Merck & Co.'s Income Statement Analysis: Revenue to Profit Breakdown
Merck & Co.'s Income Statement Analysis: Revenue to Profit Breakdown
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FY21
Dec 31, 2021
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FY22
Dec 31, 2022
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FY23
Dec 31, 2023
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FY24
Dec 31, 2024
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FY25
Dec 31, 2025
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TTM
Trailing 12M
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Revenue
Total sales generated. |
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$48.70 B | $59.28 B | $60.12 B | $64.17 B | $65.01 B | $65.59 B |
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Cost of Revenue Direct cost of goods/services. |
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$13.63 B | $17.41 B | $16.13 B | $15.19 B | $12.03 B | $15.80 B |
Gross Profit Revenue minus cost of revenue. |
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$35.08 B | $41.87 B | $43.99 B | $48.98 B | $52.98 B | $49.79 B |
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Operating Expense
Costs to run business. |
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$21.88 B | $23.59 B | $41.04 B | $28.75 B | $26.21 B | $31.69 B |
Research and Development Investment in innovation. |
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$12.25 B | $13.55 B | $30.53 B | $17.94 B | $15.60 B | $22.15 B |
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Sales, General and Administrative
Selling and admin costs. |
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$9.40 B | $9.67 B | $9.88 B | $10.10 B | $10.61 B | $9.54 B |
General and Administrative Corporate overhead costs. |
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$7.40 B | $7.47 B | $7.58 B | $7.70 B | - | - |
Sales and Marketing Customer acquisition costs. |
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$2.00 B | $2.20 B | $2.30 B | $2.40 B | - | - |
Other Expenses Other operating costs. |
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$231.00 M | $373.00 M | $620.00 M | $716.00 M | - | - |
Operating Income Profit from operations. |
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$13.20 B | $18.28 B | $2.95 B | $20.22 B | $26.78 B | $18.10 B |
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Net Interest Income
Interest income minus expense. |
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-$770.00 M | -$805.00 M | -$781.00 M | -$856.00 M | -$1.01 B | -$809.00 M |
Interest Income Income from investments. |
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$36.00 M | $157.00 M | $365.00 M | $415.00 M | -$1.01 B | $234.00 M |
Interest Expense Cost of borrowing. |
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$806.00 M | $962.00 M | $1.15 B | $1.27 B | - | $1.04 B |
Non-Operating Income (ex-Int) Income outside core operations. |
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-$1.49 B | $876.00 M | -$81.00 M | -$986.00 M | $5.71 B | - |
Total Other Income (Net) Net non-operating items. |
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$680.00 M | -$1.84 B | -$1.07 B | -$285.00 M | -$5.71 B | -$6.47 B |
Income Before Tax Profit before taxes. |
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$13.88 B | $16.44 B | $1.89 B | $19.94 B | $21.07 B | $11.63 B |
Income Tax Expense Taxes on income. |
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$1.52 B | $1.92 B | $1.51 B | $2.80 B | $2.80 B | $2.70 B |
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Net Income
Final profit. |
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$13.05 B | $14.52 B | $365.00 M | $17.12 B | $18.25 B | $8.94 B |
Net Income From Continuing Operations Profit from core business. |
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$12.36 B | $14.53 B | $377.00 M | $17.13 B | $18.26 B | $8.93 B |
Net Income From Discontinued Operations Profit/loss from sold units. |
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$704.00 M | - | - | - | - | - |
Other Adjustments to Net Income Additional accounting adjustments. |
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-$704.00 M | - | - | - | - | - |
Net Income Deductions Reductions from net income. |
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- | - | - | - | - | - |
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Earnings Per Share
Company profit allocated to each outstanding share. |
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EPS Earnings per share. Formula: Net Income ÷ Shares |
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$5.16 | $5.73 | $0.14 | $6.76 | $7.28 | $3.56 |
Diluted EPS EPS including dilution. Formula: Net Income ÷ Diluted Shares |
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$5.14 | $5.71 | $0.14 | $6.74 | $7.28 | $3.55 |
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Shares for EPS
Number of shares used to calculate EPS. |
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Weighted Average Shares Outst. Avg shares used for EPS. |
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2.53 B | 2.53 B | 2.61 B | 2.53 B | 2.51 B | 2.47 B |
Diluted Average Shares Outst. Shares including dilution. |
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2.54 B | 2.54 B | 2.55 B | 2.54 B | 2.51 B | 2.47 B |
| Supplemental Items | |||||||
EBIT Earnings before interest and tax. |
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$14.69 B | $17.41 B | $3.04 B | $21.21 B | $21.07 B | $18.10 B |
EBITDA Earnings before interest, tax, D&A. |
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$17.90 B | $21.32 B | $6.91 B | $25.71 B | $25.36 B | $22.69 B |
Depreciation and Amortization Non-cash expense for assets. |
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$3.21 B | $3.91 B | $3.87 B | $4.50 B | $4.29 B | $4.59 B |
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Merck & Co.'s Assets vs Liabilities & Equity
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