Merck & Co., Inc. (MRK) Q2 FY2026 Financial Statements: Revenue $16.61B, Net loss $1.33B
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PeriodQ2 FY2026
Published
Merck & Co., Inc. reported $16.61 billion of sales in Q2 FY2026, the quarter ended June 30, 2026, up 5.1% from a year earlier, but posted a net loss attributable to Merck of $1.33 billion, against net income of $4.43 billion a year earlier. The swing to a loss came from research and development expense of $9.74 billion, up 140.6%, which carried the charge for the Terns Pharmaceuticals asset acquisition; diluted loss per share was $0.54, against diluted earnings per share of $1.76 a year earlier. Pharmaceutical segment sales were $14.76 billion, up 5.1%, as growth in oncology and in cardiometabolic and respiratory medicines outweighed declines in diabetes and infectious diseases.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $16,607,000,000 | up 5.1% |
| Net income | -$1,335,000,000 | swung from $4.43 billion |
| Diluted EPS | -$0.54 | swung from $1.76 |
| Research and development | $9,741,000,000 | up 140.6% |
| Pharmaceutical segment sales | $14,760,000,000 | up 5.1% |
About this file
| Ticker | MRK |
|---|---|
| CIK | 0000310158 |
| Company | Merck & Co., Inc. |
| Business type | pharmaceutical |
| Schema template | standard operating company, adapted for a research-driven pharmaceutical: sales, cost of sales, gross profit, research and development, selling/general and administrative, pretax income, net income and per-share amounts; a balance sheet with cash, debt and equity; and a cash flow statement with operating cash flow, capital expenditures, free cash flow and dividends. Merck's two reportable segments (Pharmaceutical and Animal Health) are carried alongside, because segment sales and segment profits are how the company itself describes the business. |
| Schema rationale | Merck is a research-driven pharmaceutical and animal-health company, so the standard revenue/cost/margin frame fits, with research and development promoted to a headline expense line: at $22.3 billion in the first six months of 2026 it is the single largest cost in the business and the line that drives reported profit swings. Research and development is the largest cost line in every period shown here except 2025, when cost of sales was marginally higher ($16,382 million against research and development of $15,789 million). Merck's income statement does not present an operating income subtotal, so none is shown here; pretax income is the first profit measure the company reports. |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions); share counts in actual shares; per-share amounts in dollars per share |
| Fiscal calendar note | Merck's fiscal year is the calendar year, ending December 31. The quarter reported here is the three months ended June 30, 2026. |
MRK annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| Label | FY2025 | FY2024 | FY2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 0000310158-26-000063 | 0000310158-26-000063 | 0000310158-26-000063 |
| Source form | 10-K filed 2026-02-24 | 10-K filed 2026-02-24 | 10-K filed 2026-02-24 |
| Income statement | |||
| Revenue | 65,011,000,000 | 64,168,000,000 | 60,115,000,000 |
| Cost of sales | 16,382,000,000 | 15,193,000,000 | 16,126,000,000 |
| Selling general and administrative | 10,733,000,000 | 10,816,000,000 | 10,504,000,000 |
| Research and development | 15,789,000,000 | 17,938,000,000 | 30,531,000,000 |
| Restructuring costs | 889,000,000 | 309,000,000 | 599,000,000 |
