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Merlin (MRLN) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Merlin (MRLN) Q2 2026 earnings results →
Q2 2026 Revenue down 29% year over year to $2.2M
Merlin made $2.2M in Q2 2026 (-29% Y/Y). Operating margin n/m, net loss $58.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.2M in Q2 2026, down 29% year over year and up 119% from the previous quarter.
Operating costs exceeded revenue by $33.5M, an operating margin of -1528.6%. The fastest-growing cost line was General & admin (+309%). The quarter ended with a net loss of $58.4M, narrower than the previous quarter's $90.4M loss.
Operating cash flow was −$27.3M. Non-cash charges added back $712K of depreciation and $4.6M of share-based compensation. Working capital and other items added $25.9M. Capital expenditures of $1.7M exceeded it, leaving free cash flow of −$28.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $2.2M | -29% | n/m | −$58.4M | −$27.3M |
| Q1 2026 | 10-Q | May 15, 2026 | $1.0M | +15% | n/m | −$90.4M | −$23.6M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $3.1M | — | -11.5% | $2.3M | −$117K |
| Q1 2025 | 10-Q | May 1, 2025 | $868K | — | -27.6% | $2.4M | −$237K |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Merlin
We are a blank check company incorporated as a Cayman Islands exempted corporation on June 24, 2024. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. Inflection Point has neither engaged in any operations nor generated any operating revenues to date. On June 25, 2024, Bleichroeder Sponsor 1 LLC (the “ Sponsor ”) made a capital contribution of $25,000, or approximately $0.004 per share, to cover certain of our deferred offering costs and expenses, for which the Company issued 7,187,500 Class B ordinary shares, par value $0.001 per share (the “ Class B Ordinary Shares ”) to the Sponsor.
In its own words, from its 10-K, filed Mar 12, 2026.
Merlin against its Services-Computer Integrated Systems Design peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -29% against the peers' median +2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MRLN Merlin | Q2 2026 | $2.2M | -29% | n/m |
| LDOS Leidos Holdings | Q3 2026 | $4.6B | +4% | 11.9% |
| KD Kyndryl Holdings | Q2 FY27 | $3.7B | -2% | 3.1% |
| CACI CACI International | Q3 2026 | $2.5B | +8% | 10.0% |
| SAIC Science Applications International | Q2 FY27 | $1.9B | +6% | 8.1% |
| PSN Parsons | Q3 2026 | $1.7B | +2% | 6.3% |
| GDDY GoDaddy | Q3 2026 | $1.3B | +6% | 27.0% |
| OTEX Open Text | Q1 FY27 | $1.2B | -4% | 20.3% |
| LAWIL Light & Wonder | Q3 2026 | $824M | -2% | 29.4% |
Source: Merlin 10-Q on SEC EDGAR · CIK 2028707 · Services-Computer Integrated Systems Design
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q2 2025 results · Q1 2025 results