Merchants Bancorp
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Interest expense | — | — | $629.7M | $162.3M | $33.9M |
| Pretax income | $263.8M | $422.6M | $347.9M | $291.1M | $304.9M |
| Income tax expense | $45.0M | $102.3M | $68.7M | $71.4M | $77.8M |
| Net income | $218.8M | $320.4M | $279.2M | $219.7M | $227.1M |
| Balance Sheet | |||||
| Cash and equivalents | — | — | — | $226.2M | $1.0B |
| Total assets | $19.4B | $18.8B | $17.0B | $12.6B | $11.3B |
| Total liabilities | $17.2B | $16.6B | $15.3B | $11.2B | $10.1B |
| Total debt | $3.8B | $4.4B | $964.1M | $930.4M | $1.0B |
| Stockholders' equity | $2.3B | $2.2B | $1.7B | $1.5B | $1.2B |
| Cash Flow Statement | |||||
| Cash from operations | -$341.2M | -$835.3M | -$356.4M | $975.8M | -$49.2M |
| Depreciation and amortization | $3.5M | $3.0M | $2.9M | $2.5M | $2.2M |
| Capital expenditure | $20.9M | $18.4M | $7.5M | $6.8M | $3.6M |
| Free cash flow | -$362.2M | -$853.7M | -$363.9M | $969.0M | -$52.9M |
| Dividends paid | $59.4M | $51.2M | $48.5M | $38.1M | $31.2M |
| Share repurchases | — | — | — | $3.9M | — |
Shares outstanding 45.9M · Free float 27.7%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.