financial statements

The full income statement, balance sheet, and cash-flow statement for Merck & Co. Inc. (MRK), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	65.0B YoY+1.3%	64.2B YoY+6.7%	60.1B YoY+1.4%	59.3B YoY+21.7%	48.7B YoY+17.3%
Cost of revenue	16.4B YoY+7.8%	15.2B YoY-5.8%	16.1B YoY-7.4%	17.4B YoY+27.8%	13.6B YoY+0.1%
Research & development	15.8B YoY-12.0%	17.9B YoY-41.2%	30.5B YoY+125.4%	13.5B YoY+10.6%	12.2B YoY-8.6%
Selling, general & administrative	10.7B YoY-0.8%	10.8B YoY+3.0%	10.5B YoY+4.6%	10.0B YoY+4.2%	9.63B YoY+7.6%
Restructuring	889M YoY+187.7%	309M YoY-48.4%	599M YoY+77.7%	337M YoY-49.0%	661M YoY+15.0%
Amortization of intangibles	2.80B YoY+16.7%	2.40B YoY+20.0%	2.00B YoY-4.8%	2.10B YoY+31.3%	1.60B YoY-11.1%
Interest expense	1.36B YoY+6.8%	1.27B YoY+10.9%	1.15B YoY+19.1%	962M YoY+19.4%	806M YoY-3.0%
Interest & investment income	343M YoY-17.3%	415M YoY+13.7%	365M YoY+132.5%	157M YoY+336.1%	36.0M YoY-39.0%
Other non-operating income	-151M YoY-729.2%	24.0M YoY+105.2%	-466M YoY+69.0%	-1.50B YoY-211.9%	1.34B YoY+50.7%
Pre-tax income	21.1B YoY+5.7%	19.9B YoY+955.4%	1.89B YoY-88.5%	16.4B YoY+18.5%	13.9B YoY+136.7%
Income tax	2.80B YoY+0.0%	2.80B YoY+85.4%	1.51B YoY-21.2%	1.92B YoY+26.1%	1.52B YoY+13.5%
	18.3B YoY+6.6%	17.1B YoY+4589.6%	365M YoY-97.5%	14.5B YoY+17.6%	12.3B YoY+74.7%
Income from continuing operations	—	—	365M YoY-97.5%	14.5B YoY+17.6%	12.3B YoY+173.2%
Discontinued operations	—	—	—	—	707M YoY-72.4%
Net income to non-controlling interest	9.00M YoY-43.8%	16.0M YoY+33.3%	12.0M YoY+71.4%	7.00M YoY-56.3%	16.0M YoY+6.7%
Net income to common	18.3B YoY+6.6%	17.1B YoY+4589.6%	365M YoY-97.5%	14.5B YoY+11.3%	13.0B YoY+84.6%
	$7.28 YoY+8.0%	$6.74 YoY+4714.3%	$0.14 YoY-97.5%	$5.71 YoY+11.1%	$5.14 YoY+84.9%
EPS (basic)	$7.30 YoY+8.0%	$6.76 YoY+4728.6%	$0.14 YoY-97.6%	$5.73 YoY+11.0%	$5.16 YoY+84.9%
Weighted-avg shares (basic)	2.50B YoY-1.2%	2.53B YoY-0.2%	2.54B YoY+0.2%	2.53B YoY+0.1%	2.53B YoY+0.0%
Weighted-avg shares (diluted)	2.51B YoY-1.3%	2.54B YoY-0.2%	2.55B YoY+0.2%	2.54B YoY+0.2%	2.54B YoY-0.1%
Dividends per share	$3.28 YoY+5.1%	$3.12 YoY+5.4%	$2.96 YoY+5.7%	$2.80 YoY+6.1%	$2.64 YoY+6.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	43.5B YoY+12.2%	38.8B YoY+20.6%	32.2B YoY-9.9%	35.7B YoY+18.0%	30.3B YoY+9.0%
Cash & equivalents	14.6B YoY+10.0%	13.2B YoY+93.6%	6.84B YoY-46.1%	12.7B YoY+56.8%	8.10B YoY+0.6%
Short-term investments	0.00 YoY-100.0%	447M YoY+77.4%	252M YoY-49.4%	498M	0.00
Accounts receivable	11.8B YoY+14.6%	10.3B YoY-0.7%	10.3B YoY+9.5%	9.45B YoY+2.4%	9.23B YoY+35.7%
Inventory	6.66B YoY+9.0%	6.11B YoY-3.9%	6.36B YoY+7.6%	5.91B YoY-0.7%	5.95B YoY+7.2%
Other current assets	10.5B YoY+20.8%	8.71B YoY+4.0%	8.37B YoY+16.7%	7.17B YoY+2.6%	6.99B YoY+49.5%
	137B YoY+16.9%	117B YoY+9.8%	107B YoY-2.3%	109B YoY+3.3%	106B YoY+15.4%
Property, plant & equipment	25.3B YoY+6.5%	23.8B YoY+3.2%	23.1B YoY+7.6%	21.4B YoY+11.1%	19.3B YoY+13.4%
