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Merck & Co. MRK Q4 2025 Annual earnings

Reported February 3, 2026 · Before market open

Revenue$16.4BBeat by $200.9M
EPS$2.04Beat by $0.03
Revenue estimate$16.2B
EPS estimate$2.01

Next report

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

Financials

Q4 2025

Income statement

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Revenue$16.4B+5.0%
Gross profit$10.8B-8.0%
Net income$3.0B-20.8%
EPS (diluted)$1.20-18.9%

Balance sheet

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Cash & equivalents$14.7B+10.3%
Total debt$52.8B+29.5%
Total equity$52.6B+13.6%
Total assets$136.87B+16.9%

Cash flow

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Operating cash flow$2.9B-17.2%
CapEx$1.0B+10.2%
Free cash flow$1.8B-27.4%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$261.26B+3.8%
Enterprise value$299.36B+7.3%
P/E14.3×-0.4×
P/S4×+0.1×

Profitability

See full
Gross margin74.8%-1.5pp
Net margin28.1%+1.4pp
FCF margin19%-9.2pp

Returns & leverage

See full
Return on equity36.9%-3.9pp
Debt / equity1×+0.1×
Current ratio1.5×+0.2×

FAQ

When did Merck & Co. report Q4 2025 earnings?
Merck & Co. (MRK) reported Q4 2025 earnings on February 3, 2026 before market open.
What were Merck & Co.'s Q4 2025 revenue and EPS?
Merck & Co. reported revenue of $16.4B and eps of $2.04 for Q4 2025.
Did Merck & Co. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $16.2B by $200.9M. EPS beat the consensus estimate of $2.01 by $0.03.
How did Merck & Co.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 5.0% from $15.6B a year earlier and eps grew 18.6% from $1.72.
Where can I find Merck & Co.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001104659-26-009495) and the 10-K periodic report (0000310158-26-000063) directly on SEC EDGAR. The filing index links above go to sec.gov.