Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.7B | $15.6B | $15.5B | $15.8B | $17.3B | $16.4B | $16.3B | $16.6B |
| YoY | — | — | — | — | +3.7% | +5.0% | +4.9% | +5.1% |
| Cost of goods sold | $4.1B | $3.8B | $3.4B | $3.6B | $3.9B | $5.6B | $4.2B | $4.4B |
| YoY | — | — | — | — | -5.5% | +45.0% | +22.7% | +23.6% |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | $5.9B | $4.6B | $3.6B | $4.0B | $4.2B | $3.9B | $12.6B | $9.7B |
| YoY | — | — | — | — | -27.8% | -15.2% | +247.7% | +140.6% |
| Selling, general & administrative | $2.7B | $2.9B | $2.6B | $2.6B | $2.6B | $2.9B | $2.7B | $2.9B |
| YoY | — | — | — | — | -3.6% | +1.2% | +5.8% | +9.6% |
| Operating income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Pretax income | $4.1B | $4.2B | $5.9B | $5.0B | $6.7B | $3.4B | $-3.5B | $-683.0M |
| YoY | — | — | — | — | +64.9% | -18.0% | -159.9% | -113.7% |
| Income tax | $929.0M | $426.0M | $818.0M | $571.0M | $958.0M | $458.0M | $709.0M | $654.0M |
| YoY | — | — | — | — | +3.1% | +7.5% | -13.3% | +14.5% |
| Net income | $3.2B | $3.7B | $5.1B | $4.4B | $5.8B | $3.0B | $-4.2B | $-1.3B |
| YoY | — | — | — | — | +83.2% | -20.8% | -183.5% | -130.2% |
| EPS — basic | $1.25 | — | $2.01 | $1.76 | $2.32 | — | $-1.72 | $-0.54 |
| YoY | — | — | — | — | +85.6% | — | -185.6% | -130.7% |
| EPS — diluted | $1.24 | — | $2.01 | $1.76 | $2.32 | — | $-1.72 | $-0.54 |
| YoY | — | — | — | — | +87.1% | — | -185.6% | -130.7% |
| Weighted shares — basic | 2.53B | — | 2.52B | 2.51B | 2.50B | — | 2.47B | 2.47B |
| Weighted shares — diluted | 2.54B | — | 2.53B | 2.51B | 2.50B | — | 2.47B | 2.47B |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $14.6B | $13.2B | $8.6B | $8.0B | $18.2B | $14.6B | $5.3B | $6.8B |
| YoY | — | — | — | — | +24.5% | +10.0% | -38.3% | -14.5% |
| Marketable securities (current) | $0 | $447.0M | $599.0M | $615.0M | $45.0M | $0 | $375.0M | $292.0M |
| YoY | — | — | — | — | — | -100.0% | -37.4% | -52.5% |
| Accounts receivable | $11.4B | $10.3B | $10.8B | $11.8B | $12.1B | $11.8B | $12.2B | $12.6B |
| YoY | — | — | — | — | +6.5% | +14.6% | +13.2% | +6.1% |
| Inventory | $6.2B | $6.1B | $6.2B | $6.6B | $6.4B | $6.7B | $6.5B | $6.2B |
| YoY | — | — | — | — | +3.2% | +9.0% | +4.6% | -6.0% |
| Total current assets | $40.4B | $38.8B | $35.5B | $37.1B | $47.6B | $43.5B | $35.0B | $36.7B |
| YoY | — | — | — | — | +17.8% | +12.2% | -1.4% | -1.0% |
| Total assets | $117.5B | $117.1B | $115.1B | $117.5B | $129.5B | $136.9B | $128.7B | $129.8B |
| YoY | — | — | — | — | +10.2% | +16.9% | +11.8% | +10.4% |
| Total current liabilities | $29.6B | $28.4B | $25.2B | $26.0B | $28.6B | $28.3B | $26.9B | $27.7B |
| YoY | — | — | — | — | -3.2% | -0.3% | +7.0% | +6.5% |
| Total liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total equity | $44.5B | $46.3B | $48.3B | $49.0B | $51.9B | $52.6B | $45.9B | $41.9B |
| YoY | — | — | — | — | +16.5% | +13.6% | -5.1% | -14.4% |
| Shares outstanding | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9.3B | $3.5B | $2.5B | $3.3B | $7.8B | $2.9B | $3.9B | $5.4B |
| YoY | — | — | — | — | -15.8% | -17.2% | +56.7% | +63.1% |
| Capital expenditures | $783.0M | $937.0M | $1.3B | $764.0M | $987.0M | $1.0B | $991.0M | $893.0M |
| YoY | — | — | — | — | +26.1% | +10.2% | -25.4% | +16.9% |
| Free cash flow | $8.5B | $2.5B | $1.2B | $2.5B | $6.8B | $1.8B | $2.9B | $4.5B |
| YoY | — | — | — | — | -19.7% | -27.4% | +149.7% | +77.0% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $444.0M | $489.0M | $1.2B | $1.3B | $1.3B | $1.3B | $874.0M | $757.0M |
| YoY | — | — | — | — | +198.0% | +156.0% | -24.9% | -43.7% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — |
| Net margin | 19.0% | 24.0% | 32.7% | 28.0% | 33.5% | 18.1% | -26.0% | -8.0% |
| Free cash flow margin | 51.1% | 16.1% | 7.5% | 16.0% | 39.6% | 11.1% | 18.0% | 27.0% |
| Effective tax rate | 22.7% | 10.2% | 13.9% | 11.4% | 14.2% | 13.4% | -20.1% | -95.8% |
| Current ratio | 1.36x | 1.36x | 1.41x | 1.42x | 1.66x | 1.54x | 1.30x | 1.32x |
| Total liabilities / equity | — | — | — | — | — | — | — | — |
Peer comparison — latest full year
Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| MRK FY25 · this stock | $65.0B | +1.3% | — | — | 28.1% | 19.0% |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| CVS FY25 | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| CI FY25 | $274.9B | +11.2% | — | 3.3% | — | — |
| ELV FY25 | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| JNJ FY25 | $94.2B | +6.0% | 67.9% | — | 28.5% | 20.9% |
| LLY FY25 | $65.2B | +44.7% | — | — | 31.7% | — |
| ABBV FY25 | $61.2B | +8.6% | — | 24.6% | 6.9% | 29.1% |
| BMY FY25 | $48.2B | -0.2% | — | — | 14.6% | 26.7% |
| TMO FY25 | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
| ABT FY25 | $44.3B | +5.7% | — | 18.2% | 14.7% | 16.7% |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.