Merck & Co., Inc. (MRK) Financial Statements

Executive TeamFinancials
SegmentsShareholders

Merck & Co., Inc. financial statements at a glance

Merck & Co., Inc. reported revenue of $65.01 billion for fiscal year 2025 (ended December 31, 2025), up 1.3% from fiscal year 2024. Net income was $18.25 billion, a net margin of 28.1%, and diluted earnings per share were $7.28.

At the end of fiscal year 2025 it had total assets of $136.87 billion, total liabilities of $84.20 billion and shareholders' equity of $52.61 billion, with cash and short-term investments of $14.57 billion and total debt of $49.34 billion.

Its operations brought in $16.47 billion of cash; capital spending was $4.11 billion, leaving free cash flow of $12.36 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

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Merck & Co., Inc.

MRKUnited States
Healthcare
USD (Local)

Income Statement

Annual • USD

Total Revenue
65.01B
Prev Year: 64.17B
YoY: +1.3%
Operating Revenue
65.01B
Prev Year: 64.17B
YoY: +1.3%
Total Unusual Items Excluding Goodwill
-844.00M
Prev Year: -522.00M
YoY: -61.7%
Total Unusual Items
-844.00M
Prev Year: -522.00M
YoY: -61.7%
Normalized EBITDA
29.11B
Prev Year: 26.23B
YoY: +11.0%
Tax Rate for Calcs
0.133
Prev Year: 0.14
YoY: -4.9%
Tax Effect of Unusual Items
-112.34M
Prev Year: -73.60M
YoY: -52.6%
Noncontrolling Interests
-9.00M
Prev Year: -16.00M
YoY: +43.8%
Cost of Revenue
16.38B
Prev Year: 15.19B
YoY: +7.8%
Gross Profit
48.63B
Prev Year: 48.98B
YoY: -0.7%
Operating Expense
26.52B
Prev Year: 28.75B
YoY: -7.7%
Selling General and Administrative
10.73B
Prev Year: 10.82B
YoY: -0.8%
Research and Development
15.79B
Prev Year: 17.94B
YoY: -12.0%
Operating Income
22.11B
Prev Year: 20.22B
YoY: +9.3%
Net Non Operating Interest Income Expense
-1.01B
Prev Year: -856.00M
YoY: -18.5%
Non-operating Interest Income
343.00M
Prev Year: 415.00M
YoY: -17.3%
Non-operating Interest Expense
1.36B
Prev Year: 1.27B
YoY: +6.9%
Other Income Expense
-26.00M
Prev Year: 571.00M
YoY: -104.6%
Gain on Sale of Securities
45.00M
Prev Year: -213.00M
YoY: +121.1%
Special Income Charges
-889.00M
Prev Year: -309.00M
YoY: -187.7%
Equity in Earnings of Affiliates
-
Restructuring and Mergers Acquisition
889.00M
Prev Year: 309.00M
YoY: +187.7%
Other Non-operating Income (expense)
818.00M
Prev Year: 1.09B
YoY: -25.0%
Pre-tax Income
21.07B
Prev Year: 19.94B
YoY: +5.7%
Provision for Income Taxes
2.80B
Prev Year: 2.80B
YoY: +0.1%
Net Income Common Stockholders
18.25B
Prev Year: 17.12B
YoY: +6.6%
Net Income
18.25B
Prev Year: 17.12B
YoY: +6.6%
Net Income Including Non-Controlling Interests
18.26B
Prev Year: 17.13B
YoY: +6.6%
Net Income from Continuing Operations
18.26B
Prev Year: 17.13B
YoY: +6.6%
Diluted NI Available to Com Stockholders
18.25B
Prev Year: 17.12B
YoY: +6.6%
Basic EPS
7.376
Prev Year: 6.77
YoY: +9.0%
Diluted EPS
7.28
Prev Year: 6.74
YoY: +8.0%
Weighted Average Shares (basic)
2.47B
Prev Year: 2.53B
YoY: -2.2%
Weighted Average Shares (diluted)
2.51B
Prev Year: 2.54B
YoY: -1.3%
Total Expenses
42.90B
Prev Year: 43.95B
YoY: -2.4%
Net Income from Continuing and Discontinued Operation
18.25B
Prev Year: 17.12B
YoY: +6.6%
Normalized Income
18.99B
Prev Year: 17.57B
YoY: +8.1%
Interest Income
343.00M
Prev Year: 415.00M
YoY: -17.3%
Interest Expense
1.36B
Prev Year: 1.27B
YoY: +6.9%
Net Interest Income
-1.01B
Prev Year: -856.00M
YoY: -18.5%
EBIT
22.42B
Prev Year: 21.21B
YoY: +5.7%
EBITDA
28.26B
Prev Year: 25.71B
YoY: +9.9%
Reconciled Cost of Revenue
16.38B
Prev Year: 15.19B
YoY: +7.8%
Reconciled Depreciation
5.84B
Prev Year: 4.50B
YoY: +29.7%
Net Income from Continuing Operation Net Minority Interest
18.25B
Prev Year: 17.12B
YoY: +6.6%
Values in USD

Merck & Co., Inc. key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$65.0B$64.2B$60.1B$59.3B$48.7B
Gross profit$48.6B$49.0B$44.0B$41.9B$35.1B
Operating income$22.1B$20.2B$3.0B$18.3B$13.2B
Net income$18.3B$17.1B$365.0M$14.5B$13.1B
Diluted EPS$7.28$6.74$0.14$5.71$5.14
Total assets$136.9B$117.1B$106.7B$109.2B$105.7B
Total liabilities$84.2B$70.7B$69.0B$63.1B$67.4B
Shareholders' equity$52.6B$46.3B$37.6B$46.0B$38.2B
Cash and short-term investments$14.6B$13.7B$7.1B$13.2B$8.1B
Total debt$49.3B$37.1B$35.1B$30.7B$33.1B
Operating cash flow$16.5B$21.5B$13.0B$19.1B$14.1B
Capital spending$4.1B$3.4B$3.9B$4.4B$4.5B
Free cash flow$12.4B$18.1B$9.1B$14.7B$9.7B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Merck & Co., Inc.'s revenue in fiscal year 2025?

$65.01 billion, up 1.3% from $64.17 billion in fiscal year 2024.

How much profit does Merck & Co., Inc. make?

Merck & Co., Inc. reported net income of $18.25 billion for fiscal year 2025 (28.1% of revenue); operating income was $22.11 billion.

How much cash and debt does Merck & Co., Inc. have?

At the end of fiscal year 2025: cash and short-term investments of $14.57 billion and total debt of $49.34 billion.

What is Merck & Co., Inc.'s free cash flow?

$12.36 billion in fiscal year 2025 (operating cash flow of $16.47 billion minus capital spending of $4.11 billion).

MoreMerck & Co., Inc. stock overviewMerck & Co., Inc. executive teamMerck & Co., Inc. shareholdersMerck & Co., Inc. revenue by segment
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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