Merck & Co., Inc. (MRK)
Q4-CY2025Q3-CY2025Q2-CY2025Q1-CY2025Q4-CY2024Q3-CY2024Q2-CY2024Q1-CY2024Q4-CY2023Q3-CY2023Q2-CY2023Q1-CY2023Q4-CY2022Q3-CY2022Q2-CY2022Q1-CY2022Q4-CY2021Q3-CY2021Q2-CY2021Q1-CY2021Q4-CY2020Q3-CY2020Q2-CY2020Q1-CY2020Q4-CY2019Q3-CY2019Q2-CY2019Q1-CY2019Q4-CY2018Q3-CY2018Q2-CY2018Q1-CY2018Q4-CY2017Q3-CY2017Q2-CY2017Q1-CY2017Q4-CY2016Q3-CY2016Q2-CY2016Q1-CY2016Q4-CY2015Q3-CY2015Q2-CY2015Q1-CY2015Q4-CY2014Q3-CY2014Q2-CY2014Q1-CY2014Q4-CY2013
Balance Sheet Date2025-Sep-302025-Jun-302025-Mar-312024-Dec-312024-Sep-302024-Jun-302024-Mar-312023-Dec-312023-Sep-302023-Jun-302023-Mar-312022-Dec-312022-Sep-302022-Jun-302022-Mar-312021-Dec-312021-Sep-302021-Jun-302021-Mar-312020-Dec-312020-Sep-302020-Jun-302020-Mar-312019-Dec-312019-Sep-302019-Jun-302019-Mar-312018-Dec-312018-Sep-302018-Jun-302018-Mar-312017-Dec-312017-Sep-302017-Jun-302017-Mar-312016-Dec-312016-Sep-302016-Jun-302016-Mar-312015-Dec-312015-Sep-302015-Jun-302015-Mar-312014-Dec-312014-Sep-302014-Jun-302014-Mar-312013-Dec-31
Fiscal PeriodQ3-FY2025Q2-FY2025Q1-FY2025Q4-FY2024Q3-FY2024Q2-FY2024Q1-FY2024Q4-FY2023Q3-FY2023Q2-FY2023Q1-FY2023Q4-FY2022Q3-FY2022Q2-FY2022Q1-FY2022Q4-FY2021Q3-FY2021Q2-FY2021Q1-FY2021Q4-FY2020Q3-FY2020Q2-FY2020Q1-FY2020Q4-FY2019Q3-FY2019Q2-FY2019Q1-FY2019Q4-FY2018Q3-FY2018Q2-FY2018Q1-FY2018Q4-FY2017Q3-FY2017Q2-FY2017Q1-FY2017Q4-FY2016Q3-FY2016Q2-FY2016Q1-FY2016Q4-FY2015Q3-FY2015Q2-FY2015Q1-FY2015Q4-FY2014Q3-FY2014Q2-FY2014Q1-FY2014Q4-FY2013
Total Revenue17,276,000,000$15,806,000,000$15,529,000,000$15,624,000,000$16,657,000,000$16,112,000,000$15,775,000,000$14,630,000,000$15,962,000,000$15,035,000,000$14,487,000,000$13,830,000,000$14,959,000,000$14,593,000,000$15,901,000,000$13,521,000,000$13,154,000,000$11,402,000,000$10,627,000,000$10,948,000,000$10,929,000,000$9,353,000,000$12,057,000,000$4,149,000,000$12,397,000,000$11,760,000,000$10,816,000,000$10,998,000,000$10,794,000,000$10,465,000,000$10,037,000,000$10,433,000,000$10,325,000,000$9,930,000,000$9,434,000,000$10,115,000,000$10,536,000,000$9,844,000,000$9,312,000,000$10,215,000,000$10,073,000,000$9,785,000,000$9,425,000,000$10,482,000,000$10,557,000,000$10,934,000,000$10,264,000,000$11,320,000,000$
QoQ%9.30%1.78%(.61%)(6.20%)3.38%2.14%7.83%(8.35%)6.17%3.78%4.75%(7.55%)2.51%(8.23%)17.60%2.79%15.37%7.29%(2.93%).17%16.85%(22.43%)190.60%(66.53%)5.42%8.73%(1.66%)1.89%3.14%4.26%(3.80%)1.05%3.98%5.26%(6.73%)(4.00%)7.03%5.71%(8.84%)1.41%2.94%3.82%(10.08%)(.71%)(3.45%)6.53%(9.33%)2.61%
YoY%3.72%(1.90%)(1.56%)6.79%4.35%7.16%8.89%5.79%6.71%3.03%(8.89%)2.29%13.72%27.99%49.63%23.50%20.36%21.91%(11.86%)163.87%(11.84%)(20.47%)11.47%(62.28%)14.85%12.38%7.76%5.42%4.54%5.39%6.39%3.14%(2.00%).87%1.31%(.98%)4.60%.60%(1.20%)(2.55%)(4.59%)(10.51%)(8.17%)(7.40%)(4.31%)(.69%)(3.81%)(3.55%)
