Merck (MRK) Operating Expenses (2009 - 2026)
Merck (MRK) posted quarterly Operating Expenses of $19.8 billion for Q1 2026, up 105.9% year-over-year from $9.6 billion in Q1 2025, and up 52.7% quarter-over-quarter from $13.0 billion in Q4 2025.
Merck (MRK) Operating Expenses (2009 - 2026) Analysis & Trends
Merck (MRK) has reported Operating Expenses for 18 consecutive years, with $19.8 billion the latest figure, recorded in 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 grew to $19.8 billion in Q1 2026 per MRK's latest filing, from $13.0 billion in the prior quarter.
- Across five years, Operating Expenses topped out at $20.4 billion in Q2 2023 and bottomed at $9.6 billion in Q1 2025.
- Historically, Operating Expenses has averaged $12.3 billion across 5 years, with a median of $10.8 billion in 2023.
- Annual changes were most pronounced in 2024 — Operating Expenses plunged 50.39% — and 2026, when it jumped 105.9%.
- Merck's Operating Expenses stood at $10.3 billion in 2022, then surged by 61.64% to $16.7 billion in 2023, then tumbled by 31.31% to $11.5 billion in 2024, then rose by 13.32% to $13.0 billion in 2025, then surged by 52.7% to $19.8 billion in 2026.
- Business Quant data shows MRK's Operating Expenses at $19.8 billion in Q1 2026, $13.0 billion in Q4 2025, and $10.5 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Johnson & Johnson | 645.88 Bn | 625.12 Bn | 17.26 Bn | 10.12 Bn |
| 2 | AbbVie | 463.46 Bn | 456.89 Bn | 12.70 Bn | 10.56 Bn |
| 3 | Merck | 367.92 Bn | 360.78 Bn | 12.21 Bn | 12.80 Bn |
| 4 | Novartis Ag | 297.71 Bn | 290.02 Bn | 11.24 Bn | 6.09 Bn |
| 5 | Astrazeneca | 255.55 Bn | 250.65 Bn | 12.86 Bn | 9.70 Bn |
| 6 | Amgen | 234.52 Bn | 220.53 Bn | 7.24 Bn | 6.54 Bn |
| 7 | Gilead Sciences | 178.22 Bn | 175.04 Bn | 6.22 Bn | 18.20 Bn |
| 8 | Pfizer | 158.57 Bn | 146.88 Bn | 10.94 Bn | 6.68 Bn |
| 9 | Gsk | 105.32 Bn | 101.15 Bn | 8.24 Bn | -7.60 Bn |
| 10 | Sanofi | 54.20 Bn | 46.82 Bn | 10.79 Bn | -5.98 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 17.29 Bn |
| Mar 31, 2026 | 19.82 Bn |
| Dec 31, 2025 | 12.98 Bn |
| Sep 30, 2025 | 10.53 Bn |
| Jun 30, 2025 | 10.81 Bn |
| Mar 31, 2025 | 9.63 Bn |
| Dec 31, 2024 | 11.45 Bn |
| Sep 30, 2024 | 12.57 Bn |
| Jun 30, 2024 | 10.11 Bn |
| Mar 31, 2024 | 10.11 Bn |
| Dec 31, 2023 | 16.68 Bn |
| Sep 30, 2023 | 10.34 Bn |
| Jun 30, 2023 | 20.37 Bn |
| Mar 31, 2023 | 10.84 Bn |
| Dec 31, 2022 | 10.32 Bn |
| Sep 30, 2022 | 11.38 Bn |
| Jun 30, 2022 | 10.11 Bn |
| Mar 31, 2022 | 11.04 Bn |
| Dec 31, 2021 | 9.61 Bn |
| Sep 30, 2021 | 7.89 Bn |