Filing Flows › Merck (MRK) › Q1 2025
Merck (MRK) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Merck (MRK) reported revenue of $15.5B for the first quarter 2025 (Q1 2025), -2% from a year earlier and -0.6% from the quarter before. Operating margin was 38.0%, net earnings $5.1B (32.7% of revenue).
Merck, Q1 2025: revenue $15.5B (-2% year over year), operating margin 38.0%, net earnings $5.1B, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.5B | -0.6% | -2% |
| Operating profit | $5.9B | +42% | +4% |
| Net earnings | $5.1B | +36% | +7% |
| Operating cash flow | $2.5B | -28% | -19% |
| Free cash flow | $1.2B | -53% | -47% |
What changed
Revenue was $15.5B in Q1 2025, down 2% year over year and down 1% from the previous quarter.
Operating profit was $5.9B, a 38.0% margin (up 2.1 points year over year). Total costs fell 5% while revenue fell 2%. Net earnings were $5.1B, up 7% year over year. The effective tax rate was 13.9%.
Operating cash flow was $2.5B (down 19% year over year), 49% of net earnings. Non-cash charges added back $0.50B of depreciation and $0.20B of share-based compensation. Working capital and other items used $3.3B. Capital expenditures of $1.3B left free cash flow of $1.2B.
Questions
What was Merck's revenue in the first quarter 2025?
Merck (MRK) reported revenue of $15.5B for the first quarter 2025 (Q1 2025), -2% from a year earlier and -0.6% from the quarter before.
Was Merck profitable in the first quarter 2025?
Operating profit was $5.9B (38.0% of revenue) and net earnings $5.1B.
Source: Merck 10-Q on SEC EDGAR.