Cost Of Revenue3,855,000,000$3,557,000,000$3,419,000,000$3,828,000,000$4,080,000,000$3,745,000,000$3,540,000,000$3,912,000,000$4,264,000,000$4,024,000,000$3,926,000,000$3,881,000,000$3,934,000,000$4,216,000,000$5,380,000,000$3,874,000,000$3,450,000,000$3,104,000,000$3,199,000,000$5,029,000,000$3,013,000,000$2,747,000,000$3,312,000,000$1,573,000,000$3,990,000,000$3,401,000,000$3,052,000,000$3,289,000,000$3,619,000,000$3,417,000,000$3,184,000,000$3,406,000,000$3,274,000,000$3,080,000,000$3,049,000,000$3,332,000,000$3,409,000,000$3,578,000,000$3,572,000,000$3,850,000,000$3,761,000,000$3,754,000,000$3,569,000,000$3,749,000,000$4,223,000,000$4,893,000,000$3,903,000,000$4,607,000,000$
Gross Profit13,421,000,000$12,249,000,000$12,110,000,000$11,796,000,000$12,577,000,000$12,367,000,000$12,235,000,000$10,718,000,000$11,698,000,000$11,011,000,000$10,561,000,000$9,949,000,000$11,025,000,000$10,377,000,000$10,521,000,000$9,647,000,000$9,704,000,000$8,298,000,000$7,428,000,000$5,919,000,000$7,916,000,000$6,606,000,000$8,745,000,000$2,576,000,000$8,407,000,000$8,359,000,000$7,764,000,000$7,709,000,000$7,175,000,000$7,048,000,000$6,853,000,000$7,027,000,000$7,051,000,000$6,850,000,000$6,385,000,000$6,783,000,000$7,127,000,000$6,266,000,000$5,740,000,000$6,365,000,000$6,312,000,000$6,031,000,000$5,856,000,000$6,733,000,000$6,334,000,000$6,041,000,000$6,361,000,000$6,713,000,000$
Gross Margin77.69%77.50%77.98%75.50%75.51%76.76%77.56%73.26%73.29%73.24%72.90%71.94%73.70%71.11%66.17%71.35%73.77%72.78%69.90%54.07%72.43%70.63%72.53%62.09%67.82%71.08%71.78%70.10%66.47%67.35%68.28%67.35%68.29%68.98%67.68%67.06%67.64%63.65%61.64%62.31%62.66%61.64%62.13%64.23%60.00%55.25%61.97%59.30%
Operating Expenses6,867,000,000$6,697,000,000$6,173,000,000$7,448,000,000$8,593,000,000$6,239,000,000$6,475,000,000$12,431,000,000$5,826,000,000$16,023,000,000$6,755,000,000$6,462,000,000$6,919,000,000$5,310,000,000$4,899,000,000$5,898,000,000$4,781,000,000$6,602,000,000$4,599,000,000$8,407,000,000$6,261,000,000$5,218,000,000$5,585,000,000$5,065,000,000$6,638,000,000$5,874,000,000$5,254,000,000$5,855,000,000$5,605,000,000$6,072,000,000$6,841,000,000$6,124,000,000$8,026,000,000$5,444,000,000$5,495,000,000$8,819,000,000$5,232,000,000$6,159,000,000$5,538,000,000$5,973,000,000$5,542,000,000$5,902,000,000$5,975,000,000$6,781,000,000$6,245,000,000$6,390,000,000$6,062,000,000$6,771,000,000$
Operating Income
Operating Margin
Interest Income96,000,000$69,000,000$109,000,000$146,000,000$127,000,000$69,000,000$73,000,000$70,000,000$73,000,000$109,000,000$112,000,000$95,000,000$40,000,000$15,000,000$7,000,000$9,000,000$7,000,000$9,000,000$11,000,000$11,000,000$9,000,000$14,000,000$25,000,000$49,000,000$61,000,000$75,000,000$89,000,000$86,000,000$92,000,000$81,000,000$85,000,000$101,000,000$90,000,000$96,000,000$97,000,000$84,000,000$87,000,000$78,000,000$79,000,000$75,000,000$68,000,000$71,000,000$74,000,000$76,000,000$69,000,000$59,000,000$61,000,000$75,000,000$
