NYSE : MRK
Merck & Co., Inc. — Financial statements
Healthcare · Drug Manufacturers - General · United States
Last price 149.52 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 368.89B
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Financial statements
Merck & Co., Inc. (MRK) reported revenue of 67.38B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 67.38B | 65.01B | 64.17B | 60.12B | 59.28B | 48.70B |
| Cost of Revenue | 15.56B | 14.81B | 14.70B | 15.91B | 17.21B | 13.47B |
| Gross Profit | 51.82B | 50.20B | 49.47B | 44.20B | 42.08B | 35.24B |
| Selling, General & Admin | 10.84B | 10.12B | 10.10B | 9.88B | 9.67B | 9.40B |
| Research & Development | 30.84B | 15.61B | 14.48B | 18.34B | 11.92B | 11.94B |
| Operating Expenses | 41.68B | 25.73B | 24.58B | 28.23B | 21.59B | 21.34B |
| Operating Income | 10.14B | 24.47B | 24.89B | 15.97B | 20.49B | 13.89B |
| Interest Expense | -1.96B | -1.36B | -1.27B | -1.15B | -962.00M | -806.00M |
| Interest & Investment Income | 191.00M | 343.00M | 415.00M | 365.00M | 157.00M | 36.00M |
| Currency Exchange Gain (Loss) | -237.00M | -323.00M | -227.00M | -370.00M | -237.00M | -297.00M |
| Other Non Operating Income (Expenses) | 155.00M | 203.00M | 290.00M | 419.50M | 681.00M | 256.00M |
| EBT Excluding Unusual Items | 8.29B | 23.33B | 24.10B | 15.24B | 20.13B | 13.08B |
| Merger & Restructuring Charges | -2.74B | -2.63B | -4.34B | -12.34B | -666.00M | -868.00M |
| Gain (Loss) on Sale of Investments | 616.00M | 368.00M | 14.00M | 340.00M | -1.42B | 1.94B |
| Asset Writedown | -779.00M | -1.60B | -275.00M | |||
| Legal Settlements | -572.50M | |||||
| Other Unusual Items | -1.40B | 170.00M | ||||
| Pretax Income | 4.76B | 21.07B | 19.94B | 1.89B | 16.44B | 13.88B |
| Income Tax Expense | 2.31B | 2.80B | 2.80B | 1.51B | 1.92B | 1.52B |
| Earnings From Continuing Operations | 2.45B | 18.26B | 17.13B | 377.00M | 14.53B | 12.36B |
| Earnings From Discontinued Operations | 704.00M | |||||
| Net Income to Company | 2.45B | 18.26B | 17.13B | 377.00M | 14.53B | 13.06B |
| Minority Interest in Earnings | 4.00M | -9.00M | -16.00M | -12.00M | -7.00M | -13.00M |
| Net Income | 2.45B | 18.25B | 17.12B | 365.00M | 14.52B | 13.05B |
| Net Income to Common | 2.45B | 18.25B | 17.12B | 365.00M | 14.52B | 13.05B |
| Shares Outstanding (Basic) | 2.47B | 2.50B | 2.53B | 2.54B | 2.53B | 2.53B |
| Shares Outstanding (Diluted) | 2.47B | 2.51B | 2.54B | 2.55B | 2.54B | 2.54B |
| EPS (Basic) | 0.99 | 7.30 | 6.76 | 0.14 | 5.73 | 5.16 |
| EPS (Diluted) | 0.99 | 7.28 | 6.74 | 0.14 | 5.71 | 5.14 |
| Free Cash Flow | 12.36B | 18.10B | 9.14B | 14.71B | 9.66B | |
| Free Cash Flow Per Share | 4.93 | 7.12 | 3.59 | 5.79 | 3.81 | |
| Dividend Per Share | 3.36 | 3.24 | 3.08 | 2.92 | 2.76 | 2.60 |
| Gross Margin | 76.91% | 77.21% | 77.09% | 73.53% | 70.98% | 72.35% |
| Operating Margin | 15.05% | 37.64% | 38.79% | 26.57% | 34.56% | 28.52% |
| Profit Margin | 3.64% | 28.08% | 26.67% | 0.61% | 24.49% | 26.79% |
| Free Cash Flow Margin | 19.01% | 28.20% | 15.21% | 24.81% | 19.84% | |
| EBITDA | 15.96B | 29.11B | 29.13B | 19.71B | 24.28B | 17.02B |
| EBITDA Margin | 23.69% | 44.77% | 45.40% | 32.78% | 40.95% | 34.94% |
