Merck &
MRK · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
Merck & reported revenue of $65B in the fiscal year ended Dec 2025, up 1.3% from the year before. Net income was $18.3B. Operating cash flow of $16.5B less capital expenditure of $4.1B left free cash flow of $12.4B. Net debt was $34.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $48.7B | $59.3B | $60.1B | $64.2B | $65B |
| Cost of revenue | $13.6B | $17.4B | $16.1B | $15.2B | $16.4B |
| Gross profit | $35.1B | $41.9B | $44B | $49B | $48.6B |
| Research & development | $12.2B | $13.5B | $30.5B | $17.9B | $15.8B |
| Selling, general & admin | $9.6B | $10B | $10.5B | $10.8B | $10.7B |
| Interest expense | $806M | $962M | $1.1B | $1.3B | $1.4B |
| Pre-tax income | $13.9B | $16.4B | $1.9B | $19.9B | $21.1B |
| Income tax | $1.5B | $1.9B | $1.5B | $2.8B | $2.8B |
| Net income | $13B | $14.5B | $365M | $17.1B | $18.3B |
| Diluted EPS | 5.14 | 5.71 | 0.14 | 6.74 | 7.28 |
| Diluted shares | 2,538M | 2,542M | 2,547M | 2,541M | 2,507M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $8.1B | $12.7B | $6.8B | $13.2B | $14.6B |
| Receivables | $9.2B | $9.5B | $10.3B | $10.3B | $11.8B |
| Inventory | $6B | $5.9B | $6.4B | $6.1B | $6.7B |
| Current assets | $30.3B | $35.7B | $32.2B | $38.8B | $43.5B |
| Net PP&E | $19.3B | $21.4B | $23.1B | $23.8B | $25.3B |
| Goodwill | $21.3B | $21.2B | $21.2B | $21.7B | $21.6B |
| Total assets | $106B | $109B | $107B | $117B | $137B |
| Payables | $4.6B | $4.3B | $3.9B | $4.1B | $4.4B |
| Current liabilities | $23.9B | $24.2B | $25.7B | $28.4B | $28.3B |
| Short-term debt | $2.3B | $1.7B | $1.3B | $2.5B | $2.3B |
| Long-term debt | $30.7B | $28.7B | $33.7B | $34.5B | $46.8B |
| Shareholders' equity | $38.2B | $46B | $37.6B | $46.3B | $52.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $13.1B | $19.1B | $13B | $21.5B | $16.5B |
| Capital expenditure | $4.4B | $4.4B | $3.9B | $3.4B | $4.1B |
| Free cash flow | $8.7B | $14.7B | $9.1B | $18.1B | $12.4B |
| Depreciation & amortisation | $1.6B | $1.8B | $1.8B | $2.1B | $3B |
| Stock-based compensation | $479M | $541M | $645M | $761M | $820M |
| Acquisitions | $179M | $0 | $0 | $0 | $10B |
| Share buybacks | $840M | $0 | $1.3B | $1.3B | $5.1B |
| Dividends paid | $6.6B | $7B | $7.4B | $7.8B | $8.2B |
| Dividend per share | 2.64 | 2.80 | 2.96 | 3.12 | 3.28 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.7% | 1.4% | 6.7% | 1.3% |
| EPS growth (YoY) | – | 11.1% | −97.5% | 4714.3% | 8.0% |
| Gross margin | 72.0% | 70.6% | 73.2% | 76.3% | 74.8% |
| Net margin | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% |
| Return on equityBlank when equity is negative | 34.2% | 31.6% | 1.0% | 37.0% | 34.7% |
| Free cash flow margin | 17.8% | 24.8% | 15.2% | 28.2% | 19.0% |
| Cash conversion (CFO ÷ net income) | 1.01x | 1.32x | 35.6x | 1.25x | 0.90x |
| Receivable days | 69 | 58 | 63 | 58 | 66 |
| Inventory days | 159 | 124 | 144 | 147 | 148 |
| Payable days | 123 | 89 | 89 | 98 | 98 |
| Debt ÷ equity | 0.86x | 0.66x | 0.93x | 0.80x | 0.93x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $24.9B | $17.8B | $28.1B | $23.7B | $34.5B |
| Current ratio | 1.27x | 1.47x | 1.25x | 1.36x | 1.54x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.