Filing Flows › Mercer International (MERC) › Q4 2025
Mercer International (MERC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Mercer International (MERC) reported revenue of $450M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -2% from the quarter before. Operating margin was -62.0%, net loss $309M (68.7% of revenue).
Mercer International, Q4 2025: revenue $450M (-8% year over year), operating margin -62.0%, net loss $309M, operating cash flow $46.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $450M | -2% | -8% |
| Operating profit | −$278M | — | — |
| Net earnings | −$309M | — | — |
| Operating cash flow | $46.2M | — | -35% |
| Free cash flow | $32.0M | — | -37% |
What changed
Revenue was $449.5M in Q4 2025, down 8% year over year and down 2% from the previous quarter. Pulp was the largest line at 70% of revenue.
Operating costs exceeded revenue by $278.5M, an operating margin of -62.0%. Total costs grew 66% against a revenue fall of 8%. The fastest-growing cost line was Other operating costs (+430%). The quarter ended with a net loss of $308.7M, wider than the previous quarter's $80.8M loss.
Operating cash flow was $46.2M (down 35% year over year). Non-cash charges added back $42.7M of depreciation and amortization. Working capital and other items added $312.2M. Capital expenditures of $14.2M left free cash flow of $32.0M.
Questions
What was Mercer International's revenue in the fourth quarter 2025?
Mercer International (MERC) reported revenue of $450M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -2% from the quarter before.
Was Mercer International profitable in the fourth quarter 2025?
Operating loss was $278M (-62.0% of revenue) and net loss $309M.