Merck & Co., Inc. (MRK) Financials
Key financial figures for Merck & Co., Inc. (Q2 2026).
Merck's Q2 2026 worldwide sales rose 5% to $16.6 billion, but a $2.31/share charge for the Terns Pharmaceuticals acquisition drove a GAAP loss of $0.54 per share and a cut to full-year non-GAAP EPS guidance. Total worldwide sales were $16.6 billion, up 5% (4% ex-FX), beating the top-line trend from Q1 2026. GAAP loss per share was $0.54 and non-GAAP loss per share was $0.13, both driven by a $2.31/share charge for the acquisition of Terns Pharmaceuticals; Q2 2025 EPS was a $1.76 GAAP profit. KEYTRUDA/KEYTRUDA QLEX sales were $8.4 billion (up 5%), including $463 million from the KEYTRUDA QLEX subcutaneous formulation, its largest quarter yet. WINREVAIR sales reached $588 million, up 75% YoY, continuing its ramp as a post-Keytruda growth anchor. On the outlook: Merck narrowed and raised FY2026 worldwide sales guidance to $66.3-$67.3 billion and now expects non-GAAP EPS of $2.66-$2.76, which includes $2.43/share of charges for the Terns Pharmaceuticals acquisition (a $2.31 one-time charge plus roughly $0.12/share to finance the deal and advance pipeline asset MK-4208). Figures are for Q2 2026, as Merck & Co., Inc. reported them.
- Revenue
- $16.6B
- Net Income
- -$1.3B
- EPS
- $-0.54
- Total Assets
- $129.8B
- Operating Cash Flow
- $5.4B
Recent quarters
| Period | Revenue | Net Income | EPS | Operating Margin | Free Cash Flow |
|---|---|---|---|---|---|
| Q2 FY2026 | $16.6B | -$1.3B | -$0.54 | -4.11% | $4.5B |
| Q1 FY2026 | $16.3B | -$4.2B | -$1.72 | -11.57% | $2.9B |
| Q4 FY2025 | $16.3B | $3.0B | $1.19 | 37.74% | $1.8B |
| Q3 FY2025 | $17.2B | $5.8B | $2.32 | 43.43% | $6.8B |
| Q2 FY2025 | $15.8B | $4.4B | $1.76 | 40.25% | $2.5B |
Recent fiscal years
| Period | Revenue | Net Income | EPS | Operating Margin | Free Cash Flow |
|---|---|---|---|---|---|
| FY2025 | $64.9B | $18.3B | $7.28 | 36.17% | $12.4B |
| FY2024 | $64.2B | $17.1B | $6.74 | 31.51% | $18.1B |
| FY2023 | $60.1B | $365M | $0.14 | 4.91% | $9.1B |
Frequently asked questions
What was Merck & Co., Inc.'s revenue last quarter?
Merck & Co., Inc. reported revenue of $16.61 billion for Q2 FY2026, up 5.1% from the same period a year earlier.
Is Merck & Co., Inc. profitable?
Not in its most recent reported period. Merck & Co., Inc. reported a net loss of $1.34 billion for Q2 FY2026, a net margin of -8.04% on revenue.
How has Merck & Co., Inc.'s margin trended?
Operating margin was -4.11% in Q2 FY2026, compared with 40.25% in the same period a year earlier. The quarter by quarter series is on the SentiSense financials page.
How much free cash flow did Merck & Co., Inc. generate?
Merck & Co., Inc. generated free cash flow of $4.48 billion in Q2 FY2026, after capital expenditure.
Full income statement, balance sheet and cash flow for Merck & Co., Inc. on SentiSense, with up to forty quarters and twenty fiscal years of history.