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Farmers & Merchants Bancorp (FMAO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Farmers & Merchants Bancorp (FMAO) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $34.8M · 33¢ of every $1 of revenue kept as net profit · operating margin 40.8%
Farmers & Merchants Bancorp made $34.8M in Q3 2026 (+11% Y/Y): Net interest income $29.9M, Noninterest income $4.9M. Operating margin 40.8%, net earnings $11.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
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What changed this quarter
Revenue was $34.8M in Q3 2026, up 11% year over year and up 1% from the previous quarter. Net interest income was the largest line at 86% of revenue. Net interest income added $3.0M year over year (up 11%), 86% of the total change.
Operating profit was $14.2M, a 40.8% margin (up 4.9 points year over year). Of the extra revenue versus a year earlier, 84% reached operating profit, above the 36% margin then. Total costs grew 3% against revenue growth of 11%. Net earnings were $11.5M, up 30% year over year. The effective tax rate was 18.8%.
Operating cash flow was $14.9M (up 33% year over year), 129% of net earnings. Non-cash charges added back $300K of share-based compensation. Working capital and other items added $3.0M. Capital expenditures of $285K left free cash flow of $14.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 27, 2026 | $34.8M | +11% | 40.8% | $11.5M | $14.9M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Farmers & Merchants Bancorp
Farmers & Merchants Bancorp, Inc. (Company) is a bank holding company incorporated under the laws of Ohio in 1985 and elected to become a financial holding company under the Federal Reserve in 2014. Our primary subsidiary, The Farmers & Merchants State Bank (Bank) is a local independent community bank that has been primarily serving Northwest Ohio, Northeast Indiana and Southeast Michigan since 1897. Our other subsidiary, Farmers & Merchants Risk Management (Captive) was a captive insurance company formed in December 2014, located in Nevada and dissolved in December 2023. The Bank includes F&M Insurance Agency, LLC, a subsidiary offering insurance products, which was formed in November 2023. We report our financial condition and net income on a consolidated basis and have only one segment.
In its own words, from its 10-K, filed Feb 27, 2026.
Farmers & Merchants Bancorp against its Savings Institution, Federally Chartered peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +8%. Operating margin: 40.8% against the peers' median 37.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FMAO Farmers & Merchants Bancorp | Q3 2026 | $34.8M | +11% | 40.8% |
| AX Axos Financial | Q1 FY27 | $395M | +22% | 44.3% |
| EBC Eastern Bankshares | Q3 2026 | $307M | +27% | 45.7% |
| BKU BankUnited | Q3 2026 | $280M | +2% | 34.6% |
| PFS Provident Financial Services | Q3 2026 | $239M | +8% | 38.8% |
| NRIM Northrim Bancorp | Q3 2026 | $69.9M | -9% | 26.8% |
| HTB HomeTrust Bancshares | Q3 2026 | $55.5M | +3% | 37.1% |
| KRNY Kearny Financial | Q1 FY27 | $45.3M | +4% | 28.0% |
| PDLB Ponce Financial Group | Q3 2026 | $34.8M | +30% | 35.5% |
Source: Farmers & Merchants Bancorp 10-Q on SEC EDGAR · CIK 792966 · Savings Institution, Federally Chartered
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Every quarter: Q3 2026 results