Overview
Merck & Co., Inc.
Latest 10-K: FY2025, filed Feb 24, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $65.01B
- 1.3%YoYup from FY2024
- TotalRevenue
- Gross profit
- $48.63B
- 0.7%YoYdown from FY2024
- GrossProfit
- Net income
- $18.25B
- 6.6%YoYup from FY2024
- NetIncome
- Diluted EPS
- $7.28
- 8.0%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 2.51B
- 1.3%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Merck & Co., Inc. reported revenue of $65.01B for fiscal 2025, up 1.3% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Net margin was 28.1%, against a median of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $7.28, up 8.0% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $65.01B1.3%up Benchmark median 6.4% | $64.17B6.7%up Benchmark median 4.5% | $60.12B1.4%up Benchmark median 4.8% | $59.28B21.7%up Benchmark median 10.3% | $48.70B17.3%up Benchmark median 13.8% | 7.5% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $48.63B0.7%down Benchmark median 6.8% | $48.98B11.3%up Benchmark median 5.5% | $43.99B5.1%up Benchmark median 5.2% | $41.87B19.4%up Benchmark median 8.3% | $35.08B25.7%up Benchmark median 15.7% | 8.5% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | — | — | — | — | — | — Benchmark median 7.2% |
| Net Income | $18.25B6.6%up Benchmark median 4.8% | $17.12B4589.6%up Benchmark median 5.7% | $0.36B97.5%down Benchmark median 1.9% | $14.52B11.3%up Benchmark median 1.3% | $13.05B84.6%up Benchmark median 33.9% | 8.8% Benchmark median 4.1% |
| EPS (Diluted) | $7.288.0%up Benchmark median 6.2% | $6.744714.3%up Benchmark median 7.9% | $0.1497.5%down Benchmark median 1.9% | $5.7111.1%up Benchmark median 1.5% | $5.1484.9%up Benchmark median 34.8% | 9.1% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $136.87B16.9%up Benchmark median 5.6% | $117.11B9.8%up Benchmark median 3.4% | $106.67B2.3%down Benchmark median 4.1% | $109.16B3.3%up Benchmark median 2.2% | $105.69B15.4%up Benchmark median 6.7% | 6.7% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $52.66B13.6%up Benchmark median 6.8% | $46.37B23.2%up Benchmark median 5.4% | $37.63B18.3%down Benchmark median 7.3% | $46.06B20.4%up Benchmark median 2.5% | $38.26B50.6%up Benchmark median 9.0% | 8.3% Benchmark median 6.1% |
| Cash & Equivalents | $14.56B10.0%up Benchmark median 5.2% | $13.24B93.6%up Benchmark median 1.9% | $6.84B46.1%down Benchmark median 6.7% | $12.69B56.8%up Benchmark median -8.6% | $8.10B0.6%up Benchmark median -2.9% | 15.8% Benchmark median 2.0% |
| Total Debt | $49.30B32.9%up Benchmark median 2.1% | $37.10B5.7%up Benchmark median 0.2% | $35.10B14.3%up Benchmark median 0.3% | $30.70B7.3%down Benchmark median 0.1% | $33.10B4.1%up Benchmark median -0.1% | 10.5% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.47B23.3%down Benchmark median 6.3% | $21.47B65.1%up Benchmark median 4.8% | $13.01B31.9%down Benchmark median 9.9% | $19.09B45.5%up Benchmark median -0.7% | $13.12B28.0%up Benchmark median 10.7% | 5.8% Benchmark median 7.0% |
| Capital Expenditures | $4.11B21.9%up Benchmark median 5.4% | $3.37B12.7%down Benchmark median 2.8% | $3.86B12.0%down Benchmark median 11.3% | $4.39B1.3%down Benchmark median 14.0% | $4.45B0.4%up Benchmark median 8.1% | -1.9% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $12.36B31.7%down Benchmark median 7.3% | $18.10B97.9%up Benchmark median 6.1% | $9.14B37.8%down Benchmark median 8.8% | $14.71B69.6%up Benchmark median -11.3% | $8.67B48.9%up Benchmark median 10.2% | 9.3% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
6.9%
Wall Street
on net earnings
FY2024 6.8%
4.7%
Value investor
on free cash flow
FY2024 7.2%
Gap −2.2 pts: Value-investor figure 2.2 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 14.5×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Book yield
Net assets behind a dollar of market value
20.0%
Wall Street
on book equity
FY2024 18.3%
1.7%
Value investor
on tangible book
FY2024 3.3%
Gap −18.3 pts: Value-investor figure 18.3 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 5.0×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
36.9%
Wall Street
ROE: net income ÷ equity
FY2024 40.8%
— Not reported
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 — Not reported
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
— Not reported
Wall Street
EBITDA margin
FY2024 — Not reported
19.0%
Value investor
Free-cash-flow margin
FY2024 28.2%
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.54×
Wall Street
Current ratio
FY2024 1.36×
1.07×
Value investor
Quick ratio, inventory excluded
FY2024 0.97×
Gap −0.47×: Value-investor figure 0.47 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
— Not reported
Wall Street
EBITDA ÷ total debt
FY2024 — Not reported
0.25×
Value investor
FCF ÷ total debt
FY2024 0.49×
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on MRK yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on MRK and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/MRK
Valuein. (2026, October 31). Merck & Co., Inc. (MRK) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/MRK
@misc{valuein_mrk_2026,
author = {{Valuein}},
title = {Merck \& Co., Inc. (MRK) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/MRK}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 24, 2026 · accession 0000310158-26-000063
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point-in-time · survivorship-free · every number traceable to its SEC filing
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