MRK
$144.30+0.34%
as of close, Oct 2, 2026
☾ AH $144.30 +0.34%
Merck & Co. Inc.Stock · HealthcareDow Jones 1.5%S&P 500 0.5%Russell 1000 0.5%US Stock Market 0.4%Russell 3000 0.4%MSCI World 0.3%MSCI ACWI 0.3%S&P 500 Equal Weight 0.2%
MRK 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.
Shares outstanding (point-in-time)
2024-06 2.53B2024-09 2.53B2024-12 2.53B2025-03 2.51B2025-06 2.50B2025-09 2.48B2025-12 2.47B2026-03 2.47B2026-06 2.47B-2.7% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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+1.3% | 64.2B+6.7% | 60.1B+1.4% | 59.3B+21.7% | 48.7B+17.3% | |
| Cost of revenue | 16.4B+7.8% | 15.2B-5.8% | 16.1B-7.4% | 17.4B+27.8% | 13.6B+0.1% | |
| Research & development | 15.8B-12.0% | 17.9B-41.2% | 30.5B+125.4% | 13.5B+10.6% | 12.2B-8.6% | |
| Selling, general & administrative | 10.7B-0.8% | 10.8B+3.0% | 10.5B+4.6% | 10.0B+4.2% | 9.63B+7.6% | |
| Restructuring | 889M+187.7% | 309M-48.4% | 599M+77.7% | 337M-49.0% | 661M+15.0% | |
| Amortization of intangibles | 2.80B+16.7% | 2.40B+20.0% | 2.00B-4.8% | 2.10B+31.3% | 1.60B-11.1% | |
| Interest expense | 1.36B+6.8% | 1.27B+10.9% | 1.15B+19.1% | 962M+19.4% | 806M-3.0% | |
| Interest & investment income | 343M-17.3% | 415M+13.7% | 365M+132.5% | 157M+336.1% | 36.0M-39.0% | |
| Other non-operating income | -151M-729.2% | 24.0M+105.2% | -466M+69.0% | -1.50B-211.9% | 1.34B+50.7% | |
| Gain (loss) on equity securities | 368M+2528.6% | 14.0M-95.9% | 340M+124.0% | -1.42B-173.1% | 1.94B+45.0% | |
| Pre-tax income | 21.1B+5.7% | 19.9B+955.4% | 1.89B-88.5% | 16.4B+18.5% | 13.9B+136.7% | |
| Income tax | 2.80B+0.0% | 2.80B+85.4% | 1.51B-21.2% | 1.92B+26.1% | 1.52B+13.5% | |
| 18.3B+6.6% | 17.1B+4589.6% | 365M-97.5% | 14.5B+11.3% | 13.0B+84.6% | ||
| Income from continuing operations | — | — | 365M-97.5% | 14.5B+17.6% | 12.3B+173.2% | |
| Discontinued operations | — | — | — | — | 707M-72.4% | |
| Net income to non-controlling interest | 9.00M-43.8% | 16.0M+33.3% | 12.0M+71.4% | 7.00M-56.3% | 16.0M+6.7% | |
| Net income to common | 18.3B+6.6% | 17.1B+4589.6% | 365M-97.5% | 14.5B+11.3% | 13.0B+84.6% | |
| $7.28+8.0% | $6.74+4714.3% | $0.14-97.5% | $5.71+11.1% | $5.14+84.9% | ||
| EPS (basic) | $7.30+8.0% | $6.76+4728.6% | $0.14-97.6% | $5.73+11.0% | $5.16+84.9% | |
| Weighted-avg shares (basic) | 2.50B-1.2% | 2.53B-0.2% | 2.54B+0.2% | 2.53B+0.1% | 2.53B+0.0% | |
| Weighted-avg shares (diluted) | 2.51B-1.3% | 2.54B-0.2% | 2.55B+0.2% | 2.54B+0.2% | 2.54B-0.1% | |
| Dividends per share | $3.28+5.1% | $3.12+5.4% | $2.96+5.7% | $2.80+6.1% | $2.64+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+12.2% | 38.8B+20.6% | 32.2B-9.9% | 35.7B+18.0% | 30.3B+9.0% | ||
| Cash & equivalents | 14.6B+10.0% | 13.2B+93.6% | 6.84B-46.1% | 12.7B+56.8% | 8.10B+0.6% | |
| Short-term investments | 0.00-100.0% | 447M+77.4% | 252M-49.4% | 498M | 0.00 | |
| Accounts receivable | 11.8B+14.6% | 10.3B-0.7% | 10.3B+9.5% | 9.45B+2.4% | 9.23B+35.7% | |
