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Side-by-side financial comparison of American Express (AXP) and Merck & Co. (MRK). Click either name above to swap in a different company.
Merck & Co. is the larger business by last-quarter revenue ($16.4B vs $10.9B, roughly 1.5× American Express). American Express runs the higher net margin — 22.5% vs 18.1%, a 4.4% gap on every dollar of revenue. On growth, American Express posted the faster year-over-year revenue change (9.9% vs 5.0%). American Express produced more free cash flow last quarter ($2.3B vs $1.8B). Over the past eight quarters, American Express's revenue compounded faster (8.2% CAGR vs 2.0%).
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services. The company's products an...
Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fourth on the list of largest biomedical companies by revenue.
AXP vs MRK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $10.9B | $16.4B |
| Net Profit | $2.5B | $3.0B |
| Gross Margin | — | 66.2% |
| Operating Margin | 28.2% | 20.9% |
| Net Margin | 22.5% | 18.1% |
| Revenue YoY | 9.9% | 5.0% |
| Net Profit YoY | 13.5% | -20.8% |
| EPS (diluted) | $3.52 | $1.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $10.9B | $16.4B | ||
| Q3 25 | $10.4B | $17.3B | ||
| Q2 25 | $10.3B | $15.8B | ||
| Q1 25 | $9.6B | $15.5B | ||
| Q4 24 | $10.0B | $15.6B | ||
| Q3 24 | $9.7B | $16.7B | ||
| Q2 24 | $9.8B | $16.1B | ||
| Q1 24 | $9.3B | $15.8B |
| Q4 25 | $2.5B | $3.0B | ||
| Q3 25 | $2.9B | $5.8B | ||
| Q2 25 | $2.9B | $4.4B | ||
| Q1 25 | $2.6B | $5.1B | ||
| Q4 24 | $2.2B | $3.7B | ||
| Q3 24 | $2.5B | $3.2B | ||
| Q2 24 | $3.0B | $5.5B | ||
| Q1 24 | $2.4B | $4.8B |
| Q4 25 | — | 66.2% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.0% | ||
| Q4 24 | — | 75.5% | ||
| Q3 24 | — | 75.5% | ||
| Q2 24 | — | 76.8% | ||
| Q1 24 | — | 77.6% |
| Q4 25 | 28.2% | 20.9% | ||
| Q3 25 | 36.7% | 39.0% | ||
| Q2 25 | 34.4% | 31.6% | ||
| Q1 25 | 34.6% | 38.0% | ||
| Q4 24 | 27.7% | 26.7% | ||
| Q3 24 | 33.0% | 24.6% | ||
| Q2 24 | 38.6% | 37.3% | ||
| Q1 24 | 33.7% | 35.9% |
| Q4 25 | 22.5% | 18.1% | ||
| Q3 25 | 27.9% | 33.5% | ||
| Q2 25 | 28.0% | 28.0% | ||
| Q1 25 | 26.8% | 32.7% | ||
| Q4 24 | 21.8% | 24.0% | ||
| Q3 24 | 25.8% | 19.0% | ||
| Q2 24 | 30.7% | 33.9% | ||
| Q1 24 | 26.1% | 30.2% |
| Q4 25 | $3.52 | $1.19 | ||
| Q3 25 | $4.14 | $2.32 | ||
| Q2 25 | $4.08 | $1.76 | ||
| Q1 25 | $3.64 | $2.01 | ||
| Q4 24 | $3.04 | $1.49 | ||
| Q3 24 | $3.49 | $1.24 | ||
| Q2 24 | $4.15 | $2.14 | ||
| Q1 24 | $3.33 | $1.87 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $742.0M | $14.6B |
| Total DebtLower is stronger | $56.4B | — |
| Stockholders' EquityBook value | $33.5B | $52.6B |
| Total Assets | $300.1B | $136.9B |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $742.0M | $14.6B | ||
| Q3 25 | $1.3B | $18.2B | ||
| Q2 25 | $197.0M | $8.6B | ||
