Merchants Bancorp (MBIN) Income Statement
MBIN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMBIN revenue and net income
Where MBIN's revenue goes
2025Each bar shows an amount and its share of revenue. MBIN kept 16.0% of revenue as net income.
MBIN profit margins
MBIN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −5.7% | +31.4% | +27.8% | +32.7% |
| Gross profit | −12.3% | +10.1% | +11.3% | +24.0% |
| Operating income | −37.6% | −3.2% | +1.6% | +18.8% |
| Net income | −31.7% | −0.1% | +3.9% | +22.7% |
| EPS (diluted) | −40.1% | −5.4% | −0.4% | +15.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MBIN quarterly EPS vs estimates
Merchants Bancorp beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 28, 2026 (estimate $1.39).
MBIN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.37B | $1.45B | $1.19B | $602.1M | $461.6M | $401.2M | $254.6M | $185.5M | $138.0M | $97.2M |
| Cost of revenue | $801.5M | $804.4M | $670.0M | $179.6M | $38.9M | $70.5M | $93.6M | $55.2M | $30.3M | $19.9M |
| Gross profit | $563.7M | $642.7M | $519.1M | $422.5M | $422.7M | $330.7M | $160.9M | $130.3M | $107.7M | $77.3M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $177.2M | $156.9M | $121.8M | $92.5M | $88.4M | $65.0M | $40.8M | $33.3M | $22.4M | $15.5M |
| Total operating expenses | $299.9M | $220.0M | $171.2M | $131.3M | $117.7M | $87.3M | $58.8M | $46.3M | $30.5M | $22.5M |
| Operating income | $263.8M | $422.6M | $347.9M | $291.1M | $304.9M | $243.4M | $102.1M | $84.0M | $77.2M | $54.8M |
| Interest income | $1.20B | $1.30B | $947.5M | $480.8M | $311.9M | $282.8M | $212.0M | $140.6M | $94.4M | $72.9M |
| Interest expense | $683.8M | $780.1M | $629.7M | $162.3M | $33.9M | $58.6M | $89.7M | $50.6M | $27.8M | $19.0M |
| Income before taxes | $263.8M | $422.6M | $347.9M | $291.1M | $304.9M | $243.4M | $102.1M | $84.0M | $77.2M | $54.8M |
| Income taxes | $45.0M | $102.3M | $68.7M | $71.4M | $77.8M | $62.8M | $24.8M | $21.2M | $22.5M | $21.7M |
| Net income | $218.8M | $320.4M | $279.2M | $219.7M | $227.1M | $180.5M | $77.3M | $62.9M | $54.7M | $33.1M |
| EBITDA | $267.3M | $425.7M | $350.8M | $293.6M | $307.1M | $245.3M | $103.0M | $84.5M | $77.5M | $55.1M |
| EPS (diluted) | $3.78 | $6.31 | $5.64 | $4.47 | $4.76 | $3.85 | $1.58 | $1.39 | $0.93 | $1.03 |
| Gross margin | 41.3% | 44.4% | 43.7% | 70.2% | 91.6% | 82.4% | 63.2% | 70.2% | 78.1% | 79.5% |
| Operating margin | 19.3% | 29.2% | 29.3% | 48.4% | 66.1% | 60.7% | 40.1% | 45.3% | 55.9% | 56.4% |
| Net margin | 16.0% | 22.1% | 23.5% | 36.5% | 49.2% | 45.0% | 30.4% | 33.9% | 39.6% | 34.1% |
| 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 | $294.1M | $317.1M | $354.7M | $343.5M | $353.7M | $310.1M | $379.8M | $354.6M | $358.6M | $354.1M | $345.6M | $331.7M |
| Cost of revenue | $157.5M | $157.2M | $197.1M | $203.0M | $228.7M | $172.7M | $189.4M | $213.0M | $210.1M | $191.8M | $194.2M | $183.3M |
| Gross profit | $136.5M | $159.9M | $157.5M | $140.6M | $125.0M | $137.4M | $190.4M | $141.6M | $148.5M | $162.2M | $151.4M | $148.5M |
| Sales, general & admin | $73.2M | $2.8M | $45.8M | $53.5M | $3.2M | $43.6M | $44.0M | $44.2M | $34.0M | $34.7M | $37.3M | $30.6M |
