Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Income Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Merck & Co. Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The statement of comprehensive income reveals significant fluctuations in performance over the five-year period. Net income experienced substantial volatility, beginning at US$13,062 million in 2021, increasing to US$14,526 million in 2022, then plummeting to US$377 million in 2023, before rebounding strongly to US$17,133 million in 2024 and further increasing to US$18,263 million in 2025.
- Net Income Trend
- The dramatic decline in net income during 2023 is a key observation, followed by a robust recovery in subsequent years. This suggests a potentially significant one-time event or a cyclical downturn impacting 2023 results. The subsequent increases indicate a return to more favorable conditions or successful strategic adjustments.
- Other Comprehensive Income (OCI)
- Other comprehensive income also exhibited considerable variability. Positive OCI of US$1,756 million in 2021 decreased to a loss of US$339 million in 2022, followed by a further loss of US$393 million in 2023. OCI then became positive again in 2024 at US$216 million, and increased to US$658 million in 2025. This volatility is driven by fluctuations in several components.
- OCI Components
- Net unrealized gains and losses on derivatives were inconsistent, moving from a gain of US$410 million in 2021 to a loss of US$71 million in 2022, a larger loss of US$97 million in 2023, a gain of US$266 million in 2024, and then a loss of US$347 million in 2025. Benefit plan net gains and losses also fluctuated, with a substantial gain in 2021 and 2024, a smaller gain in 2022, and losses in 2023 and 2025. Cumulative translation adjustments were negative in 2021, 2022, and 2024, but positive in 2023 and 2025, indicating changes in the value of foreign subsidiaries.
- Comprehensive Income
- Comprehensive income mirrored the trends in net income, with a peak of US$14,818 million in 2021, a decrease to US$14,187 million in 2022, a significant loss of US$16 million in 2023, and then a recovery to US$17,349 million in 2024 and US$18,921 million in 2025. The impact of OCI on comprehensive income is evident, moderating the swings in net income.
- Noncontrolling Interests
- Comprehensive income attributable to noncontrolling interests remained relatively small and negative throughout the period, ranging from -US$7 million to -US$16 million annually. This suggests a limited impact from entities in which the company does not hold a controlling stake.
Overall, the period was characterized by substantial earnings volatility, particularly in 2023. While net income and comprehensive income demonstrate a strong recovery in the later years, the underlying components of other comprehensive income suggest ongoing exposure to market fluctuations and foreign currency risks.