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Side-by-side financial comparison of Merck & Co. (MRK) and PayPal (PYPL). Click either name above to swap in a different company.
Merck & Co. is the larger business by last-quarter revenue ($16.4B vs $8.7B, roughly 1.9× PayPal). Merck & Co. runs the higher net margin — 18.1% vs 16.6%, a 1.5% gap on every dollar of revenue. On growth, Merck & Co. posted the faster year-over-year revenue change (5.0% vs 3.7%). PayPal produced more free cash flow last quarter ($2.2B vs $1.8B). Over the past eight quarters, PayPal's revenue compounded faster (6.2% CAGR vs 2.0%).
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.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
MRK vs PYPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.4B | $8.7B |
| Net Profit | $3.0B | $1.4B |
| Gross Margin | 66.2% | — |
| Operating Margin | 20.9% | 17.4% |
| Net Margin | 18.1% | 16.6% |
| Revenue YoY | 5.0% | 3.7% |
| Net Profit YoY | -20.8% | 28.2% |
| EPS (diluted) | $1.19 | $1.53 |
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 | $16.4B | $8.7B | ||
| Q3 25 | $17.3B | $8.4B | ||
| Q2 25 | $15.8B | $8.3B | ||
| Q1 25 | $15.5B | $7.8B | ||
| Q4 24 | $15.6B | $8.4B | ||
| Q3 24 | $16.7B | $7.8B | ||
| Q2 24 | $16.1B | $7.9B | ||
| Q1 24 | $15.8B | $7.7B |
| Q4 25 | $3.0B | $1.4B | ||
| Q3 25 | $5.8B | $1.2B | ||
| Q2 25 | $4.4B | $1.3B | ||
| Q1 25 | $5.1B | $1.3B | ||
| Q4 24 | $3.7B | $1.1B | ||
| Q3 24 | $3.2B | $1.0B | ||
| Q2 24 | $5.5B | $1.1B | ||
| Q1 24 | $4.8B | $888.0M |
| 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 | 20.9% | 17.4% | ||
| Q3 25 | 39.0% | 18.1% | ||
| Q2 25 | 31.6% | 18.1% | ||
| Q1 25 | 38.0% | 19.6% | ||
| Q4 24 | 26.7% | 17.2% | ||
| Q3 24 | 24.6% | 17.7% | ||
| Q2 24 | 37.3% | 16.8% | ||
| Q1 24 | 35.9% | 15.2% |
| Q4 25 | 18.1% | 16.6% | ||
| Q3 25 | 33.5% | 14.8% | ||
| Q2 25 | 28.0% | 15.2% | ||
| Q1 25 | 32.7% | 16.5% | ||
| Q4 24 | 24.0% | 13.4% | ||
| Q3 24 | 19.0% | 12.9% | ||
| Q2 24 | 33.9% | 14.3% | ||
| Q1 24 | 30.2% | 11.5% |
| Q4 25 | $1.19 | $1.53 | ||
| Q3 25 | $2.32 | $1.30 | ||
| Q2 25 | $1.76 | $1.29 | ||
| Q1 25 | $2.01 | $1.29 | ||
| Q4 24 | $1.49 | $1.09 | ||
| Q3 24 | $1.24 | $0.99 | ||
| Q2 24 | $2.14 | $1.08 | ||
| Q1 24 | $1.87 | $0.83 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $14.6B | $10.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $52.6B | $20.3B |
| Total Assets | $136.9B | $80.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.6B | $10.4B | ||
| Q3 25 | $18.2B | $10.8B | ||
| Q2 25 | $8.6B | $10.0B | ||
| Q1 25 | $9.2B | $11.2B | ||
| Q4 24 | $13.7B | $10.8B | ||
| Q3 24 | $14.6B | $11.9B | ||
| Q2 24 | $11.4B | $13.6B | ||
| Q1 24 | $5.6B | $14.3B |
| Q4 25 | $52.6B | $20.3B | ||
| Q3 25 | $51.9B | $20.2B | ||
| Q2 25 | $49.0B | $20.2B | ||
| Q1 25 | $48.3B | $20.3B | ||
| Q4 24 | $46.3B | $20.4B | ||
| Q3 24 | $44.5B | $20.2B | ||
| Q2 24 | $43.6B | $20.6B | ||
| Q1 24 | $40.4B | $20.7B |
| Q4 25 | $136.9B | $80.2B | ||
| Q3 25 | $129.5B | $79.8B | ||
| Q2 25 | $117.5B | $79.8B | ||
| Q1 25 | $115.1B | $81.3B | ||
| Q4 24 | $117.1B | $81.6B | ||
| Q3 24 | $117.5B | $83.5B | ||
| Q2 24 | $112.6B | $84.0B | ||
| Q1 24 | $105.8B | $83.3B |
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 | $2.9B | $2.4B |
| Free Cash FlowOCF − Capex | $1.8B | $2.2B |
| FCF MarginFCF / Revenue | 11.1% | 25.2% |
| Capex IntensityCapex / Revenue | 6.3% | 2.2% |
| Cash ConversionOCF / Net Profit | 0.96× | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $12.4B | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $7.8B | $2.0B | ||
| Q2 25 | $3.3B | $898.0M | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $9.3B | $1.6B | ||
| Q2 24 | $5.6B | $1.5B | ||
| Q1 24 | $3.1B | $1.9B |
| Q4 25 | $1.8B | $2.2B | ||
| Q3 25 | $6.8B | $1.7B | ||
| Q2 25 | $2.5B | $692.0M | ||
| Q1 25 | $1.2B | $964.0M | ||
| Q4 24 | $2.5B | $2.2B | ||
| Q3 24 | $8.5B | $1.4B | ||
| Q2 24 | $4.8B | $1.4B | ||
| Q1 24 | $2.2B | $1.8B |
| Q4 25 | 11.1% | 25.2% | ||
| Q3 25 | 39.6% | 20.4% | ||
| Q2 25 | 16.0% | 8.3% | ||
| Q1 25 | 7.5% | 12.4% | ||
| Q4 24 | 16.1% | 26.2% | ||
| Q3 24 | 51.1% | 18.4% | ||
| Q2 24 | 30.1% | 17.3% | ||
| Q1 24 | 14.1% | 22.9% |
| Q4 25 | 6.3% | 2.2% | ||
| Q3 25 | 5.7% | 3.0% | ||
| Q2 25 | 4.8% | 2.5% | ||
| Q1 25 | 8.6% | 2.5% | ||
| Q4 24 | 6.0% | 2.4% | ||
| Q3 24 | 4.7% | 2.2% | ||
| Q2 24 | 4.9% | 2.0% | ||
| Q1 24 | 5.5% | 2.0% |
| Q4 25 | 0.96× | 1.66× | ||
| Q3 25 | 1.35× | 1.58× | ||
| Q2 25 | 0.74× | 0.71× | ||
| Q1 25 | 0.49× | 0.90× | ||
| Q4 24 | 0.92× | 2.14× | ||
| Q3 24 | 2.94× | 1.60× | ||
| Q2 24 | 1.03× | 1.35× | ||
| Q1 24 | 0.65× | 2.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
