Filing Flows › Merck (MRK) › Q1 2026
Merck (MRK) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Merck (MRK) reported revenue of $16.3B for the first quarter 2026 (Q1 2026), +5% from a year earlier and -0.7% from the quarter before. Operating margin was -21.7%, net loss $4.2B (26.1% of revenue).
Merck, Q1 2026: revenue $16.3B (+5% year over year), operating margin -21.7%, net loss $4.2B, operating cash flow $3.9B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.3B | -0.7% | +5% |
| Operating profit | −$3.5B | -203% | -160% |
| Net earnings | −$4.2B | -243% | -183% |
| Operating cash flow | $3.9B | +37% | +57% |
| Free cash flow | $2.9B | +60% | +150% |
What changed
Revenue was $16.3B in Q1 2026, up 5% year over year and down 1% from the previous quarter.
Operating costs exceeded revenue by $3.5B, an operating margin of -21.7%. Total costs grew 106% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+879%). The quarter ended with a net loss of $4.2B, after a profit of $3.0B the previous quarter.
Operating cash flow was $3.9B (up 57% year over year). Non-cash charges added back $0.58B of depreciation and $0.18B of share-based compensation. Working capital and other items added $7.4B. Capital expenditures of $1.0B left free cash flow of $2.9B.
Questions
What was Merck's revenue in the first quarter 2026?
Merck (MRK) reported revenue of $16.3B for the first quarter 2026 (Q1 2026), +5% from a year earlier and -0.7% from the quarter before.
Was Merck profitable in the first quarter 2026?
Operating loss was $3.5B (-21.7% of revenue) and net loss $4.2B.
Source: Merck 10-Q on SEC EDGAR.