Filing Flows › Merchants Bancorp (MBIN) › Q3 2026
Merchants Bancorp (MBIN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Merchants Bancorp (MBIN) reported revenue of $225M for the third quarter 2026 (Q3 2026), +31% from a year earlier and +23% from the quarter before. Operating margin was 59.3%, net earnings $105M (46.8% of revenue).
Merchants Bancorp, Q3 2026: revenue $225M (+32% year over year), operating margin 59.3%, net earnings $105M, operating cash flow $618M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $225M | +23% | +31% |
| Operating profit | $133M | +34% | +107% |
| Net earnings | $105M | +34% | +92% |
| Operating cash flow | $618M | +190% | 21× |
| Free cash flow | $617M | +193% | 26× |
What changed
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.
Questions
What was Merchants Bancorp's revenue in the third quarter 2026?
Merchants Bancorp (MBIN) reported revenue of $225M for the third quarter 2026 (Q3 2026), +31% from a year earlier and +23% from the quarter before.
Was Merchants Bancorp profitable in the third quarter 2026?
Operating profit was $133M (59.3% of revenue) and net earnings $105M.
Source: Merchants Bancorp 10-Q on SEC EDGAR.