Merck & Co., Inc.
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MRK Q4 2025 request
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Pick an endpoint and run the request.Income Statement
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 16,400 | 15,624 | +5.0% |
Show Product Lines breakouts |
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| Adempas · Bayer AG | 83 | 73 | +13.7% |
| Adempas · Pharmaceutical segment [Member] | 83 | 73 | +13.7% |
| Adempas · Pharmaceutical segment [Member] | 83 | 73 | +13.7% |
| Alliance revenue - Adempas/Verquvo · Pharmaceutical segment [Member] | 113 | 105 | +7.6% |
| Alliance revenue - Adempas/Verquvo · Pharmaceutical segment [Member] | 17 | 5 | +240.0% |
| Alliance revenue - Adempas/Verquvo · Pharmaceutical segment [Member] | 130 | 109 | +19.3% |
| Alliance revenue - Lenvima · Pharmaceutical segment [Member] | 192 | 182 | +5.5% |
| Alliance revenue - Lenvima · Pharmaceutical segment [Member] | 80 | 72 | +11.1% |
| Alliance revenue - Lenvima · Pharmaceutical segment [Member] | 272 | 255 | +6.7% |
| Alliance revenue - Lynparza · Pharmaceutical segment [Member] | 180 | 177 | +1.7% |
| Alliance revenue - Lynparza · Pharmaceutical segment [Member] | 209 | 187 | +11.8% |
| Alliance revenue - Lynparza · Pharmaceutical segment [Member] | 389 | 364 | +6.9% |
| Alliance revenue - Reblozyl · Pharmaceutical segment [Member] | 133 | 88 | +51.1% |
| Alliance revenue - Reblozyl · Pharmaceutical segment [Member] | 31 | 23 | +34.8% |
| Alliance revenue - Reblozyl · Pharmaceutical segment [Member] | 164 | 110 | +49.1% |
| Belsomra · Pharmaceutical segment [Member] | 23 | 19 | +21.1% |
| Belsomra · Pharmaceutical segment [Member] | 27 | 26 | +3.8% |
| Belsomra · Pharmaceutical segment [Member] | 49 | 45 | +8.9% |
| Bridion · Pharmaceutical segment [Member] | 450 | 381 | +18.1% |
| Bridion · Pharmaceutical segment [Member] | 48 | 67 | -28.4% |
| Bridion · Pharmaceutical segment [Member] | 500 | 449 | +11.4% |
| Capvaxive · Pharmaceutical segment [Member] | 257 | 49 | +424.5% |
| Capvaxive · Pharmaceutical segment [Member] | 279 | 50 | +458.0% |
| Delstrigo · Pharmaceutical segment [Member] | 14 | 14 | 0.0% |
| Delstrigo · Pharmaceutical segment [Member] | 65 | 54 | +20.4% |
| Delstrigo · Pharmaceutical segment [Member] | 78 | 69 | +13.0% |
| Dificid · Pharmaceutical segment [Member] | 17 | 72 | -76.4% |
| Dificid · Pharmaceutical segment [Member] | 8 | 7 | +14.3% |
| Dificid · Pharmaceutical segment [Member] | 25 | 79 | -68.4% |
| Gardasil/Gardasil 9 · Pharmaceutical segment [Member] | 406 | 380 | +6.8% |
| Gardasil/Gardasil 9 · Pharmaceutical segment [Member] | 625 | 1,170 | -46.6% |
| Gardasil/Gardasil 9 · Pharmaceutical segment [Member] | 1,031 | 1,551 | -33.5% |
| Isentress/Isentress HD · Pharmaceutical segment [Member] | 37 | 38 | -2.6% |
| Isentress/Isentress HD · Pharmaceutical segment [Member] | 30 | 54 | -44.4% |
| Isentress/Isentress HD · Pharmaceutical segment [Member] | 67 | 92 | -27.2% |
| Janumet · Pharmaceutical segment [Member] | 58 | 91 | -36.3% |
| Janumet · Pharmaceutical segment [Member] | 142 | 164 | -13.4% |
| Janumet · Pharmaceutical segment [Member] | 199 | 256 | -22.3% |
| Januvia · Pharmaceutical segment [Member] | 180 | 41 | +339.0% |
| Januvia · Pharmaceutical segment [Member] | 122 | 191 | -36.1% |
| Januvia · Pharmaceutical segment [Member] | 302 | 232 | +30.2% |
| Keytruda · Pharmaceutical segment [Member] | 4,893 | 4,841 | +1.1% |
| Keytruda · Pharmaceutical segment [Member] | 3,445 | 2,996 | +15.0% |
| Keytruda · Pharmaceutical segment [Member] | 8,338 | 7,836 | +6.4% |
| Lagevrio · Pharmaceutical segment [Member] | 11 | 32 | -65.6% |
| Lagevrio · Pharmaceutical segment [Member] | 45 | 88 | -48.9% |
