Merchants Bancorp — Financial Data
Annual figures from SEC EDGAR XBRL filings (10-K)
These figures are extracted directly from XBRL-tagged financial statements that Merchants Bancorp filed with the SEC as part of its annual 10-K reports. XBRL (eXtensible Business Reporting Language) is a structured data format the SEC requires for machine-readable financial disclosures. Values shown are as reported — negative figures indicate a loss and are shown in red.
Net Income
The bottom-line profit — what remains after all operating expenses, interest, taxes, and other costs are deducted. A negative value means the company reported a net loss for the year.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $218.77M | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | $320.39M | Feb 27, 2026 |
| FY2023 | Dec 31, 2023 | $77.47M | Mar 12, 2024 |
| FY2023 | Sep 30, 2023 | $81.50M | Mar 12, 2024 |
| FY2023 | Jun 30, 2023 | $65.30M | Mar 12, 2024 |
| FY2023 | Mar 31, 2023 | $54.96M | Mar 12, 2024 |
| FY2023 | Dec 31, 2022 | $57.16M | Mar 12, 2024 |
| FY2023 | Sep 30, 2022 | $58.49M | Mar 12, 2024 |
| FY2023 | Jun 30, 2022 | $53.94M | Mar 12, 2024 |
| FY2023 | Mar 31, 2022 | $50.14M | Mar 12, 2024 |
Operating Cash Flow
Cash generated from core business operations — a more reliable measure of financial health than net income because it strips out non-cash items like depreciation and one-time charges.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($341.25M) | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | ($835.28M) | Feb 27, 2026 |
| FY2025 | Dec 31, 2023 | ($356.40M) | Feb 27, 2026 |
| FY2024 | Dec 31, 2022 | $975.77M | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | ($49.22M) | Mar 12, 2024 |
| FY2022 | Dec 31, 2020 | ($874.89M) | Mar 16, 2023 |
| FY2021 | Dec 31, 2019 | ($1.26B) | Mar 4, 2022 |
| FY2020 | Dec 31, 2018 | $204.34M | Mar 5, 2021 |
| FY2019 | Dec 31, 2017 | ($175.89M) | Mar 16, 2020 |
| FY2018 | Dec 31, 2016 | ($149.77M) | Mar 15, 2019 |
Capital Expenditures (Capex)
Cash spent on acquiring or upgrading physical assets — property, equipment, and infrastructure. High capex businesses include manufacturing, telecom, and energy companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $20.94M | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | $18.39M | Feb 27, 2026 |
| FY2025 | Dec 31, 2023 | $7.53M | Feb 27, 2026 |
| FY2024 | Dec 31, 2022 | $6.76M | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $3.65M | Mar 12, 2024 |
| FY2022 | Dec 31, 2020 | $3.62M | Mar 16, 2023 |
| FY2021 | Dec 31, 2019 | $13.98M | Mar 4, 2022 |
| FY2020 | Dec 31, 2018 | $9.20M | Mar 5, 2021 |
| FY2019 | Dec 31, 2017 | $788.0K | Mar 16, 2020 |
| FY2018 | Dec 31, 2016 | $1.20M | Mar 15, 2019 |
Total Assets
The total value of everything the company owns or controls — cash, investments, receivables, property, equipment, and intangibles. Reported as of fiscal year end.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $19.45B | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | $18.81B | Feb 27, 2026 |
| FY2025 | Dec 31, 2023 | $16.95B | Feb 27, 2026 |
| FY2024 | Dec 31, 2022 | $12.62B | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $11.28B | Mar 12, 2024 |
