Filing Flows › Merck (MRK) › Q2 2026
Merck (MRK) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 7, 2026
Merck (MRK) reported revenue of $16.6B for the second quarter 2026 (Q2 2026), +5% from a year earlier and +2% from the quarter before. Operating margin was -4.1%, net loss $1.3B (8.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.6B | +2% | +5% |
| Operating profit | −$683M | — | -114% |
| Net earnings | −$1.3B | — | -130% |
| Operating cash flow | $5.4B | +37% | +63% |
| Free cash flow | $4.5B | +53% | +77% |
What changed
Revenue was $16.6B in Q2 2026, up 5% year over year and up 2% from the previous quarter.
Operating costs exceeded revenue by $0.68B, an operating margin of -4.1%. Total costs grew 60% against revenue growth of 5%. The fastest-growing cost line was Research & development (+141%). The quarter ended with a net loss of $1.3B, narrower than the previous quarter's $4.2B loss.
Operating cash flow was $5.4B (up 63% year over year). Non-cash charges added back $0.60B of depreciation and $0.30B of share-based compensation. Working capital and other items added $5.8B. Capital expenditures of $0.89B left free cash flow of $4.5B.
Questions
What was Merck's revenue in the second quarter 2026?
Merck (MRK) reported revenue of $16.6B for the second quarter 2026 (Q2 2026), +5% from a year earlier and +2% from the quarter before.
Was Merck profitable in the second quarter 2026?
Operating loss was $683M (-4.1% of revenue) and net loss $1.3B.
Source: Merck 10-Q on SEC EDGAR.