| Other income expense net | 151,000,000 | -24,000,000 | 466,000,000 |
| Total costs expenses and other | 43,944,000,000 | 44,232,000,000 | 58,226,000,000 |
| Pretax income | 21,067,000,000 | 19,936,000,000 | 1,889,000,000 |
| Income tax provision | 2,804,000,000 | 2,803,000,000 | 1,512,000,000 |
| Net income | 18,263,000,000 | 17,133,000,000 | 377,000,000 |
| Net income attributable to noncontrolling interests | 9,000,000 | 16,000,000 | 12,000,000 |
| Net income attributable to merck | 18,254,000,000 | 17,117,000,000 | 365,000,000 |
| Basic EPS | 7.3 | 6.76 | 0.14 |
| Diluted EPS | 7.28 | 6.74 | 0.14 |
| Basic shares | 2,502,000,000 | 2,532,000,000 | 2,537,000,000 |
| Diluted shares | 2,507,000,000 | 2,541,000,000 | 2,547,000,000 |
| Gross profit derived | 48,629,000,000 | 48,975,000,000 | 43,989,000,000 |
| Gross margin % | 74.8% | 76.3% | 73.2% |
| Net margin % | 28.1% | 26.7% | 0.6% |
| Effective tax rate % | 13.3% | 14.1% | 80.0% |
| Dividends declared per share | 3.28 | 3.12 | 2.96 |
| Balance sheet | |||
| Cash and cash equivalents | 14,565,000,000 | 13,242,000,000 | |
| Short term investments | 0 | 447,000,000 | |
| Accounts receivable net | 11,775,000,000 | 10,278,000,000 | |
| Inventories | 6,658,000,000 | 6,109,000,000 | |
| Other current assets | 10,518,000,000 | 8,706,000,000 | |
| Total current assets | 43,516,000,000 | 38,782,000,000 | |
| Investments | 956,000,000 | 463,000,000 | |
| Property plant and equipment net | 25,316,000,000 | 23,779,000,000 | |
| Goodwill | 21,579,000,000 | 21,668,000,000 | |
| Other intangibles net | 26,681,000,000 | 16,370,000,000 | |
| Other assets | 18,818,000,000 | 16,044,000,000 | |
| Total assets | 136,866,000,000 | 117,106,000,000 | |
| Loans payable and current portion of long term debt | 2,589,000,000 | 2,649,000,000 | |
| Trade accounts payable | 4,404,000,000 | 4,079,000,000 | |
| Accrued and other current liabilities | 14,468,000,000 | 15,694,000,000 | |
| Income taxes payable | 4,726,000,000 | 3,914,000,000 | |
| Dividends payable | 2,140,000,000 | 2,084,000,000 | |
| Total current liabilities | 28,327,000,000 | 28,420,000,000 | |
| Long term debt | 46,750,000,000 | 34,462,000,000 | |
| Deferred income taxes | 1,439,000,000 | 1,387,000,000 | |
| Other noncurrent liabilities | 7,688,000,000 | 6,465,000,000 | |
| Total merck stockholders equity | 52,606,000,000 | 46,313,000,000 | |
| Noncontrolling interests | 56,000,000 | 59,000,000 | |
| Total equity | 52,662,000,000 | 46,372,000,000 | |
| Total debt derived | 49,339,000,000 | 37,111,000,000 | |
| Total liabilities derived | 84,204,000,000 | 70,734,000,000 | |
| Cash flow | |||
| Amortization | 2,793,000,000 | 2,395,000,000 | 2,044,000,000 |
| Depreciation | 3,045,000,000 | 2,104,000,000 | 1,828,000,000 |
| Net cash provided by operating activities | 16,472,000,000 | 21,468,000,000 | 13,006,000,000 |
| Capital expenditures | -4,112,000,000 | -3,372,000,000 | -3,863,000,000 |
| Net cash used in investing activities | -13,741,000,000 | -7,734,000,000 | -14,083,000,000 |
| Payments on debt | -2,503,000,000 | -1,290,000,000 | -1,755,000,000 |
| Proceeds from issuance of debt | 13,880,000,000 | 3,599,000,000 | 5,939,000,000 |
| Purchases of treasury stock | -5,084,000,000 | -1,306,000,000 | -1,346,000,000 |
| Dividends paid to stockholders | -8,176,000,000 | -7,840,000,000 | -7,445,000,000 |
| Net cash used in financing activities | -1,922,000,000 | -7,032,000,000 | -4,810,000,000 |
| Free cash flow derived | 12,360,000,000 | 18,096,000,000 | 9,143,000,000 |
