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Financials · MBIN

Merchants Bancorp (MBIN) financials

For the twelve months ended Sep 30, 2026, Merchants Bancorp reported $767.69M of revenue and $319.06M of net income.

Revenue, TTM
$767.69M
Revenue growth, YoY
+11.3%
Net income, TTM
$319.06M
Net income growth, YoY
+29.4%
Net margin
41.6%
Free cash flow, TTM
-$172.45M
EPS, diluted, TTM
$6.07
EPS growth, YoY
+39.9%
Cash
$319.84M
Total debt
$3.02B
P/E
7.69
P/S
3.20
Market cap
$2.45B
Annual revenue$681.45M
FY2016FY2025
Annual net income$218.77M
FY2016FY2025
Annual free cash flow-$362.19M
FY2016FY2025

MBIN revenue and earnings growth

MBIN revenueQ3 2026$224.94M

Quarter YoY
+31.5%
QoQ
+23.4%
FY YoY
+1.6%
5Y CAGR
+14.1%
10Y CAGR
+25.7%

MBIN revenue was $224.94M in fiscal Q3 2026 (ended Sep 30, 2026), up 31.5% from a year earlier and up 23.4% from the prior quarter. For the full fiscal 2025 it was $681.45M, up 1.6% from fiscal 2024. Compound annual growth was +14.1% over 5 years and +25.7% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 11 fiscal years on file.

MBIN net incomeQ3 2026$105.18M

Quarter YoY
+92.3%
QoQ
+34.3%
FY YoY
-31.7%
5Y CAGR
+3.9%
10Y CAGR
+22.7%

MBIN net income was $105.18M in fiscal Q3 2026 (ended Sep 30, 2026), up 92.3% from a year earlier and up 34.3% from the prior quarter. For the full fiscal 2025 it was $218.77M, down 31.7% from fiscal 2024. Compound annual growth was +3.9% over 5 years and +22.7% over 10 years. It rose in 8 of the last 10 fiscal years.

MBIN EPSQ3 2026$2.06

Quarter YoY
+112.4%
QoQ
+39.2%
FY YoY
-40.0%
5Y CAGR
-0.4%
10Y CAGR
+15.4%

MBIN diluted EPS was $2.06 in fiscal Q3 2026 (ended Sep 30, 2026), up 112.4% from a year earlier and up 39.2% from the prior quarter. For the full fiscal 2025 it was $3.78, down 40.0% from fiscal 2024. Compound annual growth was -0.4% over 5 years and +15.4% over 10 years.

MBIN free cash flowQ3 2026$616.85M

Quarter YoY
26x
QoQ
+192.5%

MBIN free cash flow was $616.85M in fiscal Q3 2026 (ended Sep 30, 2026), up about 26-fold from a year earlier and up 192.5% from the prior quarter. For the full fiscal 2025 it was -$362.19M, compared with -$853.67M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$681.45M$670.73M$562.74M$444.49M$435.33M$351.62M$169.39M$139.56M$114.28M$82.47M
Interest expense--$629.73M$162.28M$33.89M$58.64M$89.70M$50.59M$27.79M$18.97M
Pre-tax income$263.80M$422.64M$347.91M$291.14M$304.93M$243.36M$102.13M$84.03M$77.16M$54.80M
Income tax$45.03M$102.26M$68.67M$71.42M$77.83M$62.82M$24.80M$21.15M$22.48M$21.67M
Net income$218.77M$320.39M$279.23M$219.72M$227.10M$180.53M$77.33M$62.87M$54.68M$33.13M
EPS, basic$3.78$6.32$5.66$4.49$4.78$3.85$1.58$1.39$1.52$0.98
EPS, diluted$3.78$6.30$5.64$4.47$4.76$3.85$1.58$1.38$1.52$0.98
Diluted shares45.9M45.0M43.3M43.3M43.3M43.2M43.1M43.1M33.9M31.7M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$212.20M$476.61M$584.42M$226.16M$1.03B$179.73M$506.71M$336.52M$359.52M$445.70M
Goodwill$8.01M$8.01M$15.85M$15.85M$15.85M$15.85M$15.85M$17.48M$3.90M$523.0K
Total assets$19.45B$18.81B$16.95B$12.62B$11.28B$9.65B$6.37B$3.88B$3.39B$2.72B
Total debt$3.84B$4.39B$964.13M$930.39M$1.03B$1.35B$181.44M$195.45M$56.61M$57.01M
Total liabilities$17.17B$16.56B$15.25B$11.16B$10.12B$8.83B$5.72B$3.46B$3.03B$2.51B
Shareholders' equity$2.28B$2.24B$1.70B$1.46B$1.16B$810.62M$653.73M$421.24M$367.47M$206.29M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$341.25M-$835.28M-$356.40M$975.77M-$49.22M-$874.89M-$1.26B$204.34M-$175.89M-$149.77M
Capital expenditures$20.94M$18.39M$7.53M$6.76M$3.65M$3.62M$13.98M$9.20M$788.0K$1.20M
Free cash flow-$362.19M-$853.67M-$363.93M$969.01M-$52.86M-$878.51M-$1.27B$195.14M-$176.67M-$150.97M
Investing cash flow-$195.67M-$874.27M-$3.26B-$2.86B-$474.26M-$2.53B-$957.67M-$509.07M-$523.14M-$265.30M
Financing cash flow$272.51M$1.60B$3.97B$1.08B$1.38B$3.08B$2.38B$281.74M$612.84M$413.97M
Dividends paid$59.42M$51.17M$48.51M$38.07M$31.23M$23.67M$17.25M$10.22M$7.95M$6.22M
Share repurchases---$3.94M------

