Filing Flows › Mercer International (MERC) › Q3 2025
Mercer International (MERC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Mercer International (MERC) reported revenue of $458M for the third quarter 2025 (Q3 2025), -9% from a year earlier and +1% from the quarter before. Operating margin was -14.8%, net loss $80.8M (17.6% of revenue).
Mercer International, Q3 2025: revenue $458M (-9% year over year), operating margin -14.8%, net loss $80.8M, operating cash flow −$30.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $458M | +1% | -9% |
| Operating profit | −$67.6M | — | — |
| Net earnings | −$80.8M | — | — |
| Operating cash flow | −$30.1M | — | — |
What changed
Revenue was $458.1M in Q3 2025, down 9% year over year and up 1% from the previous quarter. Pulp was the largest line at 70% of revenue. Pulp lost $35.6M year over year (down 10%), 81% of the total change.
Operating costs exceeded revenue by $67.6M, an operating margin of -14.8%. Total costs grew 7% against a revenue fall of 9%. The quarter ended with a net loss of $80.8M, narrower than the previous quarter's $86.1M loss.
Operating cash flow was −$30.1M. Non-cash charges added back $39.5M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items added $9.9M. Capital expenditures of $30.0M exceeded it, leaving free cash flow of −$60.1M.
Questions
What was Mercer International's revenue in the third quarter 2025?
Mercer International (MERC) reported revenue of $458M for the third quarter 2025 (Q3 2025), -9% from a year earlier and +1% from the quarter before.
Was Mercer International profitable in the third quarter 2025?
Operating loss was $67.6M (-14.8% of revenue) and net loss $80.8M.