Q4 25 EPS
$2.04
BEAT +1.47%
Est. $2.01
Q4 25 Revenue
$16.40B
BEAT +1.43%
Est. $16.17B
vs S&P Since Q4 25
-7.7%
TRAILING MARKET
MRK -3.1% vs S&P +4.5%
Full Year 2025 Results
FY 25 EPS
$8.98
BEAT +0.49%
Est. $8.94
FY 25 Revenue
$65.01B
BEAT +0.36%
Est. $64.78B
Market Reaction
Did MRK Beat Earnings? Q4 2025 Results
Merck closed out Q4 2025 with a clean beat on both top and bottom lines, extending its recent momentum as non-GAAP EPS of $2.04 edged past the $2.01 consensus by 1.47% and revenue of $16.40 billion topped estimates by 1.43%, growing 5.0% year-over-ye… Read more Merck closed out Q4 2025 with a clean beat on both top and bottom lines, extending its recent momentum as non-GAAP EPS of $2.04 edged past the $2.01 consensus by 1.47% and revenue of $16.40 billion topped estimates by 1.43%, growing 5.0% year-over-year. The primary engine remained KEYTRUDA, which posted $8.37 billion in Q4 sales, up 7%, on continued expansion into earlier-stage indications including triple-negative breast cancer, non-small cell lung cancer, and renal cell carcinoma. Newer launches added meaningful lift, with pulmonary arterial hypertension treatment WINREVAIR surging 133% to $467 million and CAPVAXIVE contributing $279 million, partially offsetting a persistent 34% decline in GARDASIL from weakened China demand. Non-GAAP EPS rose 19% year-over-year, aided by lower business development charges and operational efficiencies. Looking ahead, Merck guided FY2026 sales of $65.50 billion to $67.00 billion, though non-GAAP EPS of $5.00 to $5.15 reflects a roughly $3.65 per-share charge tied to the approximately $9.20 billion Cidara Therapeutics acquisition.
Key Takeaways
- • Strong global uptake of KEYTRUDA in earlier-stage indications including TNBC, NSCLC, renal cell carcinoma, cervical and head and neck cancers
- • WINREVAIR continued uptake in U.S. and early international launch (133% Q4 growth)
- • Animal Health growth driven by Livestock products across all species and new Companion Animal launches
- • CAPVAXIVE ongoing U.S. uptake
- • Higher net pricing of JANUVIA in the U.S.
- • Benefits from multiyear optimization initiative reducing operating expenses
- • Lower charges for business development transactions compared to prior year
MRK YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
MRK Revenue by Segment
With YoY comparisons, source: SEC Filings
MRK Revenue by Geography
With YoY comparisons, source: SEC Filings
“In 2025, we continued to advance leading-edge science to deliver transformative medicines and vaccines that are improving health outcomes for patients around the world. Our business benefited from demand for our innovative portfolio, including for KEYTRUDA, increasing contributions from new launches in cardiometabolic and respiratory as well as vaccines, and strong performance of Animal Health. The transformation of our portfolio, bolstered by the acquisitions of Verona Pharma and Cidara Therapeutics, is well underway, and momentum is building as we continue to execute on our strategy. Our progress positions us to continue delivering on our purpose for patients and creating durable value for shareholders.”
— Robert M. Davis, Q4 2025 Earnings Press Release
MRK Earnings Trends
MRK vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MRK EPS Trend
Earnings per share: estimate vs actual
MRK Revenue Trend
Quarterly revenue: estimate vs actual
MRK Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-1.28 | — | $16.29B | +2.77% |
| Q4 25 BEAT FY | $2.01 | $2.04 | +1.47% | $16.40B | +1.43% |
| FY Full Year | $8.94 | $8.98 | +0.49% | $65.01B | +0.36% |
| Q3 25 BEAT | $2.35 | $2.58 | +9.85% | $17.28B | +1.76% |
| Q2 25 BEAT | $2.03 | $2.13 | +5.04% | $15.81B | -0.42% |
| Q1 25 BEAT | $2.14 | $2.22 | +3.98% | $15.53B | +1.29% |