First Merchants Corporation (FRME) Income Statement
FRME 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFRME revenue and net income
Where FRME's revenue goes
2025Each bar shows an amount and its share of revenue. FRME kept 21.5% of revenue as net income.
FRME profit margins
FRME growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.3% | +13.8% | +13.5% | +14.1% |
| Gross profit | +8.3% | +1.5% | +8.1% | +9.6% |
| Operating income | +11.8% | +0.4% | +8.8% | +11.0% |
| Net income | +12.2% | +0.6% | +8.7% | +13.2% |
| EPS (diluted) | +11.8% | −2.8% | +7.3% | +7.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FRME quarterly EPS vs estimates
First Merchants beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 21, 2026 (estimate $1.04).
FRME income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.05B | $1.05B | $999.5M | $712.9M | $556.0M | $558.4M | $552.1M | $484.4M | $385.9M | $318.5M |
| Cost of revenue | $410.0M | $462.6M | $352.0M | $101.6M | $36.0M | $125.1M | $111.5M | $76.3M | $46.8M | $32.5M |
| Gross profit | $640.2M | $591.0M | $647.5M | $611.4M | $520.0M | $433.4M | $440.5M | $408.1M | $339.1M | $286.0M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $289.9M | $243.6M | $250.8M | $224.8M | $179.0M | $168.3M | $151.4M | $139.3M | $126.1M | $108.6M |
| Total operating expenses | $381.1M | $359.3M | $388.3M | $355.7M | $279.2M | $263.4M | $246.8M | $220.0M | $205.6M | $177.4M |
| Operating income | $259.1M | $231.7M | $259.2M | $255.7M | $240.8M | $170.0M | $193.8M | $188.1M | $133.6M | $108.7M |
| Interest income | $924.8M | $948.0M | $847.9M | $605.0M | $446.6M | $448.5M | $465.4M | $407.9M | $314.9M | $253.3M |
| Interest expense | $388.8M | $426.9M | $348.5M | $84.8M | $36.0M | $66.4M | $108.7M | $69.1M | $37.6M | $26.8M |
| Income before taxes | $259.1M | $231.7M | $259.2M | $255.7M | $240.8M | $170.0M | $193.8M | $188.1M | $133.6M | $108.7M |
| Income taxes | $33.1M | $30.3M | $35.4M | $33.6M | $35.3M | $21.4M | $29.3M | $29.0M | $37.5M | $27.6M |
| Net income | $226.0M | $201.4M | $223.8M | $222.1M | $205.5M | $148.6M | $164.5M | $159.1M | $96.1M | $81.1M |
| EBITDA | $288.5M | $258.6M | $270.9M | $267.5M | $251.5M | $181.0M | $203.2M | $197.0M | $141.6M | $115.8M |
| EPS (diluted) | $3.89 | $3.48 | $3.90 | $4.23 | $3.81 | $2.74 | $3.41 | $3.22 | $2.24 | $2.02 |
| Gross margin | 61.0% | 56.1% | 64.8% | 85.8% | 93.5% | 77.6% | 79.8% | 84.2% | 87.9% | 89.8% |
| Operating margin | 24.7% | 22.0% | 25.9% | 35.9% | 43.3% | 30.4% | 35.1% | 38.8% | 34.6% | 34.1% |
| Net margin | 21.5% | 19.1% | 22.4% | 31.2% | 37.0% | 26.6% | 29.8% | 32.9% | 24.9% | 25.4% |
| 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 | $298.0M | $253.3M | $269.8M | $267.6M | $261.0M | $252.6M | $257.4M | $265.9M | $267.7M | $262.5M | $263.4M | $257.0M |
| Cost of revenue | $134.9M | $102.2M | $105.5M | $105.7M | $102.3M | $96.4M | $104.5M | $115.0M | $132.3M | $110.8M | $108.4M | $97.8M |
| Gross profit | $163.1M | $151.1M | $164.2M | $161.8M | $158.7M | $156.1M | $152.9M | $151.0M | $135.4M | $151.7M | $155.0M | $159.2M |
| Sales, general & admin | $93.3M | $87.2M | $75.5M | $63.0M | $60.1M | $60.0M | $61.8M | $60.8M | $57.3M | $63.8M | $71.2M | $60.9M |
