Q3 2026 Revenue up 5% year over year to $18.1B · 28¢ of every $1 of revenue kept as net profit · operating margin 30.7%
Merck made $18.1B in Q3 2026 (+5% Y/Y). Operating margin 30.7%, net earnings $5.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$18.1B
Year over year+5%
Operating margin30.7%
Net earnings$5.1B
Operating cash flow$6.6B
Drawing the Sankey…
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Merck Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on XEmbed this chart on your site
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What changed this quarter
Revenue was $18.1B in Q3 2026, up 5% year over year and up 9% from the previous quarter.
Operating profit was $5.6B, a 30.7% margin (down 8.3 points year over year). Operating profit fell $1.2B even though revenue rose $0.81B versus Q3 2025, so costs grew faster than sales. Total costs grew 19% against revenue growth of 5%. Net earnings were $5.1B, down 12% year over year. The effective tax rate was 8.9%.
Operating cash flow was $6.6B (down 16% year over year), 129% of net earnings. Non-cash charges added back $0.73B of depreciation and $0.37B of share-based compensation. Working capital and other items added $0.40B. Capital expenditures of $1.0B left free cash flow of $5.5B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$18.1B
+5%
30.7%
$5.1B
$6.6B
Q2 2026
10-Q
Aug 7, 2026
$16.6B
+5%
-4.1%
−$1.3B
$5.4B
Q1 2026
10-Q
May 4, 2026
$16.3B
+5%
-21.7%
−$4.2B
$3.9B
Q4 2025
10-K
Feb 24, 2026
$16.4B
+5%
20.9%
$3.0B
$2.9B
Q3 2025
10-Q
Nov 5, 2025
$17.3B
+4%
39.0%
$5.8B
$7.8B
Q2 2025
10-Q
Aug 5, 2025
$15.8B
-2%
31.6%
$4.4B
$3.3B
Q1 2025
10-Q
May 2, 2025
$15.5B
-2%
38.0%
$5.1B
$2.5B
Charts
Latest (Q3 2026): Y/Y +5%, Q/Q +9%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $5.1B, Operating cash flow $6.6B.-1.3% since FY2020: buybacks shrank the count.Cash $14.6B, short-term investments $0, long-term debt — at 2025-12-31.Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
IBRX · Stated in 10-K (named, share not stated) · source
About Merck
Merck & Co., Inc. (Merck or the Company) is a global health care company that delivers innovative health solutions through its prescription medicines, including biologic therapies, vaccines and animal health products. The Company’s operations are principally managed on a product basis and include two operating segments, Pharmaceutical and Animal Health, both of which are reportable segments. The Pharmaceutical segment includes human health pharmaceutical and vaccine products. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions.
In its own words, from its 10-K, filed Feb 24, 2026.
Merck against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +7%. Operating margin: 30.7% against the peers' median 20.4%.
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.24 statements; tone -0.12 (−1 all cautious, +1 all confident); 1 hedged.
13F: who owns MRK and who is buying
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).
