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Farmers & Merchants Bancorp cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$39.2M in Q3 2026 · $112M over twelve months

Operating cash flow$40.4M
Capital spending−$1.2M
Free cash flow+$39.2M
Cash / net income1.6×

Analysis

In Q3 2026, Farmers & Merchants Bancorp generated $40.4M of operating cash flow and spent $1.2M on capital projects, leaving free cash flow of $39.2M. That is $12.2M more than in Q3 2025 ($27.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $128M; the largest uses were other investing ($137M), capital spending ($16.5M), dividends ($14.7M); besides operations, cash came from other financing ($39.3M), asset & business sales ($73K); the cash balance fell by $597K.

Operating cash flow was $40.4M against net income of $25.1M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$3.4M, depreciation & amortization +$777K, prepaid and other assets +$310K.

Free cash flow

Farmers & Merchants Bancorp: free cash flow by quarterFarmers & Merchants Bancorp: free cash flow by quarter$12.2MQ4 2024$38.9MQ1 2025$18.9MQ2 2025$27.0MQ3 2025$11.9MQ4 2025$31.2MQ1 2026$29.5MQ2 2026$39.2MQ3 2026
Operating cash flow less capital spending.
Farmers & Merchants Bancorp: operating cash flow against capital spendingFarmers & Merchants Bancorp: operating cash flow against capital spendingOperating cash flowCapital spending$13.2M$986KQ4 2024$39.5M$673KQ1 2025$21.5M$2.6MQ2 2025$29.1M$2.1MQ3 2025$14.1M$2.2MQ4 2025$40.7M$9.5MQ1 2026$33.0M$3.5MQ2 2026$40.4M$1.2MQ3 2026
Latest (Q3 2026): Operating cash flow $40.4M, Capital spending $1.2M.

Capital allocation, year by year

Farmers & Merchants Bancorp: where the cash came from (up) and went (down), by fiscal yearFarmers & Merchants Bancorp: where the cash came from (up) and went (down), by fiscal yearOperating cash flowAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $60.0MFY2021: Asset sales $1.7MFY2021: Capital spending −$2.1MFY2021: Dividends −$12.1M$61.7MFY2021FY2022: Operating cash flow $102MFY2022: Asset sales $73KFY2022: Capital spending −$4.2MFY2022: Buybacks −$20.3MFY2022: Dividends −$12.5M$102MFY2022FY2023: Operating cash flow $93.3MFY2023: Asset sales $27KFY2023: Capital spending −$5.0MFY2023: Buybacks −$20.4MFY2023: Dividends −$12.9M$93.4MFY2023FY2024: Operating cash flow $104MFY2024: Capital spending −$2.4MFY2024: Buybacks −$45.3MFY2024: Dividends −$13.0M$104MFY2024FY2025: Operating cash flow $104MFY2025: Asset sales $133KFY2025: Capital spending −$7.6MFY2025: Buybacks −$2.9MFY2025: Dividends −$13.8M$104MFY2025
Over these 5 years operating cash flow totalled $463M; the largest uses were buybacks ($88.9M) and dividends ($64.3M). Cash-flow statements as filed.

Where the cash came from and went

Farmers & Merchants Bancorp: sources (+) and uses (−) of cash, Q3 2026Farmers & Merchants Bancorp: sources (+) and uses (−) of cash, Q3 2026Other financing−$130MCash drawn (+) / kept (−)$107MOperating cash flow$40.4MOther investing−$7.1MTaxes on employees’ shares−$5.5MDividends−$3.5MCapital spending−$1.2M
Farmers & Merchants Bancorp: sources (+) and uses (−) of cash, TTM to Q3 2026Farmers & Merchants Bancorp: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$137MOperating cash flow$128MOther financing$39.3MCapital spending−$16.5MDividends−$14.7MCash drawn (+) / kept (−)$597KAsset & business sales$73K

From profit to cash

Farmers & Merchants Bancorp: net income to operating cash flow, Q3 2026Farmers & Merchants Bancorp: net income to operating cash flow, Q3 2026Net income$25.1MDepreciation & amortization$777KPrepaid and other assets$310KOther liabilities$3.4MOperating cash flow$40.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$40.4M−$1.2M—−$3.5M$107M$39.2M
Q2 2026$33.0M−$3.5M—−$3.6M$106M$29.5M
Q1 2026$40.7M−$9.5M—−$3.7M−$239M$31.2M
Q4 2025$14.1M−$2.2M—−$3.9M$27.7M$11.9M
Q3 2025$29.1M−$2.1M$1K−$3.5M$119M$27.0M
Q2 2025$21.5M−$2.6M−$2.2M−$6.5M$316M$18.9M
Q1 2025$39.5M−$673K−$711K—−$395M$38.9M
Q4 2024$13.2M−$986K−$35.1M−$6.5M$80.7M$12.2M

Farmers & Merchants Bancorp: income statement and cash flow

Farmers & Merchants Bancorp, Q3 2026: revenue $64.6M (+4% year over year), operating margin 42.2%. The chart follows the revenue to costs, profit and cash.

Farmers & Merchants Bancorp: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.