Merck & Co., Inc. (MRK) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 16.29B | 16.32B | 17.18B | 15.8B | 15.62B | 15.62B | 16.66B | 16.11B | 15.78B | 14.63B | 15.96B | 15.04B | 14.49B | 13.83B | 14.96B | 14.59B | 15.9B | 13.52B | 13.15B | 11.4B |
| Revenue Growth % | 4.27% | 4.48% | 3.16% | -1.94% | -0.99% | 6.79% | 4.35% | 7.16% | 8.89% | 5.78% | 6.71% | 3.03% | -8.89% | 2.29% | 13.72% | 27.99% | 49.63% | 8.04% | 20.36% | 21.91% |
| Cost of Goods Sold | 2.94B | 4.82B | 4.19B | 3.85B | 3.88B | 3.83B | 4.08B | 3.75B | 3.54B | 3.91B | 4.26B | 4.02B | 3.93B | 3.88B | 3.93B | 4.22B | 5.38B | 3.87B | 3.45B | 3.1B |
| COGS % of Revenue | 18.08% | 29.51% | 24.41% | 24.35% | 24.87% | 24.5% | 24.49% | 23.24% | 22.44% | 26.74% | 26.71% | 26.76% | 27.1% | 28.06% | 26.3% | 28.89% | 33.83% | 28.65% | 26.23% | 27.22% |
| Gross Profit | 13.34B | 11.51B | 12.99B | 11.95B | 11.73B | 11.8B | 12.58B | 12.37B | 12.23B | 10.72B | 11.7B | 11.01B | 10.56B | 9.95B | 11.03B | 10.38B | 10.52B | 9.65B | 9.7B | 8.3B |
| Gross Margin % | 81.92% | 70.49% | 75.59% | 75.65% | 75.13% | 75.5% | 75.51% | 76.76% | 77.56% | 73.26% | 73.29% | 73.24% | 72.9% | 71.94% | 73.7% | 71.11% | 66.17% | 71.35% | 73.77% | 72.78% |
| Gross Profit Growth % | 13.7% | -2.45% | 3.28% | -3.35% | -4.09% | 10.06% | 7.51% | 12.31% | 15.85% | 7.73% | 6.1% | 6.11% | 0.38% | 3.13% | 13.61% | 25.05% | 41.64% | 38.17% | 22.59% | 25.61% |
| Operating Expenses | 15.23B | 5.35B | 5.53B | 5.59B | 5.02B | 7.45B | 8.59B | 6.24B | 6.47B | 12.43B | 5.83B | 16.02B | 6.75B | 6.46B | 6.92B | 5.31B | 4.9B | 5.9B | 4.78B | 6.6B |
| OpEx % of Revenue | 93.49% | 32.76% | 32.16% | 35.41% | 32.17% | 47.67% | 51.59% | 38.72% | 41.05% | 84.97% | 36.5% | 106.57% | 46.63% | 46.72% | 46.25% | 36.39% | 30.81% | 43.62% | 36.35% | 57.9% |
| Selling, General & Admin | 2.67B | 2.85B | 1.97B | 2.05B | 1.91B | 2.69B | 2.73B | 2.74B | 2.48B | 2.64B | 2.52B | 2.7B | 2.48B | 2.69B | 2.52B | 2.51B | 2.32B | 2.83B | 2.34B | 2.28B |
| SG&A % of Revenue | 16.38% | 17.45% | 11.49% | 13% | 12.2% | 17.22% | 16.4% | 17% | 15.74% | 18.05% | 15.78% | 17.97% | 17.11% | 19.43% | 16.85% | 17.21% | 14.61% | 20.93% | 17.76% | 20.01% |
| Research & Development | 12.56B | 2.5B | 3.55B | 3.54B | 3.12B | 4.58B | 5.86B | 3.5B | 3.99B | 9.63B | 3.31B | 13.32B | 4.28B | 3.77B | 4.4B | 2.8B | 2.58B | 3.07B | 2.44B | 4.32B |
