Filing Flows › Merck (MRK) › Q3 2026 › vs Q3 2025
Merck (MRK) Q3 2026 vs Q3 2025 (year over year)
Merck's revenue rose $809M (+5%) from $17.3B in Q3 2025 to $18.1B in Q3 2026. Operating margin 30.7% against 39.0% (-8.3 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 30.7% | 39.0% | -8.3 pts |
| Net margin | 28.0% | 33.5% | -5.5 pts |
| Free cash flow margin | 30.5% | 39.6% | -9.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $18.1B | $17.3B | $809M | +5% |
| Operating profit | $5.6B | $6.7B | −$1.2B | -18% |
| Costs & expenses | $12.5B | $10.5B | $2.0B | +19% |
| Pre-tax earnings | $5.6B | $6.7B | −$1.2B | -18% |
| Net earnings | $5.1B | $5.8B | −$720M | -12% |
| Income tax | $492M | $958M | −$466M | -49% |
| Depreciation | $726M | $532M | $194M | +36% |
| Share-based compensation | $369M | $204M | $165M | +81% |
| Working capital & other | $396M | $1.3B | −$903M | -70% |
| Operating cash flow | $6.6B | $7.8B | −$1.3B | -16% |
| Free cash flow (OCF − capex) | $5.5B | $6.8B | −$1.3B | -19% |
| Capital expenditures | $1.0B | $987M | $53.0M | +5% |
Questions
How much did Merck's revenue grow year over year in Q3 2026?
Merck's revenue rose $809M (+5%) from $17.3B in Q3 2025 to $18.1B in Q3 2026. Operating margin 30.7% against 39.0% (-8.3 pts).