What is the primary revenue source for Merck & Co. (MRK)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze MRK's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Merck & Co.'s total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Merck & Co. Makes Money: MRK Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

The largest revenue segment accounts for 88.5% of revenue, indicating concentration.

Revenue: USD 32.89B
Largest revenue segment share (Pharmaceutical segment): 88.50%
Research and development: USD 22.33B
Cost of revenue: USD 8.59B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Research and developmentResearch and development · ResearchAndDevelopmentExpense
Largest revenue segment share (Pharmaceutical segment)Pharmaceutical segment · segment_value / revenue * 100
RevenueSales · Revenues
Cost of revenueCost of sales · CostOfGoodsAndServicesSold

Assets

Where is the money tied up, and how is the company financed?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Property, plant and equipment: USD 25.74B
Goodwill: USD 21.58B
Accounts receivable: USD 12.56B
Shareholder equity: USD 41.98B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Accounts receivableAccounts receivable (net of allowance for doubtful accounts of $108 in 2026 and $97 in 2025) · AccountsReceivableNetCurrent
GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant and equipment, at cost, net of accumulated depreciation of $22,729 in 2026 and $21,914 in 2025 · PropertyPlantAndEquipmentNet

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Free cash flow remains positive after capital expenditure.

Operating cash flow: USD 9.29B
Free cash flow: USD 7.40B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Free cash flowcfo - capex
Operating cash flowsum(waterfull.operating)

Some conclusions lack complete source metrics and should be interpreted cautiously.

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 4.25B
Share repurchases: USD 1.63B
Stock issuance proceeds: USD 200.00M
Net shareholder return: USD 5.68B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsProceeds from exercise of stock options · ProceedsFromStockOptionsExercised · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?