| Segments | |||
| Pharmaceutical sales | 58,142,000,000 | 57,400,000,000 | 53,583,000,000 |
| Animal health sales | 6,354,000,000 | 5,877,000,000 | 5,625,000,000 |
| Total segment sales | 64,496,000,000 | 63,277,000,000 | 59,208,000,000 |
| Other sales not allocated to a segment | 515,000,000 | 891,000,000 | 907,000,000 |
| Pharmaceutical segment profits | 45,754,000,000 | 44,533,000,000 | 38,880,000,000 |
| Animal health segment profits | 2,131,000,000 | 1,938,000,000 | 1,737,000,000 |
| Non segment activity | -26,818,000,000 | -26,535,000,000 | -38,728,000,000 |
MRK quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Label | Q2 2026 | Q2 2025 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 0000310158-26-000212 | 0000310158-26-000212 |
| Source form | 10-Q filed 2026-08-07 | 10-Q filed 2026-08-07 |
| Income statement | ||
| Revenue | 16,607,000,000 | 15,806,000,000 |
| Cost of sales | 4,395,000,000 | 3,557,000,000 |
| Selling general and administrative | 2,904,000,000 | 2,649,000,000 |
| Research and development | 9,741,000,000 | 4,048,000,000 |
| Restructuring costs | 151,000,000 | 560,000,000 |
| Other income expense net | 99,000,000 | -7,000,000 |
| Total costs expenses and other | 17,290,000,000 | 10,807,000,000 |
| Pretax income | -683,000,000 | 4,999,000,000 |
| Income tax provision | 654,000,000 | 571,000,000 |
| Net income | -1,337,000,000 | 4,428,000,000 |
| Net income attributable to noncontrolling interests | -2,000,000 | 1,000,000 |
| Net income attributable to merck | -1,335,000,000 | 4,427,000,000 |
| Basic EPS | -0.54 | 1.76 |
| Diluted EPS | -0.54 | 1.76 |
| Basic shares | 2,470,000,000 | 2,510,000,000 |
| Diluted shares | 2,470,000,000 | 2,513,000,000 |
| Gross profit derived | 12,212,000,000 | 12,249,000,000 |
| Gross margin % | 73.5% | 77.5% |
| Net margin % | -8.0% | 28.0% |
| Effective tax rate % | -95.9% | 11.4% |
| Dividends declared per share | 0.85 | 0.81 |
| Balance sheet | ||
| Cash and cash equivalents | 6,849,000,000 | |
| Short term investments | 292,000,000 | |
| Accounts receivable net | 12,564,000,000 | |
| Inventories | 6,207,000,000 | |
| Other current assets | 10,767,000,000 | |
| Total current assets | 36,679,000,000 | |
| Investments | 1,222,000,000 | |
| Property plant and equipment net | 25,737,000,000 | |
| Goodwill | 21,582,000,000 | |
| Other intangibles net | 24,978,000,000 | |
| Other assets | 19,604,000,000 | |
| Total assets | 129,802,000,000 | |
| Loans payable and current portion of long term debt | 2,825,000,000 | |
| Trade accounts payable | 3,827,000,000 | |
| Accrued and other current liabilities | 14,725,000,000 | |
| Income taxes payable | 4,224,000,000 | |
| Dividends payable | 2,130,000,000 | |
| Total current liabilities | 27,731,000,000 | |
| Long term debt | 51,081,000,000 | |
| Deferred income taxes | 1,433,000,000 | |
| Other noncurrent liabilities | 7,573,000,000 | |
| Total merck stockholders equity | 41,933,000,000 | |
| Noncontrolling interests | 51,000,000 | |
| Total equity | 41,984,000,000 | |
| Total debt derived | 53,906,000,000 | |
| Total liabilities derived | 87,818,000,000 | |
| Segments | ||
| Pharmaceutical sales | 14,760,000,000 | 14,050,000,000 |
| Animal health sales | 1,775,000,000 | 1,646,000,000 |
| Total segment sales | 16,535,000,000 | 15,696,000,000 |
| Other sales not allocated to a segment | 72,000,000 | 110,000,000 |
| Pharmaceutical segment profits | 11,612,000,000 | 11,103,000,000 |
| Animal health segment profits | 636,000,000 | 593,000,000 |
