Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Analysis of Revenues
- Analysis of Debt
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Merck & Co. Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Sales
- Sales exhibit a generally upward trend from 2020 through 2025, starting at approximately 12,057 million USD in March 2020 and rising to a peak around the end of 2024 at 16,657 million USD. Some fluctuations are noted, with periodic declines such as the dip observed in mid-2020 and again in late 2022 and early 2023, but the overall trajectory is growth-oriented.
- Cost of sales
- The cost of sales increases over the period, although it fluctuates in line with sales movements. Notably, there is a sharp increase in December 2020, which corresponds with an unusually high sales figure for that quarter. After peaking then, the costs trend upwards unevenly, reflecting variable cost management or input pricing during these years.
- Gross profit
- Gross profit mirrors sales growth, ascending steadily over time. It ranges from around 8,700 million USD in early 2020 to over 12,000 million USD near the end of 2024. The pattern indicates effective margin retention despite increasing costs, although some quarters show minor contractions signaling margin pressures during those periods.
- Selling, general and administrative expenses (SG&A)
- SG&A expenses show relative stability but with periods of increase, especially toward the end of fiscal years. There is variability within quarters, with expenses generally between 2,300 million USD and 2,800 million USD, suggesting controlled administrative spending that does not increase in direct proportion to sales growth.
- Research and development (R&D)
- R&D expenditures demonstrate marked volatility across quarters, with significant spikes notably in December 2020 and June 2023, indicating periods of intensified investment. These peaks are followed by sharp decreases, which could suggest strategic project phases or temporary reallocations of research funding. Despite fluctuations, R&D remains a substantial and consistent expense category over time.
- Restructuring costs
- Restructuring costs are generally low but show intermittent spikes, particularly in quarters such as December 2020, June 2023, and December 2025. This pattern implies episodic organizational changes or cost-cutting initiatives rather than sustained restructuring activities.
- Operating income (loss)
- Operating income reflects notable fluctuations, with several quarters reporting negative results, particularly December 2020 and June 2023. Positive operating income quarters demonstrate recovery and growth, often aligned with sales and gross profit trends. The variability suggests sensitivity to expense surges and possibly one-off charges impacting operating results.
- Other income (expense), net
- The net other income category fluctuates between positive and negative values without a clear trend, indicating variable gains or losses from non-operating activities. While some quarters reflect strong positive contributions, others show expenses that partly offset operating income.
- Income (loss) before taxes from continuing operations
- This metric tracks operating income patterns with occasional divergence due to other income effects. It reflects overall profitability before tax, showing recovery phases following negative quarters and a general upward pattern in profitable periods.
- Taxes on income from continuing operations
- Taxes vary substantially, influenced by income fluctuations. There are instances of negative taxes (tax benefits) in some negative income quarters, indicating net tax recoveries. The tax burden rises during profitable quarters, consistent with pre-tax earnings trends.
- Net income (loss) from continuing operations
- Net income from continuing operations follows income before taxes, with negative values corresponding to difficult quarters such as late 2020 and mid-2023. Positive quarters generally show recovery or growth, but overall income demonstrates volatility, reflecting operational sensitivity to expense changes and R&D expenditure spikes.
- Income from discontinued operations
- Limited data on discontinued operations show minor positive impacts in early 2021 but no consistent pattern. Discontinued operations do not significantly affect overall net income across the periods reviewed.
- Net income (loss)
- Overall net income aligns closely with net income from continuing operations, showing the same volatile pattern including both strong positive quarters and several negative ones. This confirms that discontinued operations have minimal influence on net profitability.
- Net income attributable to noncontrolling interests
- This amount remains small and fluctuates near zero, occasionally negative or positive, suggesting minor noncontrolling interests that have limited impact on total net income attributable to the company.
- Net income attributable to Merck & Co., Inc.
- The net income available to the parent entity replicates the patterns seen in net income. Sharp declines in certain quarters followed by robust recoveries characterize the period. This pattern points toward cyclical operational or market factors affecting profitability but overall an upward revenue and income growth trajectory is observed over time.