| R&D % of Revenue | 77.11% | 15.31% | 20.67% | 22.41% | 19.97% | 29.34% | 35.19% | 21.72% | 25.31% | 65.8% | 20.72% | 88.6% | 29.52% | 27.3% | 29.41% | 19.17% | 16.2% | 22.69% | 18.59% | 37.9% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -1.88B | 6.16B | 7.46B | 6.36B | 6.71B | 4.35B | 3.98B | 6.13B | 5.76B | -1.71B | 5.87B | -5.01B | 3.81B | 3.49B | 4.11B | 5.07B | 5.62B | 3.75B | 4.92B | 1.7B |
| Operating Margin % | -11.57% | 37.74% | 43.43% | 40.25% | 42.96% | 27.83% | 23.92% | 38.03% | 36.51% | -11.71% | 36.79% | -33.34% | 26.27% | 25.21% | 27.45% | 34.72% | 35.36% | 27.73% | 37.43% | 14.87% |
| Operating Income Growth % | -128.08% | 41.67% | 87.32% | 3.77% | 16.49% | 353.82% | -32.15% | 222.27% | 51.34% | -149.13% | 43.01% | -198.91% | -32.3% | -6.99% | -16.6% | 198.76% | 98.73% | 293.25% | 96.37% | -30.38% |
| EBITDA | -372M | 8.63B | 8.54B | 7.42B | 7.81B | 5.54B | 5.17B | 7.26B | 6.74B | -749M | 6.89B | -4.11B | 4.8B | 4.38B | 5.07B | 6B | 6.74B | 4.58B | 5.68B | 2.42B |
| EBITDA Margin % | -2.28% | 52.84% | 49.67% | 46.93% | 50% | 35.49% | 31.04% | 45.06% | 42.75% | -5.12% | 43.14% | -27.33% | 33.11% | 31.66% | 33.86% | 41.15% | 42.4% | 33.9% | 43.2% | 21.26% |
| EBITDA Growth % | -104.76% | 55.56% | 65.09% | 2.14% | 15.79% | 840.32% | -24.92% | 276.69% | 40.59% | -117.1% | 35.95% | -168.43% | -28.85% | -4.47% | -10.86% | 147.73% | 81.19% | 542.47% | 71.45% | -28.94% |
| D&A (Non-Cash Add-back) | 1.51B | 2.47B | 1.07B | 1.06B | 1.1B | 1.2B | 1.19B | 1.13B | 984M | 964M | 1.01B | 903M | 991M | 892M | 959M | 938M | 1.12B | 835M | 759M | 728M |
| EBIT | -3.53B | 3.83B | 7.07B | 5.3B | 6.22B | 4.5B | 4.42B | 6.32B | 5.97B | -1.74B | 5.94B | -5.06B | 3.89B | 3.75B | 3.83B | 4.73B | 5.1B | 4.12B | 5.46B | 1.92B |
| Net Interest Income | 0 | -342M | -231M | -236M | -204M | -182M | -203M | -241M | -230M | -240M | -244M | -168M | -130M | -140M | -204M | -225M | -236M | -200M | -189M | -193M |
| Interest Income | 0 | 69M | 96M | 69M | 109M | 146M | 127M | 69M | 73M | 70M | 73M | 109M | 112M | 95M | 40M | 15M | 7M | 9M | 7M | 9M |
| Interest Expense | 0 | 411M | 327M | 305M | 313M | 328M | 330M | 310M | 303M | 310M | 317M | 277M | 242M | 235M | 244M | 240M | 243M | 209M | 196M | 202M |
| Other Income/Expense | -1.65B | -2.74B | -718M | -1.36B | -807M | -178M | 106M | -122M | -90M | -333M | -252M | -323M | -156M | 26M | -523M | -580M | -761M | 160M | 343M | 21M |
| Pretax Income | -3.53B | 3.42B | 6.75B | 5B | 5.9B | 4.17B | 4.09B | 6.01B | 5.67B | -2.05B | 5.62B | -5.33B | 3.65B | 3.51B | 3.58B | 4.49B | 4.86B | 3.91B | 5.27B | 1.72B |
| Pretax Margin % | -21.7% | 20.95% | 39.25% | 31.64% | 37.79% | 26.69% | 24.55% | 37.28% | 35.94% | -13.98% | 35.21% | -35.48% | 25.2% | 25.4% | 23.95% | 30.75% | 30.57% | 28.91% | 40.03% | 15.06% |
