Merck & Co. Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	65,011	64,168	60,115	59,283	48,704
Revenue Growth (YoY)	1.31%	6.74%	1.40%	21.72%	17.31%
Cost of Revenue	14,898	14,698	15,915	17,206	13,466
Gross Profit	50,113	49,470	44,200	42,077	35,238
Selling, General & Admin	9,995	10,100	9,884	9,669	9,403
Research & Development	15,614	14,481	18,342	11,918	11,942
Operating Expenses	25,609	24,581	28,226	21,587	21,345
Operating Income	24,504	24,889	15,974	20,490	13,893
Interest Expense	-1,357	-1,271	-1,146	-962	-806
Interest & Investment Income	343	415	365	157	36
Currency Exchange Gain (Loss)	-323	-227	-370	-237	-297
Other Non Operating Income (Expenses)	200	290	419.5	681	256
EBT Excluding Unusual Items	23,367	24,096	15,243	20,129	13,082
Merger & Restructuring Charges	-2,551	-4,344	-12,342	-666	-868
Gain (Loss) on Sale of Investments	368	14	340	-1,419	1,940
Asset Writedown	-	-	-779	-1,600	-275
Legal Settlements	-	-	-572.5	-	-
Other Unusual Items	-117	170	-	-	-
Pretax Income	21,067	19,936	1,889	16,444	13,879
Income Tax Expense	2,804	2,803	1,512	1,918	1,521
Earnings From Continuing Operations	18,263	17,133	377	14,526	12,358
Earnings From Discontinued Operations	-	-	-	-	704
Net Income to Company	18,263	17,133	377	14,526	13,062
Minority Interest in Earnings	-9	-16	-12	-7	-13
Net Income	18,254	17,117	365	14,519	13,049
Net Income to Common	18,254	17,117	365	14,519	13,049
Net Income Growth	6.64%	4589.59%	-97.49%	11.27%	84.65%
Shares Outstanding (Basic)	2,507	2,532	2,537	2,532	2,530
Shares Outstanding (Diluted)	2,507	2,541	2,547	2,542	2,538
Shares Change (YoY)	-1.34%	-0.24%	0.20%	0.16%	-0.12%
EPS (Basic)	7.28	6.76	0.14	5.73	5.16
EPS (Diluted)	7.28	6.74	0.14	5.71	5.14
EPS Growth	8.01%	4714.29%	-97.55%	11.15%	84.61%
Free Cash Flow	-	18,096	9,143	14,707	9,661
Free Cash Flow Per Share	-	7.12	3.59	5.79	3.81
Dividend Per Share	3.240	3.080	2.920	2.760	2.600
Dividend Growth	5.20%	5.48%	5.80%	6.15%	6.56%
Gross Margin	77.08%	77.09%	73.53%	70.98%	72.35%
Operating Margin	37.69%	38.79%	26.57%	34.56%	28.52%
Profit Margin	28.08%	26.67%	0.61%	24.49%	26.79%
Free Cash Flow Margin	-	28.20%	15.21%	24.81%	19.84%
EBITDA	28,797	29,134	19,706	24,279	17,016
EBITDA Margin	44.30%	45.40%	32.78%	40.95%	34.94%
D&A For EBITDA	4,293	4,245	3,732	3,789	3,123
EBIT	24,504	24,889	15,974	20,490	13,893
EBIT Margin	37.69%	38.79%	26.57%	34.56%	28.52%
Effective Tax Rate	13.31%	14.06%	80.04%	11.66%	10.96%
Advertising Expenses	-	2,400	2,300	2,200	2,000

Updated Feb 3, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q