Merck & Co., Inc. (MRK) Income Statement
MRK 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMRK revenue and net income
Where MRK's revenue goes
2025Each bar shows an amount and its share of revenue. MRK kept 28.1% of revenue as net income.
MRK profit margins
MRK growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.2% | +3.1% | +9.4% | +5.1% |
| Gross profit | −4.6% | +3.7% | +10.9% | +6.6% |
| Operating income | +16.1% | +8.7% | +33.5% | +12.0% |
| Net income | +6.6% | +7.9% | +20.9% | +15.2% |
| EPS (diluted) | +17.4% | +6.2% | +8.6% | +9.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MRK quarterly EPS vs estimates
Merck beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $2.12).
MRK income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64.93B | $64.17B | $60.12B | $59.28B | $48.70B | $41.52B | $39.12B | $42.29B | $40.12B | $39.81B |
| Cost of revenue | $18.20B | $15.19B | $16.13B | $17.41B | $13.63B | $13.62B | $12.02B | $13.51B | $12.91B | $14.03B |
| Gross profit | $46.73B | $48.98B | $43.99B | $41.87B | $35.08B | $27.90B | $27.11B | $28.79B | $27.21B | $25.78B |
| Research & development | $12.51B | $17.94B | $30.53B | $13.55B | $12.24B | $13.40B | $9.72B | $9.75B | $10.34B | $10.26B |
| Sales, general & admin | $10.61B | $10.10B | $9.88B | $9.67B | $9.40B | $8.57B | $8.71B | $10.10B | $10.07B | $10.02B |
| Total operating expenses | $23.25B | $28.75B | $41.03B | $23.59B | $21.88B | $22.35B | $19.18B | $19.85B | $20.41B | $20.28B |
| Operating income | $23.49B | $20.22B | $2.95B | $18.28B | $13.20B | $5.55B | $7.93B | $8.93B | $6.80B | $5.50B |
| Interest income | $663.0M | $415.0M | $390.0M | $1.35B | $1.88B | $59.0M | $274.0M | $343.0M | $385.0M | $328.0M |
| Interest expense | $1.36B | $1.27B | $1.15B | $962.0M | $806.0M | $831.0M | $893.0M | $772.0M | $754.0M | $693.0M |
| Income before taxes | $21.07B | $19.94B | $1.89B | $16.44B | $13.88B | $5.86B | $7.17B | $8.70B | $6.52B | $4.66B |
| Income taxes | $2.80B | $2.80B | $1.51B | $1.92B | $1.52B | $1.34B | $1.56B | $2.51B | $4.10B | $718.0M |
| Net income | $18.25B | $17.12B | $365.0M | $14.52B | $13.05B | $7.07B | $9.84B | $6.22B | $2.39B | $3.92B |
| EBITDA | $28.26B | $25.71B | $6.91B | $21.32B | $17.90B | $10.18B | $16.01B | $13.99B | $11.95B | $10.82B |
| EPS (diluted) | $8.97 | $7.64 | $1.50 | $7.48 | $6.26 | $5.93 | $5.19 | $4.34 | $3.98 | $3.78 |
| Gross margin | 72.0% | 76.3% | 73.2% | 70.6% | 72.0% | 67.2% | 69.3% | 68.1% | 67.8% | 64.8% |
| Operating margin | 36.2% | 31.5% | 4.9% | 30.8% | 27.1% | 13.4% | 20.3% | 21.1% | 16.9% | 13.8% |
| Net margin | 28.1% | 26.7% | 0.6% | 24.5% | 26.8% | 17.0% | 25.2% | 14.7% | 6.0% | 9.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.61B | $16.29B | $16.32B | $17.18B | $15.80B | $15.62B | $15.62B | $16.66B | $16.11B | $15.78B | $14.63B | $15.96B |
| Cost of revenue | $4.39B | $2.94B | $4.82B | $4.19B | $3.85B | $3.88B | $3.83B | $4.08B | $3.75B | $3.54B | $3.91B | $4.26B |
| Gross profit | $12.21B | $13.34B | $11.51B | $12.99B | $11.95B | $11.73B | $11.80B | $12.58B | $12.37B | $12.23B | $10.72B | $11.70B |
| Research & development | $9.74B | $12.56B | $2.50B | $3.55B | $3.54B | $3.12B | $4.58B | $5.86B | $3.50B | $3.99B | $9.63B | $3.31B |