Interest Expenses303,000,000$310,000,000$317,000,000$277,000,000$242,000,000$235,000,000$244,000,000$240,000,000$243,000,000$209,000,000$196,000,000$202,000,000$200,000,000$207,000,000$203,000,000$209,000,000$212,000,000$219,000,000$231,000,000$233,000,000$209,000,000$203,000,000$190,000,000$194,000,000$185,000,000$190,000,000$189,000,000$193,000,000$182,000,000$180,000,000$170,000,000$171,000,000$172,000,000$169,000,000$165,000,000$174,000,000$164,000,000$165,000,000$191,000,000$188,000,000$188,000,000$201,000,000$
Income Before Tax6,745,000,000$4,999,000,000$5,903,000,000$4,170,000,000$4,090,000,000$6,006,000,000$5,670,000,000$(2,046,000,000$)5,620,000,000$(5,335,000,000$)3,650,000,000$3,513,000,000$3,583,000,000$4,487,000,000$4,861,000,000$3,909,000,000$5,266,000,000$1,717,000,000$2,987,000,000$(2,545,000,000$)2,706,000,000$2,741,000,000$3,838,000,000$(1,502,000,000$)2,347,000,000$3,259,000,000$3,067,000,000$2,604,000,000$2,665,000,000$2,086,000,000$1,345,000,000$1,879,000,000$200,000,000$2,439,000,000$2,003,000,000$(1,356,000,000$)2,887,000,000$1,504,000,000$1,624,000,000$816,000,000$2,397,000,000$807,000,000$1,381,000,000$11,811,000,000$1,490,000,000$1,891,000,000$2,091,000,000$1,225,000,000$
Tax Expenses958,000,000$571,000,000$818,000,000$426,000,000$929,000,000$545,000,000$903,000,000$(820,000,000$)870,000,000$637,000,000$825,000,000$495,000,000$330,000,000$538,000,000$554,000,000$85,000,000$695,000,000$503,000,000$238,000,000$69,000,000$380,000,000$396,000,000$619,000,000$306,000,000$440,000,000$615,000,000$205,000,000$826,000,000$707,000,000$370,000,000$604,000,000$2,917,000,000$251,000,000$488,000,000$447,000,000$(769,000,000$)699,000,000$295,000,000$494,000,000$(166,000,000$)566,000,000$119,000,000$423,000,000$4,484,000,000$648,000,000$(142,000,000$)360,000,000$410,000,000$
Net Income5,787,000,000$4,428,000,000$5,085,000,000$3,744,000,000$3,161,000,000$5,461,000,000$4,767,000,000$(1,226,000,000$)4,750,000,000$(5,972,000,000$)2,825,000,000$3,018,000,000$3,253,000,000$3,949,000,000$4,307,000,000$3,758,000,000$4,567,000,000$1,545,000,000$3,186,000,000$(2,091,000,000$)2,945,000,000$3,010,000,000$3,219,000,000$2,363,000,000$1,907,000,000$2,644,000,000$2,862,000,000$1,778,000,000$1,958,000,000$1,716,000,000$741,000,000$(1,038,000,000$)(51,000,000$)1,951,000,000$1,556,000,000$(587,000,000$)2,188,000,000$1,209,000,000$1,130,000,000$982,000,000$1,831,000,000$688,000,000$958,000,000$7,327,000,000$842,000,000$2,033,000,000$1,731,000,000$815,000,000$
Profit Margin33.50%28.02%32.75%23.96%18.98%33.89%30.22%(8.38%)29.76%(39.72%)19.50%21.82%21.75%27.06%27.09%27.79%34.72%13.55%29.98%(19.10%)26.95%32.18%26.70%56.95%15.38%22.48%26.46%16.17%18.14%16.40%7.38%(9.95%)(.49%)19.65%16.49%(5.80%)20.77%12.28%12.14%9.61%18.18%7.03%10.16%69.90%7.98%18.59%16.87%7.20%
TTM29.65%25.81%27.30%26.70%19.25%22.01%3.78%.63%7.79%5.36%22.54%24.50%25.89%29.00%26.26%26.81%15.62%12.72%16.84%16.36%31.62%27.66%25.11%24.99%19.99%20.83%19.30%14.64%8.09%3.32%3.94%6.03%7.21%12.77%10.93%9.90%13.81%13.06%11.76%11.29%27.17%24.39%26.96%28.25%12.59%13.16%10.62%10.26%
