Merck & (MRK) Revenue — Quarter Ended Dec 31, 2025
Merck's revenue for the fourth quarter declined compared to the prior quarter but was higher than the same quarter last year. The full-year revenue trajectory showed improvement from earlier periods.
Key takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Merck's revenue for the fourth quarter declined compared to the prior quarter but was higher than the same quarter last year. The full-year revenue trajectory showed improvement from earlier periods.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$16.4B
Revenue reported for this quarter.
Quarter-over-quarter
-5.1%
Change from the immediately preceding quarter.
Year-over-year
+5.0%
Change from the comparable year-ago quarter.
Trailing four quarters
$65B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Mar 31, 2025 | $15.5B | -1.6% |
| Jun 30, 2025 | $15.8B | -1.9% |
| Sep 30, 2025 | $17.3B | +3.7% |
| Dec 31, 2025 | $16.4B | +5.0% |
Revenue performance
The quarter experienced a sequential decrease after three quarters of mixed year-over-year performance. However, the year-over-year growth rate accelerated to the highest level among the four quarters.
Quarterly comparison
Compared to the immediately preceding quarter, revenue decreased. Compared to the same quarter one year ago, revenue increased, building on the improving year-over-year trend seen in the prior quarter.
What to watch
The sequential decline in quarterly revenue, along with the decrease in cash provided by operating activities for the full year, may be areas to monitor.