Farmers & Merchants Bancorp, Inc. (FMAO) Income Statement
FMAO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFMAO revenue and net income
Where FMAO's revenue goes
2025Each bar shows an amount and its share of revenue. FMAO kept 17.6% of revenue as net income.
FMAO profit margins
FMAO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.1% | +18.5% | +17.3% | +15.6% |
| Gross profit | +19.4% | +7.5% | +11.6% | +11.4% |
| Operating income | +30.6% | +1.7% | +11.0% | +11.6% |
| Net income | +28.4% | +0.8% | +10.6% | +12.4% |
| EPS (diluted) | +27.4% | −0.5% | +7.6% | +8.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FMAO quarterly EPS vs estimates
Farmers & Merchants Bancorp beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 26, 2026 (estimate $0.81).
FMAO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $189.1M | $176.6M | $152.0M | $113.7M | $92.2M | $85.3M | $78.3M | $55.9M | $50.8M | $47.8M |
| Cost of revenue | $71.3M | $77.9M | $60.2M | $19.0M | $10.8M | $17.4M | $15.9M | $6.9M | $5.3M | $5.3M |
| Gross profit | $117.8M | $98.6M | $91.9M | $94.7M | $81.4M | $67.9M | $62.4M | $49.0M | $45.4M | $42.5M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $10.1M | $48.4M | $45.4M | $38.0M | $38.2M | $32.2M | $29.9M | $23.3M | $21.3M | $19.9M |
| Total operating expenses | $75.2M | $66.1M | $63.5M | $54.2M | $51.9M | $42.7M | $39.7M | $30.8M | $27.5M | $26.1M |
| Operating income | $42.5M | $32.6M | $28.4M | $40.5M | $29.5M | $25.2M | $22.8M | $18.2M | $17.9M | $16.3M |
| Interest income | $172.3M | $162.2M | $130.4M | $100.8M | $76.7M | $70.0M | $68.0M | $46.2M | $41.1M | $37.6M |
| Interest expense | $69.3M | $77.7M | $58.4M | $14.4M | $7.3M | $10.4M | $14.8M | $6.6M | $5.1M | $4.2M |
| Income before taxes | $42.5M | $32.6M | $28.4M | $40.5M | $29.5M | $25.2M | $22.8M | $18.2M | $17.9M | $16.3M |
| Income taxes | $9.2M | $6.6M | $5.6M | $8.0M | $6.0M | $5.1M | $4.4M | $3.3M | $5.2M | $4.7M |
| Net income | $33.3M | $25.9M | $22.8M | $32.5M | $23.5M | $20.1M | $18.4M | $14.9M | $12.7M | $11.7M |
| EBITDA | $49.5M | $38.9M | $34.1M | $44.5M | $34.5M | $29.5M | $26.3M | $20.5M | $20.1M | $18.5M |
| EPS (diluted) | $2.42 | $1.90 | $1.69 | $2.46 | $2.26 | $1.68 | $1.63 | $1.68 | $1.38 | $1.28 |
| Gross margin | 62.3% | 55.9% | 60.4% | 83.3% | 88.3% | 79.6% | 79.7% | 87.7% | 89.5% | 88.8% |
| Operating margin | 22.5% | 18.4% | 18.6% | 35.6% | 32.0% | 29.6% | 29.1% | 32.6% | 35.3% | 34.1% |
| Net margin | 17.6% | 14.7% | 15.0% | 28.6% | 25.5% | 23.6% | 23.5% | 26.7% | 25.0% | 24.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.8M | $47.8M | $48.6M | $47.8M | $47.1M | $44.4M | $45.3M | $45.1M | $44.6M | $41.9M | $41.4M | $39.1M |
| Cost of revenue | $17.1M | $16.2M | $17.4M | $17.9M | $18.5M | $17.6M | $19.2M | $20.3M | $20.4M | $18.0M | $18.8M | $17.1M |
| Gross profit | $33.7M | $31.6M | $31.2M | $29.9M | $28.6M | $26.8M | $26.0M | $24.8M | $24.3M | $23.9M | $22.6M | $22.0M |
| Sales, general & admin | $13.6M | $2.7M | $2.3M | $12.8M | $12.6M | $12.7M | $11.6M | $12.1M | $12.2M | $12.5M | $11.7M | $11.6M |
| Total operating expenses | $18.9M | $19.3M | $18.4M | $18.7M | $18.9M | $18.0M | $15.5M | $16.7M | $17.1M | $17.1M | $15.8M | $16.1M |