| Q1 25 | $261.0M | $9.2B | ||
| Q4 24 | $221.0M | $13.7B | ||
| Q3 24 | $120.0M | $14.6B | ||
| Q2 24 | $188.0M | $11.4B | ||
| Q1 24 | $69.0M | $5.6B |
| Q4 25 | $56.4B | — | ||
| Q3 25 | $57.8B | — | ||
| Q2 25 | $58.2B | — | ||
| Q1 25 | $51.2B | — | ||
| Q4 24 | $49.7B | — | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — | ||
| Q1 24 | $48.8B | — |
| Q4 25 | $33.5B | $52.6B | ||
| Q3 25 | $32.4B | $51.9B | ||
| Q2 25 | $32.3B | $49.0B | ||
| Q1 25 | $31.2B | $48.3B | ||
| Q4 24 | $30.3B | $46.3B | ||
| Q3 24 | $29.7B | $44.5B | ||
| Q2 24 | $29.5B | $43.6B | ||
| Q1 24 | $28.8B | $40.4B |
| Q4 25 | $300.1B | $136.9B | ||
| Q3 25 | $297.6B | $129.5B | ||
| Q2 25 | $295.6B | $117.5B | ||
| Q1 25 | $282.2B | $115.1B | ||
| Q4 24 | $271.5B | $117.1B | ||
| Q3 24 | $271.0B | $117.5B | ||
| Q2 24 | $272.2B | $112.6B | ||
| Q1 24 | $269.3B | $105.8B |
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.64× | — | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.74× | — | ||
| Q1 24 | 1.70× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | $2.9B |
| Free Cash FlowOCF − Capex | $2.3B | $1.8B |
| FCF MarginFCF / Revenue | 21.4% | 11.1% |
| Capex IntensityCapex / Revenue | 6.6% | 6.3% |
| Cash ConversionOCF / Net Profit | 1.25× | 0.96× |
| TTM Free Cash FlowTrailing 4 quarters | $16.0B | $12.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.1B | $2.9B | ||
| Q3 25 | $6.2B | $7.8B | ||
| Q2 25 | $4.4B | $3.3B | ||
| Q1 25 | $4.8B | $2.5B | ||
| Q4 24 | $5.8B | $3.5B | ||
| Q3 24 | $-1.8B | $9.3B | ||
| Q2 24 | $4.5B | $5.6B | ||
| Q1 24 | $5.6B | $3.1B |
| Q4 25 | $2.3B | $1.8B | ||
| Q3 25 | $5.6B | $6.8B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $4.3B | $1.2B | ||
| Q4 24 | $5.3B | $2.5B | ||
| Q3 24 | $-2.3B | $8.5B | ||
| Q2 24 | $4.0B | $4.8B | ||
| Q1 24 | $5.2B | $2.2B |
| Q4 25 | 21.4% | 11.1% | ||
| Q3 25 | 53.6% | 39.6% | ||
| Q2 25 | 36.3% | 16.0% | ||
| Q1 25 | 45.0% | 7.5% | ||
| Q4 24 | 53.1% | 16.1% | ||
| Q3 24 | -23.3% | 51.1% | ||
| Q2 24 | 40.4% | 30.1% | ||
| Q1 24 | 55.2% | 14.1% |
| Q4 25 | 6.6% | 6.3% | ||
| Q3 25 | 6.3% | 5.7% | ||
| Q2 25 | 6.0% | 4.8% | ||
| Q1 25 | 4.5% | 8.6% | ||
| Q4 24 | 5.0% | 6.0% | ||
| Q3 24 | 4.7% | 4.7% | ||
| Q2 24 | 5.8% | 4.9% | ||
| Q1 24 | 4.2% | 5.5% |
| Q4 25 | 1.25× | 0.96× | ||
| Q3 25 | 2.15× | 1.35× | ||
| Q2 25 | 1.51× | 0.74× | ||
| Q1 25 | 1.84× | 0.49× | ||
| Q4 24 | 2.66× | 0.92× | ||
| Q3 24 | -0.72× | 2.94× | ||
| Q2 24 | 1.50× | 1.03× | ||
| Q1 24 | 2.28× | 0.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
MRK
| Pharmaceuticalsegment | $8.7B | 53% |
| Keytruda | $4.9B | 30% |
| Other | $2.7B | 16% |
| Janumet | $57.0M | 0% |
| Isentress Isentress HD | $38.0M | 0% |
| Pifeltro | $25.0M | 0% |
| Belsomra | $23.0M | 0% |
| Dificid | $17.0M | 0% |
| Delstrigo | $14.0M | 0% |
| Lagevrio | $12.0M | 0% |
| Pneumovax23 | $4.0M | 0% |
