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First Merchants (FRME) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · First Merchants (FRME) Q3 2026 earnings results →
Q3 2026 Revenue up 20% year over year to $199M · 34¢ of every $1 of revenue kept as net profit · operating margin 39.9%
First Merchants made $199M in Q3 2026 (+20% Y/Y): Net interest income $161M, Noninterest income $38.0M. Operating margin 39.9%, net earnings $68.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
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What changed this quarter
Revenue was $199.1M in Q3 2026, up 20% year over year and up 2% from the previous quarter. Net interest income was the largest line at 81% of revenue. Net interest income added $27.4M year over year (up 21%), 83% of the total change.
Operating profit was $79.5M, a 39.9% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 39% margin then. Total costs grew 19% against revenue growth of 20%. The fastest-growing cost line was Noninterest expense (+20%). Net earnings were $68.3M, up 20% year over year. The effective tax rate was 14.1%.
Operating cash flow was $78.4M (down 10% year over year), 115% of net earnings. Non-cash charges added back $9.7M of depreciation and amortization and $2.0M of share-based compensation.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $199M | +20% | 39.9% | $68.3M | $78.4M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $196M | +19% | 24.4% | $44.0M | $88.0M |
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About First Merchants
First Merchants Corporation (the “Corporation”) is a financial holding company headquartered in Muncie, Indiana and was organized in September 1982. The Corporation’s common stock is traded on the Nasdaq Global Select Market System under the symbol FRME. The Corporation has one full-service bank charter, First Merchants Bank, which opened for business in Muncie, Indiana in March 1893. The Bank also operates First Merchants Private Wealth Advisors (a division of First Merchants Bank). The Bank includes 111 banking locations in Indiana, Ohio, and Michigan. In addition to its branch network, the Corporation offers comprehensive electronic and mobile delivery channels to its customers. The Corporation’s business activities are currently limited to one significant business segment, which is community banking.
In its own words, from its 10-K, filed Feb 25, 2026.
First Merchants against its National Commercial Banks peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +8%. Operating margin: 39.9% against the peers' median 32.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FRME First Merchants | Q3 2026 | $199M | +20% | 39.9% |
| JPM JPMorgan Chase | Q3 2026 | $50.2B | +8% | 40.1% |
| BAC Bank of America | Q3 2026 | $30.0B | +3% | 29.9% |
| C Citigroup | Q3 2026 | $23.8B | +8% | 30.6% |
| WFC Wells Fargo | Q3 2026 | $21.9B | +2% | 32.5% |
| COF Capital One Financial | Q3 2026 | $16.3B | +6% | 28.0% |
| USB US Bancorp | Q3 2026 | $8.0B | +9% | 35.1% |
| PNC PNC Financial Services Group | Q3 2026 | $6.6B | +11% | 40.0% |
| TFC Truist Financial | Q3 2026 | $3.7B | -28% | 23.9% |
Source: First Merchants 10-Q on SEC EDGAR · CIK 712534 · National Commercial Banks
Guidance and outlook
13F: who owns FRME and who is buying
More on FRME
History
Every quarter: Q3 2026 results · Q2 2026 results