Merck & Co. financials
$149.28+0.40%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65.01B | $64.17B | $60.12B | $59.28B | $48.70B | $41.52B | $39.12B | $42.29B | $40.12B | $39.81B |
| Gross profit | $48.63B | $48.98B | $43.99B | $41.87B | $35.08B | $27.90B | $27.11B | $28.79B | $27.21B | $25.78B |
| Gross margin | 74.8% | 76.3% | 73.2% | 70.6% | 72.0% | 67.2% | 69.3% | 68.1% | 67.8% | 64.8% |
| Operating income | $21.22B | $19.91B | $2.35B | $17.95B | $12.54B | $4.97B | $7.30B | $8.30B | $6.02B | $4.85B |
| Net income | $18.25B | $17.12B | $365.0M | $14.52B | $13.05B | $7.07B | $9.84B | $6.22B | $2.39B | $3.92B |
| Net margin | 28.1% | 26.7% | 0.6% | 24.5% | 26.8% | 17.0% | 25.2% | 14.7% | 6.0% | 9.8% |
| Diluted EPS | $7.28 | $6.74 | $0.14 | $5.71 | $5.14 | $2.78 | $3.81 | $2.32 | $0.87 | $1.41 |
| EBITDA | $27.95B | $24.72B | $6.83B | $22.19B | $16.41B | $9.03B | $11.24B | $13.45B | $11.47B | $10.97B |
| Operating cash flow | $16.47B | $21.47B | $13.01B | $19.09B | $14.11B | $10.25B | $13.44B | $10.92B | $6.45B | $10.38B |
| Free cash flow | $12.36B | $18.10B | $9.14B | $14.71B | $9.66B | $5.82B | $10.07B | $8.31B | $4.56B | $8.76B |
| Diluted shares | 2,507.0M | 2,541.0M | 2,547.0M | 2,542.0M | 2,538.0M | 2,541.0M | 2,583.5M | 2,679.0M | 2,748.0M | 2,787.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $14.56B | $13.24B | $6.84B | $12.69B | $8.10B | $8.05B |
| Short-term investments | $0.00 | $447.0M | $252.0M | $498.0M | $0.00 | — |
| Total debt | $49.34B | $37.11B | $35.05B | $30.69B | $33.10B | $31.79B |
| Total assets | $136.87B | $117.11B | $106.67B | $109.16B | $105.69B | $91.59B |
| Total liabilities | $84.20B | $70.73B | $69.04B | $63.10B | $67.44B | $66.18B |
| Shareholders' equity | $52.66B | $46.37B | $37.63B | $46.06B | $38.26B | $25.40B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology