Merchants Bancorp Cash Flow 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 Income	-	320.39	279.23	219.72	227.1
Depreciation & Amortization	-	12.92	10.47	13.47	18.88
Gain (Loss) on Sale of Investments	-	0.11	-	-	-0.19
Provision for Credit Losses	-	24.28	40.23	17.3	5.01
Net Decrease (Increase) in Loans Originated / Sold - Operating	-	-698.24	-576.8	430.11	49.56
Change in Other Net Operating Assets	-	-351.37	-0.07	398.56	-233.3
Other Operating Activities	-	-81.08	-61.29	-39.23	-5.1
Operating Cash Flow	-	-835.28	-356.4	975.77	-49.22
Capital Expenditures	-	-18.39	-7.53	-6.76	-3.65
Investment in Securities	-	145.75	-904.54	-1,157	-55.11
Divestitures	-	-170.59	-	-	-0.46
Purchase / Sale of Intangibles	-	-	-	-2.06	0.44
Net Decrease (Increase) in Loans Originated / Sold - Investing	-	-702.06	-2,341	-1,692	-456.95
Other Investing Activities	-	-128.99	-7.51	-5.15	41.47
Investing Cash Flow	-	-874.28	-3,260	-2,863	-474.26
Long-Term Debt Issued	-	166,324	95,789	65,782	31,473
Total Debt Issued	-	166,324	95,789	65,782	31,473
Long-Term Debt Repaid	-	-162,903	-95,756	-65,885	-31,788
Total Debt Repaid	-	-162,903	-95,756	-65,885	-31,788
Net Debt Issued (Repaid)	-	3,421	33.13	-103.56	-314.3
Issuance of Common Stock	-	97.66	-	-	-
Repurchase of Common Stock	-	-	-	-3.94	-
Preferred Stock Issued	-	222.75	-	137.46	191.08
Preferred Share Repurchases	-	-177.04	-	-	-41.63
Common Dividends Paid	-	-16.26	-13.84	-12.08	-10.36
Preferred Dividends Paid	-	-34.91	-34.67	-25.98	-20.87
Total Dividends Paid	-	-51.17	-48.51	-38.07	-31.24
Net Increase (Decrease) in Deposit Accounts	-	-1,912	3,990	1,089	1,572
Financing Cash Flow	-	1,602	3,975	1,081	1,376
Net Cash Flow	-	-107.81	358.26	-806.45	852.89
Free Cash Flow	-	-853.67	-363.93	969.01	-52.86
Free Cash Flow Margin	-	-132.05%	-69.65%	226.83%	-12.28%
Free Cash Flow Per Share	-	-18.97	-8.40	22.37	-1.22
Cash Interest Paid	-	789.05	609.69	140.37	33.9
Cash Income Tax Paid	-	79.58	67.39	66.51	78.76

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

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