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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $136.9B

Total liabilities $28.3B

Shareholders equity $52.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	22.4%	20.6%	11.4%	21.4%	16.6%	19.4%	24.7%	18.8%	15.2%	16.4%
Short Term Investments	2.1%	1.4%	1.3%	0.8%	3.4%	4.3%	2.1%	1.1%	0.0%	0.0%
Accounts Receivable	18.1%	16.0%	17.2%	15.9%	19.0%	18.9%	17.3%	16.7%	17.1%	17.6%
Inventory	10.2%	9.5%	10.6%	10.0%	12.2%	15.2%	15.3%	12.9%	12.7%	12.2%
Prepaid Expenses	16.2%	13.6%	13.9%	12.1%	14.3%	13.3%	10.9%	10.6%	10.7%	11.0%
Other Current Assets	16.2%	13.6%	13.9%	12.1%	14.3%	13.3%	10.9%	10.6%	10.7%	11.0%
Total Current Assets	66.9%	60.4%	53.5%	60.3%	62.1%	66.9%	70.3%	61.2%	61.7%	76.9%
Property,Plant and Equipment	38.9%	37.1%	38.3%	36.1%	39.6%	40.9%	38.5%	31.4%	31.0%	30.2%
Goodwill	33.2%	33.8%	35.3%	35.8%	43.7%	45.5%	49.7%	43.2%	45.6%	45.6%
Intangible Assets	41.0%	25.5%	30.0%	34.2%	47.1%	35.2%	36.3%	27.0%	35.3%	43.5%
Other Noncurrent Assets	28.9%	25.0%	20.0%	5.0%	4.5%	5.3%	3.8%	3.4%	3.0%	4.6%
Total Assets	210.5%	182.5%	177.5%	184.1%	217.0%	220.6%	215.7%	195.4%	219.0%	239.6%
Liabilities
Accounts Payable	6.8%	6.4%	6.5%	7.2%	9.5%	11.1%	9.6%	7.8%	7.7%	7.1%
Accrued Liabilities	10.6%	9.3%	7.7%	6.5%	6.1%	7.8%	5.9%	8.1%	5.1%	8.9%
Current Portion of Long Term Debt	4.0%	3.9%	2.2%	2.9%	4.7%	5.5%	4.9%	12.6%	7.5%	0.8%
Other Current Liabilities	22.3%	24.5%	26.2%	23.9%	28.5%	31.4%	32.1%	24.0%	26.0%	25.8%
Total Current Liabilities	43.6%	44.3%	42.7%	40.9%	49.0%	65.8%	56.8%	52.5%	46.4%	43.2%
Long Term Debt	71.9%	53.7%	56.0%	48.5%	63.0%	61.1%	58.1%	46.8%	53.2%	61.0%
Deferred Tax Liabilities	2.2%	2.2%	1.4%	3.0%	7.1%	2.4%	3.8%	4.0%	5.5%	18.9%
Other Noncurrent Liabilities	11.8%	10.1%	14.6%	14.0%	19.4%	30.1%	30.6%	28.5%	27.7%	21.4%
Total Liabilities	43.6%	44.3%	42.7%	40.9%	49.0%	65.8%	56.8%	52.5%	46.4%	43.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	2.8%	2.8%	3.0%	3.0%	3.7%	4.3%	4.6%	4.2%	4.5%	4.5%
Additional Paid In Capital	69.3%	69.7%	74.0%	74.9%	90.8%	95.4%	101.4%	91.8%	99.5%	100.3%
Retained Earnings	112.4%	98.3%	89.7%	103.0%	110.2%	114.1%	119.1%	100.7%	103.1%	110.9%
Treasury Stock	7.8%	2.0%	2.2%	95.3%	1.7%	136.8%	143.0%	120.4%	109.2%	101.9%
Accumulated Other Comprehensive Income	-6.6%	-7.7%	-8.6%	-8.0%	-9.1%	-16.0%	-15.8%	-13.1%	-12.2%	-13.1%
Noncontrolling Interest	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.4%	0.6%	0.6%
Total Stockholders Equity	80.9%	72.2%	62.5%	77.6%	78.4%	61.0%	66.2%	63.1%	85.6%	100.7%
Total Liabilitiesand Equity	210.5%	182.5%	177.5%	184.1%	217.0%	220.6%	215.7%	195.4%	219.0%	239.6%