Earnings to Minority2,000,000$1,000,000$6,000,000$1,000,000$4,000,000$6,000,000$5,000,000$0$5,000,000$3,000,000$4,000,000$1,000,000$5,000,000$5,000,000$3,000,000$4,000,000$4,000,000$1,000,000$7,000,000$3,000,000$4,000,000$8,000,000$7,000,000$6,000,000$(26,000,000$)(53,000,000$)(49,000,000$)8,000,000$9,000,000$5,000,000$8,000,000$5,000,000$5,000,000$5,000,000$8,000,000$4,000,000$4,000,000$5,000,000$5,000,000$5,000,000$1,000,000$5,000,000$11,000,000$(53,000,000$)29,000,000$26,000,000$34,000,000$
Earnings to Common Shareholders5,785,000,000$4,427,000,000$5,079,000,000$3,743,000,000$3,157,000,000$5,455,000,000$4,762,000,000$(1,226,000,000$)4,745,000,000$(5,975,000,000$)2,821,000,000$3,017,000,000$3,248,000,000$3,944,000,000$4,310,000,000$3,758,000,000$4,567,000,000$1,545,000,000$3,179,000,000$(2,094,000,000$)2,941,000,000$3,002,000,000$3,219,000,000$2,356,000,000$1,901,000,000$2,670,000,000$2,915,000,000$1,827,000,000$1,950,000,000$1,707,000,000$736,000,000$(1,046,000,000$)(56,000,000$)1,946,000,000$1,551,000,000$(595,000,000$)2,184,000,000$1,205,000,000$1,125,000,000$977,000,000$1,826,000,000$687,000,000$953,000,000$7,316,000,000$895,000,000$2,004,000,000$1,705,000,000$781,000,000$
QoQ%30.68%(12.84%)35.69%18.56%(42.13%)14.55%488.42%(125.84%)179.41%(311.80%)(6.50%)(7.11%)(17.65%)(8.49%)14.69%(17.71%)195.60%(51.40%)251.82%(171.20%)(2.03%)(6.74%)36.63%23.94%(28.80%)(8.41%)59.55%(6.31%)14.24%131.93%170.36%(1,767.86%)(102.88%)25.47%360.67%(127.24%)81.25%7.11%15.15%(46.50%)165.79%(27.91%)(86.97%)717.43%(55.34%)17.54%118.31%(30.52%)
YoY%83.24%(18.85%)6.66%405.30%(33.47%)191.30%68.81%(140.64%)46.09%(251.50%)(34.55%)(19.72%)(28.88%)155.28%35.58%279.47%55.29%(48.53%)(1.24%)(188.88%)54.71%12.43%10.43%28.96%(2.51%)56.42%296.06%274.67%3,582.14%(12.28%)(52.55%)(75.80%)(102.56%)61.49%37.87%(160.90%)19.61%75.40%18.05%(86.65%)104.02%(65.72%)(44.11%)836.75%(20.37%)121.19%7.03%(13.99%)
Earnings Per Share, Basic2.32$1.76$2.01$1.48$1.25$2.15$1.88$(0.48$)1.87$(2.35$)1.11$1.19$1.28$1.56$1.70$1.49$1.81$0.61$1.26$(0.83$)1.16$1.19$1.27$0.93$0.74$1.04$1.13$0.70$0.73$0.64$0.27$(0.39$)(0.02$)0.71$0.57$(0.22$)0.79$0.44$0.41$0.35$0.65$0.24$0.34$2.57$0.31$0.69$0.58$0.27$
Earnings Per Share, Diluted2.32$1.76$2.01$1.48$1.24$2.14$1.87$(0.48$)1.86$(2.35$)1.11$1.18$1.28$1.55$1.70$1.48$1.80$0.61$1.25$(0.82$)1.16$1.18$1.26$0.92$0.74$1.03$1.12$0.69$0.73$0.63$0.27$(0.38$)(0.02$)0.71$0.56$(0.21$)0.78$0.43$0.40$0.35$0.64$0.24$0.33$2.54$0.31$0.68$0.57$0.26$
Unlevered FCF Per Share, Basic2.74$1.01$0.46$0.99$3.36$1.91$0.88$(0.29$)3.04$1.08$0.13$1.29$2.21$1.70$1.88$0.71$1.58$0.86$1.33$0.28$1.89$1.65$1.20$0.52$1.37$1.05$1.26$0.43$1.48$(0.43$)1.21$0.10$1.32$1.07$0.58$0.78$1.52$1.18$0.95$0.81$(0.36$)1.51$0.79$0.80$1.03$
