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Merck & Co. (MRK)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Merck & Co. Income Statement 2025-2006 | MRK
Brief overview of income trends at Merck & Co.
The overview follows changes across a five-year period. Merck & Co. reported revenue of 41.5 billion dollars in 2020 and 65 billion dollars by 2025. Overall revenue changed by +56.6%, equal to an annualized rate of about 9.4%. The company expanded at a measured pace.
The five-year change in gross profit reached +74.3%: from 27.9 billion dollars to 48.6 billion dollars. Cost of revenue developed more favorably than sales, supporting gross profitability. Comparing the endpoints gives gross margins of 67.2% and 74.8%. The business retained more gross profit from each unit of revenue.
EBITDA changed from $1.7 billion to $3 billion (+82.4%). EBITDA grew faster than revenue, indicating positive operating leverage. EBITDA margin moved from 4% to 4.7%. Operating profitability remained broadly stable.
Net income changed from $7.1 billion to $18.3 billion (+158.3%). The final year delivered the highest net income in the period.
The market value of the business moved from $189 billion to $311 billion, or +64.5%. Investors responded cautiously to the improvement in the business.
Financial takeaway
The figures do not all move in the same direction. The positive side is supported by net-income growth, better sales economics and revenue expansion. The main areas of concern are a narrow EBITDA buffer. Further direction will depend on top-line growth, operating profitability, and net income.
Annual Income Statement Merck & Co.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
311 B | 229 B | 327 B | 278 B | 192 B | 189 B | 210 B | 182 B | 156 B | 161 B | 134 B | 163 B | 149 B | 126 B | 113 B | 99 B | 59.6 B | 77.8 B | - | - |
Shares |
2.5 B | 2.53 B | 2.54 B | 2.53 B | 2.53 B | 2.53 B | 2.54 B | 2.59 B | 2.7 B | 2.75 B | 2.78 B | 2.84 B | 2.93 B | 3.03 B | 3.04 B | 3.1 B | 2.27 B | 2.14 B | - | - |
Historical Prices |
124 | 90.6 | 129 | 110 | 75.9 | 74.7 | 80.6 | 65.9 | 47 | 47.8 | 41.5 | 43.2 | 36.9 | 29.1 | 25.6 | 32 | 26.3 | 36.4 | 49.8 | 32.3 |
Net Income |
18.3 B | 17.1 B | 365 M | 14.5 B | 13 B | 7.07 B | 9.84 B | 6.22 B | 2.39 B | 3.92 B | 4.44 B | 11.9 B | 4.4 B | 6.17 B | 6.27 B | 861 M | 12.9 B | 7.81 B | 3.28 B | - |
Revenue |
65 B | 64.2 B | 60.1 B | 59.3 B | 48.7 B | 41.5 B | 46.8 B | 42.3 B | 40.1 B | 39.8 B | 39.5 B | 42.2 B | 44 B | 47.3 B | 48 B | 46 B | 27.4 B | 23.8 B | 24.2 B | - |
Cost of Revenue |
16.4 B | 15.2 B | 16.1 B | 17.4 B | 13.6 B | 13.6 B | 12 B | 13.5 B | 12.9 B | 14 B | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | 32.7 B | 28.8 B | 27.3 B | 25.9 B | 24.6 B | 25.5 B | 27.1 B | 30.8 B | 31.2 B | - | - | - | - | - |
Interest Expense |
-151 M | 24 M | 1.15 B | 962 M | 806 M | 831 M | 893 M | 772 M | 754 M | 693 M | 672 M | 732 M | 801 M | 714 M | 695 M | 715 M | 460 M | 251 M | 75.2 M | - |
EBITDA |
3.04 B | 2.1 B | 1.83 B | 1.82 B | 1.58 B | 1.67 B | 15.9 B | 13.4 B | 11.9 B | 11.5 B | 13.9 B | 13.4 B | 14.7 B | 16.9 B | 16.4 B | 7.38 B | 2.58 B | 1.63 B | 1.99 B | - |
Operating Expenses |
- | - | - | - | - | - | 20.5 B | 19.9 B | 20 B | 19.9 B | 17 B | 18.8 B | 19.4 B | 20.9 B | 22.2 B | - | - | - | - | - |
General and Administrative Expenses |
10.7 B | 10.8 B | 10.5 B | 10 B | 9.63 B | 8.96 B | 10.6 B | 10.1 B | - | - | - | - | - | - | 13.7 B | 13.1 B | 8.54 B | 7.38 B | 7.56 B | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Merck & Co.
