnings per Share		 $1.86 ($0.48) $1.87 $2.14 $1.24 $1.49 $2.01 $1.76 $2.32 $1.19 ($1.72)
Adjusted Weighted Average Diluted Shares Outstanding		 2.53B 2.53B 2.53B 2.53B 2.53B 2.53B 2.51B 2.50B 2.48B 2.47B 2.47B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.53B 2.53B 2.53B 2.53B 2.53B 2.53B 2.51B 2.50B 2.48B 2.47B 2.47B
Normalized Net Operating Profit after Tax (NOPAT)		 4,963 -1,198 4,843 5,572 3,079 3,905 5,114 4,918 5,623 3,521 -2,241
Normalized NOPAT Margin		 31.09% -8.19% 30.70% 34.58% 18.49% 24.99% 32.93% 31.11% 32.55% 21.47% -13.76%
Pre Tax Income Margin		 35.21% -13.98% 35.94% 37.28% 24.55% 26.69% 38.01% 31.63% 39.04% 20.85% -21.70%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 158.94% 1,974.80% 325.23% 55.58% 63.64% 45.76% 45.50% 48.92% 42.58% 44.77% 92.12%
Augmented Payout Ratio		 179.57% 2,331.83% 382.10% 64.54% 73.59% 53.38% 58.95% 69.88% 65.27% 72.61% 145.78%

Financials Breakdown Chart

Key Financial Trends

Below are the top takeaways for Merck & Co., Inc. (MRK) drawn from the last four years of quarterly statements, focusing on the latest Q4 2025 data and the four-year trend in income statements, cash flows, and balance sheets.

  • Revenue growth in Q4 2025 versus prior year. Operating revenue rose to $16.40B in Q4 2025 from $15.64B in Q4 2024, indicating ongoing demand and a stronger year-over-year top line.
  • Strong quarterly profitability in Q3 2025. Q3 2025 net income was about $5.79B with diluted earnings per share (EPS) of $2.32, showcasing solid earnings power during the middle of 2025.
  • Consistent positive operating cash flow in 2025, peaking in Q3. Net cash from continuing operating activities reached about $7.82B in Q3 2025, with positive cash flow also seen in Q1 and Q2 2025, supporting liquidity despite quarterly fluctuations.
  • Significant acquisitions in Q4 2025. Acquisitions totaled about $10.04B, reflecting an aggressive growth push, which increases goodwill/intangible assets and balance-sheet complexity.
  • Ongoing investments in R&D and SG&A in Q4 2025. R&D expense was $3.89B and SG&A expense was $2.90B, indicating continued investment in pipeline development and commercial activities, which may pressure near-term margins.
  • Rising leverage signals balance-sheet risk. Long-term debt around $39.97B (Q3 2025) and total liabilities near $77.64B, implying higher leverage that may affect risk/return profiles going forward.
  • Q4 2025 net income declined vs. prior quarters. Net income attributable to common shareholders was about $2.96B in Q4 2025, substantially below Q3 2025’s $5.79B, indicating quarter-specific headwinds or higher spending.
  • Per-share metrics show pressure in Q4 2025. Basic EPS around $1.21 and diluted EPS around $1.19 in Q4 2025, signaling margin pressure at the quarter level despite higher revenue.
  • Significant cash outflows from investing activities in Q4 2025. Net cash from investing activities was about -$11.20B, driven by acquisitions and other investments, weighing on near-term liquidity.
  • Near-term cash balance declined in Q4 2025. Net Change in Cash and Equivalents was about -$3.58B in Q4 2025, reflecting the impact of large investing outflows despite positive operating cash flow earlier in the year.
05/27/26 01:04 AM ETAI Generated. May Contain Errors.

Merck & Co., Inc. Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Merck & Co., Inc.'s fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Merck & Co., Inc.'s net income appears to be on an upward trend, with a most recent value of $18.26 billion in 2025, rising from $4.46 billion in 2015. The previous period was $17.13 billion in 2024. See where experts think Merck & Co., Inc. is headed by visiting Merck & Co., Inc.'s forecast page.

Merck & Co., Inc.'s total operating income in 2025 was $21.22 billion, based on the following breakdown:
  • Total Gross Profit: $48.63 billion
  • Total Operating Expenses: $27.41 billion

Over the last 10 years, Merck & Co., Inc.'s total revenue changed from $39.50 billion in 2015 to $65.01 billion in 2025, a change of 64.6%.

Merck & Co., Inc.'s total liabilities were at $84.20 billion at the end of 2025, a 19.0% increase from 2024, and a 48.0% increase since 2015.

In the past 10 years, Merck & Co., Inc.'s cash and equivalents has ranged from $6.09 billion in 2017 to $14.57 billion in 2025, and is currently $14.57 billion as of their latest financial filing in 2025.

Over the last 10 years, Merck & Co., Inc.'s book value per share changed from 15.99 in 2015 to 21.19 in 2025, a change of 32.5%.


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Financial statements for NYSE:MRK last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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