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MRKMerck & Co.

Health care · Pharmaceuticals · NYSE
MRK quote by TradingView
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FY2025 at a glance

Sales up 1.3%, free cash flow down to $12.4B

XBRL, from each 10-K
RevenueStatements ↓
$65.0B
from $64.2B in FY2024
FY2016FY2025
Net incomeStatements ↓
$18.3B
from $17.1B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$12.4B
from $18.1B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$7.28
from $6.74 in FY2024
FY2016FY2025
Total debtStatements ↓
$49.3B
from $37.1B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)0.99Sales (ttm)67.4BNet income (ttm)2.5BSales growth+1.3%EPS growth+8.0%Sales Q/Q+4.7%
Free cash flow14.7BGross margin71.8%Oper. margin-Net margin3.6%FCF margin21.9%ROE5.5%
ROA1.8%R&D / sales24.3%Dividend3.28Debt/Eq1.20Curr. ratio1.35Cash9.6B
Op. cash flow (ttm)18.7BNet debt44.2BQuick ratio1.12Payout ratio45.1%Tax rate13.3%Stock pay / sales1.3%
Shares out.2.5BShares Y/Y-1.3%Book / share18.21Cash / share3.87Sales / share27.33Asset turnover0.51
Inventory turns2.46Days sales out.66Sales 3Y CAGR+3.1%Sales 5Y CAGR+9.4%EPS 3Y CAGR+8.4%EPS 5Y CAGR+21.2%
Employees75,000Sales / employee898K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 33%$37.1B → $49.3B · Short-term + long-term debt at year end
  • Free cash flow fell 32%$18.1B → $12.4B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to +1.3%+6.7% → +1.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

MRK against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
MRKPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+1.3%50th of 60 · median +7.1%
Net margin
3.6%42nd of 60 · median 9.6%
Return on equity
5.5%43rd of 54 · median 13.1%
Free cash flow margin
21.9%13th of 56 · median 15.5%
Debt / equity (less is better)
1.2041st of 49 · median 0.66
MRK and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
MRK Merck & Co.$67.4B +1.3%71.8%3.6%5.5%21.9%1.20
LLY Eli Lilly$86.5B +44.7%83.6%31.9%68.5%-1.23
HCA HCA Healthcare$78.7B +7.1%-8.6%-7.6%-
ABBV AbbVie$66.0B +8.6%73.7%15.7%-28.6%-
PFE Pfizer$63.6B -1.6%73.4%6.3%4.5%18.5%0.70
BMY Bristol Myers Squibb$50.0B -0.2%69.2%18.5%39.5%18.6%1.86
Where each dollar goes

From $48.7B of sales to $13.0B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $35.1BRevenue to Cost of revenue: $13.6BGross profit to Net profit: $13.0BGross profit to Costs, tax, other: $22.0B Revenue: $48.7B Revenue$48.7B +17% Y/Y Gross profit: $35.1B · 72% margin Gross profit$35.1B72% margin Cost of revenue: $13.6B · 28% of revenue Cost of revenue$13.6B28% of revenue Net profit: $13.0B · 27% margin Net profit$13.0B27% margin +85% Y/Y Costs, tax, other: $22.0B · 45% of revenue Costs, tax, other$22.0B45% of revenue

Swipe sideways for the whole flow →

From $59.3B of sales to $14.5B of profit

FY2022, from the 10-K income statement and revenue by segment
Pharmaceuticalsegment to Revenue: $52.0BAnimal Healthsegment to Revenue: $5.5BRevenue to Gross profit: $41.9BRevenue to Cost of revenue: $17.4BGross profit to Net profit: $14.5BGross profit to Costs, tax, other: $27.4B Pharmaceuticalsegment: $52.0B · 90% Pharmaceuticalsegment$52.0B90% Animal Healthsegment: $5.5B · 10% Animal Healthsegment$5.5B10% Revenue: $59.3B Revenue$59.3B +22% Y/Y Gross profit: $41.9B · 71% margin Gross profit$41.9B71% margin Cost of revenue: $17.4B · 29% of revenue Cost of revenue$17.4B29% of revenue Net profit: $14.5B · 24% margin Net profit$14.5B24% margin +11% Y/Y Costs, tax, other: $27.4B · 46% of revenue Costs, tax, other$27.4B46% of revenue

