The financials
Merchants Bancorp by the numbers
Merchants Bancorp (MBIN) reported revenue of $271M in Q1 2026 (quarter ended March 31, 2026), down 5.8% from the same quarter a year earlier. That came with net income of $68M (25% of revenue). For the full year FY2025, revenue was $1.20B (−7.8% year on year) and net income $219M.
| Income statement | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $271M | $287M | −5.8% |
| Net income | $68M | $58M | +16% |
| Diluted EPS | $1.25 | $0.93 | +34% |