Unlevered FCF Per Share, Diluted2.74$1.01$0.46$0.99$3.35$1.90$0.88$(0.29$)3.03$1.08$0.13$1.29$2.20$1.69$1.88$0.70$1.58$0.86$1.33$0.28$1.87$1.64$1.19$0.51$1.36$1.04$1.25$0.43$1.46$(0.43$)1.21$0.10$1.31$1.07$0.58$0.78$1.51$1.17$0.95$0.80$(0.36$)1.49$0.79$0.79$1.02$
Average Shares, Basic2,495,000,0002,510,000,0002,523,000,0002,527,000,0002,534,000,0002,534,000,0002,533,000,0002,534,000,0002,537,000,0002,539,000,0002,538,000,0002,536,000,0002,533,000,0002,531,000,0002,528,000,0002,526,000,0002,530,000,0002,533,000,0002,531,000,0002,531,000,0002,529,000,0002,527,000,0002,533,000,0002,543,000,0002,558,000,0002,574,000,0002,585,000,0002,616,000,0002,662,000,0002,683,000,0002,695,000,0002,714,000,0002,727,000,0002,734,000,0002,745,000,0002,757,000,0002,765,000,0002,768,000,0002,774,000,0002,789,000,0002,814,000,0002,826,000,0002,835,000,0002,846,000,0002,879,000,0002,917,000,0002,934,000,0002,926,000,000
Average Shares, Diluted2,498,000,0002,513,000,0002,531,000,0002,535,000,0002,541,000,0002,544,000,0002,544,000,0002,552,000,0002,546,000,0002,539,000,0002,551,000,0002,549,000,0002,542,000,0002,540,000,0002,537,000,0002,535,000,0002,536,000,0002,540,000,0002,541,000,0002,543,000,0002,538,000,0002,536,000,0002,547,000,0002,557,000,0002,572,000,0002,588,000,0002,603,000,0002,632,000,0002,678,000,0002,696,000,0002,710,000,0002,747,000,0002,727,000,0002,752,000,0002,766,000,0002,778,000,0002,786,000,0002,789,000,0002,795,000,0002,813,000,0002,836,000,0002,850,000,0002,865,000,0002,881,000,0002,911,000,0002,949,000,0002,971,000,0002,961,000,000
EBIT6,745,000,000$4,999,000,000$5,903,000,000$4,170,000,000$4,090,000,000$6,006,000,000$5,973,000,000$(1,736,000,000$)5,937,000,000$(5,058,000,000$)3,892,000,000$3,748,000,000$3,827,000,000$4,727,000,000$5,104,000,000$4,118,000,000$5,462,000,000$1,919,000,000$3,187,000,000$(2,338,000,000$)2,909,000,000$2,950,000,000$4,050,000,000$(1,283,000,000$)2,578,000,000$3,492,000,000$3,276,000,000$2,807,000,000$2,855,000,000$2,280,000,000$1,530,000,000$2,069,000,000$389,000,000$2,632,000,000$2,185,000,000$(1,176,000,000$)3,057,000,000$1,675,000,000$1,796,000,000$985,000,000$2,562,000,000$981,000,000$1,545,000,000$11,976,000,000$1,681,000,000$2,079,000,000$2,279,000,000$1,426,000,000$
EBITDA6,745,000,000$4,999,000,000$5,903,000,000$4,170,000,000$4,090,000,000$6,006,000,000$5,973,000,000$(1,736,000,000$)5,937,000,000$(5,058,000,000$)3,892,000,000$3,748,000,000$3,827,000,000$4,727,000,000$5,104,000,000$4,118,000,000$5,462,000,000$1,919,000,000$3,187,000,000$(2,338,000,000$)3,761,000,000$3,998,000,000$4,871,000,000$(347,000,000$)3,423,000,000$4,465,000,000$4,174,000,000$3,805,000,000$3,949,000,000$3,570,000,000$2,667,000,000$3,236,000,000$1,543,000,000$3,794,000,000$3,378,000,000$9,000,000$4,232,000,000$3,225,000,000$3,357,000,000$2,545,000,000$4,132,000,000$2,589,000,000$3,182,000,000$13,549,000,000$3,292,000,000$3,832,000,000$4,033,000,000$3,380,000,000$