Merck (MRK) Operating Margin (2009 - 2026)
Merck (MRK) reported Operating Margin of -3.52% for Q2 2026, down 35.10 percentage points from 31.58% a year earlier but up 17.34 percentage points from the prior quarter.
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Analysis
Merck (MRK) Operating Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Merck's Operating Margin came in at 9.58%, down 20.42 percentage points year-over-year; for FY2025, it was 32.64%, up 1.61 percentage points from FY2024.
- Operating Margin has a five-year change of +20.66 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at 31.03% in FY2024 (-23.67 pp), 54.71% in FY2023 (+24.44 pp), 30.27% in FY2022 (+4.53 pp) and 25.74% in FY2021 (+13.77 pp).
- Five-year quarterly Operating Margin spans a low of -34.34% in Q2 2023 and a high of 37.79% in Q1 2025.
- Year over year, Operating Margin has now declined in each of the last three quarters, with an average year-over-year change of -10.91 percentage points over the last eight quarters.
- The high point for year-over-year Operating Margin in five years was Q2 2024 (a gain of 71.88 percentage points); the low point was Q2 2023 (a drop of 68.09 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at -20.85% (Q1 2026), 23.49% (Q4 2025) and 37.66% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Eli Lilly | 1,261.99 Bn | 1,235.61 Bn | 20.46 Bn | 52.42% |
| 2 | Johnson & Johnson | 678.93 Bn | 598.79 Bn | 17.30 Bn | 24.35% |
| 3 | AbbVie | 518.29 Bn | 486.30 Bn | 13.12 Bn | 36.01% |
| 4 | Merck | 365.98 Bn | 328.92 Bn | 13.19 Bn | 30.89% |
| 5 | Novartis Ag | 316.85 Bn | 290.09 Bn | - | - |
| 6 | Astrazeneca | 293.40 Bn | 267.29 Bn | 13.26 Bn | 29.12% |
| 7 | Amgen | 251.78 Bn | 203.43 Bn | 7.58 Bn | 35.79% |
| 8 | Gilead Sciences | 210.61 Bn | 185.71 Bn | 6.73 Bn | 41.71% |
| 9 | Pfizer | 166.87 Bn | 114.23 Bn | 12.56 Bn | 32.98% |
| 10 | Vertex Pharmaceuticals | 139.96 Bn | 111.95 Bn | 2.91 Bn | 20.72% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 30.89% |
| Jun 30, 2026 | -3.52% |
| Mar 31, 2026 | -20.85% |
| Dec 31, 2025 | 23.49% |
| Sep 30, 2025 | 37.66% |
| Jun 30, 2025 | 31.58% |
| Mar 31, 2025 | 37.79% |
| Dec 31, 2024 | 27.50% |
| Sep 30, 2024 | 23.58% |
| Jun 30, 2024 | 37.54% |
| Mar 31, 2024 | 35.73% |
| Dec 31, 2023 | 14.76% |
| Sep 30, 2023 | 36.00% |
| Jun 30, 2023 | -34.34% |
| Mar 31, 2023 | 25.81% |
| Dec 31, 2022 | 24.86% |
| Sep 30, 2022 | 26.82% |
| Jun 30, 2022 | 33.75% |
| Mar 31, 2022 | 35.02% |
| Dec 31, 2021 | 26.44% |
API Access
Merck Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=MRK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "MRK", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=MRK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();