MRK

MKT CAP:$277B

Merck & Co., Inc.

Market Cap

$277B

Healthcare·Drug Manufacturers - General·🇺🇸 United States·NYSE

Healthcare·Drug Mfg.·🇺🇸·NYSE

Stock Price

$112.03+$5.58 (+5.24%)

Apr 24, 2026

Company Details

Merck & Co., Inc. operates as a healthcare company worldwide. It operates through two segments, Pharmaceutical and Animal Health. The Pharmaceutical segment offers human health pharmaceutical products in the areas of oncology, hospital acut...

CEO

Robert Davis

IPO Date

Jan 13, 1978

Website

www.merck.com

Key Metrics TTM

Revenue

$65.0B

+1.3% YoY

Net Income

$18.3B

EPS (Diluted)

$7.28

Free Cash Flow

$12.4B

Revenue / Share

$26.13

Gross Margin

81.5%

Operating Margin

41.2%

Net Margin

28.1%

FCF Margin

19.0%

P/S

4.3x

P/E

15.2x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 24, 2026

$65.0B+1.3%EPS $7.28

Q4 2025

Feb 24, 2026

$16.4B+5.0%EPS $1.19

Q3 2025

Nov 5, 2025

$17.3B+3.7%EPS $2.32

Q2 2025

Aug 5, 2025

$15.8B-1.9%EPS $1.76

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$15.9B	$10.5B	$5.6B
Q2 22	$14.6B	$10.4B	$5.1B
Q3 22	$15.0B	$11.0B	$4.1B
Q4 22	$13.8B	$9.9B	$3.5B
Q1 23	$14.5B	$10.6B	$3.8B
Q2 23	$15.0B	$11.0B	-$5.0B
Q3 23	$16.0B	$11.7B	$5.9B
Q4 23	$14.6B	$10.7B	-$1.7B
Q1 24	$15.8B	$12.2B	$5.8B
Q2 24	$16.1B	$12.4B	$6.1B
Q3 24	$16.7B	$12.6B	$4.0B
Q4 24	$15.6B	$11.8B	$4.3B
Q1 25	$15.5B	$12.1B	$5.9B
Q2 25	$15.8B	$12.2B	$5.6B
Q3 25	$17.3B	$13.4B	$6.6B
Q4 25	$16.4B	$15.2B	$8.7B

Valuation

Quarter	P/S	P/E
Q1 22	3.9x	21.1x
Q2 22	4.3x	22.3x
Q3 22	3.8x	13.8x
Q4 22	4.7x	19.3x
Q1 23	4.8x	21.2x
Q2 23	5.0x	93.2x
Q3 23	4.4x	56.8x
Q4 23	4.9x	814.6x
Q1 24	5.4x	143.9x
Q2 24	5.2x	23.7x
Q3 24	4.6x	23.8x
Q4 24	3.9x	14.6x
Q1 25	3.5x	12.9x
Q2 25	3.1x	12.1x
Q3 25	3.1x	10.3x
Q4 25	4.1x	14.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$4.8B	$3.8B
Q2 22	$4.3B	$3.2B
Q3 22	$5.6B	$4.5B
Q4 22	$4.4B	$3.3B
Q1 23	$1.3B	$332M
Q2 23	$3.7B	$2.7B
Q3 23	$7.7B	$6.8B
Q4 23	$246M	-$743M
Q1 24	$3.1B	$2.2B
Q2 24	$5.6B	$4.8B
Q3 24	$9.3B	$8.5B
Q4 24	$3.5B	$2.5B
Q1 25	$2.5B	$1.2B
Q2 25	$3.3B	$2.5B
Q3 25	$7.8B	$6.8B
Q4 25	$2.9B	$1.8B

Capital Expenditures

Quarter	CapEx
Q1 22	$984M
Q2 22	$1.1B
Q3 22	$1.1B
Q4 22	$1.1B
Q1 23	$1.0B
Q2 23	$965M
Q3 23	$902M
Q4 23	$989M
Q1 24	$861M
Q2 24	$791M
Q3 24	$783M
Q4 24	$937M
Q1 25	$1.3B
Q2 25	$764M
Q3 25	$987M
Q4 25	$1.0B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+70.0%	+48.6%
Q2 22	+33.5%	+13.1%
Q3 22	+19.5%	-24.9%
Q4 22	+5.1%	+25.7%
Q1 23	-8.9%	+3.9%
Q2 23	+3.0%	+110.4%
Q3 23	+6.7%	-7.0%
Q4 23	+5.8%	+58.0%
Q1 24	+8.9%	-6.2%
Q2 24	+7.2%	-50.2%
Q3 24	+4.4%	+25.6%
Q4 24	+6.8%	-31.0%
Q1 25	-1.6%	-4.2%
Q2 25	-1.9%	+2.7%
Q3 25	+3.7%	-15.4%
Q4 25	+5.0%	-32.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$120M	0.8%
Q2 22	$137M	0.9%
Q3 22	$139M	0.9%
Q4 22	$145M	1.0%
Q1 23	$145M	1.0%
Q2 23	$169M	1.1%
Q3 23	$164M	1.0%
Q4 23	$167M	1.1%
Q1 24	$176M	1.1%
Q2 24	$203M	1.3%
Q3 24	$195M	1.2%
Q4 24	$187M	1.2%
Q1 25	$195M	1.3%
Q2 25	$216M	1.4%
Q3 25	$204M	1.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$2.6B	—	—	$2.3B
Q2 22	$2.8B	—	—	$2.5B
Q3 22	$4.4B	—	—	$2.5B
Q4 22	$3.8B	—	—	$2.7B
Q1 23	$4.3B	—	—	$2.5B
Q2 23	$13.3B	—	—	$2.7B
Q3 23	$3.3B	—	—	$2.5B
Q4 23	$9.6B	$341M	$2.3B	—
Q1 24	$4.0B	—	—	$2.5B
Q2 24	$3.5B	—	—	$2.7B
Q3 24	$5.9B	—	—	$2.7B
Q4 24	$4.6B	$291M	$2.4B	—
Q1 25	$3.6B	—	—	$2.6B
Q2 25	$4.0B	—	—	$2.6B
Q3 25	$4.2B	—	—	$2.6B
Q4 25	$3.7B	—	—	$2.8B

