M 
Merck & Co MRK · USD
Health Care · Pharmaceuticals · US listing · 🇺🇸 United States
S&P 500Dow Jones
148.76
+1.38%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$64.93bn
FY2016FY2025
Net income
$18.25bn
FY2016FY2025
Free cash flow
$12.36bn
FY2016FY2025
Shareholders' equity
$52.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64.93bn | $64.17bn | $60.12bn | $59.28bn | $48.70bn | $41.52bn | $39.12bn | $42.29bn | $40.12bn | $39.81bn |
| Gross profit | $46.73bn | $48.98bn | $43.99bn | $41.87bn | $35.08bn | $27.90bn | $27.11bn | $28.79bn | $27.21bn | $25.78bn |
| Research and development | $12.51bn | $17.94bn | $30.53bn | $13.55bn | $12.24bn | $13.40bn | $9.72bn | $9.75bn | $10.34bn | $10.26bn |
| Operating income | $23.49bn | $20.22bn | $2.95bn | $18.28bn | $13.97bn | $6.32bn | $7.93bn | $8.93bn | $6.80bn | $5.50bn |
| Net income | $18.25bn | $17.12bn | $365.0m | $14.52bn | $13.05bn | $7.07bn | $9.84bn | $6.22bn | $2.39bn | $3.92bn |
| Diluted earnings per share | 7.34 | 6.74 | 0.14 | 5.70 | 5.15 | 2.78 | 3.85 | 2.36 | 0.88 | 1.41 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $136.87bn | $117.11bn | $106.67bn | $109.16bn | $105.69bn | $91.59bn | $84.40bn | $82.64bn | $87.87bn | $95.38bn |
| Cash and short-term investments | $14.56bn | $13.69bn | $7.09bn | $13.19bn | $8.10bn | $8.05bn | $10.45bn | $8.86bn | $8.50bn | $14.34bn |
| Total liabilities | $84.20bn | $70.73bn | $69.04bn | $63.10bn | $67.44bn | $66.18bn | $58.40bn | $55.76bn | $53.30bn | $55.07bn |
| Debt | $49.63bn | $37.11bn | $35.05bn | $30.69bn | $33.10bn | $31.79bn | $26.35bn | $25.11bn | $24.41bn | $24.84bn |
| Shareholders' equity | $52.61bn | $46.31bn | $37.58bn | $45.99bn | $38.18bn | $25.32bn | $25.91bn | $26.70bn | $34.34bn | $40.09bn |
| Shares outstanding | 2,488m | 2,541m | 2,554m | 2,548m | 2,535m | 2,540m | 2,559m | 2,634m | 2,715m | 2,776m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $16.47bn | $21.47bn | $13.01bn | $19.09bn | $14.11bn | $10.25bn | $13.44bn | $10.92bn | $6.45bn | $10.38bn |
| Capital spending | −$4.11bn | −$3.37bn | −$3.86bn | −$4.39bn | −$4.45bn | −$4.68bn | −$3.47bn | −$2.62bn | −$1.89bn | −$1.61bn |
| Free cash flow | $12.36bn | $18.10bn | $9.14bn | $14.71bn | $9.66bn | $5.57bn | $9.97bn | $8.31bn | $4.56bn | $8.76bn |
| Dividends paid | −$8.18bn | −$7.84bn | −$7.45bn | −$7.01bn | −$6.61bn | −$6.21bn | −$5.70bn | −$5.17bn | −$5.17bn | −$5.12bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.61bn | $16.29bn | $16.32bn | $17.18bn | $15.80bn | $15.62bn | $15.62bn | $16.66bn |
| Gross profit | $12.21bn | $13.34bn | $11.51bn | $12.99bn | $11.95bn | $11.73bn | $11.80bn | $12.58bn |
| Operating income | −$193.0m | −$3.53bn | $6.16bn | $7.46bn | $6.36bn | $6.71bn | $4.35bn | $4.19bn |
| Net income | −$1.33bn | −$4.24bn | $2.96bn | $5.79bn | $4.43bn | $5.08bn | $3.74bn | $3.16bn |
| Diluted earnings per share | -0.54 | -1.72 | 1.19 | 2.33 | 1.78 | 2.04 | 1.47 | 1.24 |
