Merck & Co., Inc.
NYSE:MRK · New York Stock Exchange
-$1.32 today
Vol 12.17M · Avg 11.85M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Stock Ticker Earnings Waterfall
NYSE:MRK · Revenue to Net Income
Key Ratios
Analysis
$65.6B of revenue converted into $8.9B of net income for the selected period. Gross margin is 75.9% and net margin is 13.5%, showing how much revenue survives after costs and taxes. EPS is $3.55, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $64.9B +1.2% | $64.2B +6.7% | $60.1B +1.4% | $59.3B +21.7% | $48.7B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $18.2B +19.8% | $15.2B -5.8% | $16.1B -7.4% | $17.4B +27.8% | $13.6B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $46.7B -4.6% | $49.0B +11.3% | $44.0B +5.1% | $41.9B +19.4% | $35.1B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 72.0% -4.3pp | 76.3% +3.1pp | 73.2% +2.5pp | 70.6% -1.4pp | 72.0% | 9.8% | 28.9% | 38.3% |
| Research & Development | $12.5B -30.2% | $17.9B -41.2% | $30.5B +125.4% | $13.5B +10.6% | $12.2B | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $10.7B +6.2% | $10.1B +2.2% | $9.9B +2.2% | $9.7B +2.8% | $9.4B | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $23.2B -19.2% | $28.8B -29.9% | $41.0B +74.0% | $23.6B +7.8% | $21.9B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $5.8B +29.8% | $4.5B +16.2% | $3.9B -0.9% | $3.9B +21.6% | $3.2B | $374.2M | $1.2B | $631.8M |
| EBITDA | $28.3B +9.9% | $25.7B +272.2% | $6.9B -67.6% | $21.3B +19.1% | $17.9B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 43.5% +3.5pp | 40.1% +28.6pp | 11.5% -24.5pp | 36.0% -0.8pp | 36.8% | 5.6% | 46.3% | 42.0% |
| Operating Income | $23.5B +16.1% | $20.2B +584.5% | $3.0B -83.8% | $18.3B +38.5% | $13.2B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 36.2% +4.7pp | 31.5% +26.6pp | 4.9% -25.9pp | 30.8% +3.7pp | 27.1% | 16.6% | 24.1% | 22.0% |
| Interest Income | $343.0M -17.3% | $415.0M +13.7% | $365.0M +132.5% | $157.0M +336.1% | $36.0M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $1.4B +6.8% | $1.3B +10.9% | $1.1B +19.1% | $962.0M +19.4% | $806.0M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$2.4B -748.8% | -$285.0M +73.2% | -$1.1B +42.1% | -$1.8B -370.3% | $680.0M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $21.1B +5.7% | $19.9B +955.4% | $1.9B -88.5% | $16.4B +18.5% | $13.9B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 32.4% +1.4pp | 31.1% +27.9pp | 3.1% -24.6pp | 27.7% -0.8pp | 28.5% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $2.8B +0.0% | $2.8B +85.4% | $1.5B -21.2% | $1.9B +26.1% | $1.5B | $1.3B | -$1.6B | $745.2M |
| Net Income | $18.3B +6.6% | $17.1B +4589.6% | $365.0M -97.5% | $14.5B +11.3% | $13.0B | $4.9B | $4.8B | $4.7B |
| Net Margin | 28.1% +1.4pp | 26.7% +26.1pp | 0.6% -23.9pp | 24.5% -2.3pp | 26.8% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $7 +8.0% | $7 +4728.6% | $0 -97.6% | $6 +11.0% | $5 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $7 +8.0% | $7 +4714.3% | $0 -97.5% | $6 +11.1% | $5 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $2.5B -1.2% | $2.5B -2.9% | $2.6B +3.0% | $2.5B +0.1% | $2.5B | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $2.5B -1.3% | $2.5B -0.2% | $2.5B +0.2% | $2.5B +0.2% | $2.5B | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Novartis AG
NYSE:NVS
$281.44B
AstraZeneca PLC
NYSE:AZN
$271.19B
Novo Nordisk A/S
NYSE:NVO
$191.33B
Amgen Inc.
NASDAQ:AMGN
$180.82B
Thermo Fisher Scientific Inc.
NYSE:TMO
$172.99B
Abbott Laboratories
NYSE:ABT
$153.34B
Gilead Sciences, Inc.
NASDAQ:GILD
$152.51B
Pfizer Inc.
NYSE:PFE
$143.80B
GSK plc
NYSE:GSK
$101.97B
Sanofi
NASDAQ:SNY
$101.45B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does MRK generate?
Merck & Co., Inc. (MRK) reported $64.93B of revenue in fiscal 2025.
Is MRK profitable?
Merck & Co., Inc. (MRK) reported $18.25B of net income, with a net margin of 28.1%.
Explore More
Continue the stock analysis
Jump to another research area for this company.