Filing Flows › Merchants Bancorp (MBIN) › Q3 2026 › vs Q3 2025
Merchants Bancorp (MBIN) Q3 2026 vs Q3 2025 (year over year)
Merchants Bancorp's revenue rose $53.9M (+31%) from $171M in Q3 2025 to $225M in Q3 2026. The biggest changes: Noninterest income +$37.8M (+88%); Net interest income +$16.1M (+13%). Operating margin 59.3% against 37.8% (+21.6 pts).
Merchants Bancorp, Q3 2026: revenue $225M (+32% year over year), operating margin 59.3%, net earnings $105M, operating cash flow $618M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 59.3% | 37.8% | +21.6 pts |
| Net margin | 46.8% | 32.0% | +14.8 pts |
| Free cash flow margin | 274.2% | 14.0% | +260.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Net interest income | $144M | $128M | $16.1M | +13% |
| Noninterest income | $80.8M | $43.0M | $37.8M | +88% |
| Revenue | $225M | $171M | $53.9M | +31% |
| Operating profit | $133M | $64.6M | $68.8M | +107% |
| Costs & expenses | $91.5M | $106M | −$15.0M | -14% |
| Pre-tax earnings | $133M | $64.6M | $68.8M | +107% |
| Credit loss provision | $12.0M | $29.2M | −$17.2M | -59% |
| Noninterest expense | $79.5M | $77.2M | $2.3M | +3% |
| Net earnings | $105M | $54.7M | $50.5M | +92% |
| Income tax | $28.2M | $9.9M | $18.4M | +186% |
| Depreciation | $1.5M | $765K | $727K | +95% |
| Working capital & other | $512M | −$25.7M | $537M | — |
| Operating cash flow | $618M | $29.8M | $589M | 21× |
| Free cash flow (OCF − capex) | $617M | $24.0M | $593M | 26× |
| Capital expenditures | $1.6M | $5.8M | −$4.2M | -73% |
Questions
How much did Merchants Bancorp's revenue grow year over year in Q3 2026?
Merchants Bancorp's revenue rose $53.9M (+31%) from $171M in Q3 2025 to $225M in Q3 2026.
What drove Merchants Bancorp's revenue change in Q3 2026?
Noninterest income +$37.8M (+88%); Net interest income +$16.1M (+13%).