| Inventory | 6.66B+9.0% | 6.11B-3.9% | 6.36B+7.6% | 5.91B-0.7% | 5.95B+7.2% | |
| Other current assets | 10.5B+20.8% | 8.71B+4.0% | 8.37B+16.7% | 7.17B+2.6% | 6.99B+49.5% | |
| 137B+16.9% | 117B+9.8% | 107B-2.3% | 109B+3.3% | 106B+15.4% | ||
| Property, plant & equipment | 25.3B+6.5% | 23.8B+3.2% | 23.1B+7.6% | 21.4B+11.1% | 19.3B+13.4% | |
| Operating lease right-of-use | 1.51B+10.0% | 1.37B-4.7% | 1.44B+6.8% | 1.35B-15.1% | 1.59B-6.0% | |
| Goodwill | 21.6B-0.4% | 21.7B+2.2% | 21.2B-0.0% | 21.2B-0.3% | 21.3B+12.6% | |
| Intangible assets | 26.7B+63.0% | 16.4B-9.1% | 18.0B-11.1% | 20.3B-11.6% | 22.9B+62.6% | |
| Long-term investments | 956M+106.5% | 463M+83.7% | 252M-75.2% | 1.01B+174.3% | 370M-52.9% | |
| Other non-current assets | 18.8B+17.3% | 16.0B+33.7% | 12.0B+25.9% | 9.53B | — | |
| 28.3B-0.3% | 28.4B+10.6% | 25.7B+6.0% | 24.2B+1.5% | 23.9B-12.6% | ||
| Accounts payable | 4.40B+8.0% | 4.08B+4.0% | 3.92B-8.0% | 4.26B-7.5% | 4.61B+6.5% | |
| Short-term & current debt | 2.30B-8.0% | 2.50B+92.3% | 1.30B-23.5% | 1.70B-26.1% | 2.30B+0.0% | |
| Current lease liability | 294M+4.3% | 282M-1.1% | 285M+1.4% | 281M-7.6% | 304M+4.5% | |
| Other current liabilities | 14.5B-7.8% | 15.7B-0.5% | 15.8B+11.3% | 14.2B+2.2% | 13.9B+13.5% | |
| Long-term debt | 46.8B+35.7% | 34.5B+2.3% | 33.7B+17.2% | 28.7B-6.3% | 30.7B+21.0% | |
| Non-current lease liability | 901M+2.7% | 877M-5.5% | 928M-8.4% | 1.01B-17.3% | 1.23B-8.2% | |
| Operating lease liability (total) | 1.20B+3.1% | 1.16B-4.5% | 1.21B-6.3% | 1.29B-15.4% | 1.53B-6.0% | |
| Deferred tax liabilities | 1.44B+3.7% | 1.39B+59.2% | 871M-51.5% | 1.79B-47.8% | 3.44B+242.4% | |
| Other non-current liabilities | 7.69B+18.9% | 6.46B-26.5% | 8.79B+5.6% | 8.32B-11.8% | 9.43B-23.3% | |
| 52.6B+13.6% | 46.3B+23.2% | 37.6B-18.3% | 46.0B+20.4% | 38.2B+50.8% | ||
| Common stock | 1.79B+0.0% | 1.79B+0.0% | 1.79B+0.0% | 1.79B+0.0% | 1.79B+0.0% | |
| Additional paid-in capital | 45.0B+0.7% | 44.7B+0.4% | 44.5B+0.3% | 44.4B+0.3% | 44.2B+11.7% | |
| Retained earnings | 73.1B+15.9% | 63.1B+17.0% | 53.9B-11.8% | 61.1B+13.8% | 53.7B+13.4% | |
| Treasury stock | 63.0B+8.1% | 58.3B+1.5% | 57.5B+1.7% | 56.5B-1.1% | 57.1B+0.6% | |
| Accumulated other comprehensive income | -4.29B+13.3% | -4.95B+4.2% | -5.16B-8.2% | -4.77B-7.7% | -4.43B+33.2% | |
| Non-controlling interest | 56.0M-5.1% | 59.0M+9.3% | 54.0M-19.4% | 67.0M-8.2% | 73.0M-16.1% | |
| Total equity incl. non-controlling | 52.7B+13.6% | 46.4B+23.2% | 37.6B-18.3% | 46.1B+20.4% | 38.3B+50.6% | |
| Total liabilities & equity | 137B+16.9% | 117B+9.8% | 107B-2.3% | 109B+3.3% | 106B+15.4% | |
| Common shares issued | 3.58B+0.0% | 3.58B+0.0% | 3.58B+0.0% | 3.58B+0.0% | 3.58B+0.0% | |
| Shares outstanding (cover) | 2.47B-2.1% | 2.53B-0.3% | 2.53B-0.2% | 2.54B+0.4% | 2.53B-0.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 16.5B-23.3% | 21.5B+65.1% | 13.0B-31.9% | 19.1B+45.5% | 13.1B+28.0% | ||