| Non segment activity | -12,931,000,000 | -6,697,000,000 |
MRK year-to-date income statement and cash flow
| First six months 2026 | |
|---|---|
| Label | First six months 2026 |
| Period start | 2026-01-01 |
| Period end | 2026-06-30 |
| Period type | six months |
| Source accession | 0000310158-26-000212 |
| Source form | 10-Q filed 2026-08-07 |
| Prior year comparative | |
| Label | First six months 2025 |
| Period start | 2025-01-01 |
| Period end | 2025-06-30 |
| Period type | six months |
| Source accession | 0000310158-26-000212 |
| Source form | 10-Q filed 2026-08-07 |
| Income statement | |
| Revenue | 31,335,000,000 |
| Cost of sales | 6,976,000,000 |
| Selling general and administrative | 5,202,000,000 |
| Research and development | 7,669,000,000 |
| Restructuring costs | 629,000,000 |
| Other income expense net | -43,000,000 |
| Total costs expenses and other | 20,433,000,000 |
| Pretax income | 10,902,000,000 |
| Income tax provision | 1,388,000,000 |
| Net income | 9,514,000,000 |
| Net income attributable to noncontrolling interests | 8,000,000 |
| Net income attributable to merck | 9,506,000,000 |
| Gross profit derived | 24,359,000,000 |
| Basic EPS | 3.78 |
| Diluted EPS | 3.77 |
| Basic shares | 2,516,000,000 |
| Diluted shares | 2,522,000,000 |
| Dividends declared per share | 1.62 |
| Gross margin % | 77.7% |
| Net margin % | 30.3% |
| Effective tax rate % | 12.7% |
| Cash flow | |
| Amortization | 1,198,000,000 |
| Depreciation | 1,020,000,000 |
| Net cash provided by operating activities | 5,793,000,000 |
| Capital expenditures | -2,092,000,000 |
| Net cash used in investing activities | -2,257,000,000 |
| Payments on debt | -2,500,000,000 |
| Proceeds from issuance of debt | 0 |
| Dividends paid to stockholders | -4,127,000,000 |
| Purchases of treasury stock | -2,509,000,000 |
| Net cash used in financing activities | -9,311,000,000 |
| Free cash flow derived | 3,701,000,000 |
| Segments | |
| Pharmaceutical sales | 27,688,000,000 |
| Animal health sales | 3,234,000,000 |
| Total segment sales | 30,922,000,000 |
| Other sales not allocated to a segment | 413,000,000 |
| Pharmaceutical segment profits | 21,973,000,000 |
| Animal health segment profits | 1,226,000,000 |
| Non segment activity | -12,297,000,000 |
| Income statement | |
| Revenue | 32,893,000,000 |
| Cost of sales | 8,590,000,000 |
| Selling general and administrative | 5,604,000,000 |
| Research and development | 22,333,000,000 |
| Restructuring costs | 346,000,000 |
| Other income expense net | 237,000,000 |
| Total costs expenses and other | 37,110,000,000 |
| Pretax income | -4,217,000,000 |
| Income tax provision | 1,363,000,000 |
| Net income | -5,580,000,000 |
| Net income attributable to noncontrolling interests | -5,000,000 |
| Net income attributable to merck | -5,575,000,000 |
| Gross profit derived | 24,303,000,000 |
| Basic EPS | -2.26 |
| Diluted EPS | -2.26 |
| Basic shares | 2,471,000,000 |
| Diluted shares | 2,471,000,000 |
| Dividends declared per share | 1.7 |
| Gross margin % | 73.9% |
| Net margin % | -16.9% |
| Effective tax rate % | -32.3% |
| Cash flow | |
| Amortization | 1,915,000,000 |
| Depreciation | 1,180,000,000 |
| Net cash provided by operating activities | 9,288,000,000 |
| Capital expenditures | -1,884,000,000 |
| Net cash used in investing activities | -15,812,000,000 |
| Payments on debt | -1,145,000,000 |
| Proceeds from issuance of debt | 5,956,000,000 |
| Dividends paid to stockholders | -4,249,000,000 |
