Midland States Bancorp (MSBI) Q4 FY2025 earnings: revenue $86 million, down 8.9% on the year
Midland States Bancorp, Inc. (MSBI) reported revenue of $86 million for Q4 FY2025, the quarter ended 31 December 2025, down 8.9% on the same quarter a year earlier. Net income was -$3 million, and diluted earnings per share $-0.24. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue$86 milliondown 8.9%
Net income-$3 million
Diluted EPS$-0.24
QuarterQ4 FY2025ended 31 December 2025
The quarter, against the one before and a year earlier
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Revenue | 85.6 | 81.1 | 93.9 | -8.9% |
| Pre-tax income | -3.2 | 11.3 | -38.9 | n/a |
| Income tax | -0.4 | 3.8 | -8.2 | n/a |
| Effective tax rate | n/a | 33.2% | n/a | |
| Net income | -2.9 | 7.6 | -30.8 | n/a |
| Net margin | -3.4% | 9.3% | -32.8% | |
| Diluted EPS | -$0.24 | $0.24 | -$0.15 | n/a |
$ million except per share.
Read more
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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.Cash flow and capital returned
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | -7.1 | 80.0 | 98.3 | n/a |
| Capital expenditure | 0.7 | 1.4 | 2.7 | -72.8% |
| Free cash flow | -7.8 | 78.6 | 95.6 | n/a |
| Cash from investing | 335 | 145 | 61.7 | +442.6% |
| Cash from financing | -366 | -236 | -167 | n/a |
| Depreciation and amortisation | 2.0 | 1.9 | 2.3 | -15.2% |
| Buybacks | 9.7 | 0.0 | -0.0 | n/a |
| Dividends paid | 7.1 | 7.0 | 6.8 | +4.5% |
| Dividend per share | n/a | $0.32 | n/a | n/a |
| Diluted shares, weighted | 22m | 22m | 22m | +0.4% |
| Shares outstanding at period end | 21m | 22m | 21m | -1.5% |
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 | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 565 | 584 | 711 | -20.4% |
| Deposits | 5,424 | 5,605 | 6,197 | -12.5% |
| Debt | 432 | 598 | 474 | -8.9% |
| Other liabilities | 91.5 | 124 | 124 | -26.4% |
| Total liabilities and equity | 6,513 | 6,912 | 7,507 | -13.2% |
| Fixed assets | 85.1 | 86.0 | 85.7 | -0.7% |
| Goodwill | 7.9 | 7.9 | 162 | -95.1% |
| Intangible assets | 8.9 | 9.6 | 12.1 | -26.6% |
| Securities held for sale or to maturity | 1,523 | 1,379 | 1,208 | +26.1% |
| Loans | 4,283 | 4,767 | 5,056 | -15.3% |
| Cash and equivalents | 128 | 166 | 115 | +11.4% |
| Other assets | 478 | 496 | 868 | -45.0% |
| Total assets | 6,513 | 6,912 | 7,507 | -13.2% |
Questions
What was Midland States Bancorp's revenue in Q4 FY2025?
Midland States Bancorp (MSBI) reported revenue of $86 million for Q4 FY2025, the quarter ended 31 December 2025, down 8.9% on the same quarter a year earlier.
How much did Midland States Bancorp earn in Q4 FY2025?
Net loss for Q4 FY2025 was $3 million, and the diluted loss per share $0.24.
When did Midland States Bancorp report Q4 FY2025 results?
Midland States Bancorp filed its 10-K for the year that ended with the quarter on 2 March 2026; the fourth quarter is the year less the first three.
