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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Merck & Co. Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Merck & Co. Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
Revenue demonstrates a consistent long-term growth trajectory, increasing from 10,627 million USD in March 2021 to 16,286 million USD by March 2026. While the growth path is generally upward, periodic fluctuations are evident, with a peak in sales reaching 17,276 million USD in September 2025. Gross profit followed a similar expansionary trend, generally scaling with revenue, although it experienced a notable contraction in December 2025 due to a sharp increase in the cost of sales.
- Revenue and Gross Margin Analysis
- Top-line growth has been steady, with quarterly sales frequently exceeding 15,000 million USD starting in 2022. Gross profit margins remained robust for the majority of the period, though the cost of sales exhibited significant volatility in the latter stages of the analysis, specifically a spike to 5,551 million USD in December 2025, which compressed the gross profit for that quarter to 10,849 million USD despite high sales.
- Operating Expense Trends
- Selling, general, and administrative expenses remained relatively stable, typically fluctuating between 2,100 million USD and 2,900 million USD. In contrast, research and development expenditures displayed extreme volatility. Massive spending spikes occurred in June 2023 (13,321 million USD), December 2023 (9,627 million USD), and March 2026 (12,592 million USD). These episodic increases in R&D investment represent the primary driver of operating income variance.
- Operating Income and Profitability
- The volatility in research and development spending directly impacted operating results, leading to significant quarterly losses. Operating income shifted from a high of 6,507 million USD in September 2025 to a loss of 3,396 million USD in March 2026. These fluctuations resulted in a mirrored pattern in net income, where periods of strong profitability were interrupted by substantial losses, most notably a net loss of 5,972 million USD in June 2023.
- Tax and Net Income Dynamics
- Net income attributable to the parent company generally tracks with operating income, although tax effects provided occasional offsets. For example, in December 2023, a tax benefit of 820 million USD partially mitigated the operating loss of that period. Despite these intermittent losses, the company maintained positive net income in the majority of the reported quarters, reflecting a strong underlying earning capacity when R&D spending is normalized.