FN2 Earnings Intelligence
Merck & Co., Inc. financials
Merck & Co., Inc. (MRK) financial statements and key operating metrics from FN2 Research.
Key Stats
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Market Cap | - | - | - | - | - |
| - Cash | $8,096 | $12,694 | $6,841 | $13,242 | $14,565 |
| + Debt | $33,102 | $30,691 | $35,055 | $37,111 | $49,339 |
| Enterprise Value | - | - | - | - | - |
| Revenue | $48,704 | $59,283 | $60,115 | $64,168 | $65,011 |
| % Growth | 1.5% | 21.7% | 1.4% | 6.7% | 1.3% |
| Gross Profit | $35,078 | $41,872 | $43,989 | $48,975 | $48,629 |
| % Margin | 72.0% | 70.6% | 73.2% | 76.3% | 74.8% |
| EBITDA | - | - | - | - | - |
| % Margin | - | - | - | - | - |
| Net Income | $13,049 | $14,519 | $365 | $17,117 | $18,254 |
| % Margin | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% |
| Diluted EPS | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 |
| % Growth | 84.9% | 11.1% | -97.5% | 4,714.3% | 8.0% |
| Operating Cash Flow | $13,122 | $19,095 | $13,006 | $21,468 | $16,472 |
| CapEx | $4,448 | $4,388 | $3,863 | $3,372 | $4,112 |
| Free Cash Flow | $8,674 | $14,707 | $9,143 | $18,096 | $12,360 |
Historical market capitalization is not persisted, so Market Cap and Enterprise Value remain unavailable rather than mixing today's market value into prior periods.
Income Statement
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Revenue | $48,704 | $59,283 | $60,115 | $64,168 | $65,011 |
| Gross Profit | $35,078 | $41,872 | $43,989 | $48,975 | $48,629 |
| EBITDA | - | - | - | - | - |
| Net Income | $13,049 | $14,519 | $365 | $17,117 | $18,254 |
| Diluted EPS | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 |
Balance Sheet
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $8,096 | $12,694 | $6,841 | $13,242 | $14,565 |
| Short-term Debt | $2,412 | $1,946 | $1,372 | $2,649 | $2,589 |
| Long-term Debt | $30,690 | $28,745 | $33,683 | $34,462 | $46,750 |
| Total Debt | $33,102 | $30,691 | $35,055 | $37,111 | $49,339 |
Cash Flow
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $13,122 | $19,095 | $13,006 | $21,468 | $16,472 |
| Capital Expenditure | $4,448 | $4,388 | $3,863 | $3,372 | $4,112 |
| Free Cash Flow | $8,674 | $14,707 | $9,143 | $18,096 | $12,360 |
Ratios
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Revenue Growth | 1.5% | 21.7% | 1.4% | 6.7% | 1.3% |
| Gross Margin | 72.0% | 70.6% | 73.2% | 76.3% | 74.8% |
| EBITDA Margin | - | - | - | - | - |
| Net Margin | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% |
| FCF Margin | 17.8% | 24.8% | 15.2% | 28.2% | 19.0% |
| Diluted EPS Growth | 84.9% | 11.1% | -97.5% | 4,714.3% | 8.0% |