| FY2022 | Dec 31, 2020 | $9.65B | Mar 16, 2023 |
| FY2021 | Dec 31, 2019 | $6.37B | Mar 4, 2022 |
| FY2020 | Dec 31, 2018 | $3.88B | Mar 5, 2021 |
| FY2019 | Dec 31, 2017 | $3.39B | Mar 16, 2020 |
| FY2018 | Dec 31, 2016 | $2.72B | Mar 15, 2019 |
Total Liabilities
All financial obligations owed to outside parties — including debt, accounts payable, accrued expenses, and deferred revenue. Subtracting liabilities from total assets gives stockholders' equity.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $17.17B | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | $16.56B | Feb 27, 2026 |
| FY2024 | Dec 31, 2023 | $15.25B | Feb 28, 2025 |
| FY2023 | Dec 31, 2022 | $11.16B | Mar 12, 2024 |
| FY2022 | Dec 31, 2021 | $10.12B | Mar 16, 2023 |
| FY2021 | Dec 31, 2020 | $8.83B | Mar 4, 2022 |
| FY2020 | Dec 31, 2019 | $5.72B | Mar 5, 2021 |
| FY2019 | Dec 31, 2018 | $3.46B | Mar 16, 2020 |
| FY2018 | Dec 31, 2017 | $3.03B | Mar 15, 2019 |
| FY2017 | Dec 31, 2016 | $2.51B | Mar 28, 2018 |
Stockholders Equity
The net worth attributable to shareholders: total assets minus total liabilities. Also called book value. Can be negative if liabilities exceed assets, which is common in capital-intensive industries.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $2.28B | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | $2.24B | Feb 27, 2026 |
| FY2025 | Dec 31, 2023 | $1.70B | Feb 27, 2026 |
| FY2024 | Dec 31, 2022 | $1.46B | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $1.16B | Mar 12, 2024 |
| FY2022 | Dec 31, 2020 | $810.62M | Mar 16, 2023 |
| FY2021 | Dec 31, 2019 | $653.73M | Mar 4, 2022 |
| FY2020 | Dec 31, 2018 | $421.24M | Mar 5, 2021 |
| FY2020 | Dec 31, 2017 | $367.47M | Mar 5, 2021 |
| FY2019 | Dec 31, 2016 | $206.29M | Mar 16, 2020 |
Goodwill
An intangible asset representing the premium paid above fair value when acquiring another company. A large goodwill balance signals a history of acquisitions at premium prices.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $8.01M | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | $8.01M | Feb 27, 2026 |
| FY2025 | Dec 31, 2023 | $15.85M | Feb 27, 2026 |
| FY2025 | Dec 31, 2022 | $15.85M | Feb 27, 2026 |
| FY2024 | Dec 31, 2021 | $15.85M | Feb 28, 2025 |
| FY2023 | Dec 31, 2020 | $15.85M | Mar 12, 2024 |
| FY2022 | Dec 31, 2019 | $15.85M | Mar 16, 2023 |
| FY2021 | Dec 31, 2018 | $17.48M | Mar 4, 2022 |
| FY2020 | Dec 31, 2017 | $3.90M | Mar 5, 2021 |
| FY2019 | Dec 31, 2016 | $523.0K | Mar 16, 2020 |
Retained Earnings
Cumulative net income kept by the company rather than distributed as dividends. A growing retained earnings balance indicates consistent profitability; a deficit indicates cumulative losses.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $1.49B | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | $1.33B | Feb 27, 2026 |
| FY2024 | Dec 31, 2023 | $1.06B | Feb 28, 2025 |
| FY2023 | Dec 31, 2022 | $832.87M | Mar 12, 2024 |
| FY2022 | Dec 31, 2021 | $657.15M | Mar 16, 2023 |
| FY2021 | Dec 31, 2020 | $461.74M | Mar 4, 2022 |
| FY2020 | Dec 31, 2019 | $304.98M | Mar 5, 2021 |
| FY2019 | Dec 31, 2018 | $244.91M | Mar 16, 2020 |
| FY2018 | Dec 31, 2017 | $192.01M | Mar 15, 2019 |
| FY2017 | Dec 31, 2016 | $145.27M | Mar 28, 2018 |
