Filing Flows › Emergent BioSolutions (EBS) › Q4 2025
Emergent BioSolutions (EBS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Emergent BioSolutions (EBS) reported revenue of $149M for the fourth quarter 2025 (Q4 2025), -24% from a year earlier and -36% from the quarter before. Operating margin was -18.8%, net loss $54.6M (36.7% of revenue).
Emergent BioSolutions, Q4 2025: revenue $149M (-24% year over year), operating margin -18.8%, net loss $54.6M, operating cash flow $77.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $149M | -36% | -24% |
| Operating profit | −$27.9M | -136% | — |
| Net earnings | −$54.6M | -207% | — |
| Operating cash flow | $77.7M | — | — |
| Free cash flow | $73.8M | — | — |
What changed
Revenue was $148.7M in Q4 2025, down 24% year over year and down 36% from the previous quarter. MCM Product sales was the largest line at 67% of revenue.
Operating costs exceeded revenue by $27.9M, an operating margin of -18.8%. Total costs fell 14% while revenue fell 24%. The fastest-growing cost line was Other operating costs (+75%). The quarter ended with a net loss of $54.6M, after a profit of $51.2M the previous quarter.
Operating cash flow was $77.7M. Non-cash charges added back $23.5M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items added $103.5M. Capital expenditures of $3.9M left free cash flow of $73.8M.
Questions
What was Emergent BioSolutions' revenue in the fourth quarter 2025?
Emergent BioSolutions (EBS) reported revenue of $149M for the fourth quarter 2025 (Q4 2025), -24% from a year earlier and -36% from the quarter before.
Was Emergent BioSolutions profitable in the fourth quarter 2025?
Operating loss was $27.9M (-18.8% of revenue) and net loss $54.6M.