Swipe sideways for the whole flow →

From $60.1B of sales to $365.0M of profit

FY2023, from the 10-K income statement and revenue by segment
Pharmaceuticalsegment to Revenue: $53.6BAnimal Healthsegment to Revenue: $5.6BRevenue to Gross profit: $44.0BRevenue to Cost of revenue: $16.1BGross profit to Net profit: $365.0MGross profit to Costs, tax, other: $43.6B Pharmaceuticalsegment: $53.6B · 90% Pharmaceuticalsegment$53.6B90% Animal Healthsegment: $5.6B · 10% Animal Healthsegment$5.6B10% Revenue: $60.1B Revenue$60.1B +1% Y/Y Gross profit: $44.0B · 73% margin Gross profit$44.0B73% margin Cost of revenue: $16.1B · 27% of revenue Cost of revenue$16.1B27% of revenue Net profit: $365.0M · 1% margin Net profit$365.0M1% margin −97% Y/Y Costs, tax, other: $43.6B · 73% of revenue Costs, tax, other$43.6B73% of revenue

Swipe sideways for the whole flow →

From $64.2B of sales to $17.1B of profit

FY2024, from the 10-K income statement and revenue by segment
Pharmaceuticalsegment to Revenue: $57.4BAnimal Healthsegment to Revenue: $5.9BRevenue to Gross profit: $49.0BRevenue to Cost of revenue: $15.2BGross profit to Net profit: $17.1BGross profit to Costs, tax, other: $31.9B Pharmaceuticalsegment: $57.4B · 91% Pharmaceuticalsegment$57.4B91% Animal Healthsegment: $5.9B · 9% Animal Healthsegment$5.9B9% Revenue: $64.2B Revenue$64.2B +7% Y/Y Gross profit: $49.0B · 76% margin Gross profit$49.0B76% margin Cost of revenue: $15.2B · 24% of revenue Cost of revenue$15.2B24% of revenue Net profit: $17.1B · 27% margin Net profit$17.1B27% margin +4590% Y/Y Costs, tax, other: $31.9B · 50% of revenue Costs, tax, other$31.9B50% of revenue

Swipe sideways for the whole flow →

From $65.0B of sales to $18.3B of profit

FY2025, from the 10-K income statement and revenue by segment
Pharmaceuticalsegment to Revenue: $58.1BAnimal Healthsegment to Revenue: $6.4BRevenue to Gross profit: $48.6BRevenue to Cost of revenue: $16.4BGross profit to Net profit: $18.3BGross profit to Costs, tax, other: $30.4B Pharmaceuticalsegment: $58.1B · 90% Pharmaceuticalsegment$58.1B90% Animal Healthsegment: $6.4B · 10% Animal Healthsegment$6.4B10% Revenue: $65.0B Revenue$65.0B +1% Y/Y Gross profit: $48.6B · 75% margin Gross profit$48.6B75% margin Cost of revenue: $16.4B · 25% of revenue Cost of revenue$16.4B25% of revenue Net profit: $18.3B · 28% margin Net profit$18.3B28% margin +7% Y/Y Costs, tax, other: $30.4B · 47% of revenue Costs, tax, other$30.4B47% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median3.6% vs 9.6%
  • !
    Return on equity below 15%5.5%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 9.8% → 28.1%

