Filing Flows › Merck (MRK) › Guidance history
Merck (MRK) guidance history: what it guided and what it reported
Merck gave guidance in 14 earnings releases on file since Feb 1, 2024. Of 2 guided periods since reported, it met or beat its own guidance twice (100%). Revenue: 2 of 2, on average +0.5% against the guided midpoint. Its releases raised guidance 6 times and lowered it once.
Revenue
Met or beat 2 of 2 periods (1 above, 1 within, 0 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $65.5B–$67.0B (Feb 3, 2026) → raised $65.8B–$67.0B (Apr 30, 2026) → raised $66.3B–$67.3B (Aug 4, 2026) → raised $66.8B–$67.3B (Oct 29, 2026) | — | to be reported | — |
| FY2025 | $64.1B–$65.6B (Feb 4, 2025) → reaffirmed $64.1B–$65.6B (Apr 24, 2025) → reaffirmed $64.3B–$65.3B (Jul 29, 2025) → reaffirmed $64.5B–$65.0B (Oct 30, 2025) | $65.0B | within the range | +0.4% |
| FY2024 | $62.7B–$64.2B (Feb 1, 2024) → raised $63.1B–$64.3B (Apr 25, 2024) → raised $63.4B–$64.4B (Jul 30, 2024) → reaffirmed $63.6B–$64.1B (Oct 31, 2024) | $64.2B | above the range | +0.5% |
Adjusted tax rate
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | 23.5%–24.5% (Feb 3, 2026) → reaffirmed 23.5%–24.5% (Apr 30, 2026) → raised 35.0%–36.0% (Aug 4, 2026) → lowered 32.0%–33.0% (Oct 29, 2026) | — | to be reported | — |
| FY2025 | 16.0%–17.0% (Feb 4, 2025) → lowered 15.5%–16.5% (Apr 24, 2025) → lowered 15.0%–16.0% (Jul 29, 2025) → lowered 14.0%–15.0% (Oct 30, 2025) | — | — | — |
| FY2024 | 14.5%–15.5% (Feb 1, 2024) → reaffirmed 14.5%–15.5% (Apr 25, 2024) → raised 15.5%–16.5% (Jul 30, 2024) → raised 16.0%–17.0% (Oct 31, 2024) | — | — | — |
Adjusted EPS
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $5.00–$5.15 (Feb 3, 2026) → raised $5.04–$5.16 (Apr 30, 2026) → lowered $2.66–$2.76 (Aug 4, 2026) → raised $2.77–$2.82 (Oct 29, 2026) | — | to be reported | — |
| FY2025 | $8.88–$9.03 (Feb 4, 2025) → lowered $8.82–$8.97 (Apr 24, 2025) → raised $8.87–$8.97 (Jul 29, 2025) → raised $8.93–$8.98 (Oct 30, 2025) | — | — | — |
| FY2024 | $8.44–$8.59 (Feb 1, 2024) → raised $8.53–$8.65 (Apr 25, 2024) → lowered $7.94–$8.04 (Jul 30, 2024) → lowered $7.72–$7.77 (Oct 31, 2024) | — | — | — |
The latest quarter
Merck, Q3 2026: revenue $18.1B (+5% year over year), operating margin 30.7%, net earnings $5.1B, operating cash flow $6.6B. The chart follows the revenue to costs, profit and cash.
Questions
Does Merck beat its guidance?
Merck gave guidance in 14 earnings releases on file since Feb 1, 2024. Of 2 guided periods since reported, it met or beat its own guidance twice (100%). Revenue: 2 of 2, on average +0.5% against the guided midpoint.
How often does Merck raise guidance?
Its earnings releases raised guidance 6 times and lowered it once since Feb 1, 2024.
Each guided period is held to the last guidance given before its figures were reported; a single figure counts as in line within 1% (0.25 pts for a rate). Reported figures are GAAP, from the company's filings; adjusted guidance shows its moves only.