| Cash from operations | $5.37bn | $3.92bn | $2.86bn | $7.82bn | $3.29bn | $2.50bn | $3.45bn | $9.29bn |
| Capital spending | −$893.0m | −$991.0m | −$1.03bn | −$987.0m | −$764.0m | −$1.33bn | −$937.0m | −$783.0m |
| Free cash flow | $4.48bn | $2.93bn | $1.82bn | $6.83bn | $2.53bn | $1.17bn | $2.51bn | $8.51bn |
| Total assets | $129.80bn | $128.69bn | $136.87bn | $129.55bn | $117.52bn | $115.12bn | $117.11bn | $117.53bn |
| Cash and short-term investments | $7.14bn | $5.70bn | $14.56bn | $18.21bn | $8.62bn | $9.23bn | $13.69bn | $14.59bn |
| Debt | $53.91bn | $49.12bn | $49.63bn | $41.37bn | $35.40bn | $34.84bn | $37.39bn | $38.13bn |
| Shareholders' equity | $41.93bn | $45.88bn | $52.61bn | $51.85bn | $48.99bn | $48.34bn | $46.31bn | $44.50bn |
Financial ratios
Data as of 3 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 72.0% | 76.3% | 73.2% | 70.6% | 72.0% | 67.2% |
| Operating margin | 36.2% | 31.5% | 4.9% | 30.8% | 28.7% | 15.2% |
| Net margin | 28.1% | 26.7% | 0.6% | 24.5% | 26.8% | 17.0% |
| Return on equity | 34.7% | 37.0% | 1.0% | 31.6% | 34.2% | 27.9% |
| Return on assets | 13.3% | 14.6% | 0.3% | 13.3% | 12.3% | 7.7% |
| Free cash flow yield | 5.5% | 6.4% | 4.4% | 6.1% | 4.8% | 3.9% |
| Revenue growth | 1.2% | 6.7% | 1.4% | 21.7% | 17.3% | 6.1% |
| Earnings growth | 6.6% | 4589.6% | -97.5% | 11.3% | 84.6% | -28.2% |
| Current ratio | 1.54x | 1.36x | 1.25x | 1.47x | 1.27x | 1.02x |
| Debt to equity | 0.94x | 0.81x | 0.94x | 0.67x | 0.87x | 1.27x |
| Equity ratio | 38.4% | 39.5% | 35.2% | 42.1% | 36.1% | 27.6% |
| Interest coverage | 17.31x | 15.91x | 2.58x | 19.00x | 17.33x | 7.61x |
| R&D as a share of sales | 19.3% | 28.0% | 50.8% | 22.9% | 25.1% | 32.3% |
| Buybacks as a share of market value | 2.1% | 0.5% | -0.2% | -0.5% | 0.2% | 0.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.1% | 9.4% | 5.1% |
| Operating income | 8.7% | 30.0% | 12.0% |
| Net income | 7.9% | 20.9% | 15.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 74.1% | 73.1% | 72.2% | 70.1% |
| Operating margin | 33.9% | 26.1% | 25.2% | 22.6% |
| Net margin | 27.4% | 20.2% | 20.8% | 18.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.3 | 14.8 | — | 19.5 | 14.9 | 28.1 | 22.6 | 30.9 | 60.9 | 39.8 |
| Price to sales | 4.0 | 3.9 | 4.6 | 4.8 | 4.0 | 4.8 | 5.7 | 4.5 | 3.6 | 3.9 |
Market value over time
31 Oct 2016 to 2 Sept 2026, in USD
$156.10bn$374.85bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 2% | -8% | -3% | 43% | 1% | -13% | 25% | 31% | -7% | 15% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 15 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.55 | 3.28 | 3.12 | 2.96 | 2.80 | 2.64 | 2.48 | 2.26 |
- 1-to-1 reverse split · 4 Nov 2009
- 2-for-1 split · 17 Feb 1999
- 3-for-1 split · 26 May 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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