Merck & Co.

Health Care Pharmaceuticals Kenilworth, New Jersey Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$65.0B
                    3y CAGR +3.1%
                    
                    P37
                    
                    +1.3%
                    
                    Net income
                    FY2025
                
$18.3B
                    Net margin +28.1%
                    
                    P88
                    
                    +6.6%
                    
                    Total assets
                    FY2025
                
$136.9B
                    ROA +13.3%
                    
                    P83
                    
                    +16.9%
                    
                    Operating cash flow
                    FY2025
                
$16.5B
                    FCF margin +19.0%
                    
                    P67
                    
                    -23.3%

19 yrs · FY2007–FY2025 1 quarantined 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

30 accounts · 3 years

Total assets $136.9B

Total liabilities $28.3B

Shareholders equity $52.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$14.6B 10.0%	$13.2B 93.6%	$6.8B
Short Term Investments	$1.4B 51.3%	$920.0M 20.4%	$764.0M
Accounts Receivable	$11.8B 14.6%	$10.3B -0.7%	$10.3B
Inventory	$6.7B 9.0%	$6.1B -3.9%	$6.4B
Prepaid Expenses	$10.5B 20.8%	$8.7B 4.0%	$8.4B
Other Current Assets	$10.5B 20.8%	$8.7B 4.0%	$8.4B
Total Current Assets	$43.5B 12.2%	$38.8B 20.6%	$32.2B
Property,Plant and Equipment	$25.3B 6.5%	$23.8B 3.2%	$23.1B
Goodwill	$21.6B -0.4%	$21.7B 2.2%	$21.2B
Intangible Assets	$26.7B 63.0%	$16.4B -9.1%	$18.0B
Other Noncurrent Assets	$18.8B 17.3%	$16.0B 33.7%	$12.0B
Total Assets	$136.9B 16.9%	$117.1B 9.8%	$106.7B
Liabilities
Accounts Payable	$4.4B 8.0%	$4.1B 4.0%	$3.9B
Accrued Liabilities	$6.9B 14.5%	$6.0B 29.4%	$4.6B
Current Portion of Long Term Debt	$2.6B 3.6%	$2.5B 92.3%	$1.3B
Other Current Liabilities	$14.5B -7.8%	$15.7B -0.5%	$15.8B
Total Current Liabilities	$28.3B -0.3%	$28.4B 10.6%	$25.7B
Long Term Debt	$46.8B 35.7%	$34.5B 2.3%	$33.7B
Deferred Tax Liabilities	$1.4B 3.7%	$1.4B 59.2%	$871.0M
Other Noncurrent Liabilities	$7.7B 18.9%	$6.5B -26.5%	$8.8B
Total Liabilities	$28.3B -0.3%	$28.4B 10.6%	$25.7B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$1.8B 0.0%	$1.8B 0.0%	$1.8B
Additional Paid In Capital	$45.0B 0.7%	$44.7B 0.4%	$44.5B
Retained Earnings	$73.1B 15.9%	$63.1B 17.0%	$53.9B
Treasury Stock	$5.1B 289.3%	$1.3B -3.0%	$1.3B
Accumulated Other Comprehensive Income	$-4.3B 13.3%	$-4.9B 4.2%	$-5.2B
Noncontrolling Interest	$56.0M -5.1%	$59.0M 9.3%	$54.0M
Total Stockholders Equity	$52.6B 13.6%	$46.3B 23.2%	$37.6B
Total Liabilitiesand Equity	$136.9B 16.9%	$117.1B 9.8%	$106.7B

