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Merchants Bancorp MBIN Q4 2025 Annual earnings

Reported January 28, 2026 · After market close

Revenue$185.3MBeat by $14.5M
EPS$1.28Beat by $0.34
Revenue estimate$170.8M
EPS estimate$0.94

Next report

Oct 27, 2026 (in a month)
Revenue estimate$183.0M
EPS estimate$1.40

Financials

Q4 2025

Income statement

See full
Revenue$185.3M-4.4%
Net income$67.8M-29.1%
EPS (diluted)$1.28-30.8%

Balance sheet

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Cash & equivalents$212.2M-55.5%
Total debt$3.8B-12.4%
Total equity$2.3B+1.7%
Total assets$19.4B+3.4%

Cash flow

See full
Operating cash flow-$397.9M-3,888%
CapEx$3.8M-39.4%
Free cash flow-$401.7M-2,372%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$1.56B-6.4%
Enterprise value$5.2B-6.9%
P/E7.1×+1.9×
P/S2.3×-0.2×

Profitability

See full
Net margin32.1%-15.7pp
FCF margin-53.2%-20.0pp

Returns & leverage

See full
Return on equity9.7%-6.6pp
Debt / equity1.7×-0.3×

FAQ

When did Merchants Bancorp report Q4 2025 earnings?
Merchants Bancorp (MBIN) reported Q4 2025 earnings on January 28, 2026 after market close.
What were Merchants Bancorp's Q4 2025 revenue and EPS?
Merchants Bancorp reported revenue of $185.3M and eps of $1.28 for Q4 2025.
Did Merchants Bancorp beat estimates in Q4 2025?
Revenue beat the consensus estimate of $170.8M by $14.5M. EPS beat the consensus estimate of $0.94 by $0.34.
How did Merchants Bancorp's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 4.0% from $193.1M a year earlier and eps declined 30.8% from $1.85.
Where can I find Merchants Bancorp's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001104659-26-007407) and the 10-K periodic report (0001104659-26-021549) directly on SEC EDGAR. The filing index links above go to sec.gov.