Merck revenue and financials
€139.75Change from previous close: +0.54%Absolute change: +€0.75
In the fiscal year ended December 2025, Merck reported revenue of €21.1B (−0.26% year over year). Net income was €2.61B, a net margin of 12.4%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- −0.26%
- 2025 vs 2024
- Net income growth
- −6.09%
- 2025 vs 2024
- Net margin
- 12.4%
- 2024: 13.1%
Financial data
Amounts in millions of EUR; per-share values in EUR; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | 3,932 | 4,586 | 3,784 | 4,259 | 4,616 |
| Depreciation and amortization | 1,770 | 1,696 | 1,678 | 1,696 | 1,622 |
| Capital expenditure | -1,585 | -1,702 | -1,807 | -1,531 | -1,066 |
| Investing cash flow | -4,261 | -3,050 | -1,892 | -2,743 | -1,578 |
| Financing cash flow | 628 | -985 | -1,732 | -1,555 | -2,504 |
| Dividends paid | -1,039 | -1,031 | -1,152 | -955 | -748 |
| Debt issued | 9,861 | 2,796 | 1,216 | 2,918 | 859 |
| Debt repaid | -8,184 | -2,743 | -1,784 | -3,506 | -2,606 |
| Effect of exchange rates | -77.0 | -16.0 | -31.0 | -7.0 | 9.0 |
| Net change in cash | 223 | 535 | 128 | -45.0 | 544 |
| Free cash flow | 2,347 | 2,884 | 1,977 | 2,728 | 3,550 |
| Levered free cash flow | 2,630 | 1,739 | 1,965 | 2,266 | 2,839 |