| Total operating expenses | $82.4M | $75.6M | $83.6M | $76.0M | $76.2M | $60.9M | $62.5M | $60.2M | $49.4M | $48.0M | $51.9M | $41.9M |
| Operating income | $54.1M | $84.3M | $73.9M | $64.6M | $48.8M | $76.5M | $127.9M | $81.3M | $99.1M | $114.3M | $99.5M | $106.6M |
| Interest income | $294.1M | $270.5M | $307.5M | $301.8M | $304.4M | $287.2M | $321.3M | $338.9M | $328.3M | $314.2M | $311.8M | $296.7M |
| Interest expense | $157.5M | $141.9M | $169.4M | $173.7M | $175.7M | $165.0M | $186.7M | $206.1M | $200.2M | $187.1M | $187.4M | $179.2M |
| Income before taxes | $99.8M | $84.3M | $73.9M | $64.6M | $48.8M | $76.5M | $127.9M | $81.3M | $99.1M | $114.3M | $99.5M | $106.6M |
| Income taxes | $21.5M | $16.6M | $6.0M | $9.9M | $10.9M | $18.3M | $32.2M | $20.1M | $22.7M | $27.2M | $22.0M | $25.1M |
| Net income | $78.3M | $67.7M | $67.8M | $54.7M | $38.0M | $58.2M | $95.7M | $61.3M | $76.4M | $87.1M | $77.5M | $81.5M |
| EBITDA | $99.8M | $85.7M | $75.0M | $65.3M | $49.6M | $77.3M | $128.6M | $82.1M | $99.9M | $115.0M | $100.2M | $107.3M |
| EPS (diluted) | $1.48 | $1.25 | $1.28 | $0.97 | $0.60 | $0.93 | $1.85 | $1.17 | $1.49 | $1.80 | $1.58 | $1.68 |
| Gross margin | 46.4% | 50.4% | 44.4% | 40.9% | 35.3% | 44.3% | 50.1% | 39.9% | 41.4% | 45.8% | 43.8% | 44.8% |
| Operating margin | 18.4% | 26.6% | 20.8% | 18.8% | 13.8% | 24.7% | 33.7% | 22.9% | 27.6% | 32.3% | 28.8% | 32.1% |
| Net margin | 26.6% | 21.4% | 19.1% | 15.9% | 10.7% | 18.8% | 25.2% | 17.3% | 21.3% | 24.6% | 22.4% | 24.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MBIN's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MBIN financial results
In fiscal year 2025 (ended December 31, 2025), Merchants Bancorp reported revenue of $1.4 billion, down 5.7% from the year before. It had net income of $218.8 million (down 31.7%), a net profit margin of 16.0%. Diluted earnings per share came to $3.78. Over five years revenue grew at an average rate of 27.8% a year.
See the MBIN stock overview for the latest quote and news, or the MBIN chart for price history and technical indicators.
MBIN income statement FAQ
What is Merchants Bancorp's annual revenue?
Merchants Bancorp reported total revenue of $1.4 billion for fiscal year 2025, which ended on December 31, 2025. That was down 5.7% from $1.4 billion the previous year.
Is Merchants Bancorp profitable?
Yes. Merchants Bancorp reported net income of $218.8 million in fiscal 2025, a net profit margin of 16.0%; its operating margin was 19.3%.
What is Merchants Bancorp's gross margin?
Merchants Bancorp's gross margin was 41.3% in fiscal 2025: for every $100 of revenue, Merchants Bancorp kept $41 after the direct cost of its products and services.
How fast is Merchants Bancorp growing?
Revenue grew 27.8% a year on average over the last five fiscal years, from $401.2 million to $1.4 billion.
What are Merchants Bancorp's earnings per share?
Merchants Bancorp earned $3.78 per diluted share in fiscal 2025, compared with $6.31 a year earlier.
When will Merchants Bancorp report its next earnings?
Merchants Bancorp is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Merchants Bancorp's fiscal year end?
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.