Merck & Co (MRK) financials
Merck revenue and earnings by year
Merck's revenue was $65.0 billion in the fiscal year to December 31, 2025, up 1.3% from the year before. Net income was $18.3 billion, 28.1% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 5.6% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 65.0 | 64.2 | 60.1 | 59.3 | 48.7 | 41.5 | 39.1 | 42.3 | 40.1 | 39.8 |
| Revenue growth | 1.3% | 6.7% | 1.4% | 21.7% | 17.3% | 6.1% | -7.5% | 5.4% | 0.8% | — |
| Gross profit | 48.6 | 49.0 | 44.0 | 41.9 | 35.1 | 27.9 | 27.1 | 28.8 | 27.2 | 25.8 |
| Gross margin | 74.8% | 76.3% | 73.2% | 70.6% | 72.0% | 67.2% | 69.3% | 68.1% | 67.8% | 64.8% |
| Operating income | 21.2 | 19.9 | 2.4 | 17.9 | 12.5 | 5.0 | 7.3 | 8.3 | 6.0 | 4.8 |
| Operating margin | 32.6% | 31.0% | 3.9% | 30.3% | 25.7% | 12.0% | 18.7% | 19.6% | 15.0% | 12.2% |
| Net income | 18.3 | 17.1 | 0.4 | 14.5 | 13.0 | 7.1 | 9.8 | 6.2 | 2.4 | 3.9 |
| 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 | $2.65 | $3.64 | $2.21 | $0.83 | $1.35 |
| Free cash flow | 12.4 | 18.1 | 9.1 | 14.7 | 9.7 | 5.8 | 10.1 | 8.3 | 4.6 | 8.8 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open MRK in Markets.
How Merck makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Pharmaceuticalsegment | $14.8B | 89.3% |
| Animal Healthsegment | $1.77B | 10.7% |
See also: MRK valuation and P/E history · MRK returns
No forecast, no recommendation. This page describes Merck & Co from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.