Filing Flows › Meridian Holdings (MRDN) › Q4 2025
Meridian Holdings (MRDN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
Meridian Holdings (MRDN) reported revenue of $49.6M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was -188.3%, net loss $88.4M (178.3% of revenue).
Meridian Holdings, Q4 2025: revenue $49.6M (+8% year over year), operating margin -188.3%, net loss $88.4M, operating cash flow $8.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.6M | +5% | +8% |
| Operating profit | −$93.4M | — | — |
| Net earnings | −$88.4M | -21464% | — |
| Operating cash flow | $8.2M | +17% | -51% |
| Free cash flow | $6.4M | +4% | -52% |
What changed
Revenue was $49.6M in Q4 2025, up 8% year over year and up 5% from the previous quarter. MeridianBet Group was the largest line at 71% of revenue.
Gross margin was 57.5%, down 0.9 points from Q4 2024. Operating costs exceeded revenue by $93.4M, an operating margin of -188.3%. Operating expenses grew 353% against revenue growth of 8%. The quarter ended with a net loss of $88.4M, after a profit of $414K the previous quarter.
Operating cash flow was $8.2M (down 51% year over year). Non-cash charges added back $3.8M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $91.8M. Capital expenditures of $1.8M left free cash flow of $6.4M.
Questions
What was Meridian Holdings' revenue in the fourth quarter 2025?
Meridian Holdings (MRDN) reported revenue of $49.6M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before.
Was Meridian Holdings profitable in the fourth quarter 2025?
Operating loss was $93.4M (-188.3% of revenue) and net loss $88.4M.
Source: Meridian Holdings 10-K on SEC EDGAR.