| Lagevrio · Pharmaceutical segment [Member] | 57 | 121 | -52.9% |
| Lagevrio · Ridgeback Biotherapeutics LP | 57 | 121 | -52.9% |
| Livestock · Animal Health | 209 | 203 | +3.0% |
| Livestock · Animal Health | 777 | 685 | +13.4% |
| Livestock · Animal Health | 987 | 889 | +11.0% |
| Other pharmaceutical · Pharmaceutical segment [Member] | 118 | 119 | -0.8% |
| Other pharmaceutical · Pharmaceutical segment [Member] | 531 | 587 | -9.5% |
| Other pharmaceutical · Pharmaceutical segment [Member] | 649 | 700 | -7.3% |
| Pifeltro · Pharmaceutical segment [Member] | 25 | 27 | -7.4% |
| Pifeltro · Pharmaceutical segment [Member] | 16 | 13 | +23.1% |
| Pifeltro · Pharmaceutical segment [Member] | 43 | 40 | +7.5% |
| Pneumovax 23 · Pharmaceutical segment [Member] | 8 | 20 | -60.0% |
| Pneumovax 23 · Pharmaceutical segment [Member] | 35 | 55 | -36.4% |
| Pneumovax 23 · Pharmaceutical segment [Member] | 42 | 75 | -44.0% |
| Prevymis · Pharmaceutical segment [Member] | 130 | 106 | +22.6% |
| Prevymis · Pharmaceutical segment [Member] | 146 | 109 | +33.9% |
| Prevymis · Pharmaceutical segment [Member] | 276 | 215 | +28.4% |
| ProQuad/M-M-R II/Varivax · Pharmaceutical segment [Member] | 428 | 419 | +2.1% |
| ProQuad/M-M-R II/Varivax · Pharmaceutical segment [Member] | 192 | 175 | +9.7% |
| ProQuad/M-M-R II/Varivax · Pharmaceutical segment [Member] | 619 | 594 | +4.2% |
| RotaTeq · Pharmaceutical segment [Member] | 60 | 84 | -28.6% |
| RotaTeq · Pharmaceutical segment [Member] | 59 | 54 | +9.3% |
| RotaTeq · Pharmaceutical segment [Member] | 119 | 139 | -14.4% |
| Vaxneuvance · Pharmaceutical segment [Member] | 50 | 64 | -21.9% |
| Vaxneuvance · Pharmaceutical segment [Member] | 90 | 96 | -6.2% |
| Vaxneuvance · Pharmaceutical segment [Member] | 140 | 161 | -13.0% |
| Verquvo · Bayer AG | 15 | 12 | +25.0% |
| Welireg · Pharmaceutical segment [Member] | 181 | 146 | +24.0% |
| Welireg · Pharmaceutical segment [Member] | 39 | 14 | +178.6% |
| Welireg · Pharmaceutical segment [Member] | 220 | 160 | +37.5% |
| Winrevair · Pharmaceutical segment [Member] | 432 | 192 | +125.0% |
| Winrevair · Pharmaceutical segment [Member] | 36 | 8 | +350.0% |
| Winrevair · Pharmaceutical segment [Member] | 467 | 200 | +133.5% |
| Zerbaxa · Pharmaceutical segment [Member] | 50 | 40 | +25.0% |
| Zerbaxa · Pharmaceutical segment [Member] | 37 | 29 | +27.6% |
| Zerbaxa · Pharmaceutical segment [Member] | 87 | 70 | +24.3% |
Show Business Segments breakouts |
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| Animal Health · Non Us | 1,056 | 953 | +10.8% |
| Animal Health · Operating Segments | 1,505 | 1,397 | +7.7% |
| Animal Health · US | 448 | 444 | +0.9% |
| Pharmaceutical segment [Member] · Non Us | 6,181 | 6,315 | -2.1% |
| Pharmaceutical segment [Member] · Operating Segments | 14,843 | 14,042 | +5.7% |
| Pharmaceutical segment [Member] · US | 8,662 | 7,727 | +12.1% |
Show Geography breakouts |
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| Asia Pacific | 745 | 764 | -2.5% |
| CN | 386 | 888 | -56.5% |
| EMEA | 3,791 | 3,380 | +12.2% |
| JP | 704 | 835 | -15.7% |
| Latin America | 854 | 868 | -1.6% |
| Non Us | 7,261 | 7,436 | -2.4% |
| Non Us · Corporate Non Segment | 24 | 168 | -85.7% |
| Non Us · Operating Segments | 7,237 | 7,268 | -0.4% |
| Other | 781 | 701 | +11.4% |
| US | 9,139 | 8,188 | +11.6% |
| US · Corporate Non Segment | 29 | 17 | +70.6% |
| US · Operating Segments | 9,110 | 8,171 | +11.5% |
Show Equity Components breakouts |
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| Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Foreign Exchange Contract | -71 | 21 | -438.1% |
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| Revenue | -878 | -887 | +1.0% |
