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Side-by-side financial comparison of Merck & Co. (MRK) and AT&T (T). Click either name above to swap in a different company.
AT&T is the larger business by last-quarter revenue ($31.5B vs $16.4B, roughly 1.9× Merck & Co.). Merck & Co. runs the higher net margin — 18.1% vs 13.3%, a 4.8% gap on every dollar of revenue. On growth, Merck & Co. posted the faster year-over-year revenue change (5.0% vs 2.9%). AT&T produced more free cash flow last quarter ($2.5B vs $1.8B). Over the past eight quarters, AT&T's revenue compounded faster (2.8% 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.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
MRK vs T — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $16.4B | $31.5B |
| Net Profit | $3.0B | $4.2B |
| Gross Margin | 66.2% | — |
| Operating Margin | 20.9% | 21.1% |
| Net Margin | 18.1% | 13.3% |
| Revenue YoY | 5.0% | 2.9% |
| Net Profit YoY | -20.8% | -10.9% |
| EPS (diluted) | $1.19 | $0.54 |
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.
| Q1 26 | — | $31.5B | ||
| Q4 25 | $16.4B | $33.5B | ||
| Q3 25 | $17.3B | $30.7B | ||
| Q2 25 | $15.8B | $30.8B | ||
| Q1 25 | $15.5B | $30.6B | ||
| Q4 24 | $15.6B | $32.3B | ||
| Q3 24 | $16.7B | $30.2B | ||
| Q2 24 | $16.1B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.0B | $3.8B | ||
| Q3 25 | $5.8B | $9.3B | ||
| Q2 25 | $4.4B | $4.5B | ||
| Q1 25 | $5.1B | $4.4B | ||
| Q4 24 | $3.7B | $4.1B | ||
| Q3 24 | $3.2B | $-174.0M | ||
| Q2 24 | $5.5B | $3.6B |
| Q1 26 | — | — | ||
| 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 26 | — | 21.1% | ||
| Q4 25 | 20.9% | 17.3% | ||
| Q3 25 | 39.0% | 19.9% | ||
| Q2 25 | 31.6% | 21.1% | ||
| Q1 25 | 38.0% | 18.8% | ||
| Q4 24 | 26.7% | 16.5% | ||
| Q3 24 | 24.6% | 7.0% | ||
| Q2 24 | 37.3% | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 18.1% | 11.3% | ||
| Q3 25 | 33.5% | 30.3% | ||
| Q2 25 | 28.0% | 14.6% | ||
| Q1 25 | 32.7% | 14.2% | ||
| Q4 24 | 24.0% | 12.6% | ||
| Q3 24 | 19.0% | -0.6% | ||
| Q2 24 | 33.9% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $1.19 | $0.52 | ||
| Q3 25 | $2.32 | $1.29 | ||
| Q2 25 | $1.76 | $0.62 | ||
| Q1 25 | $2.01 | $0.61 | ||
| Q4 24 | $1.49 | $0.56 | ||
| Q3 24 | $1.24 | $-0.03 | ||
| Q2 24 | $2.14 | $0.49 |
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 | $12.0B |
| Total DebtLower is stronger | — | $131.6B |
| Stockholders' EquityBook value | $52.6B | $125.6B |
| Total Assets | $136.9B | $421.2B |
| Debt / EquityLower = less leverage | — | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | $14.6B | $18.2B | ||
| Q3 25 | $18.2B | $20.3B | ||
| Q2 25 | $8.6B | $10.5B | ||
| Q1 25 | $9.2B | $6.9B | ||
| Q4 24 | $13.7B | $3.3B | ||
| Q3 24 | $14.6B | $2.6B | ||
| Q2 24 | $11.4B | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | — | $127.1B | ||
| Q3 25 | — | $128.1B | ||
| Q2 25 | — | $123.1B | ||
| Q1 25 | — | $117.3B | ||
| Q4 24 | — | $118.4B | ||
| Q3 24 | — | $126.4B | ||
| Q2 24 | — | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $52.6B | $126.5B | ||
| Q3 25 | $51.9B | $126.8B | ||
| Q2 25 | $49.0B | $121.4B | ||
| Q1 25 | $48.3B | $119.9B | ||
| Q4 24 | $46.3B | $118.2B | ||
| Q3 24 | $44.5B | $116.3B | ||
| Q2 24 | $43.6B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $136.9B | $420.2B | ||
| Q3 25 | $129.5B | $423.2B | ||
| Q2 25 | $117.5B | $405.5B | ||
| Q1 25 | $115.1B | $397.5B | ||
| Q4 24 | $117.1B | $394.8B | ||
| Q3 24 | $117.5B | $393.7B | ||
| Q2 24 | $112.6B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 1.00× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | — | 1.05× |
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 | $7.6B |
| Free Cash FlowOCF − Capex | $1.8B | $2.5B |
| FCF MarginFCF / Revenue | 11.1% | 8.0% |
| Capex IntensityCapex / Revenue | 6.3% | 15.5% |
| Cash ConversionOCF / Net Profit | 0.96× | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | $12.4B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $2.9B | $11.3B | ||
| Q3 25 | $7.8B | $10.2B | ||
| Q2 25 | $3.3B | $9.8B | ||
| Q1 25 | $2.5B | $9.0B | ||
| Q4 24 | $3.5B | $11.9B | ||
| Q3 24 | $9.3B | $10.2B | ||
| Q2 24 | $5.6B | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.8B | $4.5B | ||
| Q3 25 | $6.8B | $5.3B | ||
| Q2 25 | $2.5B | $4.9B | ||
| Q1 25 | $1.2B | $4.8B | ||
| Q4 24 | $2.5B | $5.1B | ||
| Q3 24 | $8.5B | $4.9B | ||
| Q2 24 | $4.8B | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 11.1% | 13.6% | ||
| Q3 25 | 39.6% | 17.1% | ||
| Q2 25 | 16.0% | 15.8% | ||
| Q1 25 | 7.5% | 15.6% | ||
| Q4 24 | 16.1% | 15.6% | ||
| Q3 24 | 51.1% | 16.3% | ||
| Q2 24 | 30.1% | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 6.3% | 20.3% | ||
| Q3 25 | 5.7% | 15.9% | ||
| Q2 25 | 4.8% | 15.9% | ||
| Q1 25 | 8.6% | 14.0% | ||
| Q4 24 | 6.0% | 21.2% | ||
| Q3 24 | 4.7% | 17.5% | ||
| Q2 24 | 4.9% | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | 0.96× | 2.99× | ||
| Q3 25 | 1.35× | 1.09× | ||
| Q2 25 | 0.74× | 2.17× | ||
| Q1 25 | 0.49× | 2.08× | ||
| Q4 24 | 0.92× | 2.92× | ||
| Q3 24 | 2.94× | — | ||
| Q2 24 | 1.03× | 2.53× |
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% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