| Depreciation & amortization | 5.84B+29.8% | 4.50B+17.7% | 3.83B-2.4% | 3.92B+23.5% | 3.18B-8.4% | |
| Intangible amortization | 2.80B+16.7% | 2.40B+20.0% | 2.00B-4.8% | 2.10B+31.3% | 1.60B-11.1% | |
| Share-based compensation | 820M+7.8% | 761M+18.0% | 645M+19.2% | 541M+12.9% | 479M+8.6% | |
| Deferred income taxes | -1.67B-33.8% | -1.25B+34.2% | -1.90B-21.1% | -1.57B-938.5% | 187M+133.0% | |
| Change in receivables | 1.09B+346.7% | 244M-78.7% | 1.15B+78.3% | 644M-68.3% | 2.03B+102.9% | |
| Change in inventory | 1.18B+41.3% | 835M+2.3% | 816M+406.8% | 161M-76.1% | 674M-24.7% | |
| -13.7B-77.7% | -7.73B+45.1% | -14.1B-183.9% | -4.96B | — | ||
| Capital expenditure | 4.11B+21.9% | 3.37B-12.7% | 3.86B-12.0% | 4.39B-1.3% | 4.45B+0.4% | |
| Free cash flow | 12.4B-31.7% | 18.1B+97.9% | 9.14B-37.8% | 14.7B+69.6% | 8.67B+48.9% | |
| Acquisitions | 10.0B | 0.00 | 0.00 | 0.00-100.0% | 179M-86.9% | |
| Purchases of investments | 1.21B+132.6% | 519M-45.7% | 955M-20.7% | 1.20B+120300.0% | 1.00M | |
| Sales/maturities of investments | — | — | — | 721M-29.7% | 1.03B-63.5% | |
| Other investing activities | 58.0M-54.3% | 127M+252.8% | 36.0M-59.6% | 89.0M-2.2% | 91.0M+172.8% | |
| -1.92B+72.7% | -7.03B-46.2% | -4.81B+47.3% | -9.12B | — | ||
| Long-term debt issued | 13.9B+285.7% | 3.60B-39.4% | 5.94B | 0.00-100.0% | 7.94B+79.6% | |
| Long-term debt repaid | 2.50B+94.0% | 1.29B-26.5% | 1.75B-22.0% | 2.25B-2.9% | 2.32B+18.5% | |
| Net short-term debt | — | — | — | 0.00+100.0% | -3.99B-256.4% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 5.08B+289.3% | 1.31B-3.0% | 1.35B | 0.00-100.0% | 840M-34.4% | |
| Dividends paid | 8.18B+4.3% | 7.84B+5.3% | 7.45B+6.2% | 7.01B+6.1% | 6.61B+6.4% | |
| Other financing activities | -131M+64.8% | -372M-13.4% | -328M-36.7% | -240M+16.1% | -286M+34.4% | |
| FX effect on cash | 563M+292.2% | -293M-1373.9% | 23.0M+105.6% | -410M-208.3% | -133M-152.6% | |
| Net change in cash | 1.37B-78.6% | 6.41B+209.3% | -5.86B-227.3% | 4.61B+32800.0% | 14.0M+100.8% | |
| Interest paid | 1.30B+0.0% | 1.30B+18.2% | 1.10B+17.4% | 937M+20.3% | 779M-5.2% | |
| Income taxes paid | 6.09B+54.9% | 3.93B-9.5% | 4.34B+33.9% | 3.24B+34.3% | 2.41B-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 | 260B+3.6% | 251B-9.0% | 276B-1.8% | 281B+45.2% | 194B-1.9% | |
| P/E | 14.3×-2.9% | 14.7×-75.5% | 60.0×+225.2% | 18.4×+24.2% | 14.8×-46.9% | |
| P/S | 4.0×+2.2% | 3.9×-15.9% | 4.7×-2.4% | 4.8×+19.9% | 4.0×-16.4% | |
| P/B | 4.9×-8.8% | 5.4×-19.0% | 6.7×+5.9% | 6.3×+24.7% | 5.1×-35.0% | |
| P/FCF | 21.1×+51.6% | 13.9×-33.8% | 21.0×+14.2% | 18.4×-17.7% | 22.3×-34.1% | |
| Earnings yield | 7.0%+3.0% | 6.8%+308.4% | 1.7%-69.3% | 5.4%-19.5% | 6.7%+88.2% | |
| FCF yield | 4.7%-34.0% | 7.2%+51.1% | 4.8%-12.4% | 5.4%+21.6% | 4.5%+51.8% | |
| Dividend yield | 3.1%-0.6% | 3.1%+15.5% | 2.7%+7.6% | 2.5%-26.7% | 3.4%+8.4% | |
| Source filing | 10-K | 10-K | 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.