| Total operating expenses | $114.7M | $124.0M | $98.7M | $96.6M | $93.6M | $92.9M | $76.3M | $94.6M | $91.4M | $96.9M | $108.1M | $93.9M |
| Operating income | $48.4M | $27.1M | $65.5M | $65.3M | $65.1M | $63.2M | $76.6M | $56.3M | $44.0M | $54.8M | $46.9M | $65.4M |
| Interest income | — | $248.6M | $237.4M | $235.1M | $229.7M | $222.5M | $234.6M | $241.1M | $236.4M | $235.9M | $237.0M | $229.1M |
| Interest expense | $101.9M | $97.3M | $98.4M | $101.4M | $96.7M | $92.2M | $100.3M | $110.0M | $107.8M | $108.8M | $106.9M | $95.8M |
| Income before taxes | $47.8M | $27.1M | $65.5M | $65.3M | $65.1M | $63.2M | $76.6M | $56.3M | $44.0M | $54.8M | $46.9M | $65.4M |
| Income taxes | $3.8M | −$1.1M | $8.4M | $8.5M | $8.3M | $7.9M | $12.3M | $7.2M | $4.1M | $6.8M | $4.4M | $9.0M |
| Net income | $44.0M | $28.2M | $57.1M | $56.8M | $56.8M | $55.3M | $64.3M | $49.2M | $39.9M | $47.9M | $42.5M | $56.4M |
| EBITDA | $57.7M | $36.1M | $71.2M | $73.3M | $73.0M | $71.1M | $92.9M | $60.3M | $47.5M | $58.0M | $49.9M | $68.2M |
| EPS (diluted) | $0.74 | $1.03 | $0.98 | $0.99 | $0.98 | $0.94 | $1.00 | $0.95 | $0.68 | $0.85 | $0.87 | $0.94 |
| Gross margin | 54.7% | 59.7% | 60.9% | 60.5% | 60.8% | 61.8% | 59.4% | 56.8% | 50.6% | 57.8% | 58.8% | 62.0% |
| Operating margin | 16.3% | 10.7% | 24.3% | 24.4% | 24.9% | 25.0% | 29.8% | 21.2% | 16.4% | 20.9% | 17.8% | 25.4% |
| Net margin | 14.8% | 11.1% | 21.2% | 21.2% | 21.8% | 21.9% | 25.0% | 18.5% | 14.9% | 18.3% | 16.1% | 21.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FRME's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FRME financial results
In fiscal year 2025 (ended December 31, 2025), First Merchants reported revenue of $1.1 billion, down 0.3% from the year before. It had net income of $226.0 million (up 12.2%), a net profit margin of 21.5%. Diluted earnings per share came to $3.89. Over five years revenue grew at an average rate of 13.5% a year.
See the FRME stock overview for the latest quote and news, or the FRME chart for price history and technical indicators.
FRME income statement FAQ
What is First Merchants's annual revenue?
First Merchants reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 0.3% from $1.1 billion the previous year.
Is First Merchants profitable?
Yes. First Merchants reported net income of $226.0 million in fiscal 2025, a net profit margin of 21.5%; its operating margin was 24.7%.
What is First Merchants's gross margin?
First Merchants's gross margin was 61.0% in fiscal 2025: for every $100 of revenue, First Merchants kept $61 after the direct cost of its products and services.
How fast is First Merchants growing?
Revenue grew 13.5% a year on average over the last five fiscal years, from $558.4 million to $1.1 billion.
What are First Merchants's earnings per share?
First Merchants earned $3.89 per diluted share in fiscal 2025, compared with $3.48 a year earlier.
When will First Merchants report its next earnings?
First Merchants is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 after the market closes.
When does First Merchants's fiscal year end?
First Merchants's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.