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $65.0B

Operating income $18.3B

Net income $18.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	25.2%	23.7%	26.8%	29.4%	28.0%	32.8%	30.7%	31.9%	32.2%	35.2%
Expenses Research and Development	24.3%	28.0%	50.8%	22.9%	25.1%	32.3%	24.9%	23.1%	25.8%	25.8%
Expenses Selling,General and Administrative	16.5%	16.9%	17.5%	16.9%	19.8%	21.6%	24.2%	23.9%	25.1%	25.2%
Expenses Depreciation and Amortization	4.3%	3.7%	3.3%	3.5%	3.3%	4.3%	9.3%	10.7%	11.7%	13.7%
Expenses Share Based Compensation	1.3%	1.2%	1.1%	0.9%	1.0%	1.1%	1.0%	0.8%	0.8%	0.8%
Expenses Restructuring and Asset Impairment	1.4%	0.5%	1.0%	0.6%	1.4%	1.4%	1.6%	1.5%	1.9%	1.6%
Other Income Expense Operating Income	28.1%	26.7%	0.6%	24.5%	25.3%	10.9%	14.5%	14.7%	6.0%	9.8%
Other Income Expense Interest Income	0.5%	0.6%	0.6%	0.3%	0.1%	0.1%	0.7%	0.8%	1.0%	0.8%
Other Income Expense Interest Expense	2.1%	2.0%	1.9%	1.6%	1.7%	2.0%	2.3%	1.8%	1.9%	1.7%
Other Income Expense Other Income/expense	-0.2%	0.0%	-0.8%	-2.5%	2.8%	2.1%	-0.3%	1.0%	1.2%	-0.5%
Other Income Expense Income Before Tax	32.4%	31.1%	3.1%	27.7%	28.5%	14.1%	18.3%	20.6%	16.3%	11.7%
Income Tax Income Tax Expense	4.3%	4.4%	2.5%	3.2%	3.1%	3.2%	4.0%	5.9%	10.2%	1.8%
net Income net Income	28.1%	26.7%	0.6%	24.5%	26.8%	17.0%	25.2%	14.7%	6.0%	9.8%
net Income Comprehensive Income	29.1%	27.0%	-0.0%	23.9%	30.4%	16.0%	23.5%	13.9%	6.8%	7.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.8%	3.9%	4.2%	4.3%	5.2%	6.1%	6.6%	6.3%	6.8%	6.9%
Earnings Per Share Weighted Average Shares Diluted	3.9%	4.0%	4.2%	4.3%	5.2%	6.1%	6.6%	6.3%	6.8%	7.0%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $16.5B

