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Merck (MRK) Operating Expenses (2016 - 2025)

Merck (MRK) has disclosed Operating Expenses for 17 consecutive years, with $13.0 billion as the latest value for Q4 2025.

  • On a quarterly basis, Operating Expenses rose 13.32% to $13.0 billion in Q4 2025 year-over-year; TTM through Dec 2025 was $43.9 billion, a 0.65% decrease, with the full-year FY2025 number at $43.9 billion, down 0.65% from a year prior.
  • Operating Expenses was $13.0 billion for Q4 2025 at Merck, up from $10.5 billion in the prior quarter.
  • In the past five years, Operating Expenses ranged from a high of $20.4 billion in Q2 2023 to a low of $7.6 billion in Q1 2021.
  • A 5-year average of $11.2 billion and a median of $10.4 billion in 2023 define the central range for Operating Expenses.
  • Peak YoY movement for Operating Expenses: surged 101.56% in 2023, then tumbled 50.38% in 2024.
  • Merck's Operating Expenses stood at $9.6 billion in 2021, then increased by 7.33% to $10.3 billion in 2022, then surged by 61.65% to $16.7 billion in 2023, then tumbled by 31.32% to $11.5 billion in 2024, then rose by 13.32% to $13.0 billion in 2025.
  • Per Business Quant, the three most recent readings for MRK's Operating Expenses are $13.0 billion (Q4 2025), $10.5 billion (Q3 2025), and $10.8 billion (Q2 2025).