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Merck & Co. MRK Q2 2025 earnings

Reported July 29, 2025 · Before market open

Revenue$15.8BMiss by $58.5M
EPS$2.13Beat by $0.10
Revenue estimate$15.9B
EPS estimate$2.03

Next report

Oct 29, 2026 (In 3 weeks)
Revenue estimate$17.3B
EPS estimate$2.19

Financials

Q2 2025

Income statement

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Revenue$15.8B-1.9%
Gross profit$12.2B-1.0%
Net income$4.4B-18.8%
EPS (diluted)$1.76-17.8%

Balance sheet

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Cash & equivalents$8.1B-29.0%
Total debt$36.8B-9.9%
Total equity$49.0B+12.4%
Total assets$117.52B+4.3%

Cash flow

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Operating cash flow$3.3B-41.6%
CapEx$764.0M-3.4%
Free cash flow$2.5B-47.8%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$201.69B-35.7%
Enterprise value$230.45B-32.8%
P/E12.3×—
P/S3.2×-1.8×

Profitability

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Gross margin76.6%+1.3pp
Net margin25.8%—
FCF margin23.1%+0.9pp

Returns & leverage

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Return on equity35.4%—
Debt / equity0.8×-0.2×
Current ratio1.4×0.0×

FAQ

When did Merck & Co. report Q2 2025 earnings?
Merck & Co. (MRK) reported Q2 2025 earnings on July 29, 2025 before market open.
What were Merck & Co.'s Q2 2025 revenue and EPS?
Merck & Co. reported revenue of $15.8B and eps of $2.13 for Q2 2025.
Did Merck & Co. beat estimates in Q2 2025?
Revenue missed the consensus estimate of $15.9B by $58.5M. EPS beat the consensus estimate of $2.03 by $0.10.
How did Merck & Co.'s Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 1.9% from $16.1B a year earlier and eps declined 6.6% from $2.28.
Where can I find Merck & Co.'s Q2 2025 SEC filings?
You can read the 8-K earnings release (0001104659-25-071380) and the 10-Q periodic report (0000310158-25-000014) directly on SEC EDGAR. The filing index links above go to sec.gov.