| Purchases of treasury stock | -1,631,000,000 |
| Net cash used in financing activities | -1,219,000,000 |
| Free cash flow derived | 7,404,000,000 |
| Segments | |
| Pharmaceutical sales | 29,109,000,000 |
| Animal health sales | 3,566,000,000 |
| Total segment sales | 32,675,000,000 |
| Other sales not allocated to a segment | 218,000,000 |
| Pharmaceutical segment profits | 23,151,000,000 |
| Animal health segment profits | 1,359,000,000 |
| Non segment activity | -28,727,000,000 |
MRK trailing twelve month income statement and cash flow
| Trailing twelve months ended June 30, 2026 | |
|---|---|
| Label | Trailing twelve months ended June 30, 2026 |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 0000310158-26-000063 + 0000310158-26-000212 |
| Derivation | Not a period either filing presents. Each line is the FY2025 figure from the 10-K plus the first-six-months 2026 figure from the 10-Q less the first-six-months 2025 figure from the same 10-Q. |
| Income statement | |
| Revenue | 66,569,000,000 |
| Cost of sales | 17,996,000,000 |
| Selling general and administrative | 11,135,000,000 |
| Research and development | 30,453,000,000 |
| Restructuring costs | 606,000,000 |
| Other income expense net | 431,000,000 |
| Total costs expenses and other | 60,621,000,000 |
| Pretax income | 5,948,000,000 |
| Income tax provision | 2,779,000,000 |
| Net income | 3,169,000,000 |
| Net income attributable to noncontrolling interests | -4,000,000 |
| Net income attributable to merck | 3,173,000,000 |
| Gross profit derived | 48,573,000,000 |
| Gross margin % | 73.0% |
| Net margin % | 4.8% |
| Effective tax rate % | 46.7% |
| Basic EPS | 1.26 |
| Diluted EPS | 1.25 |
| Dividends declared per share | 3.36 |
| Cash flow | |
| Amortization | 3,510,000,000 |
| Depreciation | 3,205,000,000 |
| Net cash provided by operating activities | 19,967,000,000 |
| Capital expenditures | -3,904,000,000 |
| Dividends paid to stockholders | -8,298,000,000 |
| Purchases of treasury stock | -4,206,000,000 |
| Free cash flow derived | 16,063,000,000 |
| Segments | |
| Pharmaceutical sales | 59,563,000,000 |
| Animal health sales | 6,686,000,000 |
| Total segment sales | 66,249,000,000 |
| Other sales not allocated to a segment | 320,000,000 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | None. Merck reports in U.S. dollars, so no currency translation was applied. |
| Splits note | No split adjustment was needed. Merck declared no stock split in any period reported here, and every per-share figure in this record other than the derived trailing-twelve-month figures is taken from within the FY2025 10-K (accession 0000310158-26-000063) or the Q2 2026 10-Q (accession 0000310158-26-000212), both of which state per-share amounts on a single consistent basis. |
| ADR note | Merck is a U.S. domestic filer, not an ADR, so no ADS ratio applies. |
Notes
- Coverage. Everything here comes from two filings: Merck's FY2025 Form 10-K (accession 0000310158-26-000063, filed February 24, 2026) and its Form 10-Q for the quarter ended June 30, 2026 (accession 0000310158-26-000212, filed August 7, 2026). The 10-K's income statement and cash flow statement each present three years, 2025, 2024 and 2023, and its balance sheet presents two, December 31, 2025 and December 31, 2024. The 10-Q presents the three months ended June 30, 2026 and 2025, the six months ended June 30, 2026 and 2025, a balance sheet at June 30, 2026, and a cash flow statement for the six months only. Those are exactly the periods in this record.
