First Merchants financials
$40.08−0.73%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.05B | $1.07B | $999.5M | $712.9M | $556.0M | $558.4M | $552.1M | $484.4M | $393.5M | $318.5M |
| Gross profit | $662.9M | $646.7M | $651.0M | $628.1M | $520.0M | $492.1M | $443.3M | $415.3M | $348.3M | $291.7M |
| Gross margin | 63.0% | 60.2% | 65.1% | 88.1% | 93.5% | 88.1% | 80.3% | 85.7% | 88.5% | 91.6% |
| Operating income | $259.1M | $231.7M | $259.2M | $255.7M | $240.8M | $170.0M | $193.8M | $188.1M | $133.6M | $108.7M |
| Net income | $224.1M | $199.5M | $221.9M | $220.7M | $205.5M | $148.6M | $164.5M | $159.1M | $96.1M | $81.1M |
| Net margin | 21.3% | 18.6% | 22.2% | 31.0% | 37.0% | 26.6% | 29.8% | 32.9% | 24.4% | 25.4% |
| Diluted EPS | $3.88 | $3.41 | $3.73 | $3.81 | $3.81 | $2.74 | $3.19 | $3.22 | $2.12 | $1.98 |
| EBITDA | $259.1M | $231.7M | $259.2M | $255.7M | $240.8M | $170.0M | $193.8M | $188.1M | $133.6M | $108.7M |
| Operating cash flow | $283.6M | $266.2M | $258.8M | $284.3M | $215.3M | $203.8M | $176.7M | $180.2M | $126.5M | $103.7M |
| Free cash flow | $283.6M | $266.2M | $258.8M | $284.3M | $215.3M | — | — | — | — | — |
| Diluted shares | 57.7M | 58.5M | 59.5M | 58.0M | 54.0M | 54.2M | 51.6M | 49.5M | 45.4M | 41.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $84.2M | $87.6M | $112.6M | $122.6M | $167.1M | $192.9M |
| Short-term investments | $3.62B | $3.80B | $4.29B | $4.43B | $5.03B | $3.57B |
| Total debt | $856.2M | $916.1M | $871.5M | $975.0M | $452.7M | $507.8M |
| Total assets | $19.03B | $18.31B | $18.41B | $18.00B | $15.45B | $14.07B |
| Total liabilities | $16.56B | $16.01B | $16.16B | $15.97B | $13.54B | $12.19B |
| Shareholders' equity | $2.47B | $2.30B | $2.25B | $2.03B | $1.91B | $1.88B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology