Merchants Bancorp
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Cash from operations | -$341.2M | -$835.3M | -$356.4M | $975.8M | -$49.2M |
| Capital expenditure | $20.9M | $18.4M | $7.5M | $6.8M | $3.6M |
| Free cash flow | -$362.2M | -$853.7M | -$363.9M | $969.0M | -$52.9M |
| Share repurchases | — | — | — | $3.9M | — |
| Total assets | $19.4B | $18.8B | $17.0B | $12.6B | $11.3B |
| Total liabilities | $17.2B | $16.6B | $15.3B | $11.2B | $10.1B |
| Total debt | $3.8B | $4.4B | $964.1M | $930.4M | $1.0B |
Shares outstanding 45.9M · Free float 27.7%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.