Merck & Co., Inc. (MRK) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Merck reported revenue of $65.01B, up 1.3% from $64.17B the year before. Net income was $18.25B (a 28.1% net margin), or $7.28 per diluted share. Gross margin was 74.8% and operating margin was 34.0%. Operating activities generated $16.47B of cash, leaving $12.36B of free cash flow. At fiscal year end, Merck held $136.87B in total assets against $84.26B in total liabilities, including $14.56B of cash and equivalents.
Open the full interactive Merck financials → Quarterly statements, key ratios, valuation history and price charts.
Merck Key Stats
| Share Price | $141.98 |
|---|---|
| Market Cap | $350.69B |
| P/E Ratio | 19.5 |
| Revenue YoY Growth | +1.3% |
| 52-Week Range | $80.14 – $155.53 |
| Shares Outstanding | 2.47 billion (basic, 2026 Q2) |
Merck Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $47.99B | $48.70B | $59.28B | $60.12B | $64.17B | $65.01B |
| Cost of Goods Sold | $15.48B | $13.63B | $17.41B | $16.13B | $15.19B | $16.38B |
| Gross Profit | $32.51B | $35.08B | $41.87B | $43.99B | $48.98B | $48.63B |
| Operating Income | $8.48B | $13.20B | $18.28B | $2.95B | $20.22B | $22.11B |
| Pre-Tax Income | $8.79B | $13.88B | $16.44B | $1.89B | $19.94B | $21.07B |
| Income Tax | $1.71B | $1.52B | $1.92B | $1.51B | $2.80B | $2.80B |
| Net Income | $7.07B | $13.05B | $14.52B | $365.0M | $17.12B | $18.25B |
| Diluted EPS | $2.65 | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 |
Merck Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $17.28B | $16.40B | $16.29B | $16.61B |
| Net Income | $5.79B | $2.96B | -$4.24B | -$1.33B |
| Diluted EPS | $2.32 | $1.18 | -$1.72 | -$0.54 |
Merck Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.06B | $8.10B | $12.69B | $6.84B | $13.24B | $14.56B |
| Current Assets | $27.76B | $30.27B | $35.72B | $32.17B | $38.78B | $43.52B |
| Total Assets | $91.59B | $105.69B | $109.16B | $106.67B | $117.11B | $136.87B |
| Current Liabilities | $27.33B | $23.87B | $24.24B | $25.69B | $28.42B | $28.33B |
| Total Long-Term Debt | $27.66B | $32.99B | $30.45B | $34.98B | $36.96B | $49.05B |
| Total Liabilities | $66.27B | $67.51B | $63.17B | $69.09B | $70.79B | $84.26B |
| Shareholders' Equity | $25.32B | $38.18B | $45.99B | $37.58B | $46.31B | $52.61B |
Merck Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $10.25B | $13.12B | $19.09B | $13.01B | $21.47B | $16.47B |
| Cash From Investing | -$9.44B | — | — | — | -$7.73B | -$13.74B |
| Cash From Financing | -$2.83B | — | — | — | -$7.03B | -$1.92B |
| Free Cash Flow | $5.57B | $8.67B | $14.71B | $9.14B | $18.10B | $12.36B |
Figures from Merck's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Merck financials page for every line item.
Merck Company Profile
| Ticker | MRK |
|---|---|
| Exchange | NYSE |
| Industry | Pharmaceutical Preparations |
| Headquarters | Rahway, New Jersey |
| Incorporated in | New Jersey |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000310158 |
Frequently Asked Questions
What was Merck's revenue in fiscal 2025?
Merck (MRK) reported revenue of $65.01B for fiscal 2025.
What is Merck's annual revenue history?
Merck's annual revenue by fiscal year: 2020: $47.99B; 2021: $48.70B; 2022: $59.28B; 2023: $60.12B; 2024: $64.17B; 2025: $65.01B.
What was Merck's net income in fiscal 2025?
Merck reported net income of $18.25B for fiscal 2025.
What was Merck's earnings per share (EPS) in fiscal 2025?
Merck's diluted EPS was $7.28 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Merck generate in fiscal 2025?
Merck generated $12.36B of free cash flow in fiscal 2025.
What was Merck's revenue last quarter?
In its most recent reported quarter (2026 Q2), Merck reported revenue of $16.61B.
How much debt does Merck have?
Merck reported $49.05B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Merck are outstanding?
Merck reported a weighted average of 2.47 billion basic shares outstanding in 2026 Q2.
What is Merck's market cap?
Based on its latest closing price, Merck (MRK) has a market capitalization of about $350.69B.
When does Merck's fiscal year end?
Merck's fiscal year end, as registered with the SEC, is December 31.
Where is Merck headquartered?
Merck lists its business address in Rahway, New Jersey in its SEC filings.