Merck & Co., Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $65.0B |
| Gross margin | 74.8% |
| Operating income | — not reported |
| Net income | $18.3B |
| Diluted EPS | $7.28 |
| Cash & equivalents | $14.6B |
| Total assets | $136.9B |
| Long-term debt | $46.8B |
Key takeaway
Merck reported $65.0 billion in total revenue and $18.25 billion in net income for fiscal 2025, supported by a 74.8% gross margin.
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Beneath the surface
Despite $14.6 billion cash on hand, Merck carries $49.3 billion in combined debt (DebtLongtermAndShorttermCombinedAmount), leaving a net debt position of roughly $34.7 billion, larger than the cash balance alone suggests.
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This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for MRK.
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