Balance sheet

2 of 3
  • !
    Debt larger than equityDebt / equity 1.20 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.35
  • ✓
    Net debt under 3 years of free cash flow$44.2B net debt, 3.0 years
Debt / equity at each year end, FY2016 to FY2025: 0.62 → 0.94
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$12.4B last year
  • ✓
    Share count down over 5 years−1.3%
  • ✓
    Dividend per share up over 5 years$2.48 → $3.28
  • !
    Cash from operations below net income$16.5B vs $18.3B
Free cash flow, FY2016 to FY2025: 8.8B → 12.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$13.1B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 65.0B Net income 18.3B
FY2016 revenue 39.8B · Revenues, 0000310158-19-000014 FY2016 net income 3.9B · NetIncomeLoss, 0000310158-19-000014 39.8B FY2016 FY2017 revenue 40.1B · Revenues, 0000310158-20-000005 FY2017 net income 2.4B · NetIncomeLoss, 0000310158-20-000005 40.1B FY2017 FY2018 revenue 42.3B · Revenues, 0000310158-21-000004 FY2018 net income 6.2B · NetIncomeLoss, 0000310158-21-000004 42.3B FY2018 FY2019 revenue 39.1B · Revenues, 0000310158-22-000003 FY2019 net income 9.8B · NetIncomeLoss, 0000310158-22-000003 39.1B FY2019 FY2020 revenue 41.5B · Revenues, 0001628280-23-005061 FY2020 net income 7.1B · NetIncomeLoss, 0001628280-23-005061 41.5B FY2020 FY2021 revenue 48.7B · Revenues, 0001628280-24-006850 FY2021 net income 13.0B · NetIncomeLoss, 0001628280-24-006850 48.7B FY2021 FY2022 revenue 59.3B · Revenues, 0001628280-25-007732 FY2022 net income 14.5B · NetIncomeLoss, 0001628280-25-007732 59.3B FY2022 FY2023 revenue 60.1B · Revenues, 0000310158-26-000063 FY2023 net income 365.0M · NetIncomeLoss, 0000310158-26-000063 60.1B FY2023 FY2024 revenue 64.2B · Revenues, 0000310158-26-000063 FY2024 net income 17.1B · NetIncomeLoss, 0000310158-26-000063 64.2B FY2024 FY2025 revenue 65.0B · Revenues, 0000310158-26-000063 FY2025 net income 18.3B · NetIncomeLoss, 0000310158-26-000063 65.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

MRK's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue65.0B
FY2016: 39.8BFY2017: 40.1BFY2018: 42.3BFY2019: 39.1BFY2020: 41.5BFY2021: 48.7BFY2022: 59.3BFY2023: 60.1BFY2024: 64.2BFY2025: 65.0B FY2017FY2019FY2021FY2023FY2025
Net income18.3B
FY2016: 3.9BFY2017: 2.4BFY2018: 6.2BFY2019: 9.8BFY2020: 7.1BFY2021: 13.0BFY2022: 14.5BFY2023: 365.0MFY2024: 17.1BFY2025: 18.3B FY2017FY2019FY2021FY2023FY2025
Free cash flow12.4B
FY2016: 8.8BFY2017: 4.6BFY2018: 8.3BFY2019: 10.1BFY2020: 5.8BFY2021: 8.7BFY2022: 14.7BFY2023: 9.1BFY2024: 18.1BFY2025: 12.4B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)7.28
FY2016: 1.41FY2017: 0.87FY2018: 2.32FY2019: 3.81FY2020: 2.78FY2021: 5.14FY2022: 5.71FY2023: 0.14FY2024: 6.74FY2025: 7.28 FY2017FY2019FY2021FY2023FY2025
Dividend per share3.28
FY2016: 1.85FY2017: 1.89FY2018: 1.99FY2019: 2.26FY2020: 2.48FY2021: 2.64FY2022: 2.80FY2023: 2.96FY2024: 3.12FY2025: 3.28 FY2017FY2019FY2021FY2023FY2025
Diluted shares2.5B
FY2016: 2.8BFY2017: 2.7BFY2018: 2.7BFY2019: 2.6BFY2020: 2.5BFY2021: 2.5BFY2022: 2.5BFY2023: 2.5BFY2024: 2.5BFY2025: 2.5B FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Pharmaceuticalsegment 58.1B89.4% +1.3%
Animal Healthsegment 6.4B9.8% +8.1%

10-K 0000310158-26-000063, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 36.4B55.9% +13.1%
Non Us 28.1B43.3% -9.6%
Europe, Middle East and Africa 14.6B22.4% +3.8%
Latin America 3.4B5.2% -1.4%
Asia Pacific (other than Japan and China) 3.0B4.6% -2.5%
Other 2.9B4.4% +12.5%
Japan 2.7B4.2% -17.3%
China 1.9B3.0% -64.7%

