Merck & Co., Inc.
Financial Performance
Merck Revenue & Financials
Revenue
$65B (FY2025)
Market Cap
$368.3B
Net Income
$18.3B
Employees
75,000
What is Merck's revenue?
Merck had $65B in revenue for fiscal year 2025, up 1.3% from 2024. Net income was $18.3B.
- Latest revenue
- $65B (FY2025)
- Year-over-year
- +1.3%
- Growth rate (CAGR)
- 5.6% over 9 years
- Peak revenue
- $65B (FY2025)
- Years of data
- 10
- Employees
- 75,000
- How much profit does Merck make?
- Merck reported net income of $18.3B for fiscal year 2025. sec.gov
- How many employees does Merck have?
- Merck has about 75,000 employees.
Financial Analysis
Merck reported $65.0 billion in 2025 sales, up 1% from $64.2 billion in 2024, and $18.3 billion in net income attributable to Merck. Keytruda/Keytruda Qlex grew 7% to $31.7 billion, offsetting a 39% Gardasil decline. Momentum continued in 2026: Q2 2026 sales rose 5% to $16.6 billion, with Keytruda at $8.4 billion (including $463 million from Keytruda Qlex), Winrevair up 75% to $588 million and Animal Health up 8% to $1.8 billion. A $2.31-per-share charge for the Terns acquisition produced a Q2 GAAP net loss of $1.3 billion. In August 2026 Merck raised its full-year 2026 sales outlook to $66.3 billion to $67.3 billion, with non-GAAP EPS of $2.66 to $2.76 after Terns-related charges. Merck & Co. commands a robust market valuation frequently over $300 billion, driven heavily by its blockbuster oncology drug Keytruda.
Revenue Trend Analysis
YoY Change
+1.3%
9-Year CAGR
+5.6%
Peak Year
2025
Trend
Consistent Growth
Merck & Co., Inc. has 10 full fiscal year figures on this page, compounding at +5.6% annually over 9 years. The most recent year saw a 1.3% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $65B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
Merck & Co., Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $16.5B | $4.1B | $136.9B | $52.6B | $12.4B | Form 10-K |
| FY2024ended Dec 31, 2024 | $21.5B | $3.4B | $117.1B | $46.3B | $18.1B | Form 10-K |
| FY2023ended Dec 31, 2023 | $13B | $3.9B | $106.7B | $37.6B | $9.1B | Form 10-K |
| FY2022ended Dec 31, 2022 | $19.1B | $4.4B | $109.2B | $46B | $14.7B | Form 10-K |
| FY2021ended Dec 31, 2021 | — | $4.4B | $105.7B | $38.2B | — | Form 10-K |
| FY2020ended Dec 31, 2020 | $10.3B | — | $91.6B | $25.3B | — | Form 10-K |
| FY2019ended Dec 31, 2019 | $13.4B | — | $84.4B | $25.9B | — | Form 10-K |
| FY2018ended Dec 31, 2018 | $10.9B | — | $82.6B | $26.7B | — | Form 10-K |
| FY2017ended Dec 31, 2017 | $6.5B | — | $87.9B | $34.3B | — | Form 10-K |
| FY2016ended Dec 31, 2016 | $10.4B | — | $95.4B | $40.1B | — | Form 10-K |
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Merck Revenue and Financial FAQ
What is Merck's annual consolidated revenue and Fortune 500 ranking?
Merck & Co., Inc. reported revenue of $65.0 billion for fiscal year 2025, up from $64.2 billion in fiscal 2024.
What are Merck's gross margins, operating profit, and net income?
Supported by high-margin oncology and vaccine biologics, Merck maintains gross profit margins between 73% and 76%, delivering adjusted operating profit (non-GAAP) of $18.0 billion to $22.0 billion and adjusted diluted earnings per share (EPS) exceeding $8.00 to $9.00.
What is Keytruda's percentage contribution to Merck's total top-line revenue?
Keytruda and Keytruda Qlex generated US$31.7 billion in 2025, about 49% of Merck's total sales of US$65.0 billion. While representing a notable commercial triumph, it creates significant revenue concentration that Merck is aggressively mitigating through M&A.
What is Merck's dividend payout track record and capital return policy?
Merck is a premier dividend-paying healthcare blue chip, having paid uninterrupted cash dividends for over 40 consecutive years. Merck distributes over $7.5 billion annually in dividends (with a dividend yield typically between 2.5% and 3.5%) while deploying billions into targeted research and share repurchases.
What is Merck's annual research and development (R&D) expenditure?
Merck is one of the most research-intensive companies on earth, spending US$15.8 billion on R&D in 2025 (about 24% of sales) after US$17.9 billion in 2024, funding clinical trials across oncology, immunology, cardiometabolic disease, and infectious diseases.
What is Merck's public market capitalization on the New York Stock Exchange?
Merck trades under the ticker symbol MRK on the NYSE; its market capitalization was about US$368 billion as of September 29, 2026, up from about US$261 billion at the end of 2025.
What was the financial impact of spinning off Organon & Co. in 2021?
In June 2021, Merck completed the tax-free spin-off of Organon & Co. (NYSE: OGN), shedding its legacy established brands, biosimilars, and women's health products. The spin-off generated a $9.0 billion tax-free cash dividend for Merck to fund high-growth biopharma R&D and M&A.
What credit ratings does Merck maintain on its long-term senior corporate bonds?
Merck holds top investment-grade credit ratings (A1 from Moody's and A+ from S&P Global), supported by large cash flow generation, strong pharmaceutical patent defenses, and conservative debt leverage.
What is the Keytruda patent cliff and how does it threaten Merck's financials?
Keytruda generates over $25 billion annually, accounting for roughly 40% to 45% of Merck's total corporate revenue. The primary US patents protecting Keytruda begin expiring in 2028. When generic biosimilars enter the market, prices and revenues could erode rapidly. To cushion this financial cliff, Merck is investing heavily in subcutaneous Keytruda formulations, next-generation ADC oncology drugs, and multi-billion-dollar pipeline acquisitions.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Merck Revenue & Financials." CorpDigest, https://corpdigest.com/company/merck/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Merck reported $65B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/merck/financials" target="_blank" rel="noopener">CorpDigest — Merck financials</a></div>Related Financial Audits
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