Filing Flows › Mercer International (MERC) › Q1 2026
Mercer International (MERC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Mercer International (MERC) reported revenue of $489M for the first quarter 2026 (Q1 2026), -3% from a year earlier and +9% from the quarter before. Operating margin was -6.7%, net loss $52.0M (10.6% of revenue).
Mercer International, Q1 2026: revenue $489M (-4% year over year), operating margin -6.7%, net loss $52.0M, operating cash flow −$85.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $489M | +9% | -3% |
| Operating profit | −$32.9M | — | -589% |
| Net earnings | −$52.0M | — | — |
| Operating cash flow | −$85.7M | -286% | — |
What changed
Revenue was $489.3M in Q1 2026, down 3% year over year and up 9% from the previous quarter. Pulp was the largest line at 65% of revenue. Pulp lost $37.8M year over year (down 11%), 214% of the total change.
Operating costs exceeded revenue by $32.9M, an operating margin of -6.7%. Total costs grew 4% against a revenue fall of 3%. The quarter ended with a net loss of $52.0M, narrower than the previous quarter's $308.7M loss. Net interest and other expense of $27.3M was the main reason.
Operating cash flow was −$85.7M. Non-cash charges added back $40.7M of depreciation and amortization and $788K of share-based compensation. Working capital and other items used $75.2M. Capital expenditures of $13.2M exceeded it, leaving free cash flow of −$98.8M.
Questions
What was Mercer International's revenue in the first quarter 2026?
Mercer International (MERC) reported revenue of $489M for the first quarter 2026 (Q1 2026), -3% from a year earlier and +9% from the quarter before.
Was Mercer International profitable in the first quarter 2026?
Operating loss was $32.9M (-6.7% of revenue) and net loss $52.0M.