| Operating income | $14.8M | $12.3M | $12.8M | $11.2M | $9.7M | $8.8M | $10.5M | $8.1M | $7.2M | $6.8M | $6.9M | $5.9M |
| Interest income | $45.4M | $43.1M | $44.3M | $44.2M | $43.2M | $40.7M | $41.5M | $41.6M | $40.8M | $38.3M | $37.9M | $36.1M |
| Interest expense | $16.7M | $15.9M | $16.8M | $17.6M | $17.8M | $17.1M | $19.0M | $20.3M | $19.8M | $18.5M | $18.3M | $16.7M |
| Income before taxes | $14.8M | $12.3M | $12.8M | $11.2M | $9.7M | $8.8M | $10.5M | $8.1M | $7.2M | $6.8M | $6.9M | $5.9M |
| Income taxes | $3.0M | $2.8M | $3.0M | $2.4M | $2.0M | $1.8M | $2.1M | $1.6M | $1.5M | $1.4M | $1.3M | $1.1M |
| Net income | $11.8M | $9.6M | $9.8M | $8.9M | $7.7M | $7.0M | $8.4M | $6.5M | $5.7M | $5.4M | $5.5M | $4.8M |
| EBITDA | $16.4M | $14.1M | $14.5M | $13.3M | $11.4M | $10.3M | $11.9M | $9.8M | $8.8M | $8.4M | $8.3M | $7.4M |
| EPS (diluted) | $0.86 | $0.72 | $0.71 | $0.64 | $0.56 | $0.51 | $0.61 | $0.48 | $0.42 | $0.39 | $0.41 | $0.35 |
| Gross margin | 66.4% | 66.2% | 64.3% | 62.6% | 60.8% | 60.3% | 57.5% | 55.0% | 54.3% | 57.1% | 54.6% | 56.3% |
| Operating margin | 29.1% | 25.8% | 26.4% | 23.5% | 20.6% | 19.7% | 23.2% | 18.0% | 16.0% | 16.2% | 16.6% | 15.1% |
| Net margin | 23.2% | 20.0% | 20.1% | 18.5% | 16.4% | 15.6% | 18.5% | 14.4% | 12.7% | 12.8% | 13.4% | 12.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FMAO's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FMAO financial results
In fiscal year 2025 (ended December 31, 2025), Farmers & Merchants Bancorp reported revenue of $189.1 million, up 7.1% from the year before. It had net income of $33.3 million (up 28.4%), a net profit margin of 17.6%. Diluted earnings per share came to $2.42. Over five years revenue grew at an average rate of 17.3% a year.
See the FMAO stock overview for the latest quote and news, or the FMAO chart for price history and technical indicators.
FMAO income statement FAQ
What is Farmers & Merchants Bancorp's annual revenue?
Farmers & Merchants Bancorp reported total revenue of $189.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 7.1% from $176.6 million the previous year.
Is Farmers & Merchants Bancorp profitable?
Yes. Farmers & Merchants Bancorp reported net income of $33.3 million in fiscal 2025, a net profit margin of 17.6%; its operating margin was 22.5%.
What is Farmers & Merchants Bancorp's gross margin?
Farmers & Merchants Bancorp's gross margin was 62.3% in fiscal 2025: for every $100 of revenue, Farmers & Merchants Bancorp kept $62 after the direct cost of its products and services.
How fast is Farmers & Merchants Bancorp growing?
Revenue grew 17.3% a year on average over the last five fiscal years, from $85.3 million to $189.1 million.
What are Farmers & Merchants Bancorp's earnings per share?
Farmers & Merchants Bancorp earned $2.42 per diluted share in fiscal 2025, compared with $1.90 a year earlier.
When will Farmers & Merchants Bancorp report its next earnings?
Farmers & Merchants Bancorp is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 after the market closes.
When does Farmers & Merchants Bancorp's fiscal year end?
Farmers & Merchants Bancorp's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.