Filing Flows › Merck (MRK) › Q2 2026 › vs Q2 2025
Merck (MRK) Q2 2026 vs Q2 2025 (year over year)
Merck's revenue rose $801M (+5%) from $15.8B in Q2 2025 to $16.6B in Q2 2026.
Merck, Q2 2026: revenue $16.6B (+5% year over year), operating margin -4.1%, net loss $1.3B, operating cash flow $5.4B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 27.0% | 16.0% | +11.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $16.6B | $15.8B | $801M | +5% |
| Net loss | $1.3B | −$4.4B | $5.8B | — |
| Costs & expenses | $17.9B | $15.8B | $2.1B | +14% |
| Operating costs | $17.3B | $10.8B | $6.5B | +60% |
| Income tax | $654M | $571M | $83.0M | +15% |
| Cost of revenue | $4.4B | $3.6B | $838M | +24% |
| Research & development | $9.7B | $4.0B | $5.7B | +141% |
| SG&A | $2.9B | $2.6B | $255M | +10% |
| Other operating costs | $250M | $553M | −$303M | -55% |
| Operating cash sources | $6.7B | −$1.1B | $7.8B | — |
| Depreciation | $599M | $518M | $81.0M | +16% |
| Share-based compensation | $298M | $216M | $82.0M | +38% |
| Working capital & other | $5.8B | −$1.9B | $7.7B | — |
| Net loss absorbed | $1.3B | −$4.4B | $5.8B | — |
| Operating cash flow | $5.4B | $3.3B | $2.1B | +63% |
| Free cash flow (OCF − capex) | $4.5B | $2.5B | $1.9B | +77% |
| Capital expenditures | $893M | $764M | $129M | +17% |
Questions
How much did Merck's revenue grow year over year in Q2 2026?
Merck's revenue rose $801M (+5%) from $15.8B in Q2 2025 to $16.6B in Q2 2026.