Merck & Co. income statement

In fiscal 2025, Merck & Co. reported revenue of $65.01bn, up 1.3% on the year before and net income of $18.25bn, or $7.28 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Merck & Co.: income statement, annual
Fiscal year	2007Dec 2007	2008Dec 2008	2009Dec 2009	2010Dec 2010	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	24.2	23.9	27.4	46.0	39.8	40.1	42.3	39.1	41.5	48.7	59.3	60.1	64.2	65.0	66.6
Cost of revenue	—	—	—	—	14.0	12.9	13.5	12.0	13.6	13.6	17.4	16.1	15.2	16.4	18.0
Gross profit	—	—	—	—	25.8	27.2	28.8	27.1	27.9	35.1	41.9	44.0	49.0	48.6	48.6
Research and development	4.9	4.8	5.8	11.1	10.3	10.3	9.8	9.7	13.4	12.2	13.5	30.5	17.9	15.8	30.5
Selling, general and administrative	7.6	7.4	8.5	13.1	10.0	10.1	10.1	9.5	9.0	9.6	10.0	10.5	10.8	10.7	11.1
Interest expense	—	0.3	0.5	0.7	0.7	0.8	0.8	0.9	0.8	0.8	1.0	1.1	1.3	1.4	1.7
Income before tax	—	—	15.3	1.7	4.7	6.5	8.7	7.2	5.9	13.9	16.4	1.9	19.9	21.1	5.9
Income tax	0.1	2.0	2.3	0.7	0.7	4.1	2.5	1.6	1.3	1.5	1.9	1.5	2.8	2.8	2.8
Net income	3.3	7.8	12.9	0.9	3.9	2.4	6.2	9.8	7.1	13.0	14.5	0.4	17.1	18.3	3.2
Diluted EPS	$1.49	$3.63	$5.65	$0.28	$1.41	$0.87	$2.32	$3.81	$2.78	$5.14	$5.71	$0.14	$6.74	$7.28	$1.28
Diluted shares (average)	—	2,143m	2,273m	3,120m	2,787m	2,748m	2,679m	2,580m	2,541m	2,538m	2,542m	2,547m	2,541m	2,507m	2,482m

US$ billions unless shown otherwise. Fiscal quarters.

Merck & Co.: income statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Revenue	16.7	15.6	15.5	15.8	17.3	16.4	16.3	16.6
Cost of revenue	4.1	3.8	3.4	3.6	3.9	5.6	4.2	4.4
Gross profit	12.6	11.8	12.1	12.2	13.4	10.8	12.1	12.2
Research and development	5.9	4.6	3.6	4.0	4.2	3.9	12.6	9.7
Selling, general and administrative	2.7	2.9	2.6	2.6	2.6	2.9	2.7	2.9
Interest expense	0.3	0.3	0.3	0.3	0.3	0.4	0.5	0.5
Income before tax	4.1	4.2	5.9	5.0	6.7	3.4	−3.5	−0.7
Income tax	0.9	0.4	0.8	0.6	1.0	0.5	0.7	0.7
Net income	3.2	3.7	5.1	4.4	5.8	3.0	−4.2	−1.3
Diluted EPS	$1.24	$1.48	$2.01	$1.76	$2.32	$1.20	−$1.72	−$0.54

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Merck & Co.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Merck & Co.