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $65.0B

Operating income $18.3B

Net income $18.3B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$65.0B 1.3%	$64.2B 6.7%	$60.1B
Expenses Cost of Revenue	$16.4B 7.8%	$15.2B -5.8%	$16.1B
Expenses Research and Development	$15.8B -12.0%	$17.9B -41.2%	$30.5B
Expenses Selling,General and Administrative	$10.7B -0.8%	$10.8B 3.0%	$10.5B
Expenses Depreciation and Amortization	$2.8B 16.7%	$2.4B 20.0%	$2.0B
Expenses Share Based Compensation	$820.0M 7.8%	$761.0M 18.0%	$645.0M
Expenses Restructuring and Asset Impairment	$889.0M 187.7%	$309.0M -48.4%	$599.0M
Other Income Expense Operating Income	$18.3B 6.6%	$17.1B 4589.6%	$365.0M
Other Income Expense Interest Income	$343.0M -17.3%	$415.0M 13.7%	$365.0M
Other Income Expense Interest Expense	$1.4B 6.8%	$1.3B 10.9%	$1.1B
Other Income Expense Other Income/expense	$-151.0M -729.2%	$24.0M 105.2%	$-466.0M
Other Income Expense Income Before Tax	$21.1B 5.7%	$19.9B 955.4%	$1.9B
Income Tax Income Tax Expense	$2.8B 0.0%	$2.8B 85.4%	$1.5B
net Income net Income	$18.3B 6.6%	$17.1B 4589.6%	$365.0M
net Income Comprehensive Income	$18.9B 9.1%	$17.3B 62003.6%	$-28.0M
Earnings Per Share Basic Eps	$7 8.0%	$7 4728.6%	$0
Earnings Per Share Diluted Eps	$7 8.0%	$7 4714.3%	$0
Earnings Per Share Weighted Average Shares Basic	$2.5B -1.2%	$2.5B -0.2%	$2.5B
Earnings Per Share Weighted Average Shares Diluted	$2.5B -1.3%	$2.5B -0.2%	$2.5B

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $16.5B

Investing cash flow $-13.7B

Financing cash flow $-1.9B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$18.3B 6.6%	$17.1B 4589.6%	$365.0M
Operating Activities Depreciation and Amortization	$3.0B 44.7%	$2.1B 15.1%	$1.8B
Operating Activities Stock Based Compensation	$820.0M 7.8%	$761.0M 18.0%	$645.0M
Operating Activities Deferred Income Taxes	$-1.7B -33.8%	$-1.2B 34.2%	$-1.9B
Operating Activities Changes In Operating Assets and Liabilities	$429.0M 134.3%	$-1.2B -133.3%	$3.7B
Operating Activities Other Non Cash Items	$195.0M 498.0%	$-49.0M -110.7%	$456.0M
Operating Activities net Cash From Operating Activities	$16.5B -23.3%	$21.5B 65.1%	$13.0B
Investing Activities Capital Expenditures	$4.1B 21.9%	$3.4B -12.7%	$3.9B
Investing Activities Business Acquisitions	$10.0B	$0	$0
Investing Activities Purchases of Investments	$1.2B 132.6%	$519.0M -45.7%	$955.0M
Investing Activities Other Investing Activities	$58.0M -54.3%	$127.0M 252.8%	$36.0M
Investing Activities net Cash From Investing Activities	$-13.7B -77.7%	$-7.7B 45.1%	$-14.1B
Financing Activities Repayment of Debt	$2.5B 94.0%	$1.3B -26.5%	$1.8B
Financing Activities Repurchase of Common Stock	$5.1B 289.3%	$1.3B -3.0%	$1.3B
Financing Activities Dividends Paid	$8.2B 4.3%	$7.8B 5.3%	$7.4B
Financing Activities Proceeds From Stock Issuance	$92.0M -48.0%	$177.0M 41.6%	$125.0M
Financing Activities Other Financing Activities	$-131.0M 64.8%	$-372.0M -13.4%	$-328.0M
Financing Activities net Cash From Financing Activities	$-1.9B 72.7%	$-7.0B -46.2%	$-4.8B
Cash Reconciliation Effect of Exchange Rate On Cash	$563.0M 292.2%	$-293.0M -1373.9%	$23.0M
Cash Reconciliation net Change In Cash	$1.4B -78.6%	$6.4B 209.3%	$-5.9B
Cash Reconciliation Cash At Beginning of Period	$14.7B 10.3%	$13.3B 92.8%	$6.9B
Cash Reconciliation Cash At End of Period	$14.7B 10.3%	$13.3B 92.8%	$6.9B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+74.8%	+76.3%	+73.2%
Operating margin	+28.1%	+26.7%	+0.6%
Net margin	+28.1%	+26.7%	+0.6%
FCF margin	+19.0%	+28.2%	+15.2%
Growth
Revenue CAGR (3y)	+3.1%	+9.6%	+13.1%
Returns
ROE	+34.7%	+37.0%	+1.0%
ROA	+13.3%	+14.6%	+0.3%
ROIC	+18.1%	+21.0%	+0.1%
Liquidity
Current ratio	1.54x	1.36x	1.25x
Quick ratio	0.93x	0.83x	0.67x
Leverage
D/E	0.54x	0.61x	0.68x
Interest coverage	13.45x	13.47x	0.32x
Efficiency
Asset turnover	0.47x	0.55x	0.56x
Cash conversion cycle	+116d	+107d	+118d

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FY2025 fundamentals · no price

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Merck & Co.

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