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Fundamentals · EDGAR XBRL · Health Care

MRK

Latest: Q2 FY26 · Thesis page →
Revenue$16.6B+5.1% YoY
Net income$-1.3B-130.2% YoY
Free cash flow$4.5B+77.0% YoY
Gross margin—

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.

■ Revenue   ■ Net income
$0$6.2B$12.4B$18.7BQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
-35%-9%17%42%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

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).

+4%+5%+5%+5%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '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 — basic2.53B—2.52B2.51B2.50B—2.47B2.47B
Weighted shares — diluted2.54B—2.53B2.51B2.50B—2.47B2.47B

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '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 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '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 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Gross margin————————
Operating margin————————
Net margin19.0%24.0%32.7%28.0%33.5%18.1%-26.0%-8.0%
Free cash flow margin51.1%16.1%7.5%16.0%39.6%11.1%18.0%27.0%
Effective tax rate22.7%10.2%13.9%11.4%14.2%13.4%-20.1%-95.8%
Current ratio1.36x1.36x1.41x1.42x1.66x1.54x1.30x1.32x
Total liabilities / equity————————

Peer comparison — latest full year

Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF 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.