Health Care · Pharmaceuticals
Merck & Co.: revenue, profit and dividends
In fiscal 2025, Merck & Co. had revenue of $65B, up 5.1% a year on average since 2015, and net income of $18.3B (28.1% of revenue). Its dividend per share has gone up 15 years in a row, to $3.28. It has 12% fewer shares than in 2015.
Revenue, fiscal 2025
average annual revenue growth since 2015 · +1.3% vs 2024
- Ticker
- MRK · NYSE
- Sector
- Health Care
- Sub-industry
- Pharmaceuticals
- Headquarters
- Kenilworth, New Jersey
- Founded
- 1891
- In the S&P 500 since
- March 4, 1957, the index’s first day
- Latest fiscal year
- 2025, ended December 31, 2025
- SEC filer
- Merck & Co., Inc. · CIK 0000310158
Revenue and net income
Revenue went from $24.2B in 2007 to $65B in 2025.
Diluted earnings per share
Diluted EPS went from $1.49 in 2007 to $7.28 in 2025. Ten-year growth: 16.7% a year.
Dividends per share
Raised 15 years in a row, every year from 2011 to 2025. Ten-year growth: 6.1% a year.
Shares outstanding
11.8% fewer shares in 2025 than in 2015 (2.84B → 2.51B): buybacks outweighed new shares.
Operating cash flow, capex and free cash flow
Free cash flow (operating cash flow minus capital expenditure) was $12.4B in 2025, 19.0% of revenue.
The chart data could not be loaded. The table below has the same figures.
Year by year
| Fiscal year | Revenue | Net income | Net margin | Diluted EPS | Dividend | Shares | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $65B | $18.3B | 28.1% | $7.28 | $3.28 | 2.51B | $16.5B | $4.11B | $12.4B |
| 2024 | $64.2B | $17.1B | 26.7% | $6.74 | $3.12 | 2.54B | $21.5B | $3.37B | $18.1B |
| 2023 | $60.1B | $365M | 0.6% | $0.14 | $2.96 | 2.55B | $13B | $3.86B | $9.14B |
| 2022 | $59.3B | $14.5B | 24.5% | $5.71 | $2.80 | 2.54B | $19.1B | $4.39B | $14.7B |
| 2021 | $48.7B | $13B | 26.8% | $5.14 | $2.64 | 2.54B | $13.1B | $4.45B | $8.67B |
| 2020 | $41.5B | $7.07B | 17.0% | $2.78 | $2.48 | 2.54B | $10.3B | $4.43B | $5.82B |
| 2019 | $39.1B | $9.84B | 25.2% | $3.81 | $2.26 | 2.58B | $13.4B | $3.37B | $10.1B |
| 2018 | $42.3B | $6.22B | 14.7% | $2.32 | $1.99 | 2.68B | $10.9B | $2.62B | $8.31B |
| 2017 | $40.1B | $2.39B | 6.0% | $0.87 | $1.89 | 2.75B | $6.45B | $1.89B | $4.56B |
| 2016 | $39.8B | $3.92B | 9.8% | $1.41 | $1.85 | 2.79B | $10.4B | $1.61B | $8.76B |
| 2015 | $39.5B | $4.44B | 11.2% | $1.56 | $1.81 | 2.84B | $12.5B | $1.28B | $11.3B |
| 2014 | $42.2B | $11.9B | 28.2% | $4.07 | $1.77 | 2.93B | $7.99B | $1.32B | $6.67B |
| 2013 | $44B | $4.4B | 10.0% | $1.47 | $1.73 | 3.0B | $11.7B | $1.55B | $10.1B |
| 2012 | $47.3B | $6.17B | 13.0% | $2.00 | $1.69 | 3.08B | $10B | $1.95B | $8.07B |
| 2011 | $48B | $6.27B | 13.1% | $2.02 | $1.56 | 3.09B | $12.4B | $1.72B | $10.7B |
| 2010 | $46B | $861M | 1.9% | $0.28 | $1.52 | 3.12B | $10.8B | $1.68B | $9.14B |
| 2009 | $27.4B | $12.9B | 47.0% | $5.65 | $1.52 | 2.27B | $3.39B | $1.46B | $1.93B |
| 2008 | $23.9B | $7.81B | 32.7% | $3.63 | $1.52 | 2.14B | $6.57B | $1.3B | $5.27B |
| 2007 | $24.2B | $3.28B | 13.5% | $1.49 | $1.52 | — | $7.0B | $1.01B | $5.99B |
Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.
About these figures
- Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.
Other Pharmaceuticals companies
Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.