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Merchants Bancorp cash flow, quarter by quarter

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

Free cash flow$617M in Q3 2026 · −$172M over twelve months

Operating cash flow$618M
Capital spending−$1.6M
Free cash flow+$617M
Cash / net income5.9×

Analysis

In Q3 2026, Merchants Bancorp generated $618M of operating cash flow and spent $1.6M on capital projects, leaving free cash flow of $617M. That is $593M more than in Q3 2025 ($24.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$163M; the largest uses were other investing ($1.2B), operating cash flow ($163M), dividends ($60.8M); besides operations, cash came from other financing ($1.1B); the cash balance fell by $278M.

Operating cash flow was $618M against net income of $105M — 5.9× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$34.6M, prepaid and other assets −$29.8M, other operating capital +$15.8M.

Free cash flow

Merchants Bancorp: free cash flow by quarterMerchants Bancorp: free cash flow by quarter−$16.3MQ4 2024$141MQ1 2025−$126MQ2 2025$24.0MQ3 2025−$402MQ4 2025−$598MQ1 2026$211MQ2 2026$617MQ3 2026
Operating cash flow less capital spending.
Merchants Bancorp: operating cash flow against capital spendingMerchants Bancorp: operating cash flow against capital spendingOperating cash flowCapital spending−$10.0M$6.3MQ4 2024$148M$6.9MQ1 2025−$121M$4.5MQ2 2025$29.8M$5.8MQ3 2025−$398M$3.8MQ4 2025−$597M$1.1MQ1 2026$213M$2.4MQ2 2026$618M$1.6MQ3 2026
Latest (Q3 2026): Operating cash flow $618M, Capital spending $1.6M.

Capital allocation, year by year

Merchants Bancorp: where the cash came from (up) and went (down), by fiscal yearMerchants Bancorp: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow −$49.2MFY2021: Net borrowing −$316MFY2021: Shares issued $191MFY2021: Capital spending −$3.6MFY2021: Dividends −$31.2M$191MFY2021FY2022: Operating cash flow $976MFY2022: Net borrowing −$108MFY2022: Shares issued $137MFY2022: Capital spending −$6.8MFY2022: Buybacks −$3.9MFY2022: Dividends −$38.1M$1.1BFY2022FY2023: Operating cash flow −$356MFY2023: Net borrowing −$130MFY2023: Capital spending −$7.5MFY2023: Dividends −$48.5MFY2023FY2024: Operating cash flow −$835MFY2024: Net borrowing $3.5BFY2024: Shares issued $320MFY2024: Capital spending −$18.4MFY2024: Dividends −$51.2M$3.8BFY2024FY2025: Operating cash flow −$341MFY2025: Net borrowing −$459MFY2025: Capital spending −$20.9MFY2025: Dividends −$59.4MFY2025
Over these 5 years operating cash flow totalled −$606M; the largest uses were operating cash flow ($1.6B) and net borrowing ($1.0B). Cash-flow statements as filed.

Where the cash came from and went

Merchants Bancorp: sources (+) and uses (−) of cash, Q3 2026Merchants Bancorp: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$618MOther financing−$489MOther investing−$107MDividends−$15.3MCash drawn (+) / kept (−)−$5.1MCapital spending−$1.6M
Merchants Bancorp: sources (+) and uses (−) of cash, TTM to Q3 2026Merchants Bancorp: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$1.2BOther financing$1.1BCash drawn (+) / kept (−)$278MOperating cash flow−$163MDividends−$60.8MCapital spending−$9.0M

From profit to cash

Merchants Bancorp: net income to operating cash flow, Q3 2026Merchants Bancorp: net income to operating cash flow, Q3 2026Net income$105MDepreciation & amortization$1.5MPrepaid and other assets−$29.8MOther liabilities$34.6MOther operating capital$15.8MOperating cash flow$618M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$618M−$1.6M—−$15.3M—−$5.1M$617M
Q2 2026$213M−$2.4M—−$15.3M—−$231M$211M
Q1 2026−$597M−$1.1M−$3.0M−$15.3M$931M$129M−$598M
Q4 2025−$398M−$3.8M—−$14.9M—$386M−$402M
Q3 2025$29.8M−$5.8M—−$14.9M—$49.1M$24.0M
Q2 2025−$121M−$4.5M—−$14.9M—−$126M−$126M
Q1 2025$148M−$6.9M—−$14.9M−$374M−$44.7M$141M
Q4 2024−$10.0M−$6.3M—−$14.8M—$125M−$16.3M

Merchants Bancorp: income statement and cash flow

Merchants Bancorp, Q3 2026: revenue $225M (+32% year over year), operating margin 59.3%. The chart follows the revenue to costs, profit and cash.

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.