Merck & Co.

MRK Health Care Market cap $357B as of Sep 14, 2026 16:03 ET S&P 500

Q3 FY25 Jul 1 – Sep 30, 2025 reported Nov 5, 2025

Revenue$17.28B +4% year over year

Gross profit$13.42B 78% margin

Operating profit$6.55B 38% margin

Net profit$5.79B 33% margin

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	17.28	100%	+4%
U.S. pharmaceutical	9.49	55%
Non-US pharmaceutical	6.12	35%
Non-US animal health	1.11	7%
U.S. animal health	0.50	3%
Other and unallocated	0.05	0%
Cost of revenue	−3.86	22%
Gross profit	13.42	78% margin	+2pp
R&D	−4.23	25%	−11pp
SG&A	−2.63	15%	−1pp
Operating profit	6.55	38% margin
Other income, net	0.19
Tax	−0.96
Net profit	5.79	33% margin	+15pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	15.81	100%	−2%
US	8.84	56%	+12%
EMEA	3.66	23%	+4%
Latin America	0.86	5%	+0%
Asia Pacific	0.79	5%	+5%
JP	0.63	4%	−9%
Other countries	0.60	4%	−3%
CN	0.45	3%	−75%
Cost of revenue	−3.56	23%
Gross profit	12.25	77% margin	+1pp
R&D	−4.05	26%	+4pp
SG&A	−2.65	17%	+0pp
Other	−0.56	3%	+0pp
Operating profit	4.99	32% margin	+0pp
Tax	−0.57
Net profit	4.43	28% margin	−6pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	15.53	100%	−2%
US	8.52	55%	+14%
EMEA	3.45	22%	−3%
Latin America	0.79	5%	−1%
CN	0.70	5%	−60%
Other countries	0.70	5%	+13%
Asia Pacific	0.69	4%	−5%
JP	0.67	4%	−19%
Cost of revenue	−3.42	22%
Gross profit	12.11	78% margin	+0pp
R&D	−3.62	23%	−2pp
SG&A	−2.55	16%	+1pp
Other	−0.07	1%	+0pp
Operating profit	5.87	38% margin	+0pp
Tax	−0.79
Net profit	5.08	33% margin	+3pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY24 (period ends Sep 30, 2024).
Item	Value	Share of revenue	Year over year
Revenue	16.66	100%	+4%
US	8.74	52%	+13%
EMEA	3.58	21%	+8%
CN	1.02	6%	−40%
JP	0.94	6%	−13%
Latin America	0.94	6%	+5%
Asia Pacific	0.82	5%	+5%
Other countries	0.62	4%	+33%
Cost of revenue	−4.08	24%
Gross profit	12.58	76% margin	+2pp
R&D	−5.86	35%	+14pp
SG&A	−2.73	17%	+1pp
Other	−0.06	0%	+0pp
Operating profit	3.93	24% margin	+0pp
Other income, net	0.16
Tax	−0.93
Net profit	3.16	19% margin	−11pp

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q3 FY25 Jul 1 – Sep 30, 2025 reported Nov 5, 2025 Operating margin 38% Net profit $5.8B	Jul 1 – Sep 30, 2025	Nov 5, 2025	$17.3B	+4%	38%	$5.8B	33%
Q2 FY25 Apr 1 – Jun 30, 2025 reported Aug 5, 2025 Operating margin 32% Net profit $4.4B	Apr 1 – Jun 30, 2025	Aug 5, 2025	$15.8B	−2%	32%	$4.4B	28%
Q1 FY25 Jan 1 – Mar 31, 2025 reported May 2, 2025 Operating margin 38% Net profit $5.1B	Jan 1 – Mar 31, 2025	May 2, 2025	$15.5B	−2%	38%	$5.1B	33%
Q3 FY24 Jul 1 – Sep 30, 2024 reported Nov 6, 2024 Operating margin 24% Net profit $3.2B	Jul 1 – Sep 30, 2024	Nov 6, 2024	$16.7B	+4%	24%	$3.2B	19%