Filing Flows › Merck (MRK) › Q3 2025
Merck (MRK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Merck (MRK) reported revenue of $17.3B for the third quarter 2025 (Q3 2025), +4% from a year earlier and +9% from the quarter before. Operating margin was 39.0%, net earnings $5.8B (33.5% of revenue).
Merck, Q3 2025: revenue $17.3B (+4% year over year), operating margin 39.0%, net earnings $5.8B, operating cash flow $7.8B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.3B | +9% | +4% |
| Operating profit | $6.7B | +35% | +65% |
| Net earnings | $5.8B | +31% | +83% |
| Operating cash flow | $7.8B | +138% | -16% |
| Free cash flow | $6.8B | +170% | -20% |
What changed
Revenue was $17.3B in Q3 2025, up 4% year over year and up 9% from the previous quarter.
Operating profit was $6.7B, a 39.0% margin (up 14.5 points year over year). Of the extra revenue versus a year earlier, 429% reached operating profit, above the 25% margin then. Total costs fell 16% while revenue rose 4%. Net earnings were $5.8B, up 83% year over year. The effective tax rate was 14.2%.
Operating cash flow was $7.8B (down 16% year over year), 135% of net earnings. Non-cash charges added back $0.53B of depreciation and $0.20B of share-based compensation. Working capital and other items added $1.3B. Capital expenditures of $1.0B left free cash flow of $6.8B.
Questions
What was Merck's revenue in the third quarter 2025?
Merck (MRK) reported revenue of $17.3B for the third quarter 2025 (Q3 2025), +4% from a year earlier and +9% from the quarter before.
Was Merck profitable in the third quarter 2025?
Operating profit was $6.7B (39.0% of revenue) and net earnings $5.8B.
Source: Merck 10-Q on SEC EDGAR.