Filing Flows › Emergent BioSolutions (EBS) › Q3 2025
Emergent BioSolutions (EBS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Emergent BioSolutions (EBS) reported revenue of $231M for the third quarter 2025 (Q3 2025), -21% from a year earlier and +64% from the quarter before. Operating margin was 33.1%, net earnings $51.2M (22.2% of revenue).
Emergent BioSolutions, Q3 2025: revenue $231M (-21% year over year), operating margin 33.1%, net earnings $51.2M, operating cash flow −$2.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $231M | +64% | -21% |
| Operating profit | $76.5M | 48× | +19% |
| Net earnings | $51.2M | — | -55% |
| Operating cash flow | −$2.3M | -102% | — |
What changed
Revenue was $231.1M in Q3 2025, down 21% year over year and up 64% from the previous quarter. MCM Product sales was the largest line at 62% of revenue. MCM Product sales lost $31.7M year over year (down 18%), 51% of the total change.
Operating profit was $76.5M, a 33.1% margin (up 11.1 points year over year). The fastest-growing cost line was Other operating costs (+159%). Net earnings were $51.2M, down 55% year over year. The effective tax rate was 11.1%.
Operating cash flow was −$2.3M. Non-cash charges added back $23.4M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items used $81.7M. Capital expenditures of $3.4M exceeded it, leaving free cash flow of −$5.7M.
Questions
What was Emergent BioSolutions' revenue in the third quarter 2025?
Emergent BioSolutions (EBS) reported revenue of $231M for the third quarter 2025 (Q3 2025), -21% from a year earlier and +64% from the quarter before.
Was Emergent BioSolutions profitable in the third quarter 2025?
Operating profit was $76.5M (33.1% of revenue) and net earnings $51.2M.