Quarterly results, the last 20 quarters
| Q4 FY2021 * | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 * | Q1 FY2023 † | Q2 FY2023 † | Q3 FY2023 † | Q4 FY2023 * † | Q1 FY2024 † | Q2 FY2024 † | Q3 FY2024 † | Q4 FY2024 * † | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 † | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 † | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 76.8 | 72.4 | 75.9 | 79.8 | 97.4 | 92.2 | 91.3 | 88.1 | 92.0 | 97.6 | 90.9 | 92.7 | 93.9 | 76.1 | 82.2 | 81.1 | 85.6 | 79.5 | 83.4 | 86.0 |
| Interest expense | 6.1 | 5.9 | 7.9 | 15.5 | 26.7 | 35.0 | 41.7 | 45.0 | 46.6 | 45.8 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Pre-tax income | 30.6 | 27.4 | 29.2 | 29.4 | 43.9 | 20.1 | 21.6 | 19.0 | 27.2 | 29.1 | 31.8 | 25.0 | -38.9 | -138 | 14.9 | 11.3 | -3.2 | 24.1 | 25.8 | 29.4 |
| Tax rate | 24% | 24% | 25% | 20% | 25% | 21% | 23% | 54% | 26% | 22% | 19% | 18% | n/a | n/a | 19% | 33% | n/a | 23% | 23% | 22% |
| Net income | 23.1 | 20.7 | 21.9 | 23.5 | 32.9 | 15.8 | 16.5 | 8.7 | 20.1 | 22.7 | 25.7 | 20.4 | -30.8 | -141 | 12.0 | 7.6 | -2.9 | 18.5 | 19.9 | 22.8 |
| Net margin | 30% | 29% | 29% | 29% | 34% | 17% | 18% | 10% | 22% | 23% | 28% | 22% | -33% | -185% | 15% | 9% | -3% | 23% | 24% | 27% |
| Diluted EPS | $1.02 | $0.92 | $0.97 | $1.04 | $1.30 | $0.86 | $0.86 | $0.71 | n/a | $0.53 | $0.20 | $0.74 | -$0.15 | -$6.58 | $0.44 | $0.24 | -$0.24 | $0.74 | $0.82 | $0.95 |
| Operating cash flow | 33.3 | 39.1 | 115 | 51.6 | 30.7 | 16.0 | 44.7 | 6.5 | 87.4 | 26.9 | 18.1 | 33.2 | 98.3 | 24.7 | 28.1 | 80.0 | -7.1 | 17.0 | 29.5 | 38.4 |
| Capital expenditure | 0.9 | 0.4 | 0.5 | 1.2 | 1.4 | 2.8 | 1.9 | 2.4 | 1.7 | 0.5 | 1.6 | 2.1 | 2.7 | 1.8 | 1.4 | 1.4 | 0.7 | 0.6 | 0.3 | 0.5 |
| Free cash flow | 32.5 | 38.7 | 115 | 50.4 | 29.3 | 13.2 | 42.8 | 4.2 | 85.7 | 26.4 | 16.5 | 31.1 | 95.6 | 22.9 | 26.7 | 78.6 | -7.8 | 16.3 | 29.2 | 37.9 |
| Buybacks | 5.2 | 1.1 | 0.0 | 0.0 | 0.0 | 2.8 | 6.2 | 6.1 | 2.9 | 1.9 | 3.0 | 0.5 | -0.0 | 0.0 | 0.0 | 0.0 | 9.7 | 7.9 | 2.7 | -0.0 |
| Dividends paid | 6.2 | 6.5 | 6.5 | 6.5 | 6.5 | 6.7 | 6.7 | 6.6 | 6.6 | 6.8 | 6.8 | 6.7 | 6.8 | 6.8 | 6.8 | 7.0 | 7.1 | 6.9 | 6.8 | 7.0 |
| Shares outstanding | 22m | 22m | 22m | 22m | 22m | 22m | 22m | 22m | 22m | 21m | 21m | 21m | 21m | 22m | 22m | 22m | 21m | 21m | 21m | 21m |
| Filing | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
Read more
* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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. EPS is as filed for each quarter. A split or a bonus issue changes the share count, so quarters before it are on the old count.10-K for the period ended 31 December 2025, filed 2 March 2026: the filing.