| Revenue | 239 | 241 | -0.8% |
| Revenue | 405 | 399 | +1.5% |
| Revenue | 2,157 | 2,301 | -6.3% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 52 | 185 | -71.9% |
| Operating Segments | 16,348 | 15,439 | +5.9% |
Show Counterparty Name breakouts |
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| Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 228 | 194 | +17.5% |
| Cost of Revenue | 5,551 | 3,828 | +45.0% |
Show Business Segments breakouts |
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| Animal Health · Operating Segments | 681 | 631 | +7.9% |
| Pharmaceutical segment [Member] · Operating Segments | 1,841 | 1,509 | +22.0% |
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| AstraZeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 85 | 133 | -36.1% |
| Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 66 | 62 | +6.5% |
| Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 60 | 60 | 0.0% |
| Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 57 | 63 | -9.5% |
| Research & Development | 3,886 | 4,584 | -15.2% |
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| Animal Health · Operating Segments | 125 | 109 | +14.7% |
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| Research & Development | 103 | 103 | 0.0% |
| Research & Development | -241 | -242 | +0.4% |
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| Corporate Non Segment | 3,828 | 4,424 | -13.5% |
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| AstraZeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 5 | 20 | -75.0% |
| Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 1 | 20 | -95.0% |
| Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 145 | 124 | +16.9% |
| Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 1 | 3 | -66.7% |
| Selling, General & Administrative | 2,898 | 2,864 | +1.2% |
Show Business Segments breakouts |
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| Animal Health · Operating Segments | 303 | 293 | +3.4% |
| Pharmaceutical segment [Member] · Operating Segments | 1,547 | 1,666 | -7.1% |
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| Selling, General & Administrative | 8 | 5 | +60.0% |
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| AstraZeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 30 | 44 | -31.8% |
| Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 17 | 23 | -26.1% |
| Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 7 | 5 | +40.0% |
| Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 35 | 39 | -10.3% |
| Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 15 | 14 | +7.1% |
| Interest Expense | 411 | 328 | +25.3% |
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| Corporate Non Segment | 411 | 328 | +25.3% |
| Interest Income | 69 | 146 | -52.7% |
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| Corporate Non Segment | 69 | 146 | -52.7% |
| Other Non-Operating Income (Expense) | 432 | 127 | +240.2% |
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| Animal Health · Operating Segments | 0 | 2 | -100.0% |
| Pharmaceutical segment [Member] · Operating Segments | -295 | -163 | -81.0% |
| Income Before Taxes | 3,420 | 4,170 | -18.0% |
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| Animal Health · Operating Segments | 394 | 364 | +8.2% |
| Pharmaceutical segment [Member] · Operating Segments | 11,490 | 10,882 | +5.6% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 16 | 101 | -84.2% |
| Operating Segments | 11,884 | 11,246 | +5.7% |
| Income Tax Expense (Benefit) | 458 | 426 | +7.5% |
| Net Income | 2,962 | 3,744 | -20.9% |
| Net Income | 2,963 | 3,743 | -20.8% |
Show Equity Components breakouts |
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| Retained Earnings | 2,963 | 3,743 | -20.8% |
