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Mercer International (MERC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Mercer International (MERC) Q3 2026 earnings results →

Q3 2026 Revenue down 4% year over year to $441M · 13¢ of every $1 of revenue lost · operating margin -8.8%

Mercer International made $441M in Q3 2026 (-4% Y/Y): Pulp $281M, Lumber $68.0M, Energyandchemicals $34.2M. Operating margin -8.8%, net loss $59.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$441M

Year over year-4%

Operating margin-8.8%

Net earnings−$59.2M

Operating cash flow−$20.0M

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 $440.7M in Q3 2026, down 4% year over year and down 4% from the previous quarter. Pulp was the largest line at 64% of revenue. Pulp lost $37.5M year over year (down 12%), 216% of the total change.

Operating costs exceeded revenue by $38.7M, an operating margin of -8.8%. Total costs fell 9% while revenue fell 4%. The quarter ended with a net loss of $59.2M, narrower than the previous quarter's $76.0M loss. Net interest and other expense of $31.4M was the main reason.

Operating cash flow was −$20.0M. Non-cash charges added back $35.9M of depreciation and amortization and $477K of share-based compensation. Working capital and other items added $2.8M. Capital expenditures of $13.3M exceeded it, leaving free cash flow of −$33.3M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 5, 2026	$441M	-4%	-8.8%	−$59.2M	−$20.0M
Q2 2026	10-Q	Aug 6, 2026	$460M	+2%	-12.8%	−$76.0M	−$15.1M
Q1 2026	10-Q	May 7, 2026	$489M	-4%	-6.7%	−$52.0M	−$85.7M
Q4 2025	10-K	Feb 12, 2026	$450M	-8%	-62.0%	−$309M	$46.2M
Q3 2025	10-Q	Nov 6, 2025	$458M	-9%	-14.8%	−$80.8M	−$30.1M
Q2 2025	10-Q	Jul 31, 2025	$454M	-9%	-12.9%	−$86.1M	−$4.5M
Q1 2025	10-Q	May 1, 2025	$507M	-8%	1.3%	−$22.3M	−$3.0M

Charts

Latest (Q3 2026): Y/Y -4%, Q/Q -4%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income −$59.2M, Operating cash flow −$20.0M.

+1.8% since FY2020: more shares outstanding (issuance, stock pay).

Cash $187M, short-term investments —, long-term debt — at 2025-12-31.