| D&A For EBITDA | 5.82B | 4.64B | 4.25B | 3.73B | 3.79B | 3.12B |
| EBIT | 10.14B | 24.47B | 24.89B | 15.97B | 20.49B | 13.89B |
| EBIT Margin | 15.05% | 37.64% | 38.79% | 26.57% | 34.56% | 28.52% |
| Effective Tax Rate | 48.57% | 13.31% | 14.06% | 80.04% | 11.66% | 10.96% |
| Advertising Expenses | 2.30B | 2.40B | 2.30B | 2.20B | 2.00B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 14.56B | 13.24B | 6.84B | 12.69B | 8.10B | |
| Short-Term Investments | 447.00M | 252.00M | 498.00M | |||
| Cash & Short-Term Investments | 7.14B | 14.56B | 13.69B | 7.09B | 13.19B | 8.10B |
| Accounts Receivable | 12.69B | 11.12B | 11.07B | 10.62B | 10.78B | |
| Other Receivables | 15.00M | 8.00M | ||||
| Receivables | 12.71B | 11.13B | 11.07B | 10.62B | 10.78B | |
| Inventory | 6.66B | 6.11B | 6.36B | 5.91B | 5.95B | |
| Restricted Cash | 125.00M | 76.00M | 68.00M | 79.00M | 71.00M | |
| Other Current Assets | 9.46B | 7.78B | 7.58B | 5.92B | 5.37B | |
| Total Current Assets | 43.52B | 38.78B | 32.17B | 35.72B | 30.27B | |
| Property, Plant & Equipment | 26.82B | 25.15B | 24.49B | 22.77B | 20.86B | |
| Long-Term Investments | 2.08B | 1.61B | 1.56B | 2.44B | 966.00M | |
| Goodwill | 21.58B | 21.67B | 21.20B | 21.20B | 21.26B | |
| Other Intangible Assets | 26.68B | 16.37B | 18.01B | 20.27B | 22.93B | |
| Long-Term Accounts Receivable | 125.00M | |||||
| Long-Term Deferred Tax Assets | 2.60B | 3.60B | 1.97B | 503.00M | 692.00M | |
| Other Long-Term Assets | 13.46B | 9.93B | 7.29B | 6.25B | 8.71B | |
| Total Assets | 136.87B | 117.11B | 106.67B | 109.16B | 105.69B | |
| Accounts Payable | 4.51B | 5.00B | 4.43B | 5.16B | 6.39B | |
| Accrued Expenses | 13.74B | 13.98B | 14.13B | 12.51B | 11.49B | |
| Short-Term Debt | 289.00M | 149.00M | 72.00M | 246.00M | 112.00M | |
| Current Portion of Long-Term Debt | 2.30B | 2.50B | 1.30B | 1.70B | 2.30B | |
| Current Portion of Leases | 294.00M | 282.00M | 285.00M | 281.00M | 304.00M | |
| Current Income Taxes Payable | 4.73B | 3.91B | 2.65B | 1.99B | 1.22B | |
| Other Current Liabilities | 2.46B | 2.59B | 2.82B | 2.36B | 2.05B | |
| Total Current Liabilities | 28.33B | 28.42B | 25.69B | 24.24B | 23.87B | |
| Long-Term Debt | 46.75B | 34.46B | 33.68B | 28.75B | 30.69B | |
| Long-Term Leases | 901.00M | 877.00M | 928.00M | 1.01B | 1.23B | |
| Pension & Post-Retirement Benefits | 839.00M | 939.00M | 1.23B | 1.22B | 1.87B | |
| Long-Term Deferred Tax Liabilities | 1.44B | 1.39B | 871.00M | 1.79B | 3.44B | |
| Other Long-Term Liabilities | 5.95B | 4.65B | 6.63B | 6.09B | 6.34B | |
| Total Liabilities | 84.20B | 70.73B | 69.04B | 63.10B | 67.44B | |
| Common Stock | 1.79B | 1.79B | 1.79B | 1.79B | 1.79B | |
| Additional Paid-In Capital | 45.03B | 44.70B | 44.51B | 44.38B | 44.24B | |
| Retained Earnings | 73.08B | 63.07B | 53.90B | 61.08B | 53.70B | |
| Treasury Stock | -63.00B | -58.30B | -57.45B | -56.49B | -57.11B | |
| Comprehensive Income & Other | -4.29B | -4.95B | -5.16B | -4.77B | -4.43B | |
| Total Common Equity | 41.93B | 52.61B | 46.31B | 37.58B | 45.99B | 38.18B |
| Minority Interest | 56.00M | 59.00M | 54.00M | 67.00M | 73.00M | |
