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Merchants Bancorp MBIN Q1 2026 earnings

Reported April 28, 2026 · After market close

Revenue$175.2MBeat by $947.0K
EPS$1.25Beat by $0.09
Revenue estimate$174.3M
EPS estimate$1.16

Next report

Oct 27, 2026 (in 3 months)
Revenue estimate$183.0M
EPS estimate$1.40

Financials

Q1 2026

Income statement

See full
Revenue$175.2M+20.1%
Net income$67.7M+16.3%
EPS (diluted)$1.25+34.4%

Balance sheet

See full
Cash & equivalents$83.2M-84.0%
Total debt$4.8B+19.4%
Total equity$2.3B+7.8%
Total assets$20.3B+8.1%

Cash flow

See full
Operating cash flow-$597.3M-503%
CapEx$1.1M-83.3%
Free cash flow-$598.5M-524%

Valuation & ratios

Valuation

as of 03/31/26
See full
Market cap$1.97B+16.3%
Enterprise value$6.68B+28.8%
P/E8.6×+2.8×
P/S2.8×+0.2×

Profitability

See full
Net margin32.1%-12.8pp
FCF margin-155%-376pp

Returns & leverage

See full
Return on equity10.2%-4.6pp
Debt / equity2.1×+0.2×

Versus estimates

Revenue

Q2 2026$182.2MBeat by $3.2M
Q1 2026$175.2MBeat by $947.0K
Q4 2025$185.3MBeat by $14.5MQ3 2025$169.8MMiss by $5.2MQ2 2025$178.1MBeat by $13.3MQ1 2025$145.1MMiss by $30.7M

Diluted EPS

Q2 2026$1.48Beat by $0.26
Q1 2026$1.25Beat by $0.09
Q4 2025$1.28Beat by $0.34Q3 2025$0.97Beat by $0.18Q2 2025$0.60Miss by $0.52Q1 2025$0.93Miss by $0.32

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Questions, answered.

When did Merchants Bancorp report Q1 2026 earnings?
Merchants Bancorp (MBIN) reported Q1 2026 earnings on April 28, 2026 after market close.
What were Merchants Bancorp's Q1 2026 revenue and EPS?
Merchants Bancorp reported revenue of $175.2M and eps of $1.25 for Q1 2026.
Did Merchants Bancorp beat estimates in Q1 2026?
Revenue beat the consensus estimate of $174.3M by $947.0K. EPS beat the consensus estimate of $1.16 by $0.09.
How did Merchants Bancorp's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 20.8% from $145.1M a year earlier and eps grew 34.4% from $0.93.
Where can I find Merchants Bancorp's Q1 2026 SEC filings?
You can read the 8-K earnings release (0001104659-26-050319) and the 10-Q periodic report (0001104659-26-057107) directly on SEC EDGAR. The filing index links above go to sec.gov.