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY1.6%19.2%26.6%2.1%23.8%107.6%21.4%22.1%38.6%19.4%
Net income growth, YoY-31.7%14.7%27.1%-3.3%25.8%133.5%23.0%15.0%65.1%16.7%
EPS growth, YoY-40.0%11.7%26.2%-6.1%23.6%143.7%14.5%-9.2%55.1%8.9%
Net margin32.1%47.8%49.6%49.4%52.2%51.3%45.7%45.1%47.9%40.2%
Free cash flow margin-53.1%-127.3%-64.7%218.0%-12.1%-249.8%-750.3%139.8%-154.6%-183.1%
Return on equity9.6%14.3%16.4%15.1%19.7%22.3%11.8%14.9%14.9%16.1%
Return on assets1.1%1.7%1.6%1.7%2.0%1.9%1.2%1.6%1.6%1.2%
Debt to equity1.681.960.570.640.891.660.280.460.150.28

Source: XBRL data Merchants Bancorp files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 3-for-2, first reported Mar 4, 2022.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MBIN peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MBIN$767.69M+11.3%$319.06M41.6%$2.45B
JPM$203.15B+13.2%$65.98B32.5%$908.43B
BAC$120.16B+5.4%$32.24B26.8%$348.81B
WFC$87.23B+5.4%$22.97B26.3%$256.63B
C$85.22B+5.6%$14.31B16.8%$201.89B
UBS$49.57B+2.0%$7.80B15.7%$151.93B
MFG¥8.79T+7.6%¥1.16T13.2%$122.19B
COF$63.01B+31.2%$10.87B17.2%$119.45B
BNSC$37.74B+12.1%C$7.79B20.6%$114.51B

MBIN FAQ

8 questions
  • What is MBIN revenue?
    Merchants Bancorp (MBIN) reported $767.69M of revenue for the twelve months ended Sep 30, 2026. That is up 11.3% from the year before. Revenue for fiscal 2025 was $681.45M.
  • Is MBIN profitable?
    Yes. Merchants Bancorp earned $319.06M in net income for the twelve months ended Sep 30, 2026, a net margin of 41.6%.
  • How much cash and debt does MBIN have?
    Merchants Bancorp reported $319.84M in cash and cash equivalents and $3.02B of debt on its most recent balance sheet in SEC filings.
  • How fast is MBIN revenue growing?
    Merchants Bancorp's revenue changed +1.6% in fiscal 2025, to $681.45M. Its compound annual growth rate was +14.1% over 5 years and +25.7% over 10 years.
  • What is MBIN free cash flow?
    Merchants Bancorp generated -$172.45M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$163.49M less capital expenditures.
  • What is MBIN earnings per share?
    Diluted earnings per share were $6.07 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MBIN last report financial results?
    The latest statements here come from Merchants Bancorp's 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this MBIN financial data come from?
    Quantisnow builds these statements from the structured XBRL data Merchants Bancorp files with the SEC. It is provided for information only and is not investment advice.