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
2.47 B | 2.47 B | 2.5 B | 2.51 B | 2.52 B | 2.53 B | 2.53 B | 2.53 B | 2.54 B | 2.54 B | 2.54 B | - | 2.53 B | 2.53 B | 2.53 B | - | 2.53 B | 2.53 B | 2.53 B | - | 2.53 B | 2.53 B | 2.53 B | - | 2.56 B | 2.57 B | 2.58 B | - | 2.66 B | 2.68 B | 2.7 B | - | 2.73 B | 2.73 B | 2.74 B | - | 2.76 B | 2.77 B | 2.77 B | - | 2.81 B | 2.83 B | 2.84 B | - | 2.88 B | 2.92 B | 2.93 B | - | 2.93 B | 2.98 B | 3.02 B | - | 3.04 B | 3.04 B | 3.04 B | - | 3.07 B | 3.09 B | 3.08 B | 3.08 B | 3.11 B | - | - | - |
Net Income |
-1.34 B | -4.24 B | 5.78 B | 4.43 B | 5.08 B | 3.16 B | 5.46 B | 4.76 B | 4.74 B | -5.98 B | 2.82 B | - | 3.25 B | 3.94 B | 4.31 B | - | 4.57 B | 1.54 B | 3.18 B | - | 2.94 B | 3 B | 3.22 B | - | 1.9 B | 2.67 B | 2.92 B | - | 1.95 B | 1.71 B | 736 M | - | -56 M | 1.95 B | 1.55 B | - | 2.18 B | 1.2 B | 1.12 B | - | 1.83 B | 687 M | 953 M | - | 895 M | 2 B | 1.7 B | - | 1.12 B | 906 M | 1.59 B | - | 1.73 B | 1.79 B | 1.74 B | - | 1.69 B | 2.02 B | 1.04 B | 342 M | 752 M | 299 M | 515 M | 671 M |
Revenue |
16.6 B | 16.3 B | 17.3 B | 15.8 B | 15.5 B | 16.7 B | 16.1 B | 15.8 B | 16 B | 15 B | 14.5 B | - | 15 B | 14.6 B | 15.9 B | - | 13.2 B | 11.4 B | 10.6 B | - | 10.9 B | 9.35 B | 12.1 B | - | 12.4 B | 11.8 B | 10.8 B | - | 10.8 B | 10.5 B | 10 B | - | 10.3 B | 9.93 B | -13 M | - | 21 M | 4 M | 34 M | - | 63 M | 2 M | 145 M | - | 24 M | 92 M | 124 M | - | 102 M | 116 M | 133 M | - | 158 M | 142 M | 110 M | - | 161 M | 55 M | 11.6 B | 11.1 B | 11.3 B | 11.4 B | - | - |
Cost of Revenue |
4.4 B | 4.2 B | 3.86 B | 3.56 B | 3.42 B | 4.08 B | 3.74 B | 3.54 B | 4.26 B | 4.02 B | 3.93 B | - | 3.93 B | 4.22 B | 5.38 B | - | 3.45 B | 3.1 B | 3.2 B | - | 3.01 B | 2.75 B | 3.31 B | - | 3.99 B | 3.4 B | 3.05 B | - | 3.62 B | 3.42 B | 3.18 B | - | 3.31 B | 3.12 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.72 B | 1.62 B |
Interest Expense |
-99 M | -138 M | 238 M | 7 M | 35 M | 162 M | -42 M | 33 M | -126 M | -172 M | 242 M | - | 244 M | 240 M | 243 M | - | 196 M | 202 M | 200 M | - | 203 M | 209 M | 212 M | - | 231 M | 233 M | 209 M | - | 190 M | 194 M | 185 M | - | 189 M | 193 M | 182 M | - | 170 M | 171 M | 172 M | - | 165 M | 174 M | 164 M | - | 191 M | 188 M | 188 M | - | 215 M | 201 M | 184 M | - | 178 M | 172 M | 175 M | - | 176 M | 170 M | 186 M | 173 M | 185 M | -168 M | -102 M | -106 M |
EBITDA |
1.18 B | 581 M | - | - | 502 M | - | - | 511 M | - | - | 448 M | - | 1.39 B | - | 421 M | - | 1.15 B | - | 378 M | - | 1.21 B | 808 M | 821 M | - | 2.72 B | 1.87 B | 898 M | - | 3.52 B | 2.43 B | 1.14 B | - | 3.51 B | 2.36 B | 1.19 B | - | 4.29 B | 3.11 B | 1.56 B | - | 4.82 B | 3.24 B | 1.64 B | - | 5.12 B | 3.51 B | 1.75 B | - | 5.03 B | 3.33 B | 1.67 B | - | 5.32 B | 3.59 B | 1.79 B | - | 5.57 B | 3.66 B | 1.83 B | 5.52 B | 3.64 B | 1.69 B | 929 M | 582 M |
General and Administrative Expenses |
2.9 B | 2.7 B | 2.63 B | 2.65 B | 2.55 B | 2.73 B | 2.74 B | 2.48 B | 2.52 B | 2.7 B | 2.48 B | - | 2.52 B | 2.51 B | 2.32 B | - | 2.34 B | 2.28 B | 2.19 B | - | 2.06 B | 2.08 B | 2.56 B | - | 2.59 B | 2.71 B | 2.42 B | - | 2.44 B | 2.51 B | 2.51 B | - | 2.46 B | 2.5 B | 2.47 B | - | 2.39 B | 2.46 B | 2.32 B | - | 2.47 B | 2.62 B | 2.6 B | - | 2.98 B | 2.97 B | 2.73 B | - | 2.8 B | 3.14 B | 2.99 B | - | 3.06 B | 3.25 B | 3.07 B | - | 3.34 B | 3.52 B | 3.16 B | 3.22 B | 3.2 B | 3.25 B | 1.51 B | 1.63 B |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Merck & Co. (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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