Historical source-based research. Compilation date and financial period are different dates.

Executive summary

Annual revenue of USD 65.011 billion and net income of USD 18.254 billion for the period ended 2025-12-31. This is a structured data brief from filed financial statements, not an independently audited investment opinion.

Business and industry context

Merck & Co., Inc. is an SEC-reporting issuer listed on NYSE under MRK. Its SEC industry description is Pharmaceutical Preparations. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications. Drug developers, device manufacturers and care providers depend on distinct clinical, reimbursement and operating economics.

Financial evidence

The selected fiscal period runs from 2025-01-01 to 2025-12-31. Revenue was USD 65.011 billion; operating income was not available; diluted EPS was USD 7.28 per share. Prior-period revenue was USD 64.168 billion. The reported revenue change was 1.31%. Comparisons are not adjusted for acquisitions, disposals, foreign exchange or fiscal-week differences.

Profitability and cash generation

Net margin, calculated as net income divided by revenue, was 28.08%. Operating cash flow was USD 16.472 billion; capital expenditure was USD 4.112 billion. Free cash flow (operating cash flow less purchases of property, plant and equipment) was USD 12.360 billion. Missing standard tags are not interpreted as zero. These measures may not be directly comparable between business models.

Balance-sheet context

Total assets were USD 136.866 billion, total liabilities not available and reported shareholder equity USD 52.606 billion at the period end. Total liabilities include operating obligations and are not a measure of interest-bearing debt.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

Risks and uncertainties

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration. Standardized XBRL can omit custom-tag disclosures. Annual data cannot establish the direction of the latest quarter.

What to monitor

Product concentration, research investment, utilization, reimbursement and cash generation. Read subsequent quarterly filings, footnotes and accounting-policy changes before interpreting these historical observations.

Methodology note

Source snapshots were collected on September 18, 2026. Values preserve reported currency and periods. This brief was compiled on September 26, 2026; the publication date is not a new source retrieval date.

Sources & dates

Methodology protocol ↗SMS research updates ↗