FINHUB Insights

MRK · Q3 FY25 · Sep 30, 2025

Merck & Q3 FY25: where the revenue came from and where it went

Merck & Q3 FY25: revenue $17.3B (+4% year over year). Net profit $5.8B. Largest cohort Non-US $7.3B. The whole income statement as a sankey diagram from the SEC filing.

Period
Sep 30, 2025
Reported
Nov 5, 2025 10-Q
Sankey diagram of Merck &'s income statement for Q3 FY25: revenue of $17.3 billion splits into segments and flows out into costs, taxes and net profit.

Tap the diagram to enlarge · figures in billions of dollars

Revenue$17.3B +4% year over year
Gross profit$13.4B 78% margin
Operating profit$6.6B 38% margin
Net profit$5.8B 33% margin

The numbers

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
ItemValueShare of revenueYear over year
Revenue 17.3 100% +4%
Non-US 7.3 42%
Pharmaceutical 6.1 35%
Sales | Animal Health 1.6 9%
Sales | Non-US | Animal Health 1.1 6%
Other 0.7 4%
Sales | U.S. | Animal Health 0.5 3%
Cost of revenue−3.923%
Gross profit13.478% margin+2pp
Research & development−4.225%−11pp
SG&A−2.615%−1pp
Operating profit6.638% margin+0pp
Tax−1
Net profit5.833%+15pp
Filing on EDGAR More quarters of MRK

Source of the numbers: tables in the filing (10-Q). The diagram is generated automatically and checked against EDGAR before release. How we calculate it → About and methodology.

Older quarters