Filing Flows › Merck (MRK) › Q3 2026 › vs Q2 2026
Merck (MRK) Q3 2026 vs Q2 2026 (quarter over quarter)
Merck's revenue rose $1.5B (+9%) from $16.6B in Q2 2026 to $18.1B in Q3 2026. Operating margin 30.7% against -4.1% (+34.9 pts).
Merck, Q3 2026: revenue $18.1B (+5% year over year), operating margin 30.7%, net earnings $5.1B, operating cash flow $6.6B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 30.7% | -4.1% | +34.9 pts |
| Net margin | 28.0% | -8.1% | +36.1 pts |
| Free cash flow margin | 30.5% | 27.0% | +3.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $18.1B | $16.6B | $1.5B | +9% |
| Operating profit | $5.6B | −$683M | $6.2B | — |
| Costs & expenses | $12.5B | $17.3B | −$4.8B | -28% |
| Pre-tax earnings | $5.6B | −$683M | $6.2B | — |
| Cost of revenue | $4.9B | $4.4B | $497M | +11% |
| Research & development | $4.5B | $9.7B | −$5.2B | -53% |
| SG&A | $2.9B | $2.9B | −$18.0M | -0.6% |
| Other operating costs | $211M | $250M | −$39.0M | -16% |
| Net earnings | $5.1B | −$1.3B | $6.4B | — |
| Income tax | $492M | $654M | −$162M | -25% |
| Depreciation | $726M | $599M | $127M | +21% |
| Share-based compensation | $369M | $298M | $71.0M | +24% |
| Working capital & other | $396M | $5.8B | −$5.4B | -93% |
| Operating cash flow | $6.6B | $5.4B | $1.2B | +22% |
| Free cash flow (OCF − capex) | $5.5B | $4.5B | $1.0B | +23% |
| Capital expenditures | $1.0B | $893M | $147M | +16% |
Questions
How much did Merck's revenue grow quarter over quarter in Q3 2026?
Merck's revenue rose $1.5B (+9%) from $16.6B in Q2 2026 to $18.1B in Q3 2026. Operating margin 30.7% against -4.1% (+34.9 pts).