| Shareholders' Equity | 41.98B | 52.66B | 46.37B | 37.63B | 46.06B | 38.26B |
| Total Liabilities & Equity | 136.87B | 117.11B | 106.67B | 109.16B | 105.69B | |
| Total Debt | 53.91B | 50.53B | 38.27B | 36.27B | 31.98B | 34.63B |
| Net Cash (Debt) | -46.77B | -35.97B | -24.58B | -29.18B | -18.79B | -26.54B |
| Net Cash Per Share | -18.90 | -14.35 | -9.67 | -11.45 | -7.39 | -10.46 |
| Filing Date Shares Outstanding | 2.48B | 2.47B | 2.53B | 2.53B | 2.54B | 2.53B |
| Total Common Shares Outstanding | 2.48B | 2.47B | 2.53B | 2.53B | 2.54B | 2.53B |
| Working Capital | 15.19B | 10.36B | 6.47B | 11.48B | 6.39B | |
| Book Value Per Share | 16.99 | 21.26 | 18.32 | 14.84 | 18.12 | 15.11 |
| Tangible Book Value | -4.63B | 4.35B | 8.28B | -1.63B | 4.52B | -6.01B |
| Tangible Book Value Per Share | -1.87 | 1.76 | 3.27 | -0.64 | 1.78 | -2.38 |
| Land | 321.00M | 307.00M | 326.00M | 295.00M | 326.00M | |
| Buildings | 17.98B | 16.36B | 14.97B | 13.17B | 12.53B | |
| Machinery | 19.76B | 18.28B | 17.76B | 16.76B | 16.30B | |
| Construction In Progress | 9.17B | 7.98B | 8.26B | 9.19B | 8.31B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 18.25B | 17.12B | 365.00M | 14.52B | 13.05B | |
| Depreciation & Amortization | 4.64B | 4.25B | 3.73B | 3.79B | 3.12B | |
| Asset Writedown & Restructuring Costs | 1.25B | 293.00M | 932.00M | 1.87B | 393.00M | |
| Loss (Gain) on Equity Investments | -368.00M | -14.00M | -340.00M | 1.42B | -1.94B | |
| Stock-Based Compensation | 820.00M | 761.00M | 645.00M | 541.00M | 479.00M | |
| Other Operating Activities | -1.15B | 2.73B | 9.88B | -260.00M | 1.86B | |
| Change in Accounts Receivable | -1.09B | -244.00M | -1.15B | -644.00M | -2.03B | |
| Change in Inventory | -1.18B | -835.00M | -816.00M | -161.00M | -674.00M | |
| Change in Accounts Payable | 110.00M | 182.00M | -380.00M | -289.00M | 405.00M | |
| Change in Income Taxes | 137.00M | 1.02B | 214.00M | 380.00M | -540.00M | |
| Change in Other Net Operating Assets | -4.95B | -3.79B | -75.00M | -2.07B | -997.00M | |
| Operating Cash Flow | 16.47B | 21.47B | 13.01B | 19.09B | 14.11B | |
| Capital Expenditures | -4.11B | -3.37B | -3.86B | -4.39B | -4.45B | |
| Cash Acquisitions | -10.04B | -4.09B | -12.03B | -12.91B | ||
| Investment in Securities | 471.00M | -142.00M | 1.85B | -483.00M | 1.02B | |
| Other Investing Activities | -58.00M | -127.00M | -36.00M | -89.00M | -225.00M | |
| Investing Cash Flow | -13.74B | -7.73B | -14.08B | -4.96B | -16.55B | |
| Long-Term Debt Issued | 13.88B | 3.60B | 5.94B | 7.94B | ||
| Total Debt Issued | 13.88B | 3.60B | 5.94B | 7.94B | ||
| Short-Term Debt Repaid | -3.99B | |||||
| Long-Term Debt Repaid | -2.50B | -1.29B | -1.75B | -2.25B | -2.32B | |
| Total Debt Repaid | -2.50B | -1.29B | -1.75B | -2.25B | -6.30B | |
| Net Debt Issued (Repaid) | 11.38B | 2.31B | 4.18B | -2.25B | 1.63B | |
| Issuance of Common Stock | 92.00M | 177.00M | 125.00M | 384.00M | 202.00M | |
| Repurchase of Common Stock | -5.08B | -1.31B | -1.35B | -840.00M | ||
| Common Dividends Paid | -8.18B | -7.84B | -7.45B | -7.01B | -6.61B | |
| Other Financing Activities | -131.00M | -372.00M | -328.00M | -240.00M | 8.21B | |
