Merchants Bancorp Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Interest Income	517.06	522.62	448.07	318.55	277.99
Net Interest Income Growth	-1.06%	16.64%	40.66%	14.59%	24.02%
Non-Interest Income	164.39	148.11	114.67	125.94	157.33
Non-Interest Income Growth	10.99%	29.17%	-8.95%	-19.96%	23.43%
Revenues Before Loan Losses	681.45	670.73	562.74	444.49	435.33
Provision for Credit Losses	117.75	24.28	40.23	17.3	5.01
Revenue	563.69	646.45	522.51	427.19	430.32
Revenue Growth (YoY)	-12.80%	23.72%	22.31%	-0.73%	26.65%
Compensation Expenses	166.51	130.72	108.18	89.09	85.73
Selling, General & Admin	33.58	33.04	28.44	22.52	16.99
Other Non-Interest Expenses	99.8	60.05	37.98	24.45	22.67
Total Non-Interest Expense	299.89	223.81	174.6	136.05	125.39
Pretax Income	263.8	422.64	347.91	291.14	304.93
Provision for Income Taxes	45.03	102.26	68.67	71.42	77.83
Net Income	173.55	283.65	244.56	193.74	206.23
Net Income Attributable to Preferred Dividends	45.22	36.73	34.67	25.98	20.87
Net Income to Common	173.55	283.65	244.56	193.74	206.23
Net Income Growth	-38.82%	15.98%	26.23%	-6.06%	24.19%
Shares Outstanding (Basic)	46	45	43	43	43
Shares Outstanding (Diluted)	46	45	43	43	43
Shares Change (YoY)	2.08%	3.83%	0.07%	-0.02%	0.37%
EPS (Basic)	3.78	6.32	5.66	4.49	4.78
EPS (Diluted)	3.78	6.30	5.64	4.47	4.76
EPS Growth	-40.00%	11.70%	26.17%	-6.09%	23.64%
Free Cash Flow	-362.19	-853.67	-363.93	969.01	-52.86
Free Cash Flow Per Share	-7.88	-18.97	-8.40	22.37	-1.22
Dividends Per Share	0.400	0.360	0.320	0.280	0.240
Dividend Growth	11.11%	12.50%	14.29%	16.67%	14.29%
Profit Margin	38.81%	49.56%	53.44%	51.43%	52.78%
FCF Margin	-64.25%	-132.05%	-69.65%	226.83%	-12.28%
EBITDA	3.47	3.01	2.85	2.49	2.19
EBITDA Margin	0.61%	0.47%	0.55%	0.58%	0.51%
Effective Tax Rate	17.07%	24.19%	19.74%	24.53%	25.52%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q