Cash & Equivalents
Highly liquid assets the company holds — cash on hand, bank balances, and short-term investments with maturities of three months or less. A key indicator of short-term financial health.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2022 | Dec 31, 2022 | $226.16M | Mar 16, 2023 |
| FY2022 | Dec 31, 2021 | $1.03B | Mar 16, 2023 |
| FY2021 | Dec 31, 2020 | $179.73M | Mar 4, 2022 |
| FY2020 | Dec 31, 2019 | $506.71M | Mar 5, 2021 |
| FY2020 | Dec 31, 2018 | $336.52M | Mar 5, 2021 |
| FY2020 | Dec 31, 2017 | $359.52M | Mar 5, 2021 |
| FY2019 | Dec 31, 2016 | $445.70M | Mar 16, 2020 |
| FY2018 | Dec 31, 2015 | $446.80M | Mar 15, 2019 |
| FY2017 | Dec 31, 2014 | $229.66M | Mar 28, 2018 |
Long-Term Debt
Debt obligations due more than one year from the balance sheet date — bonds, term loans, and notes payable. High long-term debt relative to equity can signal elevated financial leverage.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2019 | Dec 31, 2019 | $181.44M | Mar 16, 2020 |
| FY2019 | Dec 31, 2018 | $195.45M | Mar 16, 2020 |
| FY2018 | Dec 31, 2017 | $56.61M | Mar 15, 2019 |
| FY2017 | Dec 31, 2016 | $57.01M | Mar 28, 2018 |
EPS (Basic)
Net income divided by the weighted average shares outstanding. Basic EPS does not account for dilutive securities like options or convertible bonds — use diluted EPS for a more conservative view.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 3 | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | 6 | Feb 27, 2026 |
| FY2023 | Dec 31, 2023 | 1 | Mar 12, 2024 |
| FY2023 | Sep 30, 2023 | 1 | Mar 12, 2024 |
| FY2023 | Jun 30, 2023 | 1 | Mar 12, 2024 |
| FY2023 | Mar 31, 2023 | 1 | Mar 12, 2024 |
| FY2023 | Dec 31, 2022 | 1 | Mar 12, 2024 |
| FY2023 | Sep 30, 2022 | 1 | Mar 12, 2024 |
| FY2023 | Jun 30, 2022 | 1 | Mar 12, 2024 |
| FY2023 | Mar 31, 2022 | 1 | Mar 12, 2024 |
EPS (Diluted)
Net income divided by the fully diluted share count — including all potential shares from options, warrants, and convertible instruments. The more conservative and widely cited EPS figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 3 | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | 6 | Feb 27, 2026 |
| FY2023 | Dec 31, 2023 | 1 | Mar 12, 2024 |
| FY2023 | Sep 30, 2023 | 1 | Mar 12, 2024 |
| FY2023 | Jun 30, 2023 | 1 | Mar 12, 2024 |
| FY2023 | Mar 31, 2023 | 1 | Mar 12, 2024 |
| FY2023 | Dec 31, 2022 | 1 | Mar 12, 2024 |
| FY2023 | Sep 30, 2022 | 1 | Mar 12, 2024 |
| FY2023 | Jun 30, 2022 | 1 | Mar 12, 2024 |
| FY2023 | Mar 31, 2022 | 1 | Mar 12, 2024 |
Shares Outstanding
Total common shares issued and held by all shareholders, excluding treasury shares. Combined with market price gives market capitalization.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 45.89M | Feb 27, 2026 |
| FY2025 | Dec 31, 2024 | 45.77M | Feb 27, 2026 |
| FY2024 | Dec 31, 2023 | 43.24M | Feb 28, 2025 |
| FY2023 | Dec 31, 2022 | 43.11M | Mar 12, 2024 |
| FY2022 | Dec 31, 2021 | 43.18M | Mar 16, 2023 |
| FY2021 | Dec 31, 2020 | 43.12M | Mar 4, 2022 |
| FY2020 | Dec 31, 2019 | 28.71M | Mar 5, 2021 |
| FY2019 | Dec 31, 2018 | 28.69M | Mar 16, 2020 |
| FY2018 | Dec 31, 2017 | 28.69M | Mar 15, 2019 |
| FY2017 | Dec 31, 2016 | 21.11M | Mar 28, 2018 |