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Merchants Bancorp (MBIN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Merchants Bancorp (MBIN) Q3 2026 earnings results →

Q3 2026 Revenue up 32% year over year to $225M · 47¢ of every $1 of revenue kept as net profit · operating margin 59.3%

Merchants Bancorp made $225M in Q3 2026 (+32% Y/Y): Net interest income $144M, Noninterest income $80.8M. Operating margin 59.3%, net earnings $105M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$225M
Year over year+32%
Operating margin59.3%
Net earnings$105M
Operating cash flow$618M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $224.9M in Q3 2026, up 31% year over year and up 23% from the previous quarter. Net interest income was the largest line at 64% of revenue. Noninterest income added $37.8M year over year (up 88%), 70% of the total change.

Operating profit was $133.4M, a 59.3% margin (up 21.6 points year over year). Of the extra revenue versus a year earlier, 128% reached operating profit, above the 38% margin then. Total costs fell 14% while revenue rose 31%. Net earnings were $105.2M, up 92% year over year. The effective tax rate was 21.2%.

Operating cash flow was $618.4M (up 1978% year over year), 588% of net earnings. Non-cash charges added back $1.5M of depreciation. Working capital and other items added $511.8M. Capital expenditures of $1.6M left free cash flow of $616.9M.

Quarterly history

QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$225M+32%59.3%$105M$618M

Charts

Merchants Bancorp: where the cash came from (+) and went (−), TTM to Q3 2026Merchants Bancorp: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$1.2BOther financing$1.1BCash drawn (+) / kept (−)$278MOperating cash flow−$163MDividends−$60.8MCapital spending−$9.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Merchants Bancorp: profit against cash, quarter by quarterMerchants Bancorp: profit against cash, quarter by quarterNet incomeOperating cash flow$95.7M−$10.0MQ4 2024$58.2M$148MQ1 2025$38.0M−$121MQ2 2025$54.7M$29.8MQ3 2025$67.8M−$398MQ4 2025$67.7M−$597MQ1 2026$78.3M$213MQ2 2026$105M$618MQ3 2026
Latest (Q3 2026): Net income $105M, Operating cash flow $618M.
Merchants Bancorp: diluted shares by fiscal yearMerchants Bancorp: diluted shares by fiscal year43MFY202043MFY202143MFY202243MFY202345MFY202446MFY2025
+6.4% since FY2020: more shares outstanding (issuance, stock pay).
Merchants Bancorp: long-term debt falling due (FY2025)Merchants Bancorp: long-term debt falling due (FY2025)$3.8B2026$71.9M2027$59K2028$211K2029$2.5M2030$7.9MLater
Cash $212M, short-term investments —, long-term debt — at 2025-12-31.
Merchants Bancorp in its industry: growth against margin (133 companies, SIC 6022)Merchants Bancorp in its industry: growth against margin (133 companies, SIC 6022)revenue growth, year over year →↑ operating marginmedian +9%median 40%BNYSTTFITBMTBFCNCAALLYCFGNTRSWALBPOPEWBCWTFCCOLBSSBCBSHASBHWCAUBGBCIUBSIABCBHTHHOMBUCBRNSTFBPCATYFIBKCUBIFHBIBOCSBCFBOHCVBFBUSEEFSCOFGLOBFBKFFINSFBSMCHBCCBFBNCGABCBYSYBTPEBOTCBKOBKSTBAFMBHRBCAACNOBAMALMCBQCRHOSBCFMNBBFSTUVSPTMPCCNEMSBIHBTEQBKCTBICPFTHFFMPBSBSIMBWMLKFNIBCPEGBNSPFIWASHCCBGCOFSCWBCHBIAACNBGSBCFSBCTRSTCIVBFCBCMCBSFBIZINBKBWBCBANMVBFBSRRCZNCCFFIRBBISTRUNTYBWFGBMRCRRBIPCBFCBMCHMGCZFSNWFLWTBAMYFWAVBHOPBKUSCBFCCOEBMTCOSOFXNCPKBKISBAPEBKBPRNBRBSHNVRMNSBFVCBCCFNSBFGJMSBBOTJNWPPFUSBAUBNJUVFMBIN (+32%, 59%)
State Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵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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🔍Earnings qualityinteractive

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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 Merchants Bancorp

Merchants Bancorp (the “Company,” “Merchants,” “we,” “our,” or “us”), an Indiana corporation formed in 2006, is a diversified bank holding company headquartered in Carmel, Indiana and registered under the Bank Holding Company Act of 1956, as amended. We currently operate in multiple business segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing (through this segment we also serve as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, agricultural lending, SBA lending, and traditional community banking.

In its own words, from its 10-K, filed Feb 27, 2026.

Merchants Bancorp against its State Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +32% against the peers' median +12%. Operating margin: 59.3% against the peers' median 34.7%.

CompanyQuarterRevenueY/YOp. margin
MBIN Merchants BancorpQ3 2026$225M+32%59.3%
BNY Bank of New York MellonQ3 2026$5.7B+12%38.5%
STT State StreetQ3 2026$4.0B+13%34.7%
FITB Fifth Third BancorpQ3 2026$3.3B+42%33.8%
MTB M&T BankQ3 2026$2.5B+0.9%39.7%
FCNCA First Citizens BancsharesQ3 2026$2.4B0%33.1%
ALLY Ally FinancialQ3 2026$2.3B+8%24.3%
CFG Citizens Financial GroupQ3 2026$2.3B+10%34.6%
NTRS Northern TrustQ3 2026$2.3B+13%34.7%

Source: Merchants Bancorp 10-Q on SEC EDGAR · CIK 1629019 · State Commercial Banks

Guidance and outlook

Merchants Bancorp: what its forward-looking statements are about (10-Q filed 2026-11-06)Merchants Bancorp: what its forward-looking statements are about (10-Q filed 2026-11-06)Financing2Other2Margins2The economy1
7 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.
Merchants Bancorp: outlook statements against the filing beforeMerchants Bancorp: outlook statements against the filing beforeConfident1Cautious1

13F: who owns MBIN and who is buying

Largest holders of MBIN (13F)Largest holders of MBIN (13F)Elser Financial Planning$1.3BBlackRock$205MDimensional Fund Advisors LP$91.4MState Street$53.5MNomura Asset Management Internati…$52.2MVanguard Capital Management LLC$50.8MVanguard Group$48.2MAmerican Century Companies$41.9MDoma Perpetual Capital Management…$40.5MGeode Capital Management, LLC$37.0M
Funds' net buying of MBIN by quarter (13F)Funds' net buying of MBIN by quarter (13F)$388K2024-09$985M2024-12−$995M2025-03$20.1M2025-06$10.4M2025-09−$24.1M2025-12$1.3B2026-03−$16.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MBIN

History

Every quarter: Q3 2026 results

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