Operating lease right-of-use	1.51B YoY+10.0%	1.37B YoY-4.7%	1.44B YoY+6.8%	1.35B YoY-15.1%	1.59B YoY-6.0%
Goodwill	21.6B YoY-0.4%	21.7B YoY+2.2%	21.2B YoY-0.0%	21.2B YoY-0.3%	21.3B YoY+12.6%
Intangible assets	26.7B YoY+63.0%	16.4B YoY-9.1%	18.0B YoY-11.1%	20.3B YoY-11.6%	22.9B YoY+62.6%
Long-term investments	956M YoY+106.5%	463M YoY+83.7%	252M YoY-75.2%	1.01B YoY+174.3%	370M YoY-52.9%
Other non-current assets	18.8B YoY+17.3%	16.0B YoY+33.7%	12.0B YoY+25.9%	9.53B YoY+64.0%	5.81B YoY+0.0%
	28.3B YoY-0.3%	28.4B YoY+10.6%	25.7B YoY+6.0%	24.2B YoY+1.5%	23.9B YoY-12.6%
Accounts payable	4.40B YoY+8.0%	4.08B YoY+4.0%	3.92B YoY-8.0%	4.26B YoY-7.5%	4.61B YoY+6.5%
Short-term & current debt	2.30B YoY-8.0%	2.50B YoY+92.3%	1.30B YoY-23.5%	1.70B YoY-26.1%	2.30B YoY+0.0%
Current lease liability	294M YoY+4.3%	282M YoY-1.1%	285M YoY+1.4%	281M YoY-7.6%	304M YoY+4.5%
Other current liabilities	14.5B YoY-7.8%	15.7B YoY-0.5%	15.8B YoY+11.3%	14.2B YoY+2.2%	13.9B YoY+13.5%
Long-term debt	46.8B YoY+35.7%	34.5B YoY+2.3%	33.7B YoY+17.2%	28.7B YoY-6.3%	30.7B YoY+21.0%
Non-current lease liability	901M YoY+2.7%	877M YoY-5.5%	928M YoY-8.4%	1.01B YoY-17.3%	1.23B YoY-8.2%
Deferred tax liabilities	1.44B YoY+3.7%	1.39B YoY+59.2%	871M YoY-51.5%	1.79B YoY-47.8%	3.44B YoY+242.4%
Other non-current liabilities	7.69B YoY+18.9%	6.46B YoY-26.5%	8.79B YoY+5.6%	8.32B YoY-11.8%	9.43B YoY-23.3%
Total non-current liabilities	12.6B YoY+0.0%	12.6B YoY+0.0%	12.6B YoY+0.0%	12.6B YoY+0.0%	12.6B YoY+0.0%
	52.6B YoY+13.6%	46.3B YoY+23.2%	37.6B YoY-18.3%	46.0B YoY+20.4%	38.2B YoY+50.8%
Preferred stock	2.50B YoY+0.0%	2.50B YoY+0.0%	2.50B YoY+0.0%	2.50B YoY+0.0%	2.50B YoY+0.0%
Common stock	1.79B YoY+0.0%	1.79B YoY+0.0%	1.79B YoY+0.0%	1.79B YoY+0.0%	1.79B YoY+0.0%
Additional paid-in capital	45.0B YoY+0.7%	44.7B YoY+0.4%	44.5B YoY+0.3%	44.4B YoY+0.3%	44.2B YoY+11.7%
Retained earnings	73.1B YoY+15.9%	63.1B YoY+17.0%	53.9B YoY-11.8%	61.1B YoY+13.8%	53.7B YoY+13.4%
Treasury stock	63.0B YoY+8.1%	58.3B YoY+1.5%	57.5B YoY+1.7%	56.5B YoY-1.1%	57.1B YoY+0.6%
Accumulated other comprehensive income	-4.29B YoY+13.3%	-4.95B YoY+4.2%	-5.16B YoY-8.2%	-4.77B YoY-7.7%	-4.43B YoY+33.2%
Non-controlling interest	56.0M YoY-5.1%	59.0M YoY+9.3%	54.0M YoY-19.4%	67.0M YoY-8.2%	73.0M YoY-16.1%
Total equity incl. non-controlling	52.7B YoY+13.6%	46.4B YoY+23.2%	37.6B YoY-18.3%	46.1B YoY+20.4%	38.3B YoY+50.6%
Total liabilities & equity	137B YoY+16.9%	117B YoY+9.8%	107B YoY-2.3%	109B YoY+3.3%	106B YoY+15.4%
Common shares issued	3.58B YoY+0.0%	3.58B YoY+0.0%	3.58B YoY+0.0%	3.58B YoY+0.0%	3.58B YoY+0.0%
Shares outstanding (cover)	2.48B YoY-1.9%	2.53B YoY-0.2%	2.53B YoY-0.1%	2.54B YoY+0.4%	2.53B YoY-0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	16.5B YoY-23.3%	21.5B YoY+65.1%	13.0B YoY-31.9%	19.1B YoY+45.5%	13.1B YoY+28.0%