10-K 0000310158-26-000063, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue39.8B40.1B42.3B39.1B41.5B48.7B59.3B60.1B64.2B65.0B
Cost of revenue14.0B12.9B13.5B12.0B13.6B13.6B17.4B16.1B15.2B16.4B
R&D10.3B10.3B9.8B9.7B13.4B12.2B13.5B30.5B17.9B15.8B
SG&A10.0B10.1B10.1B9.5B9.0B9.6B10.0B10.5B10.8B10.7B
Interest expense693.0M754.0M772.0M893.0M831.0M806.0M962.0M1.1B1.3B1.4B
Pretax income4.7B6.5B8.7B7.2B5.9B13.9B16.4B1.9B19.9B21.1B
Income tax718.0M4.1B2.5B1.6B1.3B1.5B1.9B1.5B2.8B2.8B
Net income3.9B2.4B6.2B9.8B7.1B13.0B14.5B365.0M17.1B18.3B
EPS (diluted)1.410.872.323.812.785.145.710.146.747.28
Diluted shares2.8B2.7B2.7B2.6B2.5B2.5B2.5B2.5B2.5B2.5B
Depreciation & amortization5.5B4.7B4.5B3.7B1.7B1.6B1.8B1.8B2.1B3.0B
Net margin9.8%6.0%14.7%25.2%17.0%26.8%24.5%0.6%26.7%28.1%
Revenue growth-+0.8%+5.4%-7.5%+6.1%+17.3%+21.7%+1.4%+6.7%+1.3%
EPS growth--38.3%+167%+64.2%-27.0%+84.9%+11.1%-97.5%+4714%+8.0%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash6.5B6.1B8.0B9.7B8.1B8.1B12.7B6.8B13.2B14.6B
Short-term investments7.8B2.4B899.0M774.0M00498.0M252.0M447.0M0
Receivables7.0B6.9B7.1B6.8B6.8B9.2B9.4B10.3B10.3B11.8B
Inventory4.9B5.1B5.4B6.0B5.6B6.0B5.9B6.4B6.1B6.7B
Current assets30.6B24.8B25.9B27.5B27.8B30.3B35.7B32.2B38.8B43.5B
Property & equipment12.0B12.4B13.3B14.3B17.0B19.3B21.4B23.1B23.8B25.3B
Goodwill18.2B18.3B18.3B18.1B18.9B21.3B21.2B21.2B21.7B21.6B
Total assets95.4B87.9B82.6B84.4B91.6B105.7B109.2B106.7B117.1B136.9B
Accounts payable2.8B3.1B3.3B3.7B4.3B4.6B4.3B3.9B4.1B4.4B
Current liabilities17.2B18.6B22.2B22.2B27.3B23.9B24.2B25.7B28.4B28.3B
Total debt24.8B24.4B25.1B26.3B31.8B33.1B30.7B35.1B37.1B49.3B
Shareholders' equity40.1B34.3B26.7B25.9B25.3B38.2B46.0B37.6B46.3B52.6B
Retained earnings44.1B41.4B42.6B46.6B47.4B53.7B61.1B53.9B63.1B73.1B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow10.4B6.5B10.9B13.4B10.3B13.1B19.1B13.0B21.5B16.5B
Capital spending1.6B1.9B2.6B3.4B4.4B4.4B4.4B3.9B3.4B4.1B
Free cash flow8.8B4.6B8.3B10.1B5.8B8.7B14.7B9.1B18.1B12.4B
Stock-based pay (added back)300.0M312.0M348.0M388.0M441.0M479.0M541.0M645.0M761.0M820.0M
Dividends paid5.1B5.2B5.2B5.7B6.2B6.6B7.0B7.4B7.8B8.2B
Buybacks3.4B4.0B9.1B4.8B1.3B840.0M01.3B1.3B5.1B
Acquisitions780.0M396.0M431.0M294.0M1.4B179.0M00010.0B
Debt raised1.1B005.0B4.4B7.9B05.9B3.6B13.9B
Debt repaid2.4B1.1B4.3B02.0B2.3B2.3B1.8B1.3B2.5B
Investing cash flow-3.2B2.7B4.3B-2.6B-9.4B-16.4B-5.0B-14.1B-7.7B-13.7B
Financing cash flow-9.0B-10.0B-13.2B-8.9B-2.8B3.1B-9.1B-4.8B-7.0B-1.9B
Dividend per share1.851.891.992.262.482.642.802.963.123.28

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)300.0M312.0M348.0M388.0M441.0M479.0M541.0M645.0M761.0M820.0M
Stock-based pay / revenue0.8%0.8%0.8%1.0%1.1%1.0%0.9%1.1%1.2%1.3%
Operating lease cost---333.0M340.0M343.0M334.0M339.0M348.0M423.0M
Operating lease cash paid---275.0M334.0M340.0M335.0M347.0M357.0M349.0M
Right-of-use assets---1.1B1.7B1.6B1.3B1.4B1.4B1.5B
Operating lease liabilities---1.0B1.6B1.5B1.3B1.2B1.2B1.2B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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