- Line-item naming. Merck captions its top line "Sales"; it is reported here as revenue. Merck's income statement does not present an operating income subtotal, it runs from sales through a single total of costs, expenses and other to income before taxes, so no operating income figure is shown, and pretax income is the first profit measure. Merck also does not print a gross profit line; the figures named gross_profit_derived are sales less cost of sales, calculated here. Merck captions one line "Other (income) expense, net" and presents it inside Costs, Expenses and Other, so in this record a positive other_income_expense_net is net expense ($151 million in 2025 and $99 million in the second quarter of 2026) and a negative value is net income ($24 million of income in 2024 and $7 million of income in the second quarter of 2025).
- Derived balance-sheet figures. Merck's balance sheet prints no total-liabilities line and no total-debt line. total_liabilities_derived is the sum of the four liability captions Merck does print (total current liabilities, long-term debt, deferred income taxes and other noncurrent liabilities); it reconciles exactly to total assets less total equity in each period shown. total_debt_derived is loans payable and current portion of long-term debt plus long-term debt: $49.3 billion at December 31, 2025, $37.1 billion at December 31, 2024, and $53.9 billion at June 30, 2026. Where a figure here is calculated rather than printed, the field name says so with a _derived suffix.
- FY2023 has no balance sheet. The FY2025 10-K's balance sheet presents only December 31, 2025 and 2024, so the 2023 entry carries an income statement and a cash flow statement and no balance sheet. A December 31, 2023 balance sheet is not in either filing read for this record.
- No three-month cash flow figures. Merck's 10-Q presents its cash flow statement for the six months ended June 30 only, with no three-month column, so the quarterly entries carry no cash flow block. Operating cash flow, capital expenditures and free cash flow for the current period appear in the six-month year-to-date block and in the trailing-twelve-month block. The balance sheet at June 30, 2026 is carried on the Q2 2026 entry.
- The term loan is not in the interim debt-financing lines. Merck's 10-Q prints proceeds from a $6,000 million term loan and payments on that term loan as separate financing lines for the first six months of 2026. The term loan was both drawn and fully repaid within the period, so it is not included in payments_on_debt or proceeds_from_issuance_of_debt here.
- What drove the 2026 loss. Merck reported a net loss of $1,335 million for the second quarter of 2026 and $5,575 million for the first six months, against net income of $4,427 million and $9,506 million in the year-ago periods, on higher sales. The swing sits in research and development, which rose to $9,741 million in the quarter from $4,048 million and to $22,333 million in the six months from $7,669 million. Two asset acquisitions accounted for most of it: Merck charged $9.0 billion to research and development for the January 2026 acquisition of Cidara Therapeutics, Inc. and $5.7 billion for the May 2026 acquisition of Terns Pharmaceuticals, Inc., both treated as asset acquisitions of acquired in-process research and development with no alternative future use. Neither charge carried a tax benefit, which is why the second quarter records a $654 million tax provision on a pretax loss.
- Segment profits were recast in the 10-Q. Merck states in the 10-Q that certain costs previously included in the Pharmaceutical segment are now reported as non-segment unallocated expenses, and that prior-period Pharmaceutical segment profits have been recast to match. The quarterly and six-month segment profits here are therefore on the recast basis, and are not directly comparable with the FY2023-FY2025 segment profits, which are as presented in the 10-K. Segment SALES are unaffected, and so are all consolidated figures. For the same reason the trailing-twelve-month block carries segment SALES but no segment profits: combining an annual figure on the old basis with interim figures on the recast basis would not describe any real twelve months.
