Filing Flows › Mercury Systems (MRCY) › Q4 FY25
Mercury Systems (MRCY) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Aug 11, 2025
Mercury Systems (MRCY) reported revenue of $273M for the fourth quarter fiscal 2025 (Q4 FY25), +10% from a year earlier and +29% from the quarter before. Operating margin was 8.6%, net earnings $16.4M (6.0% of revenue).
Mercury Systems, Q4 FY25: revenue $273M (+10% year over year), operating margin 8.6%, net earnings $16.4M, operating cash flow $38.1M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $273M | +29% | +10% |
| Gross profit | $84.8M | +48% | +16% |
| Operating profit | $23.6M | — | — |
| Net earnings | $16.4M | — | — |
| Operating cash flow | $38.1M | +27% | -47% |
| Free cash flow | $34.0M | — | -45% |
What changed
Revenue was $273.1M in Q4 FY25, up 10% year over year and up 29% from the previous quarter. Airborne was the largest line at 45% of revenue.
Gross margin was 31.0%, up 1.6 points from a year earlier. Operating profit was $23.6M, a 8.6% margin (up 11.8 points year over year). Operating expenses fell 25% while revenue rose 10%. Net earnings were $16.4M. The effective tax rate was 13.0%.
Operating cash flow was $38.1M (down 47% year over year), 233% of net earnings. Non-cash charges added back $20.0M of depreciation and amortization and $2.4M of share-based compensation. After purchases of property and equipment ($4.1M), free cash flow as the company reports it was $34.0M.
Questions
What was Mercury Systems' revenue in the fourth quarter fiscal 2025?
Mercury Systems (MRCY) reported revenue of $273M for the fourth quarter fiscal 2025 (Q4 FY25), +10% from a year earlier and +29% from the quarter before.
Was Mercury Systems profitable in the fourth quarter fiscal 2025?
Operating profit was $23.6M (8.6% of revenue) and net earnings $16.4M.
Source: Mercury Systems 10-K on SEC EDGAR.