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Wafd vs First Merchants: WAFD and FRME compared
Wafd is the larger company: $206M of revenue in its latest quarter (Q3 FY26) against $199M for First Merchants (Q3 2026). First Merchants is growing faster (+20% against +10% a year earlier). Wafd is more profitable, with an operating margin of 41.0% against 39.9%.
Where the money goes: WAFD and FRME
Wafd (WAFD) · Q3 FY26
Wafd, Q3 FY26: revenue $206M (+10% year over year), operating margin 41.0%, net earnings $66.1M, operating cash flow $70.3M. The chart follows the revenue to costs, profit and cash.
First Merchants (FRME) · Q3 2026
First Merchants, Q3 2026: revenue $199M (+20% year over year), operating margin 39.9%, net earnings $68.3M, operating cash flow $78.4M. The chart follows the revenue to costs, profit and cash.
| Wafd (WAFD) | First Merchants (FRME) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $206M | $199M |
| Revenue growth, Y/Y | +10% | +20% |
| Operating margin | 41.0% | 39.9% |
| Net earnings | $66.1M | $68.3M |
| Net margin | 32.2% | 34.3% |
| Operating cash flow | $70.3M | $78.4M |
| Free cash flow | $63.4M | — |
Where the revenue comes from
First Merchants
- Net interest income: $161M (81%)
- Noninterest income: $38.0M (19%)
Questions
Which is bigger, Wafd or First Merchants?
Wafd is the larger company: $206M of revenue in its latest quarter (Q3 FY26) against $199M for First Merchants (Q3 2026).
Is Wafd or First Merchants growing faster?
First Merchants is growing faster (+20% against +10% a year earlier).
Which is more profitable, Wafd or First Merchants?
Wafd is more profitable, with an operating margin of 41.0% against 39.9%.
More: Wafd earnings · how Wafd makes money · First Merchants earnings · how First Merchants makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 4, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.