- Segment figures tie to the consolidated line. In every period shown, Pharmaceutical plus Animal Health segment sales plus sales not allocated to a segment equal total sales, and Pharmaceutical plus Animal Health segment profits plus non-segment activity equal income before taxes. Merck defines segment profits narrowly, they exclude unallocated cost of sales, Merck Research Laboratories' research spending, corporate general and administrative expense, restructuring, and acquisition- and divestiture-related costs, so non-segment activity is large by construction.
- Trailing twelve months is derived, not filed. Neither filing presents a twelve months ended June 30, 2026 column. Each line in that block is the FY2025 figure from the 10-K plus the first-six-months 2026 figure from the 10-Q less the first-six-months 2025 figure from the same 10-Q. On that basis sales were $66,569 million, income before taxes $5,948 million, net income attributable to Merck $3,173 million, operating cash flow $19,967 million and free cash flow $16,063 million. The trailing-twelve-month per-share amounts are the reported per-share amounts combined the same way ($7.28 + $(2.26) - $3.77 = $1.25 diluted); because Merck's share count fell over the period, dividing trailing net income by a weighted average share count gives a slightly higher $1.28. No trailing-twelve-month share count is shown, because neither filing reports one.
- Share counts and per-share amounts. Weighted average basic and diluted share counts are taken from the earnings per share notes, Note 16 of the 10-K and Note 13 of the 10-Q, whose scaling notes read "shares in millions" and "($ and shares in millions except per share amounts)". Because Merck reported a loss in both 2026 periods, no dilutive shares were included in those computations, so basic and diluted counts are identical at 2,470 million for the quarter and 2,471 million for the six months. Dividends declared per common share are read from the statements of equity: $3.28 in 2025, $3.12 in 2024 and $2.96 in 2023; $0.85 for the second quarter of 2026 against $0.81 a year earlier, and $1.70 for the first six months of 2026 against $1.62.
- Inventories are understated by the balance-sheet caption alone. Merck classifies part of its inventory in Other assets: $6,381 million at June 30, 2026, $5,681 million at December 31, 2025 and $4,193 million at December 31, 2024, in addition to the $6,207 million, $6,658 million and $6,109 million shown in current assets.
- The December 31, 2025 balance sheet appears in both filings and agrees line for line. Cash of $14,565 million, total assets of $136,866 million and total equity of $52,662 million are identical in the 10-K and in the 10-Q's comparative column, so no restatement of that period has occurred. Nothing in either filing restates 2023 or 2024.
Uncertainties
- The trailing-twelve-month block is a calculation, not a reported period, and Merck has never published it. It combines a 10-K annual column with two 10-Q interim columns; any item Merck presents differently between an annual and an interim statement would carry into it. The trailing-twelve-month diluted figure of $1.25 is the sum of reported per-share amounts; net income over a weighted average share count gives $1.28. Both readings are given in the notes; neither is a figure Merck prints.
- The first quarters of 2026 and 2025 are not reported here as discrete three-month periods. They could be obtained by subtracting the second quarter from the six-month column, but neither the 10-K nor the 10-Q prints them, so they are left out rather than inferred.
- No three-month cash flow, capital expenditure or free cash flow figure is available for either quarter, because Merck's 10-Q presents cash flows for the six-month period only.
- There is no December 31, 2023 balance sheet in either filing, so no 2023 balance sheet, total debt or book value figure appears in this record.
- Segment profits for the 2026 and 2025 interim periods are on the basis Merck recast in the Q2 2026 10-Q; the annual segment profits for 2023 through 2025 are on the basis the 10-K presents. The two are not directly comparable, and Merck does not quantify the reclassification.
