Merck & Company (MRK) financial statements
Merck & Company reported revenue of $65.0B in fiscal 2025, up 5.6% a year over 9 years.
Net income was $18.3B.
Free cash flow was $12.4B, and the company returned $8.2B in dividends and $5.1B in net buybacks.
The diluted share count fell 10% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Merck & Company's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.8B | $40.1B | $42.3B | $39.1B | $41.5B | $48.7B | $59.3B | $60.1B | $64.2B | $65.0B |
| Cost of revenue | $14.0B | $12.9B | $13.5B | $12.0B | $13.6B | $13.6B | $17.4B | $16.1B | $15.2B | $16.4B |
| Gross profit | $25.8B | $27.2B | $28.8B | $27.1B | $27.9B | $35.1B | $41.9B | $44.0B | $49.0B | $48.6B |
| Research and development | $10.3B | $10.3B | $9.8B | $9.7B | $13.4B | $12.2B | $13.5B | $30.5B | $17.9B | $15.8B |
| Selling, general and admin | $10.0B | $10.1B | $10.1B | $9.5B | $9.0B | $9.6B | $10.0B | $10.5B | $10.8B | $10.7B |
| Interest expense | $693M | $754M | $772M | $893M | $831M | $806M | $962M | $1.1B | $1.3B | $1.4B |
| Pre-tax income | $4.7B | $6.5B | $8.7B | $7.2B | $5.9B | $13.9B | $16.4B | $1.9B | $19.9B | $21.1B |
| Income tax | $718M | $4.1B | $2.5B | $1.6B | $1.3B | $1.5B | $1.9B | $1.5B | $2.8B | $2.8B |
| Net income | $3.9B | $2.4B | $6.2B | $9.8B | $7.1B | $13.0B | $14.5B | $365M | $17.1B | $18.3B |
| EPS (diluted) | $1.41 | $0.87 | $2.32 | $3.81 | $2.78 | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 |
| Diluted shares | 2.79B | 2.75B | 2.68B | 2.58B | 2.54B | 2.54B | 2.54B | 2.55B | 2.54B | 2.51B |
| Gross margin | 64.8% | 67.8% | 68.1% | 69.3% | 67.2% | 72.0% | 70.6% | 73.2% | 76.3% | 74.8% |
| Net margin | 9.8% | 6.0% | 14.7% | 25.2% | 17.0% | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% |
Balance sheet
Fiscal years, from Merck & Company's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $14.3B | $8.5B | $8.9B | $10.4B | $8.1B | $8.1B | $13.2B | $7.1B | $13.7B | $14.6B |
| Receivables | $7.0B | $6.9B | $7.1B | $6.8B | $6.8B | $9.2B | $9.4B | $10.3B | $10.3B | $11.8B |
| Inventory | $4.9B | $5.1B | $5.4B | $6.0B | $5.6B | $6.0B | $5.9B | $6.4B | $6.1B | $6.7B |
| Total current assets | $30.6B | $24.8B | $25.9B | $27.5B | $27.8B | $30.3B | $35.7B | $32.2B | $38.8B | $43.5B |
| Property, plant and equipment | $12.0B | $12.4B | $13.3B | $14.3B | $17.0B | $19.3B | $21.4B | $23.1B | $23.8B | $25.3B |
| Goodwill | $18.2B | $18.3B | $18.3B | $18.1B | $18.9B | $21.3B | $21.2B | $21.2B | $21.7B | $21.6B |
| Total assets | $95.4B | $87.9B | $82.6B | $84.4B | $91.6B | $105.7B | $109.2B | $106.7B | $117.1B | $136.9B |
| Total current liabilities | $17.2B | $18.6B | $22.2B | $22.2B | $27.3B | $23.9B | $24.2B | $25.7B | $28.4B | $28.3B |
| Long-term debt | $24.3B | $21.4B | $19.8B | $22.7B | $25.4B | $30.7B | $28.7B | $33.7B | $34.5B | $46.8B |
| Total liabilities | $55.1B | $53.3B | $55.8B | $58.4B | $66.2B | $67.4B | $63.1B | $69.0B | $70.7B | $84.2B |
| Shareholders' equity | $40.1B | $34.3B | $26.7B | $25.9B | $25.3B | $38.2B | $46.0B | $37.6B | $46.3B | $52.6B |
| Net debt | $18.3B | $18.3B | $17.1B | $16.7B | $23.7B | $25.0B | $18.0B | $28.2B | $23.9B | $34.8B |
Cash flow
Fiscal years, from Merck & Company's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.4B | $6.5B | $10.9B | $13.4B | $10.3B | $13.1B | $19.1B | $13.0B | $21.5B | $16.5B |
| Capital spending | $1.6B | $1.9B | $2.6B | $3.4B | $4.4B | $4.4B | $4.4B | $3.9B | $3.4B | $4.1B |
| Free cash flow | $8.8B | $4.6B | $8.3B | $10.1B | $5.8B | $8.7B | $14.7B | $9.1B | $18.1B | $12.4B |
| Stock-based compensation | $300M | $312M | $348M | $388M | $441M | $479M | $541M | $645M | $761M | $820M |
| Dividends paid | $5.1B | $5.2B | $5.2B | $5.7B | $6.2B | $6.6B | $7.0B | $7.4B | $7.8B | $8.2B |
| Share buybacks (net) | -$3.4B | -$4.0B | -$9.1B | -$4.8B | -$1.3B | -$840M | $0 | -$1.3B | -$1.3B | -$5.1B |
| Net borrowing | -$1.3B | -$1.1B | $837M | $1.2B | $5.0B | $1.6B | -$2.3B | $4.2B | $2.3B | $11.4B |
| Free cash flow margin | 22.0% | 11.4% | 19.6% | 25.7% | 14.0% | 17.8% | 24.8% | 15.2% | 28.2% | 19.0% |
| Dividends per share | $1.84 | $1.88 | $1.93 | $2.21 | $2.45 | $2.60 | $2.76 | $2.92 | $3.09 | $3.26 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for MRK.
Open MRK in InvestinglyQuestions
What was Merck & Company's revenue in 2025?
$65.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Merck & Company generate?
$12.4B in fiscal 2025 (operating cash flow minus capital spending).
From Merck & Company's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.