Filing Flows › Mercer International (MERC) › Q2 2025
Mercer International (MERC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Mercer International (MERC) reported revenue of $454M for the second quarter 2025 (Q2 2025), -9% from a year earlier and -11% from the quarter before. Operating margin was -12.9%, net loss $86.1M (19.0% of revenue).
Mercer International, Q2 2025: revenue $454M (-9% year over year), operating margin -12.9%, net loss $86.1M, operating cash flow −$4.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $454M | -11% | -9% |
| Operating profit | −$58.4M | -967% | — |
| Net earnings | −$86.1M | — | — |
| Operating cash flow | −$4.5M | — | — |
What changed
Revenue was $453.5M in Q2 2025, down 9% year over year and down 11% from the previous quarter. Pulp was the largest line at 69% of revenue. Pulp lost $33.1M year over year (down 10%), 72% of the total change.
Operating costs exceeded revenue by $58.4M, an operating margin of -12.9%. Total costs fell 6% while revenue fell 9%. The quarter ended with a net loss of $86.1M, wider than the previous quarter's $22.3M loss.
Operating cash flow was −$4.5M. Non-cash charges added back $37.5M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $43.0M. Capital expenditures of $24.3M exceeded it, leaving free cash flow of −$28.9M.
Questions
What was Mercer International's revenue in the second quarter 2025?
Mercer International (MERC) reported revenue of $454M for the second quarter 2025 (Q2 2025), -9% from a year earlier and -11% from the quarter before.
Was Mercer International profitable in the second quarter 2025?
Operating loss was $58.4M (-12.9% of revenue) and net loss $86.1M.