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	16,382	15,193	16,126	17,411	13,626
Gross Profit	48,629	48,975	43,989	41,872	35,078
Selling, General & Admin	10,733	10,816	10,504	10,042	9,634
Research & Development	15,789	17,938	30,531	13,548	12,245
Other Operating Expenses	889	309	599	337	661
Total Operating Expenses	27,411	29,063	41,634	23,927	22,540
Operating Income	21,218	19,912	2,355	17,945	12,538
Total Non-Operating Income (Expense)	-151	24	-466	-1,501	1,341
Pretax Income	21,067	19,936	1,889	16,444	13,879
Provision for Income Taxes	2,804	2,803	1,512	1,918	1,521
Net Income	18,254	17,117	365	14,519	13,049
Minority Interest in Earnings	9	16	12	7	13
Earnings From Discontinued Operations	-	-	-	-	704
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)	2,502	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)	7.30	6.76	0.14	5.73	4.88
EPS (Diluted)	7.28	6.74	0.14	5.71	4.86
EPS Growth	8.01%	4714.29%	-97.55%	17.49%	173.03%
Free Cash Flow	12,360	18,096	9,143	14,707	9,661
Free Cash Flow Growth	-31.70%	97.92%	-37.83%	52.23%	65.88%
Free Cash Flow Per Share	4.93	7.12	3.59	5.79	3.81
Dividends 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	74.80%	76.32%	73.17%	70.63%	72.02%
Operating Margin	32.64%	31.03%	3.92%	30.27%	25.74%
Profit Margin	28.09%	26.70%	0.63%	24.50%	25.37%
FCF Margin	19.01%	28.20%	15.21%	24.81%	19.84%
EBITDA	27,056	24,411	6,227	21,854	15,752
EBITDA Margin	41.62%	38.04%	10.36%	36.86%	32.34%
EBIT	21,218	19,912	2,355	17,945	12,538
EBIT Margin	32.64%	31.03%	3.92%	30.27%	25.74%
Effective Tax Rate	13.31%	14.06%	80.04%	11.66%	10.96%

Updated Feb 3, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q