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Screener / SEC EDGAR /CIK 0000310158 /10-K filed Feb 24, 2026, compared with Feb 25, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
HCAMRKLLYABBVBMYPFE
NYSE Health care · Pharmaceuticals

Merck & Co. MRK

MRK quote by TradingView

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
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $65.0B through the costs to a net profit of $18.3B · income statement of the 10-K

28% net margin
Revenue to Gross profit: $48.6BRevenue to Cost of revenue: $16.4BGross profit to Net profit: $18.3BGross profit to Costs, tax, other: $30.4B Revenue: $65.0B REVENUE $65.0B +1% Y/Y Gross profit: $48.6B · 75% margin GROSS PROFIT $48.6B 75% margin Cost of revenue: $16.4B · 25% of revenue COST OF REVENUE $16.4B 25% of revenue Net profit: $18.3B · 28% margin NET PROFIT $18.3B 28% margin · +7% Y/Y Costs, tax, other: $30.4B · 47% of revenue COSTS, TAX, OTHER $30.4B 47% of revenue
Gross profit $48.6B 75% margin
Net profit $18.3B 28% margin · +7% Y/Y
The full income statement, year by year

MRK among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 1.3%, above 17% of 59 peers (their median 7.2%) REVENUE GROWTH 1.3% · above 17% Gross margin: 71.8%, above 76% of 50 peers (their median 64.2%) GROSS MARGIN 71.8% · above 76% Net margin: 3.6%, above 31% of 59 peers (their median 9.7%) NET MARGIN 3.6% · above 31% FCF margin: 21.9%, above 78% of 55 peers (their median 15.2%) FCF MARGIN 21.9% · above 78%
MRK Peer median Below the median

What changed

12 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 24, 2026 against Feb 25, 2025.

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 Dec 31, 2025)
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.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 9 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +14.6% vs revenue +1.3% (+13.3 pts)
  • Cash from operations lower than net income
    Cash from operations $16.5B vs net income $18.3B (FY ending Dec 31, 2025)
  • Inventory +9.0% vs revenue +1.3% (+7.7 pts)
8 more checks with nothing to note
  • 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

In their words

12 paragraphs in Risk Factors that were not in the 10-K filed Feb 25, 2025. Quoted as filed.

All 12 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    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
  2. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    Also, as noted above, in December 2025, the Company entered into the MFN Agreement with the U.S. government pursuant to which the Company will provide key products through a direct-to-patient program at affordable prices for eligible patients in the U.S. This currently includes Januvia, Janumet, and Janumet XR, and will be expanded in…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    In addition, it is possible that as a consequence of the MFN Agreement, certain of the Company’s products may not be launched in the MFN Countries or their launch may be delayed and as a result, the MFN Countries may take actions that adversely impact the Company.
  4. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    The Company’s business in China experienced significantly lower sales of Gardasil/Gardasil 9 in 2025. Due to above normal inventory levels at the Company’s commercialization partner in China, the Company made a decision to pause shipments to China beginning in February 2025 and has not resumed shipments to date. The Company will not…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$59.3B$60.1B$64.2B$65.0B
Net income$14.5B$365.0M$17.1B$18.3B
Operating cash flow$19.1B$13.0B$21.5B$16.5B
Free cash flow$14.7B$9.1B$18.1B$12.4B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$65.0B ▲ 1.3% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

Merck & Co., Rahway, NJ · from the 10-K filed Feb 24, 2026

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. The Company’s operations are principally managed on a product basis and include two operating segments, Pharmaceutical and Animal Health, both of which are reportable segments. The Pharmaceutical segment includes human health pharmaceutical and vaccine products. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders.

Headquarters
Rahway, NJ
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
NJ

Employees, at the top of the page: "As of December 31, 2025, the Company had approximately 75,000 employees worldwide, including approximately 30,000 people in the U" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 24, 2026 (open at SEC), compared with the 10-K filed Feb 25, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/MRK/export.csv") into a cell.