Merck & Co., Inc. Earnings Per Share Disclosure
| Years Ended December 31 | 2025 | 2024 | 2023 | ||||||||||||||
| Net Income Attributable to Merck & Co., Inc. | $ | 18,254 | $ | 17,117 | $ | 365 | |||||||||||
| Average common shares outstanding | 2,502 | 2,532 | 2,537 | ||||||||||||||
Common shares issuable (1) | 5 | 9 | 10 | ||||||||||||||
| Average common shares outstanding assuming dilution | 2,507 | 2,541 | 2,547 | ||||||||||||||
| Basic Earnings per Common Share Attributable to Merck & Co., Inc. Common Shareholders | $ | 7.30 | $ | 6.76 | $ | 0.14 | |||||||||||
| Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders | $ | 7.28 | $ | 6.74 | $ | 0.14 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.