Revenue Segments

Quarter	Animal Health segment	Other Segments	Pharmaceutical segment
Q1 22	$1.5B	$312M	$14.1B
Q2 22	$1.5B	$370M	$12.8B
Q3 22	$1.4B	$625M	$13.0B
Q4 22	$1.2B	$421M	$12.2B
Q2 23	$1.5B	$122M	$13.5B
Q1 24	$1.5B	$258M	$14.0B
Q2 24	$1.5B	$222M	$14.4B
Q3 24	$1.5B	$227M	$14.9B
Q4 24	$1.4B	$184M	$14.0B
Q1 25	$1.6B	$303M	$13.6B
Q2 25	$1.6B	$110M	$14.1B
Q3 25	$1.6B	$50M	$15.6B
Q4 25	$1.5B	$52M	$14.8B

Revenue by Geography

Quarter	Asia Pacific	China	Emea	International	Japan	Latin America	United States
Q1 22	$930M	$1.1B	$4.4B	$534M	$989M	$607M	$7.3B
Q2 22	$1.0B	$1.4B	$3.6B	$637M	$1.1B	$642M	$6.2B
Q3 22	$854M	$1.4B	$3.3B	$698M	$673M	$684M	$7.3B
Q4 22	$822M	$1.2B	$3.3B	$699M	$853M	$649M	$6.3B
Q1 23	$846M	$1.7B	$3.3B	$545M	$758M	$661M	$6.7B
Q2 23	$848M	$1.9B	$3.3B	$491M	$675M	$742M	$7.0B
Q3 23	$781M	$1.7B	$3.3B	$469M	$1.1B	$895M	$7.7B
Q1 24	$724M	$1.8B	$3.6B	$621M	$821M	$796M	$7.5B
Q2 24	$748M	$1.8B	$3.5B	$612M	$686M	$858M	$7.9B
Q3 24	$823M	$1.0B	$3.6B	$624M	$938M	$936M	$8.7B
Q4 24	$763M	$888M	$3.4B	$702M	$835M	$869M	$8.2B
Q1 25	$689M	$702M	$3.5B	$701M	$669M	$792M	$8.5B
Q2 25	$785M	$446M	$3.7B	$595M	$626M	$859M	$8.8B
Q3 25	$764M	$405M	$3.7B	$798M	$712M	$905M	$10.0B
Q4 25	$745M	$386M	$3.8B	$784M	$704M	$854M	$9.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$8.6B	$372M	$8.9B
Q2 22	$9.7B	$453M	$10.1B
Q3 22	$11.1B	$103M	$11.2B
Q4 22	$12.7B	$498M	$13.2B
Q1 23	$9.7B	$680M	$10.4B
Q2 23	$5.7B	$718M	$6.4B
Q3 23	$8.6B	$168M	$8.8B
Q4 23	$6.8B	$252M	$7.1B
Q1 24	$5.6B	$40M	$5.6B
Q2 24	$11.3B	$50M	$11.4B
Q3 24	$14.6B	$0	$14.6B
Q4 24	$13.2B	$447M	$13.7B
Q1 25	$8.6B	$599M	$9.2B
Q2 25	$8.0B	$615M	$8.6B
Q3 25	$18.2B	$45M	$18.2B
Q4 25	$14.6B	$0	$14.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	2.54B	+0.0%	+0.0%
Q2 22	2.54B	+0.1%	+0.1%
Q3 22	2.54B	+0.1%	+0.1%
Q4 22	2.55B	+0.2%	+0.5%
Q1 23	2.55B	+0.1%	+0.6%
Q2 23	2.54B	-0.5%	-0.0%
Q3 23	2.55B	+0.3%	+0.2%
Q4 23	2.55B	+0.3%	+0.2%
Q1 24	2.54B	-0.4%	-0.3%
Q2 24	2.54B	0.0%	+0.2%
Q3 24	2.54B	-0.1%	-0.2%
Q4 24	2.54B	0.0%	-0.5%
Q1 25	2.53B	-0.4%	-0.5%
Q2 25	2.51B	-0.7%	-1.2%
Q3 25	2.50B	-0.6%	-1.7%
Q4 25	2.49B	-0.4%	-2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$233.8K	68K
Q2 22	$214.6K	68K
Q3 22	$220.0K	68K
Q4 22	$200.4K	69K
Q1 23	$210.0K	69K
Q2 23	$217.9K	69K
Q3 23	$231.3K	69K
Q4 23	$203.2K	72K
Q1 24	$219.1K	72K
Q2 24	$223.8K	72K
Q3 24	$231.3K	72K
Q4 24	$208.3K	75K
Q1 25	$207.1K	75K
Q2 25	$210.7K	75K
Q3 25	$230.3K	75K
Q4 25	$218.7K	75K

Revenue / Employee