Merchants Bancorp (MBIN) Q1 FY2025 earnings: revenue $146 million, down 13.1% on the year

Merchants Bancorp (MBIN) reported revenue of $146 million for Q1 FY2025, the quarter ended 31 March 2025, down 13.1% on the same quarter a year earlier. Net income was $58 million, down 33.1% on the year, and diluted earnings per share $0.93. The figures are the company's own, from the 10-Q it filed with the SEC on 9 May 2025.

Revenue$146 milliondown 13.1%

Net income$58 milliondown 33.1%

Diluted EPS$0.93

QuarterQ1 FY2025ended 31 March 2025

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Revenue	146	194	168	-13.1%
Interest expense	n/a	n/a	187	n/a
Pre-tax income	76.5	128	114	-33.1%
Income tax	18.3	32.2	27.2	-33.0%
Effective tax rate	23.9%	25.2%	23.8%
Net income	58.2	95.7	87.1	-33.1%
Net margin	39.9%	49.4%	51.8%
Diluted EPS	$0.93	$1.84	$1.80	-48.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Operating cash flow	148	-10.0	-384	n/a
Capital expenditure	6.9	6.3	2.3	+197.4%
Free cash flow	141	-16.3	-386	n/a
Cash from investing	-0.9	-43.5	-695	n/a
Cash from financing	-102	-71.8	1,003	n/a
Dividends paid	14.9	14.8	12.6	+18.2%
Dividend per share	$0.40	n/a	$0.36	+11.1%
Diluted shares, weighted	46m	45m	43m	+5.6%
Shares outstanding at period end	46m	46m	43m	+5.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Shareholders' equity	2,161	2,243	1,776	+21.6%
Deposits	12,406	11,920	13,976	-11.2%
Debt	4,002	4,386	1,836	+118.0%
Other liabilities	229	256	234	-2.3%
Total liabilities and equity	18,798	18,806	17,823	+5.5%
Fixed assets	67.8	58.6	42.5	+59.7%
Goodwill	8.0	8.0	8.0	+0.0%
Intangible assets	n/a	0.1	0.1	n/a
Securities held for sale or to maturity	2,567	2,645	2,236	+14.8%
Loans	10,344	10,354	10,691	-3.2%
Trading assets	390	428	143	+173.3%
Cash and equivalents	521	477	509	+2.5%
Other assets	4,900	4,835	4,194	+16.8%
Total assets	18,798	18,806	17,823	+5.5%

Questions

What was Merchants Bancorp's revenue in Q1 FY2025?

Merchants Bancorp (MBIN) reported revenue of $146 million for Q1 FY2025, the quarter ended 31 March 2025, down 13.1% on the same quarter a year earlier.

How much did Merchants Bancorp earn in Q1 FY2025?

Net income for Q1 FY2025 was $58 million, down 33.1% on the year, and diluted earnings per share $0.93.

When did Merchants Bancorp report Q1 FY2025 results?

Merchants Bancorp filed its 10-Q for the quarter ended 31 March 2025 with the SEC on 9 May 2025.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	154	159	168	159	150	194	146	179	171	185	175	182
Interest expense	179	187	187	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	107	99.5	114	99.1	81.3	128	76.5	48.8	64.6	73.9	84.3	99.8
Tax rate	24%	22%	24%	23%	25%	25%	24%	22%	15%	8%	20%	22%
Net income	81.5	77.5	87.1	76.4	61.3	95.7	58.2	38.0	54.7	67.8	67.7	78.3
Net margin	53%	49%	52%	48%	41%	49%	40%	21%	32%	37%	39%	43%
Diluted EPS	$1.68	$1.58	$1.80	$1.49	$1.17	$1.84	$0.93	$0.60	$0.97	$1.28	$1.25	$1.48
Operating cash flow	-528	714	-384	51.1	-493	-10.0	148	-121	29.8	-398	-597	213
Capital expenditure	0.5	4.1	2.3	5.3	4.5	6.3	6.9	4.5	5.8	3.8	1.1	2.4
Free cash flow	-528	710	-386	45.8	-497	-16.3	141	-126	24.0	-402	-598	211
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	3.0	0.0
Dividends paid	12.1	12.1	12.6	11.9	11.9	14.8	14.9	14.9	14.9	14.9	15.3	15.3
Shares outstanding	43m	43m	43m	46m	46m	46m	46m	46m	46m	46m	46m	46m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2025, filed 9 May 2025, accession 0001558370-25-007170: the filing on EDGAR. All of Merchants Bancorp's filings: EDGAR company page.

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