| Income Tax | 709M | 458M | 958M | 571M | 818M | 426M | 929M | 545M | 903M | -820M | 870M | 637M | 825M | 495M | 330M | 538M | 554M | 85M | 695M | 503M |
| Effective Tax Rate % | -20.06% | 13.39% | 14.2% | 11.42% | 13.86% | 10.22% | 22.71% | 9.07% | 15.93% | 40.08% | 15.48% | -11.94% | 22.6% | 14.09% | 9.21% | 11.99% | 11.4% | 2.17% | 13.2% | 29.3% |
| Net Income | -4.24B | 2.96B | 5.79B | 4.43B | 5.08B | 3.74B | 3.16B | 5.46B | 4.76B | -1.23B | 4.75B | -5.97B | 2.82B | 3.02B | 3.25B | 3.94B | 4.31B | 3.76B | 4.57B | 1.54B |
| Net Margin % | -26.03% | 18.15% | 33.67% | 28.02% | 32.52% | 23.96% | 18.95% | 33.86% | 30.19% | -8.38% | 29.73% | -39.74% | 19.47% | 21.81% | 21.71% | 27.03% | 27.11% | 27.79% | 34.72% | 13.55% |
| Net Income Growth % | -183.48% | -20.84% | 83.24% | -18.85% | 6.66% | 405.3% | -33.47% | 191.3% | 68.81% | -140.64% | 46.09% | -251.5% | -34.55% | -19.72% | -28.88% | 155.28% | 35.58% | 279.47% | 55.29% | -48.53% |
| Net Income (Continuing) | -4.24B | 2.96B | 5.79B | 4.43B | 5.08B | 3.74B | 3.16B | 5.46B | 4.77B | -1.23B | 4.75B | -5.97B | 2.83B | 3.02B | 3.25B | 3.95B | 4.31B | 3.82B | 4.57B | 1.21B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | 0 | 1000K |
| Minority Interest | 53M | 56M | 57M | 67M | 65M | 59M | 58M | 66M | 60M | 54M | 54M | 49M | 71M | 67M | 66M | 75M | 70M | 73M | 69M | 94M |
| EPS (Diluted) | -1.72 | 1.19 | 2.32 | 1.76 | 2.01 | 1.48 | 1.24 | 2.14 | 1.87 | -0.48 | 1.86 | -2.35 | 1.11 | 1.18 | 1.28 | 1.55 | 1.70 | 1.48 | 1.80 | 0.61 |
| EPS Growth % | -185.57% | -19.59% | 87.1% | -17.76% | 7.49% | 408.33% | -33.33% | 191.06% | 68.47% | -140.68% | 45.31% | -251.61% | -34.71% | -20.27% | -28.89% | 154.1% | 36% | 280.49% | 55.17% | -48.31% |
| EPS (Basic) | -1.72 | 1.20 | 2.32 | 1.76 | 2.01 | 1.48 | 1.25 | 2.15 | 1.88 | -0.48 | 1.87 | -2.35 | 1.11 | 1.19 | 1.28 | 1.56 | 1.70 | 1.49 | 1.81 | 0.61 |
| Diluted Shares Outstanding | 2.47B | 2.49B | 2.5B | 2.51B | 2.53B | 2.54B | 2.54B | 2.54B | 2.54B | 2.55B | 2.55B | 2.54B | 2.55B | 2.55B | 2.54B | 2.54B | 2.54B | 2.54B | 2.54B | 2.54B |
| Basic Shares Outstanding | 2.47B | 2.47B | 2.5B | 2.51B | 2.52B | 2.54B | 2.54B | 2.53B | 2.53B | 2.55B | 2.54B | 2.54B | 2.54B | 2.54B | 2.53B | 2.53B | 2.53B | 2.53B | 2.53B | 2.53B |
| Dividend Payout Ratio | - | 68.11% | 35.11% | 46.92% | 40.36% | 52.12% | 61.86% | 36.41% | 40.95% | - | 39.09% | - | 65.69% | 58% | 53.79% | 44.88% | 40.49% | 43.72% | 36.11% | 108.28% |