| Comprehensive Income | 3,878 | 4,169 | -7.0% |
| Other Comprehensive Income | 915 | 426 | +114.8% |
| EPS (Basic) | 1.21 | 1.48 | -18.2% |
| EPS (Diluted) | 1.2 | 1.48 | -18.9% |
| Wtd Avg Shares (Basic) | -7 | -2 | -250.0% |
| Wtd Avg Shares (Diluted) | -7 | -2 | -250.0% |
| Net Income Loss Attributable To Noncontrolling Interest | -1 | 1 | -200.0% |
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| Noncontrolling Interest | -1 | 1 | -200.0% |
| Net Income Loss Available To Common Stockholders Basic | 2,963 | 3,743 | -20.8% |
| Foreign Currency Transaction Gain Loss Before Tax | 99 | 50 | +98.0% |
| Income Loss From Equity Method Investments (Q) | — | — | — |
Show Business Segments breakouts |
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| Pharmaceutical segment [Member] · Operating Segments | 42 | 23 | +82.6% |
Show Consolidation Items breakouts |
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| Operating Segments | 42 | 23 | +82.6% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 14,565 | 13,242 | +10.0% |
| Accounts Receivable | 11,775 | 10,278 | +14.6% |
| Inventory | 6,658 | 6,109 | +9.0% |
| Total Current Assets | 43,516 | 38,782 | +12.2% |
Show Counterparty Name breakouts |
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| AstraZeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 451 | 424 | +6.4% |
| Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 167 | 160 | +4.4% |
| Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 15 | 8 | +87.5% |
| Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 271 | 257 | +5.4% |
| Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement | 27 | — | — |
| Non-Current Assets | |||
| Property, Plant & Equipment | 25,316 | 23,779 | +6.5% |
Show Geography breakouts |
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| Asia Pacific | 898 | 982 | -8.6% |
| CN | 218 | 202 | +7.9% |
| EMEA | 8,856 | 7,548 | +17.3% |
| JP | 144 | 143 | +0.7% |
| Latin America | 128 | 133 | -3.8% |
| Other | 51 | 47 | +8.5% |
| US | 15,021 | 14,724 | +2.0% |
| Operating Lease Right-of-Use Assets | 1,507 | 1,370 | +10.0% |
| Goodwill | 21,579 | 21,668 | -0.4% |
Show Business Segments breakouts |
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| Animal Health | 3,674 | 3,765 | -2.4% |
| Pharmaceutical segment [Member] | 17,905 | 17,903 | 0.0% |
| Intangible Assets (Q) | — | — | — |
Show Product Lines breakouts |
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| Adempas · Licenses and other | 280 | — | — |
| Alliance revenue - Lenvima · Licenses and other | 201 | — | — |
| Animal Health · Developed Technology Rights | 1.3 | — | — |
| Animal Health · Trade Names | 1.7 | — | — |
| Keytruda Qlex · Licensing Agreements | 886 | — | — |
| Koselugo · Licenses and other | 38 | — | — |
| Lynparza · Licenses and other | 844 | — | — |
| Ohtuvayre · Developed Technology Rights | 11.8 | — | — |
| Reblozyl · Developed Technology Rights | 2.5 | — | — |
| Verquvo · Licenses and other | 40 | — | — |
| Winrevair · Developed Technology Rights | 5.4 | — | — |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Developed Technology Rights | 21,328 | 10,922 | +95.3% |
| Licenses and other | 3,203 | 3,091 | +3.6% |
| Trade Names | 1,723 | 1,927 | -10.6% |
| Other Non-Current Assets | 18,818 | 16,044 | +17.3% |
| Marketable Securities (Non-Current) | 956 | 463 | +106.5% |
| Total Assets | 136,866 | 117,106 | +16.9% |
| Current Liabilities | |||
| Accounts Payable | 4,404 | 4,079 | +8.0% |
| Current Portion of Long-Term Debt | 2.3 | 2.5 | -8.0% |
| Total Current Liabilities | 28,327 | 28,420 | -0.3% |
| Debt Current | 2,589 | 2,649 | -2.3% |
Show Short Term Debt Type breakouts |