| Financing Cash Flow | -1.92B | -7.03B | -4.81B | -9.12B | 2.59B | |
| Foreign Exchange Rate Adjustments | 563.00M | -293.00M | 23.00M | -410.00M | -133.00M | |
| Net Cash Flow | 1.37B | 6.41B | -5.86B | 4.61B | 14.00M | |
| Free Cash Flow | 12.36B | 18.10B | 9.14B | 14.71B | 9.66B | |
| Free Cash Flow Margin | 19.01% | 28.20% | 15.21% | 24.81% | 19.84% | |
| Free Cash Flow Per Share | 4.93 | 7.12 | 3.59 | 5.79 | 3.81 | |
| Levered Free Cash Flow | 11.89B | 17.83B | 9.26B | 12.64B | 5.43B | |
| Unlevered Free Cash Flow | 12.73B | 18.62B | 9.98B | 13.24B | 5.93B | |
| Cash Interest Paid | 1.30B | 1.30B | 1.10B | 937.00M | 779.00M | |
| Cash Income Tax Paid | 6.09B | 3.93B | 4.34B | 3.24B | 2.41B | |
| Change in Working Capital | -6.98B | -3.67B | -2.21B | -2.78B | -3.84B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 368.89B | 261.26B | 251.65B | 276.26B | 281.30B | 193.59B |
| Enterprise Value | 415.66B | 284.47B | 275.24B | 302.41B | 300.54B | 210.06B |
| Last Close Price | 149.52 | 103.13 | 93.94 | 100.21 | 99.21 | 66.39 |
| PE Ratio | 151.22 | 14.31 | 14.70 | 756.88 | 19.38 | 14.84 |
| Forward PE | 17.47 | 12.18 | 11.05 | 17.47 | 15.45 | 10.97 |
| PS Ratio | 5.47 | 4.02 | 3.92 | 4.60 | 4.75 | 3.98 |
| PB Ratio | 8.80 | 4.96 | 5.43 | 7.34 | 6.11 | 5.06 |
| P/TBV Ratio | 60.12 | 30.41 | 62.26 | |||
| P/FCF Ratio | 22.97 | 21.14 | 13.91 | 30.21 | 19.13 | 20.04 |
| P/OCF Ratio | 18.48 | 15.86 | 11.72 | 21.24 | 14.73 | 13.72 |
| PEG Ratio | 3.40 | 1.26 | 0.27 | 1.21 | 1.50 | 0.97 |
| EV/Sales Ratio | 6.17 | 4.38 | 4.29 | 5.03 | 5.07 | 4.31 |
| EV/EBITDA Ratio | 26.04 | 9.77 | 9.45 | 15.35 | 12.38 | 12.35 |
| EV/EBIT Ratio | 40.98 | 11.63 | 11.06 | 18.93 | 14.67 | 15.12 |
| EV/FCF Ratio | 25.88 | 23.02 | 15.21 | 33.08 | 20.43 | 21.74 |
| Debt / Equity Ratio | 1.28 | 0.96 | 0.82 | 0.96 | 0.69 | 0.91 |
| Debt / EBITDA Ratio | 3.29 | 1.71 | 1.30 | 1.81 | 1.30 | 1.99 |
| Debt / FCF Ratio | 4.09 | 2.12 | 3.97 | 2.17 | 3.58 | |
| Net Debt / Equity Ratio | 1.11 | 0.68 | 0.53 | 0.78 | 0.41 | 0.69 |
| Net Debt / EBITDA Ratio | 2.93 | 1.24 | 0.84 | 1.48 | 0.77 | 1.56 |
| Net Debt / FCF Ratio | 2.91 | 1.36 | 3.19 | 1.28 | 2.75 | |
| Asset Turnover | 0.51 | 0.57 | 0.56 | 0.55 | 0.49 | |
| Inventory Turnover | 2.32 | 2.36 | 2.59 | 2.90 | 2.34 | |
| Quick Ratio | 0.96 | 0.87 | 0.71 | 0.98 | 0.79 | |
| Current Ratio | 1.54 | 1.36 | 1.25 | 1.47 | 1.27 | |
| Return on Equity (ROE) | 36.88% | 40.79% | 0.90% | 34.46% | 38.82% | |
| Return on Assets (ROA) | 12.04% | 13.90% | 9.25% | 11.92% | 8.80% | |
| Return on Invested Capital (ROIC) | 5.88% | 26.58% | 31.05% | 4.84% | 27.92% | 21.41% |
| Return on Capital Employed (ROCE) | 22.50% | 28.10% | 19.70% | 24.10% | 17.00% | |
| Earnings Yield | 0.66% | 6.99% | 6.80% | 0.13% | 5.16% | 6.74% |
| FCF Yield | 4.35% | 4.73% | 7.19% | 3.31% | 5.23% | 4.99% |
| Dividend Yield | 2.27% | 3.07% | 3.09% | 2.68% | 2.49% | 3.40% |
| Payout Ratio | 343.87% | 44.79% | 45.80% | 2,039.73% | 48.30% | 50.65% |
| Buyback Yield / Dilution | 1.77% | 1.34% | 0.24% | -0.20% | -0.16% | 0.12% |
| Total Shareholder Return | 4.04% | 4.41% | 3.33% | 2.48% | 2.33% | 3.51% |