Merchants Bancorp financials
$49.61−3.76%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Quarter | Q2 '26 Jun 30 | Q1 '26 Mar 31 | Q4 '25 Dec 31 | Q3 '25 Sep 30 | Q2 '25 Jun 30 | Q1 '25 Mar 31 | Q4 '24 Dec 31 | Q3 '24 Sep 30 | Q2 '24 Jun 30 | Q1 '24 Mar 31 | Q4 '23 Dec 31 | Q3 '23 Sep 30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $339.8M | $317.1M | $354.7M | $344.8M | $354.9M | $310.9M | $380.5M | $355.7M | $359.6M | $355.0M | $346.2M | $332.7M |
| Gross profit | $182.2M | $175.2M | $185.3M | $171.1M | $179.2M | $145.9M | $193.8M | $149.6M | $159.5M | $167.9M | $158.8M | $153.5M |
| Gross margin | 53.6% | 55.3% | 52.2% | 49.6% | 50.5% | 46.9% | 50.9% | 42.1% | 44.3% | 47.3% | 45.9% | 46.1% |
| Operating income | $99.8M | $84.3M | $73.9M | $64.6M | $48.8M | $76.5M | $127.9M | $81.3M | $99.1M | $114.3M | $99.5M | $106.6M |
| Net income | $68.0M | $57.5M | $58.8M | $44.4M | $27.7M | $42.6M | $84.9M | $53.5M | $66.8M | $78.4M | $68.8M | $72.8M |
| Net margin | 20.0% | 18.1% | 16.6% | 12.9% | 7.8% | 13.7% | 22.3% | 15.0% | 18.6% | 22.1% | 19.9% | 21.9% |
| Diluted EPS | $1.48 | $1.25 | $1.28 | $0.97 | $0.60 | $0.93 | $1.85 | $1.17 | $1.49 | $1.80 | $1.58 | $1.68 |
| EBITDA | $99.8M | $84.3M | $73.9M | $64.6M | $48.8M | $76.5M | $127.9M | $81.3M | $99.1M | $114.3M | $99.5M | $106.6M |
| Operating cash flow | $213.3M | -$597.3M | -$397.9M | $29.8M | -$121.2M | $148.0M | -$10.0M | -$492.6M | $51.1M | -$383.8M | $736.3M | -$549.7M |
| Free cash flow | $210.9M | -$598.5M | -$401.7M | $24.0M | -$125.7M | $141.2M | -$16.3M | -$497.2M | $45.8M | -$386.1M | $732.3M | -$550.2M |
| Diluted shares | 46.0M | 46.0M | 46.0M | 46.0M | 45.9M | 45.9M | 45.9M | 45.9M | 44.7M | 43.5M | 43.4M | 43.4M |
Balance sheet
| Period end | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $17.9M | $19.6M | $15.8M | $11.6M | $15.4M | $15.6M |
| Short-term investments | $3.11B | $3.00B | $3.45B | $3.78B | $3.74B | $3.68B |
| Total debt | $4.28B | $4.77B | $3.84B | $2.90B | $4.01B | $4.00B |
| Total assets | $21.23B | $20.32B | $19.45B | $19.35B | $19.14B | $18.80B |
| Total liabilities | $18.84B | $17.99B | $17.17B | $17.13B | $16.96B | $16.64B |
| Shareholders' equity | $2.39B | $2.33B | $2.28B | $2.23B | $2.18B | $2.16B |
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