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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Analysis of Revenues
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Merck & Co. Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
The financial performance presented demonstrates considerable fluctuation over the analyzed period, spanning from March 2021 to December 2025. Sales exhibited an overall upward trend, though not consistently linear, with notable peaks in the third and fourth quarters of 2021, and again in the first and third quarters of 2023 and 2025. However, sales experienced a decline in the fourth quarter of 2022 and 2024.
Cost of sales generally increased alongside sales, but with periods of disproportionate growth, particularly evident in the first quarter of 2022 and the fourth quarter of 2025, impacting gross profit margins. Gross profit showed a general increase over the period, but was significantly affected by the increases in cost of sales.
- Profitability Analysis
- Operating income displayed substantial volatility. A significant decline occurred in the fourth quarter of 2023, resulting in a loss, followed by a recovery in subsequent periods. This volatility was heavily influenced by fluctuations in research and development expenses, which experienced a particularly large increase in the second quarter of 2023. Selling, general and administrative expenses remained relatively stable, with minor fluctuations throughout the period.
- Net income attributable to Merck & Co., Inc. mirrored the trends in operating income, with a substantial loss recorded in the fourth quarter of 2023. The impact of discontinued operations was most prominent in the first quarter of 2021 and 2022. Overall, net income demonstrated a positive trend, excluding the outlier quarter in 2023.
Other income (expense), net, contributed to overall profitability, but also exhibited variability. Notably, a significant expense was recorded in the fourth quarter of 2023, further exacerbating the net loss for that period. Taxes on income from continuing operations generally followed the pattern of net income, with higher tax expenses corresponding to periods of higher profitability.
- Expense Trends
- Research and development expenses represent a significant portion of total expenses and demonstrate considerable fluctuation. The large expense in the second quarter of 2023 significantly impacted overall profitability. Restructuring costs were present throughout the period, though generally remained relatively small compared to other expense categories, with a notable increase in the fourth quarter of 2025.
In summary, the financial performance demonstrates a generally positive trajectory in sales and net income, but is punctuated by periods of significant volatility, particularly related to research and development expenditures and other income/expense items. The fourth quarter of 2023 represents a clear outlier, with a substantial net loss driven by increased expenses and unfavorable adjustments.