MRK Financials Merck

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 9.4% per year over the past 5 years.
Net income has grown faster than revenue (20.9% vs 9.4% per year).
Free cash flow has declined 5.6% per year over the past 5 years.

Financial health

Total debt ($49.3B) exceeds cash ($14.6B); net debt is $34.7B.
Total debt has grown in line with revenue (9.2% vs 9.4% per year).

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 44.8% of earnings and 66.1% of free cash flow.
The dividend has grown 5.6% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$65.0B	$18.3B	74.8%	0.0%	$12.4B	$49.3B	$14.6B
2024	$64.2B	$17.1B	76.3%	0.0%	$18.1B	$37.1B	$13.2B
2023	$60.1B	$365M	73.2%	0.0%	$9.1B	$35.1B	$6.8B
2022	$59.3B	$14.5B	70.6%	0.0%	$14.7B	$30.7B	$12.7B
2021	$48.7B	$12.3B	72.0%	0.0%	—	$33.1B	$8.1B
2020	$41.5B	$7.1B	67.2%	0.0%	—	$31.8B	$8.1B
2019	$39.1B	$9.8B	69.3%	0.0%	—	$26.3B	$9.7B
2018	$42.3B	$6.2B	68.1%	0.0%	—	$25.1B	$8.0B
2017	$40.1B	$2.4B	67.8%	0.0%	—	$24.4B	$6.1B
2016	$39.8B	$3.9B	64.8%	0.0%	—	$24.6B	$6.5B
2015	—	$4.4B	—	—	—	$26.1B	$8.5B
2014	—	$11.9B	—	—	—	$19.7B	$7.4B
2013	—	$4.4B	—	—	—	$22.6B	$15.6B
2012	—	$6.2B	—	—	—	$18.1B	$13.5B
2011	—	$6.3B	—	—	—	$15.5B	$13.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$16.3B	-$4.2B	74.2%	0.0%	$2.9B	$49.1B	$5.3B
Dec '25	$16.4B	$3.0B	66.2%	0.0%	$1.8B	$49.3B	$14.6B
Sep '25	$17.3B	$5.8B	77.7%	0.0%	$6.8B	$41.4B	$18.2B
Jun '25	$15.8B	$4.4B	77.5%	0.0%	$2.5B	$35.4B	$8.0B
Mar '25	$15.5B	$5.1B	78.0%	0.0%	$1.2B	$34.8B	$8.6B
Dec '24	$15.6B	$3.7B	75.5%	0.0%	$2.5B	$37.1B	$13.2B
Sep '24	$16.7B	$3.2B	75.5%	0.0%	$8.5B	$38.1B	$14.6B
Jun '24	$16.1B	$5.5B	76.8%	0.0%	$4.8B	$37.8B	$11.3B
Mar '24	$15.8B	$4.8B	77.6%	0.0%	$2.2B	$34.2B	$5.6B
Dec '23	$14.6B	-$1.2B	73.3%	0.0%	-$743M	$35.1B	$6.8B
Sep '23	$16.0B	$4.7B	73.3%	0.0%	$6.8B	$34.9B	$8.6B
Jun '23	$15.0B	-$6.0B	73.2%	0.0%	$2.7B	$36.9B	$5.7B
Mar '23	$14.5B	$2.8B	72.9%	0.0%	$332M	$30.7B	$9.7B
Dec '22	$13.8B	$3.0B	71.9%	0.0%	—	$30.7B	$12.7B
Sep '22	$15.0B	$3.2B	73.7%	0.0%	—	$30.4B	$11.1B
Jun '22	$14.6B	$3.9B	71.1%	0.0%	—	$31.7B	$9.7B
Mar '22	$15.9B	$4.3B	66.2%	0.0%	—	$31.8B	$8.6B
Dec '21	$13.5B	$3.8B	71.3%	0.0%	—	$33.1B	$8.1B
Sep '21	$13.2B	$4.6B	73.8%	0.0%	—	$26.4B	$10.0B
Jun '21	$11.4B	$1.5B	72.8%	0.0%	—	$26.5B	$8.6B

Valuation over time

How the market has priced MRK against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 18.1× (Mar '23) to 17.0× (Jun '26).
The price-to-sales ratio has risen from 4.4× (Mar '23) to 4.8× (Jun '26).
The dividend yield has fallen from 2.7% (Mar '23) to 2.6% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is MRK growing its revenue and profit?

Over the past 5 years, Merck's revenue has grown 9.4% per year, and net income grown 20.9% per year. These are computed facts, not advice.

How much debt does MRK have?

As of FY2025, Merck reported $49.3B of total debt against $14.6B of cash.

What is MRK's profit margin?

In FY2025, gross margin was 74.8%, operating margin —, and net margin 28.1%.

What is MRK's P/E ratio?

As of Jun '26, Merck traded at a price-to-earnings ratio of about 17.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.