Merck & Co., Inc. (MRK) closed fiscal year 2025 with a gross margin of 74.8 % and a net margin of 28.1 %.
Merck & Co., Inc. (MRK) closed fiscal year 2025 with a gross margin of 74.8 % and a net margin of 28.1 %. The same year shows an EBITDA margin of 43.5 % and an EBIT margin of 34.5 %. The free cash flow margin was 19.0 %. Against the previous year the gross margin moved −1.5 pp and the net margin +1.4 pp. Across the period the gross margin ranges between 60.0 % in 2010 and 76.6 % in 2008. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 74.62 % | 76.59 % | 67.12 % | 60.00 % | 64.89 % | 65.21 % | 61.50 % | 60.30 % | 62.19 % | 64.75 % | 67.82 % | 68.06 % | 69.29 % | 67.20 % | 72.02 % | 70.63 % | 73.17 % | 76.32 % | 74.80 % |
| EBITDA margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 35.95 % | 11.49 % | 40.06 % | 43.47 % |
| EBIT margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 29.36 % | 5.05 % | 33.05 % | 34.49 % |
| Net margin (%) | 13.54 % | 32.74 % | 47.03 % | 1.87 % | 13.05 % | 13.05 % | 10.00 % | 28.22 % | 11.25 % | 9.85 % | 5.97 % | 14.71 % | 25.16 % | 17.02 % | 26.79 % | 24.49 % | 0.61 % | 26.68 % | 28.08 % |
| FCF margin (%) | 24.75 % | 22.11 % | 7.04 % | 19.88 % | 22.19 % | 17.07 % | 22.95 % | 15.80 % | 28.50 % | 22.01 % | 11.37 % | 19.64 % | 25.74 % | 14.03 % | 19.84 % | 24.81 % | 15.21 % | 28.20 % | 19.01 % |
