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How Merck (MRK) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/04/2026
Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. · Wikipedia
More about the company
The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fifth on the list of largest biomedical companies by revenue. Market share (US pharma & biotech): ≈9% by TTM revenue.
Key growth driver: Pharmaceutical — the fastest-growing revenue line: $14,760, +5% y/y. · by the Q2 2026 report
How does Merck make money?
Merck brought in $16.6 billion of revenue in Q2 2026, up 5.1% year over year. The largest source was Pharmaceutical: $14.8 billion, or 89% of the total, followed by Animal Health ($1.77B, 11%).
Revenue by source, Q2 2026
- Pharmaceutical$14.8B · 89% · +5.1%
- Animal Health$1.77B · 11% · +7.8%
- Other Revenues$72.0M · 0.4% · −34.5%
Shares of $16.6B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is MRK’s next earnings date?
Thursday, October 29, 2026confirmed · before market open
Merck (MRK) is scheduled to report results for the quarter ending Sep 2026 on Oct 29, 2026. Consensus EPS forecast: $2.25 (5 analysts), vs $2.58 in the same quarter last year.
What time does MRK report? Usually before market open: the last 4 results releases reached the SEC at 6:47 am, 6:53 am, 6:38 am, 6:40 am ET.
Last report: Aug 4, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Verdict: a GAAP loss quarter manufactured almost entirely by one deal — the $5.7B Terns acquisition charge sits in R&D with no tax benefit; the underlying business grew 5% with the KEYTRUDA franchise at $8.4B and guidance narrowed upward, so the loss is an accounting event, not an operating one.
Loss quarter (mirror layout): left side shows where the money came from — revenue plus the net loss itself; right side shows what it covered. FY2026 outlook: sales $66.3-67.3B, non-GAAP EPS $2.66-2.76 (includes $2.31/sh Terns and $3.62/sh Cidara one-offs).
Source and notation
* marks non-cash / ≈ estimated. Restructuring line estimated as the residual to the stated pretax loss. Source: Merck & Co. press release 8-K EX-99.1 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- a net loss in Q2 2026 ($1,335 · vs +$4,427)
Most likely because the whole loss is one line: R&D of $9,741M includes a $5,700M one-time charge for the Terns acquisition (no tax benefit recorded); tax paradox of a non-deductible charge: a $654M income tax PROVISION on a $683M pretax LOSS. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗MRK earnings history: past report dates
| Aug 4, 2026 Tue | 6:47 ambefore market open | Jun 30, 2026 | $16.6B+5% y/y | −$0.54 |
| Apr 30, 2026 Thu | 6:53 ambefore market open | Mar 31, 2026 | $16.3B+5% y/y | −$1.72 |
| Feb 3, 2026 Tue | 6:38 ambefore market open | Dec 31, 2025 | ≈$16.4B+5% y/y | ≈$1.19−20% y/y |
| Oct 30, 2025 Thu | 6:40 ambefore market open | Sep 30, 2025 | $17.3B+4% y/y | $2.32+87% y/y |
| Jul 29, 2025 Tue | 6:42 ambefore market open | Jun 30, 2025 | $15.8B−2% y/y | $1.76−18% y/y |
| Apr 24, 2025 Thu | 6:45 ambefore market open | Mar 31, 2025 | $15.5B−2% y/y | $2.01+7% y/y |
| Feb 4, 2025 Tue | 6:45 ambefore market open | Dec 31, 2024 | ≈$15.6B+7% y/y | ≈$1.49 |
| Oct 31, 2024 Thu | 6:44 ambefore market open | Sep 30, 2024 | $16.7B+4% y/y | $1.24−33% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Merck: 5-year financials
| 2025 | 65,011 | 18,254 | 12,360 | 8,176 |
| 2024 | 64,168 | 17,117 | 18,096 | 7,840 |
| 2023 | 60,115 | 365 | 9,143 | 7,445 |
| 2022 | 59,283 | 14,519 | 14,707 | 7,012 |
| 2021 | 48,704 | 13,049 | — | 6,610 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Jan 2016Merck agreed to settle the Vioxx shareholder class action for $830M plus attorneys' fees (insurance covered about $380M). sec.gov ↗
- Feb 2013Merck will pay $215M and $473M (for Schering-Plough) to settle shareholder suits over the ENHANCE trial (Vytorin/Zetia). sec.gov ↗
- Feb 20262025 10-K: a single class of common stock; a new shareholder class action and derivative suits filed in 2025 are disclosed — not settled. sec.gov ↗
- Dec 2025Dividend per share rose from $2.48 (2020) to $3.28 (2025); share count −1.3% over 5 years. data.sec.gov ↗
Scoring: 2.0 −0.25 (criterion 9: Vioxx shareholder suit settled for $830M + attorneys' fees, January 2016, more than 10 years ago — half of 0.5) −0.25 (criterion 9: shareholder suit over the ENHANCE trial (Vytorin/Zetia) settled for $688M together with Schering-Plough, 2013, more than 10 years ago — half of 0.5) = 1.5
- Share classes
- Single class — MRK common stock on the NYSE (cover of 2025 10-K).
- Dilution
- Diluted share count 2020→2025 −1.3% (XBRL); SBC 1.3% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend per share raised every year: $2.48 (2020) → $3.28 (2025); the Organon spin-off (2021) came without a dividend cut.
- Lawsuits & regulators
- Shareholder suits over Vioxx ($830M, 2016) and ENHANCE ($688M, 2013) were settled — both more than 10 years ago; the new 2025 class action and derivative suits are not settled — no deduction; no SEC disclosure cases.
- Related parties
- 2026 proxy: a related-party transaction policy is in place, no material transactions disclosed; no controlling shareholder.
How the score works · checked as of Sep 2026
Merck (MRK) earnings: FAQ
How does Merck make money?
Merck brought in $16.6 billion of revenue in Q2 2026, up 5.1% year over year. The largest source was Pharmaceutical: $14.8 billion, or 89% of the total, followed by Animal Health ($1.77B, 11%).
When is MRK's next earnings date?
Merck (MRK) is scheduled to report on Oct 29, 2026, before market open.
What time does MRK report earnings?
Merck is scheduled to report before market open on Oct 29, 2026. Its last results releases were filed before market open, most recently at 6:47 am ET on Aug 4, 2026.
When did MRK last report earnings?
Merck reported Q2 2026 results on Aug 4, 2026.
What is the EPS estimate for MRK's next earnings?
The consensus EPS forecast is $2.25 (5 analysts), vs $2.58 in the same quarter last year.
Where can I find Merck's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to MRK's filings; this page breaks the latest report down in a Sankey chart.
Does Merck pay dividends?
Yes. In 2025, Merck paid $8,176M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
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