The company is a global health care enterprise that develops, manufactures and sells prescription medicines, biologic therapies and vaccines for human use, as well as veterinary pharmaceuticals, vaccines and animal health management products. Its operations are organized into a Pharmaceutical segment, covering human prescription drugs and vaccines, and an Animal Health segment, covering livestock and companion animal products. Pharmaceutical customers include drug wholesalers, retailers, hospitals, government agencies, managed care organizations, physicians and distributors, while Animal Health customers include veterinarians, distributors, animal producers, farmers and pet owners.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 65,011 | 64,168 | 60,115 | 4 |
| · Pharmaceutical | 58,142 | 57,400 | 53,583 | |
| · Animal Health | 6,354 | 5,877 | 5,625 | |
| · Other | 515 | 891 | 907 | |
| Cost of revenue | 16,382 | 15,193 | 16,126 | |
| Research and development | 15,789 | 17,938 | 30,531 | |
| Selling, general and administrative | 10,733 | 10,816 | 10,504 | |
| Interest expense | — | — | 1,146 | |
| Other income (expense), net | (151) | 24 | (466) | |
| Income before income taxes | 21,067 | 19,936 | 1,889 | |
| Income tax provision | 2,804 | 2,803 | 1,512 | 1 |
| — of which current | 4,475 | 4,052 | 3,411 | 1 |
| Net income incl. noncontrolling interests | 18,263 | 17,133 | 377 | |
| Less: noncontrolling interests | 9 | 16 | 12 | |
| Net income attributable to common | 18,254 | 17,117 | 365 | 2 |
| Diluted earnings per share | $7.28 | $6.74 | $0.14 | 1 |
| Weighted-average diluted shares | 2,507 | 2,541 | 2,547 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 18,263 | 17,133 | 377 | |
| Share-based compensation | 820 | 761 | 645 | |
| Deferred income taxes | (1,671) | (1,249) | (1,899) | |
| Change in receivables | 1,090 | 244 | 1,148 | |
| Change in inventories | 1,180 | 835 | 816 | |
| Net cash provided by operating activities | 16,472 | 21,468 | 13,006 | 3 |
| Capital expenditure | 4,112 | 3,372 | 3,863 | 1 |
| Acquisitions, net of cash | 10,042 | 0 | 0 | |
| Net cash used in investing activities | (13,741) | (7,734) | (14,083) | |
| Dividends paid | 8,176 | 7,840 | 7,445 | 2 |
| Repurchases of common stock | 5,084 | 1,306 | 1,346 | 2 |
| Debt issued | — | — | 5,939 | |
| Debt repaid | 2,503 | 1,290 | 1,755 | |
| Net cash used in financing activities | (1,922) | (7,032) | (4,810) | |
| Cash and equivalents at end of period | 14,690 | 13,318 | 6,909 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 14,565 | 13,242 | |
| Short-term investments | 0 | 447 | |
| Receivables, net | 11,775 | 10,278 | 1 |
| Inventories | 6,658 | 6,109 | 1 |
| Total current assets | 43,516 | 38,782 | |
| Property, plant and equipment, net | 25,316 | 23,779 | |
| Goodwill | 21,579 | 21,668 | 1 |
| Intangible assets, net | 26,681 | 16,370 | |
| Total assets | 136,866 | 117,106 | 1 |
| Accounts payable | 4,404 | 4,079 | |
| Current debt | 2,589 | 2,649 | |
| Total current liabilities | 28,327 | 28,420 | |
| Long-term debt | 46,750 | 34,462 | |
| Stockholders' equity | 52,606 | 46,313 | |
| Noncontrolling interests | 56 | 59 | |
| Total equity | 52,662 | 46,372 |
| Segments · as filed in the segment note · $ millions | Pharmaceutical | Animal Health | Other | Consolidated |
|---|---|---|---|---|
| Net sales | 58,142 | 6,354 | 515 | 65,011 |
Not shown: Cost of sales, Selling, general & administrative. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
More than 16 product lines on this axis; not read.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States | 36,510 | 56.2% |
| Europe, Middle East and Africa | 14,580 | 22.4% |
| Latin America | 3,410 | 5.2% |
| Asia Pacific (other than Japan and China) | 2,983 | 4.6% |
| Other | 2,878 | 4.4% |
| Japan | 2,711 | 4.2% |
| China | 1,939 | 3.0% |
| Total revenues, as filed | 65,011 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 136,866 | 117,106 | +19,760 | +16.9% | — |
