MRKMerck & Co.

Health care · Pharmaceuticals · NYSE

Merck & Co., Inc. (Merck or the Company) is a global health care company that delivers innovative health solutions through its prescription medicines, including biologic therapies, vaccines and animal health products. 10-K, Item 1

Employees: 75,000
Headquarters: Rahway, NJ
CEO: Robert M. Davis
Next results: around Feb 2, 2027

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RevenueFY2016–25 $65.0B+1.3% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $18.3B+6.6% Highest in 10 years 10-K FY2025 · XBRL Free cash flowFY2016–25 $12.4B−31.7% FY2024: $18.1B 10-K FY2025 · XBRL

What changed

10-K filed Feb 24, 2026 against Feb 25, 2025

Area	What changed	Source
Risk factors	12 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Receivables growing faster than revenue	Receivables +14.6% vs revenue +1.3% (+13.3 pts)	10-K · XBRL
Cash from operations lower than net income	Cash from operations $16.5B vs net income $18.3B (FY ending 2025-12-31)	10-K · XBRL
Accounting checks	9 other checks clear, 2 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	3 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 24, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-25. Quoted as filed.

The Company faces continued pricing pressure with respect to its products in the public and private sectors. The Company faces continued pricing pressure globally and, particularly in mature markets, from managed care organizations, government agencies and programs that could negatively affect the Company’s sales
10-K, Item 1A

All 12 new paragraphs →

Accounting checks

latest 10-K

9 of 11 clear 2 worth a look. Checks, not verdicts.

!
Receivables growing faster than revenueReceivables +14.6% vs revenue +1.3% (+13.3 pts)
!
Cash from operations lower than net incomeCash from operations $16.5B vs net income $18.3B (FY ending 2025-12-31)
✓
Inventory +9.0% vs revenue +1.3% (+7.7 pts)
✓
Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
The same matters as last year: U.S. Rebate Accruals - Medicaid, Managed Care and Medicare Part D; PricewaterhouseCoopers LLP; Florham Park, New Jersey; February 24, 2026
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 4, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Oct 29, 20268-K Quarterly results 8-K item 2.02
Oct 13, 20268-K Director or officer change 8-K item 5.02

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