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| Foreign Financing Facility | 63 | — | — |
| Notes Subject To Repayment At Option Of Holder [Member] | 215 | 149 | +44.3% |
| Non-Current Liabilities | |||
| Long-Term Debt | 46,750 | 34,462 | +35.7% |
Show Debt Instrument breakouts |
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| 1.375% euro-denominated notes due 2036 | 583 | 517 | +12.8% |
| 1.45% notes due 2030 | 1,242 | 1,240 | +0.2% |
| 1.70% notes due 2027 | 1,498 | 1,497 | +0.1% |
| 1.90% notes due 2028 | 997 | 996 | +0.1% |
| 2.15% notes due 2031 | 1,991 | 1,989 | +0.1% |
| 2.35% notes due 2040 | 987 | 986 | +0.1% |
| 2.45% notes due 2050 | 1,217 | 1,216 | +0.1% |
| 2.50% euro-denominated notes due 2034 | 583 | 517 | +12.8% |
| 2.75% notes due 2051 | 1,981 | 1,980 | +0.1% |
| 2.90% notes due 2061 | 1,485 | 1,484 | +0.1% |
| 3.25% euro-denominated notes due 2032 | 993 | 880 | +12.8% |
| 3.40% notes due 2029 | 1,744 | 1,742 | +0.1% |
| 3.50% euro-denominated notes due 2037 | 990 | 877 | +12.9% |
| 3.60% notes due 2042 | 493 | 492 | +0.2% |
| 3.70% euro-denominated notes due 2044 | 988 | 876 | +12.8% |
| 3.70% notes due 2045 | 1,981 | 1,980 | +0.1% |
| 3.75% euro-denominated notes due 2054 | 985 | 873 | +12.8% |
| 3.85% notes due 2027 | 747 | — | — |
| 3.85% notes due 2029 | 746 | — | — |
| 3.90% notes due 2039 | 988 | 987 | +0.1% |
| 4.00% notes due 2049 | 1,475 | 1,474 | +0.1% |
| 4.05% notes due 2028 | 499 | 498 | +0.2% |
| 4.15% notes due 2030 | 745 | — | — |
| 4.15% notes due 2031 | 994 | — | — |
| 4.15% notes due 2043 | 1,241 | 1,240 | +0.1% |
| 4.30% notes due 2030 | 747 | 746 | +0.1% |
| 4.45% notes due 2032 | 994 | — | — |
| 4.50% notes due 2033 | 1,553 | 1,509 | +2.9% |
| 4.55% notes due 2032 | 995 | — | — |
| 4.75% notes due 2035 | 1,486 | — | — |
| 4.90% notes due 2044 | 740 | 740 | 0.0% |
| 4.95% notes due 2035 | 1,739 | — | — |
| 5.00% notes due 2053 | 1,492 | 1,482 | +0.7% |
| 5.15% notes due 2063 | 988 | 987 | +0.1% |
| 5.50% notes due 2046 | 742 | — | — |
| 5.55% notes due 2055 | 1,477 | — | — |
| 5.70% notes due 2055 | 1,235 | — | — |
| 5.70% notes due 2065 | 984 | — | — |
| 5.75% notes due 2036 | 339 | 339 | 0.0% |
| 5.85% notes due 2039 | 271 | 271 | 0.0% |
| 5.95% debentures due 2028 | 308 | 307 | +0.3% |
| 6.40% debentures due 2028 | 251 | 251 | 0.0% |
| 6.50% notes due 2033 | 698 | 702 | -0.6% |
| 6.55% notes due 2037 | 402 | 404 | -0.5% |
| Floating rate notes due 2027 | 499 | — | — |
| Floating rate notes due 2029 | 498 | — | — |
| Other | 139 | 209 | -33.5% |
| Operating Lease Liabilities | 901 | 877 | +2.7% |
| Deferred Tax Liabilities | 1,439 | 1,387 | +3.7% |
| Other Non-Current Liabilities | 7,688 | 6,465 | +18.9% |
| Stockholders' Equity | |||
| Common Stock | 1,788 | 1,788 | 0.0% |
| Retained Earnings | 73,075 | 63,069 | +15.9% |
| Accumulated Other Comprehensive Income | -4,287 | -4,945 | +13.3% |
| Total Stockholders' Equity | 52,606 | 46,313 | +13.6% |
| Total Liabilities & Equity | 136,866 | 117,106 | +16.9% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 205 | 187 | +9.6% |
| Deferred Income Taxes | -825 | -616 | -33.9% |
| Other Non-Cash Items | 118 | -101 | +216.8% |
| Net Cash from Operations | 2,857 | 3,450 | -17.2% |
| Investing Activities | |||
| Capital Expenditures | -1,033 | -937 | -10.2% |
| Other Investing Activities | -172 | -57 | -201.8% |
| Net Cash from Investing | -11,201 | -1,444 | -675.7% |
| Financing Activities | |||
| Share Repurchases | -1,252 | -489 | -156.0% |
| Net Cash from Financing | 4,751 | -3,009 | +257.9% |
| Supplemental | |||
| Interest Paid | -847.7 | -820.7 | -3.3% |
| Other Cash Flow | |||
| Net Change in Cash | -3,570 | -1,370 | -160.6% |
Values in millions USD. Source: SEC EDGAR 10-K filing.