Filing Flows › Merck (MRK) › Q2 2025
Merck (MRK) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Merck (MRK) reported revenue of $15.8B for the second quarter 2025 (Q2 2025), -2% from a year earlier and +2% from the quarter before. Operating margin was 31.6%, net earnings $4.4B (28.0% of revenue).
Merck, Q2 2025: revenue $15.8B (-2% year over year), operating margin 31.6%, net earnings $4.4B, operating cash flow $3.3B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.8B | +2% | -2% |
| Operating profit | $5.0B | -15% | -17% |
| Net earnings | $4.4B | -13% | -19% |
| Operating cash flow | $3.3B | +32% | -42% |
| Free cash flow | $2.5B | +116% | -48% |
What changed
Revenue was $15.8B in Q2 2025, down 2% year over year and up 2% from the previous quarter.
Operating profit was $5.0B, a 31.6% margin (down 5.6 points year over year). Total costs grew 7% against a revenue fall of 2%. The fastest-growing cost line was Other operating costs (+353%). Net earnings were $4.4B, down 19% year over year. The effective tax rate was 11.4%.
Operating cash flow was $3.3B (down 42% year over year), 74% of net earnings. Non-cash charges added back $0.52B of depreciation and $0.22B of share-based compensation. Working capital and other items used $1.9B. Capital expenditures of $0.76B left free cash flow of $2.5B.
Questions
What was Merck's revenue in the second quarter 2025?
Merck (MRK) reported revenue of $15.8B for the second quarter 2025 (Q2 2025), -2% from a year earlier and +2% from the quarter before.
Was Merck profitable in the second quarter 2025?
Operating profit was $5.0B (31.6% of revenue) and net earnings $4.4B.
Source: Merck 10-Q on SEC EDGAR.