| Long-term debt · BS | 46,750 | 34,462 | +12,288 | +35.7% | — |
| Intangible assets, net · BS | 26,681 | 16,370 | +10,311 | +63.0% | ◐ outsized |
| Stockholders' equity · BS | 52,606 | 46,313 | +6,293 | +13.6% | — |
| Total equity · BS | 52,662 | 46,372 | +6,290 | +13.6% | — |
| Net cash used in investing activities · CF | (13,741) | (7,734) | −6,007 | -77.7% | ◐ outsized |
| Net cash used in financing activities · CF | (1,922) | (7,032) | +5,110 | +72.7% | ◐ outsized |
| Net cash provided by operating activities · CF | 16,472 | 21,468 | −4,996 | -23.3% | — |
| Total current assets · BS | 43,516 | 38,782 | +4,734 | +12.2% | — |
| Repurchases of common stock · CF | 5,084 | 1,306 | +3,778 | +289.3% | ◐ outsized |
| Research and development · IS | 15,789 | 17,938 | −2,149 | -12.0% | — |
| Property, plant and equipment, net · BS | 25,316 | 23,779 | +1,537 | +6.5% | — |
| Receivables, net · BS | 11,775 | 10,278 | +1,497 | +14.6% | — |
| Cash and equivalents at end of period · CF | 14,690 | 13,318 | +1,372 | +10.3% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 36.9% sector median 13.2% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +0.0% sector median -0.3% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.94 sector median 0.64 | moderate |
| FCF consistency, 4yr operating cash flow − capital expenditure, per year | positive 4 of 4 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 32.4% sector median 15.1% | volatile |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 15,529 | 15,806 | 17,276 | 16,286 | 16,607 |
| Cost of revenue | 3,419 | 3,557 | 3,855 | 4,195 | 4,395 |
| Research and development | 3,621 | 4,048 | 4,234 | 12,592 | 9,741 |
| Selling, general and administrative | 2,552 | 2,649 | 2,633 | 2,700 | 2,904 |
| Interest expense | 313 | 305 | 327 | 479 | 525 |
| Other income (expense), net | 35 | 7 | 238 | (138) | (99) |
| Income before income taxes | 5,903 | 4,999 | 6,745 | (3,534) | (683) |
| Income tax provision | 818 | 571 | 958 | 709 | 654 |
| Net income incl. noncontrolling interests | 5,085 | 4,428 | 5,787 | (4,243) | (1,337) |
| Less: noncontrolling interests | 6 | 1 | 2 | (3) | (2) |
| Net income attributable to common | 5,079 | 4,427 | 5,785 | (4,240) | (1,335) |
| Diluted earnings per share | $2.01 | $1.76 | $2.32 | $-1.72 | $-0.54 |
| Weighted-average diluted shares | 2,531 | 2,513 | 2,498 | 2,472 | 2,470 |
| Net cash provided by operating activities | 2,500 | — | — | 3,918 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | (4,243) | (1,337) | +2,906 | +68.5% |
| Net income attributable to common | (4,240) | (1,335) | +2,905 | +68.5% |
| Research and development | 12,592 | 9,741 | −2,851 | -22.6% |
| Income before income taxes | (3,534) | (683) | +2,851 | +80.7% |
| Net cash provided by operating activities | 2,500 | 3,918 | +1,418 | +56.7% |
| Total revenues | 16,286 | 16,607 | +321 | +2.0% |
| Selling, general and administrative | 2,700 | 2,904 | +204 | +7.6% |
| Cost of revenue | 4,195 | 4,395 | +200 | +4.8% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $198,051M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 22 filings · 0 buys / 17 sells | net selling · −$29,977,579 |
| · Zachary Jennifer | SELL $10,718,495 | Form 4 filed 2026-08-13 · open market |
| · Williams David Michael | SELL $4,468,987 | Form 4 filed 2026-08-07 · open market |
| · Deluca Richard R. | SELL $2,710,951 | Form 4 filed 2026-08-12 · open market |
| · Guindo Chirfi | SELL $1,965,000 | Form 4 filed 2026-08-07 · open market |
| · Williams David Michael | SELL $1,743,813 | Form 4 filed 2026-08-07 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| · BlackRock, Inc. | 8.17% | 5%+ holder · DEF 14A filed 2026-04-08 |
| Institutional % | 1 holder of 5%+ named | full 13F total pending — never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Merck & Co.'s Form 10-K for FY2025 (accession 0000310158-26-000063), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. MRK is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.