Filing Flows › Merck (MRK) › Q4 2025
Merck (MRK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Merck (MRK) reported revenue of $16.4B for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -5% from the quarter before. Operating margin was 20.9%, net earnings $3.0B (18.1% of revenue).
Merck, Q4 2025: revenue $16.4B (+5% year over year), operating margin 20.9%, net earnings $3.0B, operating cash flow $2.9B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.4B | -5% | +5% |
| Operating profit | $3.4B | -49% | -18% |
| Net earnings | $3.0B | -49% | -21% |
| Operating cash flow | $2.9B | -63% | -17% |
| Free cash flow | $1.8B | -73% | -27% |
What changed
Revenue was $16.4B in Q4 2025, up 5% year over year and down 5% from the previous quarter.
Operating profit was $3.4B, a 20.9% margin (down 5.8 points year over year). Operating profit fell $0.75B even though revenue rose $0.78B versus a year earlier, so costs grew faster than sales. Total costs grew 13% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+262%). Net earnings were $3.0B, down 21% year over year. The effective tax rate was 13.4%.
Operating cash flow was $2.9B (down 17% year over year), 96% of net earnings. Non-cash charges added back $4.3B of depreciation and amortization and $0.20B of share-based compensation. Working capital and other items used $4.6B. Capital expenditures of $1.0B left free cash flow of $1.8B.
Questions
What was Merck's revenue in the fourth quarter 2025?
Merck (MRK) reported revenue of $16.4B for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -5% from the quarter before.
Was Merck profitable in the fourth quarter 2025?
Operating profit was $3.4B (20.9% of revenue) and net earnings $3.0B.
Source: Merck 10-K on SEC EDGAR.