Investing cash flow $-13.7B

Financing cash flow $-1.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	28.1%	26.7%	0.6%	24.5%	26.8%	17.0%	25.2%	14.7%	6.0%	9.8%
Operating Activities Depreciation and Amortization	4.7%	3.3%	3.0%	3.1%	3.2%	4.0%	9.3%	10.7%	11.7%	13.7%
Operating Activities Stock Based Compensation	1.3%	1.2%	1.1%	0.9%	1.0%	1.1%	1.0%	0.8%	0.8%	0.8%
Operating Activities Deferred Income Taxes	-2.6%	-1.9%	-3.2%	-2.6%	0.4%	-1.4%	-1.4%	-1.2%	-6.5%	-3.8%
Operating Activities Changes In Operating Assets and Liabilities	0.7%	-1.9%	6.2%	1.3%	6.1%	1.8%	2.0%	2.3%	-2.7%	-4.0%
Operating Activities Other Non Cash Items	0.3%	-0.1%	0.8%	-0.9%	1.0%	-1.5%	-1.9%	-0.6%	-0.3%	-2.0%
Operating Activities net Cash From Operating Activities	25.3%	33.5%	21.6%	32.2%	—	24.7%	34.4%	25.8%	16.1%	26.1%
Investing Activities Capital Expenditures	6.3%	5.3%	6.4%	7.4%	9.1%	—	—	—	—	—
Investing Activities Business Acquisitions	15.4%	0.0%	0.0%	0.0%	0.4%	3.3%	0.8%	1.0%	1.0%	2.0%
Investing Activities Purchases of Investments	1.9%	0.8%	1.6%	2.0%	0.0%	0.2%	8.2%	18.9%	26.8%	39.3%
Investing Activities Other Investing Activities	0.1%	0.2%	0.1%	0.2%	0.2%	-0.3%	-1.0%	-0.2%	-0.1%	-1.2%
Investing Activities net Cash From Investing Activities	-21.1%	-12.1%	-23.4%	-8.4%	—	-22.7%	-6.7%	10.2%	6.7%	-8.1%
Financing Activities Repayment of Debt	3.9%	2.0%	2.9%	3.8%	4.8%	4.7%	0.0%	10.1%	2.7%	6.0%
Financing Activities Repurchase of Common Stock	7.8%	2.0%	2.2%	0.0%	1.7%	3.1%	12.2%	21.5%	10.0%	8.6%
Financing Activities Dividends Paid	12.6%	12.2%	12.4%	11.8%	13.6%	15.0%	14.6%	12.2%	12.9%	12.9%
Financing Activities Proceeds From Stock Issuance	0.1%	0.3%	0.2%	0.6%	0.4%	0.2%	0.9%	1.4%	1.2%	2.4%
Financing Activities Other Financing Activities	-0.2%	-0.6%	-0.5%	-0.4%	-0.6%	-1.1%	0.0%	-0.8%	-0.5%	-0.3%
Financing Activities net Cash From Financing Activities	-3.0%	-11.0%	-8.0%	-15.4%	—	-6.8%	-22.7%	-31.1%	-24.9%	-22.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.9%	-0.5%	0.0%	-0.7%	-0.3%	0.6%	0.0%	-0.5%	1.1%	-0.3%
Cash Reconciliation net Change In Cash	2.1%	10.0%	-9.8%	7.8%	0.0%	-4.3%	5.0%	4.4%	-1.0%	-5.0%
Cash Reconciliation Cash At Beginning of Period	22.6%	20.8%	11.5%	21.5%	16.8%	19.6%	25.4%	18.8%	15.2%	16.4%
Cash Reconciliation Cash At End of Period	22.6%	20.8%	11.5%	21.5%	16.8%	19.6%	25.4%	18.8%	15.2%	16.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+74.8%	+76.3%	+73.2%	+70.6%	+72.0%	+67.2%	+69.3%	+68.1%	+67.8%	+64.8%
Operating margin	+28.1%	+26.7%	+0.6%	+24.5%	+25.3%	+10.9%	+14.5%	+14.7%	+6.0%	+9.8%
Net margin	+28.1%	+26.7%	+0.6%	+24.5%	+26.8%	+17.0%	+25.2%	+14.7%	+6.0%	+9.8%
FCF margin	+19.0%	+28.2%	+15.2%	+24.8%	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	+3.1%	+9.6%	+13.1%	+14.9%	+4.8%	+1.1%	-0.6%	+2.3%	-1.7%	-3.3%
Returns
ROE	+34.7%	+37.0%	+1.0%	+31.6%	+34.2%	+27.9%	+38.0%	+23.3%	+7.0%	+9.8%
ROA	+13.3%	+14.6%	+0.3%	+13.3%	+12.3%	+7.7%	+11.7%	+7.5%	+2.7%	+4.1%
ROIC	+18.1%	+21.0%	+0.1%	+20.1%	+17.4%	+7.8%	+10.9%	+10.1%	+1.7%	+5.7%
Liquidity
Current ratio	1.54x	1.36x	1.25x	1.47x	1.27x	1.02x	1.24x	1.17x	1.33x	1.78x
Quick ratio	0.93x	0.83x	0.67x	0.91x	0.73x	0.58x	0.74x	0.68x	0.70x	0.79x
Leverage
D/E	0.54x	0.61x	0.68x	0.53x	0.63x	1.08x	0.86x	0.83x	0.54x	0.43x
Interest coverage	13.45x	13.47x	0.32x	15.09x	15.32x	5.44x	6.37x	8.06x	3.18x	5.66x
Efficiency
Asset turnover	0.47x	0.55x	0.56x	0.54x	0.46x	0.45x	0.46x	0.51x	0.46x	0.42x
Cash conversion cycle	+116d	+107d	+118d	+93d	+105d	+115d	+131d	+118d	+119d	+118d

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