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NYSE · Healthcare

Merck & Co., Inc. (MRK)

As-reported financials and SEC filings for Merck & Co., Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Merck & Co., Inc.

Merck & Co., Inc. is a pharmaceutical company that develops and sells prescription medicines, vaccines, and animal health products. It serves healthcare providers, patients, and animal health customers worldwide. The company also collaborates with other firms to develop and commercialize various pharmaceutical products.

Snapshot

Revenue
$65.01B
Revenue growth (YoY)
1.3%
Net income
$18.25B
Diluted EPS
$7.28
Gross margin
74.8%
Operating margin
Net margin
28.1%
FCF margin
19.0%
ROE
34.7%
net income / fiscal-year-end equity
P/E
118.0×
trailing when available, otherwise FY EPS
Market cap
$363.98B
Long-term debt / equity
0.89×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Merck

  • Revenue grew 1.3% to $65.0B in FY2025, slower than the 6.7% the year before.
  • Most recent quarter Q2 FY2026: revenue $16.6B, up 5.1% from Q2 FY2025.
  • Free cash flow was $12.4B in FY2025, 19.0% of revenue.
  • Net income rose 6.6% to $18.3B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Merck’s fundamentals sit among the 198 pharmaceutical companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin74.8%
68th percentile of 69
Net margin28.1%
82nd percentile of 122
FCF margin19.0%
77th percentile of 110
Revenue growth (YoY)+1.3%
36th percentile of 187
ROE34.7%
91st percentile of 167
P/E118.0×
90th percentile of 60
Long-term debt / equity0.89×
78th percentile of 64
Short interest2.84d
23rd percentile of 197

Merck’s return on equity of 34.7% ranks in the 91st percentile of the 167 pharmaceutical companies reporting it. Merck’s P/E of 118.0 ranks in the 90th percentile of the 60 peers with a meaningful P/E.

No reported insider purchases (code P) in the last 90 days; 17 insider sales totaling $30.0M. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
4
+6 quant / multi-strat
Initiated / added
2
1 new, 1 added
Reduced / exited
8
8 trimmed, 0 exited
Combined position
$3.41B
reported long value
InvestorAs ofPosition valueSharesChange
Harris Associates (Oakmark)Q2 2026$1.55B12.1MReduced
AQR Capital ManagementquantQ2 2026$1.04B8.1MReduced
D. E. ShawquantQ2 2026$351.8M2.7MReduced
Citadel AdvisorsquantQ2 2026$248.5M1.9MReduced
Millennium ManagementquantQ2 2026$72.1M561.3KReduced
Gotham Asset ManagementQ2 2026$68.0M528.9KAdded
Point72 Asset ManagementquantQ2 2026$48.8M380.1KReduced
Dodge & CoxQ2 2026$17.4M135.8KReduced
Two Sigma InvestmentsquantQ2 2026$6.2M48.6KReduced
Bridgewater AssociatesQ2 2026$3.9M30.3KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
17
$30.0M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-13
Guindo ChirfiEVP, Access, Policy & CommsSell10.0K$135.00$1.4M
2026-08-12
filed 2026-08-13
Zachary JenniferEVP, General CounselSell80.3K$133.46$10.7M
2026-08-12
DeLuca Richard R.EVP&Pres, Merck Animal HeallthSell11.1K$131.61$1.5M
2026-08-12
DeLuca Richard R.EVP&Pres, Merck Animal HeallthSell600$132.04$79K
2026-08-11
filed 2026-08-12
DeLuca Richard R.EVP&Pres, Merck Animal HeallthSell7.4K$131.33$973K
2026-08-11
filed 2026-08-12
DeLuca Richard R.EVP&Pres, Merck Animal HeallthSell5.4K$132.35$718K
2026-08-10
filed 2026-08-12
DeLuca Richard R.EVP&Pres, Merck Animal HeallthSell20.8K$130.43$2.7M
2026-08-06
filed 2026-08-07
Guindo ChirfiEVP, Access, Policy & CommsSell15.0K$131.00$2.0M
2026-08-06
filed 2026-08-10
DeLuca Richard R.EVP&Pres, Merck Animal HeallthSell4.9K$130.23$644K
2026-08-06
filed 2026-08-10
DeLuca Richard R.EVP&Pres, Merck Animal HeallthSell805$131.02$105K
2026-08-06
filed 2026-08-10
DeLuca Richard R.EVP&Pres, Merck Animal HeallthSell300$131.02$39K
2026-08-05
filed 2026-08-07
Williams David MichaelEVP,Chief Info&Digital OfficerSell34.7K$128.77$4.5M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
24.5M
settled 2026-08-14
Change vs prior
-13.4%
vs previous settlement
Days to cover
2.84
at avg daily volume
Avg daily volume
8.6M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1424.5M-13.4%2.84
2026-07-3128.3M-3.7%3.25
2026-07-1529.4M-6.4%3.42
2026-06-3031.4M+3.7%2.30
2026-06-1530.3M-0.9%2.57
2026-05-2930.5M+5.1%3.06
2026-05-1529.1M+10.9%3.63
2026-04-3026.2M-4.7%2.55

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$65.01B$64.17B$60.12B$59.28B$48.70B
Gross profit$48.63B$48.98B$43.99B$41.87B$35.08B
Operating income
Net income$18.25B$17.12B$365.0M$14.52B$13.05B
Diluted EPS$7.28$6.74$0.14$5.71$5.14

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$14.56B$13.24B$6.84B$12.69B$8.10B
Current assets$43.52B$38.78B$32.17B$35.72B$30.27B
Total assets$136.87B$117.11B$106.67B$109.16B$105.69B
Current liabilities$28.33B$28.42B$25.69B$24.24B$23.87B
Long-term debt$46.75B$34.46B$33.68B$28.75B$30.69B
Total liabilities$84.20B$70.73B$69.04B$63.10B$67.44B
Total equity$52.66B$46.37B$37.63B$46.06B$38.26B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$16.47B$21.47B$13.01B$19.09B$13.12B
Capital expenditure$4.11B$3.37B$3.86B$4.39B$4.45B
Free cash flow$12.36B$18.10B$9.14B$14.71B$8.67B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$16.61B5.1%$-1.33B$-0.54
Q1 FY2026$16.29B4.9%$-4.24B$-1.72
Q4 FY2025$16.40B5.0%$2.96B$1.19
Q3 FY2025$17.28B3.7%$5.79B$2.32
Q2 FY2025$15.81B-1.9%$4.43B$1.76
Q1 FY2025$15.53B-1.6%$5.08B$2.01
Q4 FY2024$15.62B6.8%$3.74B$1.48
Q3 FY2024$16.66B4.4%$3.16B$1.24

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorHealthcare
SIC industryPharmaceutical Preparations
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2018
SEC CIK310158

Selected SEC filings

10-K2026-02-24
View on EDGAR →
10-K2025-02-25
View on EDGAR →
10-Q2026-08-07
View on EDGAR →
10-Q2026-05-04
View on EDGAR →
10-Q2025-11-05
View on EDGAR →
10-Q2025-08-05
View on EDGAR →
8-K2026-08-04
View on EDGAR →
8-K2026-05-28
View on EDGAR →

Largest pharmaceutical peers

All pharmaceutical stocksAll Healthcare companies →

MRK head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.