OpenNashEarnings

Pharmaceuticals · NYSE: MRK

Merck earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 2 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Merck reported third-quarter 2026 Total Worldwide Sales of $18.1 Billion (5% Growth; 4% Growth ex-FX), GAAP EPS of $2.04 and Non-GAAP EPS of $2.49, both including a one-time charge of $0.12 per Share related to SciBrunch.

Merck's third-quarter sales rose 5% to $18.1 billion, led by cancer drug KEYTRUDA and its new under-the-skin version KEYTRUDA QLEX ($8.6 billion combined), pulmonary hypertension drug WINREVAIR ($694 million) and animal health ($1.7 billion). Profit fell, though. GAAP EPS was $2.04 versus $2.32 a year ago, and non-GAAP EPS was $2.49 versus $2.58. A one-time $0.12 per share licensing charge, higher R&D and higher interest costs weighed on earnings. About $550 million of sales came from purchase timing.

Read the Q3 2026 summary →Official transcript (PDF) ↗

Quarters

KPI history

Revenue$18.1B+4.7% y/yQ3 2026
Q4 2024: $15.6B (worked out from the annual figure)Q4 ’24$15.6BQ1 2025: $15.5BQ1 ’25$15.5BQ2 2025: $15.8BQ2 ’25$15.8BQ3 2025: $17.3BQ3 ’25$17.3BQ4 2025: $16.4B (worked out from the annual figure)Q4 ’25$16.4BQ1 2026: $16.3BQ1 ’26$16.3BQ2 2026: $16.6BQ2 ’26$16.6BQ3 2026: $18.1BQ3 ’26$18.1B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$15.6B *
Q1 2025$15.5B
Q2 2025$15.8B
Q3 2025$17.3B
Q4 2025$16.4B *
Q1 2026$16.3B
Q2 2026$16.6B
Q3 2026$18.1B
Diluted EPS (GAAP)$2.04−12.1% y/yQ3 2026
Q1 2025: $2.01Q1 ’25$2.01Q2 2025: $1.76Q2 ’25$1.76Q3 2025: $2.32Q3 ’25$2.32Q1 2026: -$1.72Q1 ’26-$1.72Q2 2026: -$0.54Q2 ’26-$0.54Q3 2026: $2.04Q3 ’26$2.04
Data
Q1 2025$2.01
Q2 2025$1.76
Q3 2025$2.32
Q1 2026-$1.72
Q2 2026-$0.54
Q3 2026$2.04

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Free cash flow$5.5B−19.3% y/yQ3 2026
Q4 2024: $2.5BQ4 ’24$2.5BQ1 2025: $1.2BQ1 ’25$1.2BQ2 2025: $2.5BQ2 ’25$2.5BQ3 2025: $6.8BQ3 ’25$6.8BQ4 2025: $1.8BQ4 ’25$1.8BQ1 2026: $2.9BQ1 ’26$2.9BQ2 2026: $4.5BQ2 ’26$4.5BQ3 2026: $5.5BQ3 ’26$5.5B
Data
Q4 2024$2.5B
Q1 2025$1.2B
Q2 2025$2.5B
Q3 2025$6.8B
Q4 2025$1.8B
Q1 2026$2.9B
Q2 2026$4.5B
Q3 2026$5.5B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$15.6Bd$15.5B$15.8B$17.3B$16.4Bd$16.3B$16.6B$18.1B
Net income$3.7Bd$5.1B$4.4B$5.8B$3.0Bd-$4.2B-$1.3B$5.1B
Diluted EPS—$2.01$1.76$2.32—-$1.72-$0.54$2.04
Operating cash flow$3.5Bd$2.5B$3.3Bd$7.8Bd$2.9Bd$3.9B$5.4Bd$6.6Bd
Capital expenditure$937.0Md$1.3B$764.0Md$987.0Md$1.0Bd$991.0M$893.0Md$1.0Bd
Free cash flow$2.5B$1.2B$2.5B$6.8B$1.8B$2.9B$4.5B$5.5B
R&D expense$4.6Bd$3.6B$4.0B$4.2B$3.9Bd$12.6B$9.7B$4.5B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings