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Mercer International cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$33.3M in Q3 2026 · −$127M over twelve months

Operating cash flow−$20.0M
Capital spending−$13.3M
Free cash flow−$33.3M
Cash conversion cycle128 days

Analysis

In Q3 2026, Mercer International generated −$20.0M of operating cash flow and spent $13.3M on capital projects, leaving free cash flow of −$33.3M. That is $26.7M more than in Q3 2025 (−$60.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$74.6M; the largest uses were operating cash flow ($74.6M), capital spending ($52.8M), other financing ($2.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($97.2M), other investing ($10.9M); the cash balance fell by $22.1M.

Operating cash flow was −$20.0M against net income of −$59.2M. The largest differences: depreciation & amortization +$35.9M, receivables +$23.2M, deferred taxes −$11.1M.

Its cash conversion cycle was 128 days (receivables 62 + inventory 83 − payables 16).

Free cash flow

Mercer International: free cash flow by quarterMercer International: free cash flow by quarter$50.4MQ4 2024−$23.1MQ1 2025−$28.9MQ2 2025−$60.1MQ3 2025$32.0MQ4 2025−$98.8MQ1 2026−$27.3MQ2 2026−$33.3MQ3 2026
Operating cash flow less capital spending.
Mercer International: operating cash flow against capital spendingMercer International: operating cash flow against capital spendingOperating cash flowCapital spending$71.2M$20.7MQ4 2024−$3.0M$20.1MQ1 2025−$4.5M$24.3MQ2 2025−$30.1M$30.0MQ3 2025$46.2M$14.2MQ4 2025−$85.7M$13.2MQ1 2026−$15.1M$12.2MQ2 2026−$20.0M$13.3MQ3 2026
Latest (Q3 2026): Operating cash flow −$20.0M, Capital spending $13.3M.

Capital allocation, year by year

Mercer International: where the cash came from (up) and went (down), by fiscal yearMercer International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $182MFY2021: Net borrowing $9.2MFY2021: Capital spending −$159MFY2021: Acquisitions −$51.3MFY2021: Dividends −$17.2M$191MFY2021FY2022: Operating cash flow $361MFY2022: Net borrowing $105MFY2022: Asset sales $1.7MFY2022: Capital spending −$179MFY2022: Acquisitions −$257MFY2022: Dividends −$19.8M$468MFY2022FY2023: Operating cash flow −$69.0MFY2023: Net borrowing $253MFY2023: Asset sales $3.4MFY2023: Capital spending −$136MFY2023: Dividends −$19.9M$257MFY2023FY2024: Operating cash flow $90.2MFY2024: Net borrowing −$128MFY2024: Asset sales $19.9MFY2024: Capital spending −$84.3MFY2024: Dividends −$20.1M$110MFY2024FY2025: Operating cash flow $8.6MFY2025: Net borrowing $89.7MFY2025: Asset sales $6.4MFY2025: Capital spending −$88.6MFY2025: Dividends −$10.0M$105MFY2025
Over these 5 years operating cash flow totalled $573M; the largest uses were capital spending ($647M) and acquisitions ($308M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$71.0M
Debt$1.7B
Net debt$1.6B
Cash runway7 months

Mercer International is burning cash: its operations consume cash, a free cash flow of −$127M a year at the current rate against $71.0M of cash and investments: a runway of about 7 months before any new financing.

Mercer International: debt maturities by year (FY2025)Mercer International: debt maturities by year (FY2025)$296MYear 2$400MYear 3$875MYear 4
Principal due in each year as disclosed in the annual report, against $71.0M of cash and investments now.

Where the cash came from and went

Mercer International: sources (+) and uses (−) of cash, Q3 2026Mercer International: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$21.6MOperating cash flow−$20.0MCapital spending−$13.3MCash drawn (+) / kept (−)$7.8MOther financing$2.6MOther investing$1.9MExchange rates−$539K
Mercer International: sources (+) and uses (−) of cash, TTM to Q3 2026Mercer International: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$97.2MOperating cash flow−$74.6MCapital spending−$52.8MCash drawn (+) / kept (−)$22.1MOther investing$10.9MOther financing−$2.4MExchange rates−$298K

From profit to cash

Mercer International: net income to operating cash flow, Q3 2026Mercer International: net income to operating cash flow, Q3 2026Net income−$59.2MDepreciation & amortization$35.9MStock-based pay$477KDeferred taxes−$11.1MOther non-cash$3.1MReceivables$23.2MInventory−$3.5MPayables−$10.9MPrepaid and other assets−$7.5MOperating cash flow−$20.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026628316128
Q2 2026637515123
Q1 2026587214115
Q4 2025647714127
Q3 2025678014133
Q2 2025688115135
Q1 2025607813124
Q4 2024649514145

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$20.0M−$13.3M—$21.6M$7.8M−$33.3M
Q2 2026−$15.1M−$12.2M—$20.4M$5.8M−$27.3M
Q1 2026−$85.7M−$13.2M—$2.3M$97.3M−$98.8M
Q4 2025$46.2M−$14.2M—$52.9M−$88.7M$32.0M
Q3 2025−$30.1M−$30.0M−$5.0M$16.4M$48.4M−$60.1M
Q2 2025−$4.5M−$24.3M−$5.0M$1.2M$35.0M−$28.9M
Q1 2025−$3.0M−$20.1M—$19.2M$3.5M−$23.1M
Q4 2024$71.2M−$20.7M−$10.0M$195M$54.1M$50.4M

Mercer International: income statement and cash flow

Mercer International, Q3 2026: revenue $441M (-4% year over year), operating margin -8.8%. The chart follows the revenue to costs, profit and cash.

Mercer International: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.