Merchants Bancorp (MBIN) financial statements
Merchants Bancorp reported revenue of $681M in fiscal 2025, up 26.4% a year over 9 years.
Net income was $219M.
Free cash flow was -$362M, and the company returned $59M in dividends.
The diluted share count rose 45% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Merchants Bancorp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $82M | $114M | $140M | $169M | $352M | $435M | $444M | $563M | $671M | $681M |
| Interest expense | $19M | $28M | $51M | $90M | $59M | $34M | $162M | $630M | — | — |
| Pre-tax income | $55M | $77M | $84M | $102M | $243M | $305M | $291M | $348M | $423M | $264M |
| Income tax | $22M | $22M | $21M | $25M | $63M | $78M | $71M | $69M | $102M | $45M |
| Net income | $33M | $55M | $63M | $77M | $181M | $227M | $220M | $279M | $320M | $219M |
| EPS (diluted) | $0.98 | $1.52 | $1.38 | $1.58 | $3.85 | $4.76 | $4.47 | $5.64 | $6.30 | $3.78 |
| Diluted shares | 32M | 34M | 43M | 43M | 43M | 43M | 43M | 43M | 45M | 46M |
| Net margin | 40.2% | 47.9% | 45.1% | 45.7% | 51.3% | 52.2% | 49.4% | 49.6% | 47.8% | 32.1% |
Balance sheet
Fiscal years, from Merchants Bancorp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $446M | $360M | $337M | $507M | $180M | $1.0B | $226M | $584M | $477M | $212M |
| Property, plant and equipment | $5M | $5M | $15M | $29M | $30M | $31M | $35M | $42M | $59M | $74M |
| Goodwill | $523,000 | $4M | $17M | $16M | $16M | $16M | $16M | $16M | $8M | $8M |
| Total assets | $2.7B | $3.4B | $3.9B | $6.4B | $9.6B | $11.3B | $12.6B | $17.0B | $18.8B | $19.4B |
| Total liabilities | $2.5B | $3.0B | $3.5B | $5.7B | $8.8B | $10.1B | $11.2B | $15.3B | $16.6B | $17.2B |
| Shareholders' equity | $206M | $367M | $421M | $654M | $811M | $1.2B | $1.5B | $1.7B | $2.2B | $2.3B |
| Net debt | -$446M | -$360M | -$337M | -$507M | -$180M | -$1.0B | -$226M | -$584M | -$477M | -$212M |
Cash flow
Fiscal years, from Merchants Bancorp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$150M | -$176M | $204M | -$1.3B | -$875M | -$49M | $976M | -$356M | -$835M | -$341M |
| Capital spending | $1M | $788,000 | $9M | $14M | $4M | $4M | $7M | $8M | $18M | $21M |
| Free cash flow | -$151M | -$177M | $195M | -$1.3B | -$879M | -$53M | $969M | -$364M | -$854M | -$362M |
| Dividends paid | $6M | $8M | $10M | $17M | $24M | $31M | $38M | $49M | $51M | $59M |
| Share buybacks (net) | — | — | — | — | — | — | -$4M | — | — | — |
| Net borrowing | — | — | $157M | $9M | $1.2B | -$316M | -$108M | -$130M | $3.5B | -$459M |
| Free cash flow margin | -183.1% | -154.6% | 139.8% | -750.3% | -249.8% | -12.1% | 218.0% | -64.7% | -127.3% | -53.1% |
| Dividends per share | $0.20 | $0.23 | $0.24 | $0.40 | $0.55 | $0.72 | $0.88 | $1.12 | $1.14 | $1.29 |
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Open MBIN in InvestinglyQuestions
What was Merchants Bancorp's revenue in 2025?
$681M in fiscal 2025, from its 10-K filing.
How much free cash flow does Merchants Bancorp generate?
-$362M in fiscal 2025 (operating cash flow minus capital spending).
From Merchants Bancorp's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.