Depreciation & amortization	3.04B YoY+44.7%	2.10B YoY+15.1%	1.83B YoY+0.2%	1.82B YoY+15.6%	1.58B YoY-5.5%
Share-based compensation	820M YoY+7.8%	761M YoY+18.0%	645M YoY+19.2%	541M YoY+12.9%	479M YoY+8.6%
Deferred income taxes	-1.67B YoY-33.8%	-1.25B YoY+34.2%	-1.90B YoY-21.1%	-1.57B YoY-938.5%	187M YoY+133.0%
Change in receivables	1.09B YoY+346.7%	244M YoY-78.7%	1.15B YoY+78.3%	644M YoY-68.3%	2.03B YoY+102.9%
Change in inventory	1.18B YoY+41.3%	835M YoY+2.3%	816M YoY+406.8%	161M YoY-76.1%	674M YoY-24.7%
	-13.7B YoY-77.7%	-7.73B YoY+45.1%	-14.1B YoY-183.9%	-4.96B	—
Capital expenditure	4.11B YoY+21.9%	3.37B YoY-12.7%	3.86B YoY-12.0%	4.39B YoY-1.3%	4.45B YoY+0.4%
Acquisitions	10.0B	0.00	0.00	0.00 YoY-100.0%	179M YoY-86.9%
Purchases of investments	1.21B YoY+132.6%	519M YoY-45.7%	955M YoY-20.7%	1.20B YoY+120300.0%	1.00M
Sales/maturities of investments	—	—	—	721M YoY-29.7%	1.03B YoY-63.5%
Other investing activities	58.0M YoY-54.3%	127M YoY+252.8%	36.0M YoY-59.6%	89.0M YoY-2.2%	91.0M YoY+172.8%
	-1.92B YoY+72.7%	-7.03B YoY-46.2%	-4.81B YoY+47.3%	-9.12B	—
Long-term debt issued	—	—	5.94B	0.00 YoY-100.0%	7.94B YoY+79.6%
Long-term debt repaid	2.50B YoY+94.0%	1.29B YoY-26.5%	1.75B YoY-22.0%	2.25B YoY-2.9%	2.32B YoY+18.5%
Net short-term debt	—	—	—	0.00 YoY+100.0%	-3.99B YoY-256.4%
Common stock repurchased	5.08B YoY+289.3%	1.31B YoY-3.0%	1.35B	0.00 YoY-100.0%	840M YoY-34.4%
Dividends paid	8.18B YoY+4.3%	7.84B YoY+5.3%	7.45B YoY+6.2%	7.01B YoY+6.1%	6.61B YoY+6.4%
Other financing activities	-131M YoY+64.8%	-372M YoY-13.4%	-328M YoY-36.7%	-240M YoY+16.1%	-286M YoY+34.4%
FX effect on cash	563M YoY+292.2%	-293M YoY-1373.9%	23.0M YoY+105.6%	-410M YoY-208.3%	-133M YoY-152.6%
Net change in cash	1.37B YoY-78.6%	6.41B YoY+209.3%	-5.86B YoY-227.3%	4.61B YoY+32800.0%	14.0M YoY+100.8%
Interest paid	1.30B YoY+0.0%	1.30B YoY+18.2%	1.10B YoY+17.4%	937M YoY+20.3%	779M YoY-5.2%
Income taxes paid	6.09B YoY+54.9%	3.93B YoY-9.5%	4.34B YoY+33.9%	3.24B YoY+34.3%	2.41B YoY-12.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	261B YoY+3.8%	252B YoY-8.9%	276B YoY-1.8%	281B YoY+45.3%	194B YoY-2.0%
P/E	14.3× YoY-2.6%	14.7× YoY-75.5%	60.0× YoY+210.9%	19.3× YoY+23.1%	15.7× YoY-43.9%
P/S	4.0× YoY+2.5%	3.9× YoY-15.9%	4.7× YoY-2.1%	4.8× YoY+19.9%	4.0× YoY-16.4%
P/B	5.0× YoY-8.6%	5.4× YoY-19.0%	6.7× YoY+6.1%	6.3× YoY+24.7%	5.1× YoY-35.0%
P/FCF	21.1× YoY+52.0%	13.9× YoY-33.8%	21.0× YoY+14.5%	18.4× YoY-17.8%	22.3× YoY-34.2%
Earnings yield	7.0% YoY+2.7%	6.8% YoY+308.4%	1.7% YoY-67.8%	5.2% YoY-18.8%	6.4% YoY+78.2%
FCF yield	4.7% YoY-34.2%	7.2% YoY+51.1%	4.8% YoY-12.6%	5.4% YoY+21.6%	4.5% YoY+51.9%
Dividend yield	3.1% YoY-0.6%	3.1% YoY+15.5%	2.7% YoY+7.6%	2.5% YoY-26.7%	3.4% YoY+8.4%
Source filing	10-K	DEF 14A	10-K	10-K	10-K

About this data

Source: MRK's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MRK filings on SEC EDGAR → Not investment advice.

MRK▼ financial statements

About this data

financial statements