Merck (MRK) Operating Expenses (2009 - 2026)

Merck has disclosed Operating Expenses across 18 years of filings, most recently posting $19.8 billion for Q1 2026.

• In Q1 2026, Operating Expenses rose 105.9% year-over-year to $19.8 billion; the TTM figure through Mar 2026 stood at $54.1 billion (up 23.74% YoY), while the FY2025 annual figure was $43.9 billion, down 0.65% from the prior year.
• Operating Expenses rose to $19.8 billion in Q1 2026, from $13.0 billion in the prior quarter.
• Over the last five years, Operating Expenses for MRK reached as high as $20.4 billion in Q2 2023 and fell as low as $9.6 billion in Q1 2025.
• The 5-year median for Operating Expenses is $10.8 billion (2023), against an average of $12.3 billion.
• Annual changes were most pronounced in 2024 — Operating Expenses slumped 50.39% — and 2026, when it jumped 105.9%.
• A 5-year view of Operating Expenses shows it stood at $10.3 billion in 2022, then jumped by 61.64% to $16.7 billion in 2023, then plunged by 31.31% to $11.5 billion in 2024, then increased by 13.32% to $13.0 billion in 2025, then jumped by 52.7% to $19.8 billion in 2026.
• According to Business Quant data, Operating Expenses over the past three periods registered $19.8 billion, $13.0 billion, and $10.5 billion for Q1 2026, Q4 2025, and Q3 2025 respectively.