- Merck declared no stock split in any period reported here, the earliest of which begins January 1, 2023. Every per-share amount in this record other than the derived trailing-twelve-month figures is taken from the FY2025 10-K (accession 0000310158-26-000063) or the Q2 2026 10-Q (accession 0000310158-26-000212), which state per-share figures on a single consistent basis, so no per-share figure required a split adjustment.
- Merck's reported effective tax rates in 2026 are distorted by the Cidara and Terns charges, which reduced pretax income with no offsetting tax benefit, and are shown here as Merck reports them: negative 95.9% for the second quarter and negative 32.3% for the first six months. Every other effective rate in this record is the tax provision over pretax income and matches the rate Merck states (13.3% for 2025, 14.1% for 2024, 11.4% and 12.7% for the 2025 quarter and six months). The second-quarter 2026 rate is the only one where that ratio differs from Merck's stated figure, $654 million over a $683 million pretax loss gives 95.8%, because Merck computes it from unrounded amounts; Merck's own (95.9)% is used. The trailing-twelve-month rate of 46.7% is calculated, not stated. The 2023 rate of 80.0% is calculated here as the tax provision over pretax income, and Merck also prints it, as the total of the 2024/2023 effective income tax rate reconciliation in the FY2025 10-K.
- Total liabilities and total debt are calculated from the captions Merck prints rather than read off a printed total, because its balance sheet shows neither subtotal. Both reconcile exactly in every period shown, but the figures are sums, not printed lines.
Company details
| Value | |
|---|---|
| Name | Merck & Co., Inc. |
| Ticker | MRK |
| CIK | 0000310158 |
| Exchange | NYSE |
| State | New Jersey |
| Incorporation | New Jersey |
| SIC | 2834 |
| Office | Life Sciences |
| Industry | Pharmaceutical Preparations |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0000310158-26-000212 |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Url | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-24 | 0000310158-26-000063 | https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/0000310158-26-000063-index.htm | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-08-07 | 0000310158-26-000212 | https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/0000310158-26-000212-index.htm | facts |
FAQ · Merck financial statements
How much revenue did Merck report in Q2 FY2026?
Merck & Co., Inc. reported $16.61 billion of sales in Q2 FY2026, the quarter ended June 30, 2026. That is up 5.1% from $15.81 billion in the same quarter a year earlier.
Did Merck make a profit in Q2 FY2026?
No. Merck & Co., Inc. posted a net loss attributable to Merck of $1.33 billion in Q2 FY2026, the quarter ended June 30, 2026, against net income of $4.43 billion in the same quarter a year earlier. A charge for the Terns Pharmaceuticals asset acquisition, recorded in research and development expense, put the quarter in the red.
Why did Merck report a loss in Q2 FY2026?
Merck & Co., Inc. charged its acquisition of Terns Pharmaceuticals to research and development expense, which rose to $9.74 billion in Q2 FY2026 from $4.05 billion a year earlier and pushed the quarter to a loss even as sales grew to $16.61 billion.
What was Merck's earnings per share in Q2 FY2026?
Merck & Co., Inc. reported a diluted loss per share of $0.54 in Q2 FY2026, the quarter ended June 30, 2026, compared with diluted earnings per share of $1.76 a year earlier.
Where can I get Merck & Co., Inc. (MRK) financial data in machine-readable form?
Ticker Scout publishes Merck & Co., Inc.'s financial statements as JSON at https://tickerscout.ai/mrk/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/mrk/narrative.md and https://tickerscout.ai/mrk/events.md. Merck & Co., Inc.'s SEC CIK is 0000310158. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Merck & Co., Inc. (MRK) next file with the SEC?
Merck & Co., Inc. (MRK) is expected to file its next Form 10-Q with the SEC on or around November 4, 2026. That date is a projection rather than a company-announced date: it is derived from Merck & Co., Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0000310158-26-000212.
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How this page was built
This page was built from two of Merck & Co., Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names eight such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Merck & Co., Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.