MRK · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
Merck & Co., Inc. · 2026-08-07 · Importance 76 · Surprise 56 · Matches filing data
Cash and investments declined to $8.363 billion at June 30, 2026 from $15.521 billion at December 31, 2025, while working capital declined to $8.948 billion from $15.189 billion. Operating cash flow increased to $9.3 billion in the first six months of 2026 from $5.8 billion in the prior-year period. Merck issued $6.0 billion of senior unsecured notes in May 2026, with maturities from 2028 through 2056 and coupon rates ranging from floating rate to 5.85%. Total debt as a percentage of liabilities and equity increased to 41.5% from 36.0%.
Key facts
- Merck recorded net assets of $1.1 billion from the Terns acquisition, including cash of $505 million, investments of $487 million, deferred tax assets of $190 million, and other net liabilities of $105 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +0.8% | Merck recorded net assets of $1.1 billion from the Terns acquisition, including cash of $505 million, investments of $487 million,… |