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 · 5 years

Total assets $136.9B

Total liabilities $28.3B

Shareholders equity $52.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	22.4%	20.6%	11.4%	21.4%	16.6%
Short Term Investments	2.1%	1.4%	1.3%	0.8%	3.4%
Accounts Receivable	18.1%	16.0%	17.2%	15.9%	19.0%
Inventory	10.2%	9.5%	10.6%	10.0%	12.2%
Prepaid Expenses	16.2%	13.6%	13.9%	12.1%	14.3%
Other Current Assets	16.2%	13.6%	13.9%	12.1%	14.3%
Total Current Assets	66.9%	60.4%	53.5%	60.3%	62.1%
Property,Plant and Equipment	38.9%	37.1%	38.3%	36.1%	39.6%
Goodwill	33.2%	33.8%	35.3%	35.8%	43.7%
Intangible Assets	41.0%	25.5%	30.0%	34.2%	47.1%
Other Noncurrent Assets	28.9%	25.0%	20.0%	5.0%	4.5%
Total Assets	210.5%	182.5%	177.5%	184.1%	217.0%
Liabilities
Accounts Payable	6.8%	6.4%	6.5%	7.2%	9.5%
Accrued Liabilities	10.6%	9.3%	7.7%	6.5%	6.1%
Current Portion of Long Term Debt	4.0%	3.9%	2.2%	2.9%	4.7%
Other Current Liabilities	22.3%	24.5%	26.2%	23.9%	28.5%
Total Current Liabilities	43.6%	44.3%	42.7%	40.9%	49.0%
Long Term Debt	71.9%	53.7%	56.0%	48.5%	63.0%
Deferred Tax Liabilities	2.2%	2.2%	1.4%	3.0%	7.1%
Other Noncurrent Liabilities	11.8%	10.1%	14.6%	14.0%	19.4%
Total Liabilities	43.6%	44.3%	42.7%	40.9%	49.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	2.8%	2.8%	3.0%	3.0%	3.7%
Additional Paid In Capital	69.3%	69.7%	74.0%	74.9%	90.8%
Retained Earnings	112.4%	98.3%	89.7%	103.0%	110.2%
Treasury Stock	7.8%	2.0%	2.2%	95.3%	1.7%
Accumulated Other Comprehensive Income	-6.6%	-7.7%	-8.6%	-8.0%	-9.1%
Noncontrolling Interest	0.1%	0.1%	0.1%	0.1%	0.1%
Total Stockholders Equity	80.9%	72.2%	62.5%	77.6%	78.4%
Total Liabilitiesand Equity	210.5%	182.5%	177.5%	184.1%	217.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $65.0B

Operating income $18.3B

Net income $18.3B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	25.2%	23.7%	26.8%	29.4%	28.0%
Expenses Research and Development	24.3%	28.0%	50.8%	22.9%	25.1%
Expenses Selling,General and Administrative	16.5%	16.9%	17.5%	16.9%	19.8%
Expenses Depreciation and Amortization	4.3%	3.7%	3.3%	3.5%	3.3%
Expenses Share Based Compensation	1.3%	1.2%	1.1%	0.9%	1.0%
Expenses Restructuring and Asset Impairment	1.4%	0.5%	1.0%	0.6%	1.4%
Other Income Expense Operating Income	28.1%	26.7%	0.6%	24.5%	25.3%
Other Income Expense Interest Income	0.5%	0.6%	0.6%	0.3%	0.1%
Other Income Expense Interest Expense	2.1%	2.0%	1.9%	1.6%	1.7%
Other Income Expense Other Income/expense	-0.2%	0.0%	-0.8%	-2.5%	2.8%
Other Income Expense Income Before Tax	32.4%	31.1%	3.1%	27.7%	28.5%
Income Tax Income Tax Expense	4.3%	4.4%	2.5%	3.2%	3.1%
net Income net Income	28.1%	26.7%	0.6%	24.5%	26.8%
net Income Comprehensive Income	29.1%	27.0%	-0.0%	23.9%	30.4%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	3.8%	3.9%	4.2%	4.3%	5.2%
Earnings Per Share Weighted Average Shares Diluted	3.9%	4.0%	4.2%	4.3%	5.2%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $16.5B

Investing cash flow $-13.7B

Financing cash flow $-1.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	28.1%	26.7%	0.6%	24.5%	26.8%
Operating Activities Depreciation and Amortization	4.7%	3.3%	3.0%	3.1%	3.2%
Operating Activities Stock Based Compensation	1.3%	1.2%	1.1%	0.9%	1.0%
Operating Activities Deferred Income Taxes	-2.6%	-1.9%	-3.2%	-2.6%	0.4%
Operating Activities Changes In Operating Assets and Liabilities	0.7%	-1.9%	6.2%	1.3%	6.1%
Operating Activities Other Non Cash Items	0.3%	-0.1%	0.8%	-0.9%	1.0%
Operating Activities net Cash From Operating Activities	25.3%	33.5%	21.6%	32.2%	—
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%
Investing Activities Purchases of Investments	1.9%	0.8%	1.6%	2.0%	0.0%
Investing Activities Other Investing Activities	0.1%	0.2%	0.1%	0.2%	0.2%
Investing Activities net Cash From Investing Activities	-21.1%	-12.1%	-23.4%	-8.4%	—
Financing Activities Repayment of Debt	3.9%	2.0%	2.9%	3.8%	4.8%
Financing Activities Repurchase of Common Stock	7.8%	2.0%	2.2%	0.0%	1.7%
Financing Activities Dividends Paid	12.6%	12.2%	12.4%	11.8%	13.6%
Financing Activities Proceeds From Stock Issuance	0.1%	0.3%	0.2%	0.6%	0.4%
Financing Activities Other Financing Activities	-0.2%	-0.6%	-0.5%	-0.4%	-0.6%
Financing Activities net Cash From Financing Activities	-3.0%	-11.0%	-8.0%	-15.4%	—
Cash Reconciliation Effect of Exchange Rate On Cash	0.9%	-0.5%	0.0%	-0.7%	-0.3%
Cash Reconciliation net Change In Cash	2.1%	10.0%	-9.8%	7.8%	0.0%
Cash Reconciliation Cash At Beginning of Period	22.6%	20.8%	11.5%	21.5%	16.8%
Cash Reconciliation Cash At End of Period	22.6%	20.8%	11.5%	21.5%	16.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+74.8%	+76.3%	+73.2%	+70.6%	+72.0%
Operating margin	+28.1%	+26.7%	+0.6%	+24.5%	+25.3%
Net margin	+28.1%	+26.7%	+0.6%	+24.5%	+26.8%
FCF margin	+19.0%	+28.2%	+15.2%	+24.8%	—
Growth
Revenue CAGR (3y)	+3.1%	+9.6%	+13.1%	+14.9%	+4.8%
Returns
ROE	+34.7%	+37.0%	+1.0%	+31.6%	+34.2%
ROA	+13.3%	+14.6%	+0.3%	+13.3%	+12.3%
ROIC	+18.1%	+21.0%	+0.1%	+20.1%	+17.4%
Liquidity
Current ratio	1.54x	1.36x	1.25x	1.47x	1.27x
Quick ratio	0.93x	0.83x	0.67x	0.91x	0.73x
Leverage
D/E	0.54x	0.61x	0.68x	0.53x	0.63x
Interest coverage	13.45x	13.47x	0.32x	15.09x	15.32x
Efficiency
Asset turnover	0.47x	0.55x	0.56x	0.54x	0.46x
Cash conversion cycle	+116d	+107d	+118d	+93d	+105d

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FY2025 fundamentals · no price

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Merck & Co.

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