First Merchants (FRME) financial statements
First Merchants reported revenue of $663M in fiscal 2025, up 9.6% a year over 9 years.
Net income was $226M.
The diluted share count rose 41% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from First Merchants's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $292M | $348M | $415M | $443M | $492M | $520M | $628M | $651M | $647M | $663M |
| Interest expense | $27M | $38M | $69M | $109M | $66M | $36M | $85M | $348M | — | — |
| Pre-tax income | $109M | $134M | $188M | $194M | $170M | $241M | $256M | $259M | $232M | $259M |
| Income tax | $28M | $38M | $29M | $29M | $21M | $35M | $34M | $35M | $30M | $33M |
| Net income | $81M | $96M | $159M | $164M | $149M | $206M | $222M | $224M | $201M | $226M |
| EPS (diluted) | $1.98 | $2.12 | $3.22 | $3.19 | $2.74 | $3.81 | $3.81 | $3.73 | $3.41 | $3.88 |
| Diluted shares | 41M | 45M | 49M | 52M | 54M | 54M | 58M | 59M | 59M | 58M |
| Net margin | 27.8% | 27.6% | 38.3% | 37.1% | 30.2% | 39.5% | 35.4% | 34.4% | 31.1% | 34.1% |
Balance sheet
Fiscal years, from First Merchants's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $128M | $155M | $139M | $177M | $193M | $167M | $123M | $113M | $88M | $84M |
| Property, plant and equipment | $94M | $96M | $93M | $113M | $111M | $106M | $117M | $134M | $130M | $121M |
| Goodwill | $244M | $445M | $445M | $544M | $544M | $545M | $712M | $712M | $712M | $712M |
| Total assets | $7.2B | $9.4B | $9.9B | $12.5B | $14.1B | $15.5B | $18.0B | $18.4B | $18.3B | $19.0B |
| Total liabilities | $6.3B | $8.1B | $8.5B | $10.7B | $12.2B | $13.5B | $16.0B | $16.2B | $16.0B | $16.6B |
| Shareholders' equity | $902M | $1.3B | $1.4B | $1.8B | $1.9B | $1.9B | $2.0B | $2.2B | $2.3B | $2.5B |
| Net debt | -$128M | -$155M | -$139M | -$177M | -$193M | -$167M | -$123M | -$113M | -$88M | -$84M |
Cash flow
Fiscal years, from First Merchants's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $104M | $127M | $180M | $177M | $204M | $215M | $284M | $259M | $266M | $284M |
| Stock-based compensation | $3M | $3M | $4M | $4M | $5M | $5M | $5M | $5M | $6M | $7M |
| Dividends paid | $22M | $32M | $42M | $51M | $57M | $61M | $73M | $80M | $82M | $83M |
| Share buybacks (net) | -$2M | $0 | $0 | -$19M | -$56M | -$25M | $0 | $0 | -$56M | -$47M |
| Net borrowing | $125M | $64M | -$162M | -$44M | -$48M | -$51M | $486M | -$285M | $129M | -$158M |
| Dividends per share | $0.54 | $0.70 | $0.84 | $0.99 | $1.04 | $1.13 | $1.26 | $1.35 | $1.39 | $1.44 |
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What was First Merchants's revenue in 2025?
$663M in fiscal 2025, from its 10-K filing.
From First Merchants's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.