FIRST MERCHANTS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST MERCHANTS CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	26.8	37.6	69.1	109	66.4	36	84.8	348
Pre-tax income	109	134	188	194	170	241	256	259	232	259
Income tax	27.6	37.5	29	29.3	21.4	35.3	33.6	35.4	30.3	33.1
Net income	81.1	96.1	159	164	149	206	222	224	201	226
EPS, basic	1.99	2.13	3.23	3.20	2.75	3.82	3.83	3.74	3.42	3.90
EPS, diluted	1.98	2.12	3.22	3.19	2.74	3.81	3.81	3.73	3.41	3.88
Shares, basic (weighted)	40.8	45.2	49.3	51.4	54.1	53.8	57.7	59.3	58.3	57.5
Shares, diluted (weighted)	41	45.4	49.5	51.6	54.2	54	58	59.5	58.5	57.7
Dividend per share	0.54	0.69	0.84	1.00	1.04	1.13	1.25	1.34	1.39	1.43

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	128	155	139	177	193	167	123	113	87.6	84.2
Property, plant and equipment	94.4	95.9	93.4	113	111	106	117	134	130	121
Lease right-of-use assets				20.7	18.2	17.8	23.6	18.9	21.1	17.4
Goodwill	244	445	445	544	544	545	712	712	712	712
Intangible assets	14.9	31.1	24.4	35	29	25.5	35.8	27.1	19.8	13.8
Total assets	7,212	9,367	9,885	12,457	14,067	15,453	18,002	18,406	18,312	19,025
Total liabilities	6,310	8,064	8,476	10,671	12,192	13,541	15,967	16,158	16,007	16,558
Total debt	694	834	671
Paid-in capital	509	835	840	1,055	1,005	986	1,229	1,237	1,189	1,151
Retained earnings	401	465	583	697	789	865	1,013	1,155	1,273	1,414
Other comprehensive income	-13.6	-2.91	-21.4	27.9	74.8	55.1	-239	-176	-189	-130
Shareholders' equity	902	1,303	1,408	1,786	1,876	1,913	2,035	2,248	2,305	2,467
Total equity	902	1,303	1,408	1,786	1,876	1,913	2,035	2,248	2,305	2,467
Total liabilities and equity	7,212	9,367	9,885	12,457	14,067	15,453	18,002	18,406	18,312	19,025
Shares outstanding	40.9	49.2	49.3	55.4	53.9	53.4	59.2	59.4	58	57

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	81.1	96.1	159	164	149	206	222	224	201	226
Depreciation and amortization	7.16	7.97	8.84	9.38	11	10.7	11.8	11.7	26.8	29.4
Stock-based compensation	2.6	2.83	3.59	4.12	4.6	4.76	4.65	5.16	5.82	7.33
Deferred income tax	8.61	15.5	3.52	4.97	-9.74	6.98	9.07	6.6	1.62	2.22
Cash from operations	104	127	180	177	204	215	284	259	266	284
Acquisitions		54.5	0	-0.02	0	-3.23	-79.3	0	0
Purchases of investments	-281	-479	-370	-677	-613	-931	-451	-32.9	-94.7	-19.7
Sales and maturities of investments	74	70.8	77.9	138	323	279	202	56.2	51.4	65.6
Cash from investing	-449	-635	-576	-1,006	-1,552	-1,477	-463	-344	-252	-774
Debt issued	1,108	1,088	1,516	599	574	45.5	1,818	834	639	854
Debt repaid	-982	-1,024	-1,678	-643	-622	-96.2	-1,333	-1,119	-510	-1,012
Stock issued	2.6	2.4	1.6	0.14	0.12	0.2	0.36	1.11	0.9	0.45
Share buybacks	-1.98	0	0	-19	-55.9	-25.4	0	0	-56.2	-46.9
Dividends paid	-22.2	-31.8	-41.7	-51.3	-56.5	-61.2	-72.7	-80.1	-81.6	-82.9
Cash from financing	371	536	380	868	1,364	1,236	134	75.6	-38.8	487
Net change in cash	25.8	27	-15.7	38	15.7	-25.8	-44.6	-9.95	-25	-3.46
Interest paid	26.8	36.3	67.9	108	69.8	36.5	80	337	430	387
Income taxes paid	12	22.4	23.3	23.6	33.2	31.2	13.8	34.8	7.63	20.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $40.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	10.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	12.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	87.3%	Total liabilities / total assets.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.85B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$4.60	Cash from operations / diluted weighted shares.
Book value per share	$42.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.57	Tangible book value / shares outstanding.
Cash per share	$1.57	(Cash + short-term investments) / shares outstanding.
Payout ratio	42.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.56B	Share price x shares outstanding.
Enterprise value	$2.46B	Market cap + total debt - cash - short-term investments.
P/E	12.9x	Market cap / net income. Only when net income is positive.
P/B	0.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.38x	Market cap / tangible book value, when positive.
P/OCF	9.11x	Market cap / cash from operations, when positive.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.3%	Dividends paid over the period / market cap.
Shareholder yield	5.8%	(Dividends paid + share buybacks) / market cap.
PEG	21.1x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was FIRST MERCHANTS CORP profitable in fiscal 2025?

Yes. Net income was $226.0M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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