| Sales, general & admin | $2.90B | $2.70B | $2.85B | $2.63B | $2.63B | $2.55B | $2.69B | $2.73B | $2.74B | $2.48B | $2.64B | $2.52B |
| Total operating expenses | $12.89B | $15.23B | $5.35B | $5.53B | $5.59B | $5.02B | $7.45B | $8.59B | $6.24B | $10.02B | $12.43B | $5.83B |
| Operating income | −$683.0M | −$1.88B | $6.16B | $7.46B | $6.36B | $6.71B | $4.35B | $3.98B | $6.13B | $5.76B | −$1.71B | $5.87B |
| Interest income | $35.0M | $35.0M | $844.0M | $96.0M | $61.0M | $109.0M | $146.0M | $127.0M | $69.0M | $73.0M | $70.0M | $17.0M |
| Interest expense | $525.0M | $479.0M | $411.0M | $327.0M | $305.0M | $313.0M | $328.0M | $330.0M | $310.0M | $303.0M | $310.0M | $317.0M |
| Income before taxes | −$683.0M | −$3.53B | $3.42B | $6.75B | $5.00B | $5.90B | $4.17B | $4.09B | $6.01B | $5.67B | −$2.05B | $5.62B |
| Income taxes | $654.0M | $709.0M | $458.0M | $958.0M | $571.0M | $818.0M | $426.0M | $929.0M | $545.0M | — | −$820.0M | $870.0M |
| Net income | −$1.33B | −$4.24B | $2.96B | $5.79B | $4.43B | $5.08B | $3.74B | $3.16B | $5.46B | $4.76B | −$1.23B | $4.75B |
| EBITDA | $1.43B | −$2.02B | $6.30B | $8.23B | $6.42B | $7.32B | $5.70B | $5.61B | $7.45B | $6.74B | −$772.0M | $6.95B |
| EPS (diluted) | −$0.13 | −$1.28 | $2.04 | $2.58 | $2.13 | $2.22 | $1.72 | $1.57 | $2.28 | $2.07 | $0.03 | $2.13 |
| Gross margin | 73.5% | 81.9% | 70.5% | 75.6% | 75.7% | 75.1% | 75.5% | 75.5% | 76.8% | 77.6% | 73.3% | 73.3% |
| Operating margin | −4.1% | −11.6% | 37.7% | 43.4% | 40.2% | 43.0% | 27.8% | 23.9% | 38.0% | 36.5% | −11.7% | 36.8% |
| Net margin | −8.0% | −26.0% | 18.2% | 33.7% | 28.0% | 32.5% | 24.0% | 19.0% | 33.9% | 30.2% | −8.4% | 29.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MRK's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MRK financial results
In fiscal year 2025 (ended December 31, 2025), Merck reported revenue of $64.9 billion, up 1.2% from the year before. It had net income of $18.3 billion (up 6.6%), a net profit margin of 28.1%. Diluted earnings per share came to $8.97. Over five years revenue grew at an average rate of 9.4% a year.
See the MRK stock overview for the latest quote and news, or the MRK chart for price history and technical indicators.
MRK income statement FAQ
What is Merck's annual revenue?
Merck reported total revenue of $64.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.2% from $64.2 billion the previous year.
Is Merck profitable?
Yes. Merck reported net income of $18.3 billion in fiscal 2025, a net profit margin of 28.1%; its operating margin was 36.2%.
What is Merck's gross margin?
Merck's gross margin was 72.0% in fiscal 2025: for every $100 of revenue, Merck kept $72 after the direct cost of its products and services.
How much does Merck spend on research and development?
Merck spent $12.5 billion on research and development in fiscal 2025, 19.3% of revenue.
How fast is Merck growing?
Revenue grew 9.4% a year on average over the last five fiscal years, from $41.5 billion to $64.9 billion.
What are Merck's earnings per share?
Merck earned $8.97 per diluted share in fiscal 2025, compared with $7.64 a year earlier.
When will Merck report its next earnings?
Merck is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Merck's fiscal year end?
Merck's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.