First Merchants Corp Financials

FRME

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

5/9

First Merchants Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.32x

For every $1 of reported earnings, First Merchants Corp generates $1.32 in operating cash flow ($266.2M OCF vs $201.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows First Merchants Corp (FRME) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$948.0M

YoY+6.1%

5Y CAGR+15.3%

10Y CAGR+16.3%

First Merchants Corp generated $948.0M in revenue in fiscal year 2024. This represents an increase of 6.1% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$201.4M

YoY-10.0%

5Y CAGR+4.1%

10Y CAGR+12.8%

First Merchants Corp reported $201.4M in net income in fiscal year 2024. This represents a decrease of 10.0% from the prior year.

EPS (Diluted)

$3.41

YoY-8.6%

5Y CAGR+1.3%

10Y CAGR+7.5%

First Merchants Corp earned $3.41 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 8.6% from the prior year.

Cash & Debt

$87.6M

YoY-22.2%

5Y CAGR-13.1%

10Y CAGR-3.0%

First Merchants Corp held $87.6M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.39

YoY+3.7%

5Y CAGR+6.8%

10Y CAGR+17.0%

First Merchants Corp paid $1.39 per share in dividends in fiscal year 2024. This represents an increase of 3.7% from the prior year.

Shares Outstanding

58M

YoY-2.4%

5Y CAGR+0.9%

10Y CAGR+4.4%

First Merchants Corp had 58M shares outstanding in fiscal year 2024. This represents a decrease of 2.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

21.2%

YoY-3.8pp

5Y CAGR-14.1pp

10Y CAGR-7.6pp

First Merchants Corp's net profit margin was 21.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.8 percentage points from the prior year.

Return on Equity

8.7%

YoY-1.2pp

5Y CAGR-0.5pp

10Y CAGR+0.5pp

First Merchants Corp's ROE was 8.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$56.2M

5Y CAGR+24.2%

10Y CAGR+48.6%

First Merchants Corp spent $56.2M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

FRME Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$948.0M+6.1%	$893.9M+47.7%	$605.0M+35.5%	$446.6M-0.4%	$448.5M-3.6%	$465.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$426.9M+22.5%	$348.5M+310.9%	$84.8M+135.9%	$36.0M-45.8%	$66.4M-39.0%	$108.7M
Income Tax	$30.3M-14.4%	$35.4M+5.5%	$33.6M-4.7%	$35.3M+65.0%	$21.4M-27.1%	$29.3M
Net Income	$201.4M-10.0%	$223.8M+0.8%	$222.1M+8.1%	$205.5M+38.3%	$148.6M-9.6%	$164.5M
EPS (Diluted)	$3.41-8.6%	$3.73-2.1%	$3.810.0%	$3.81+39.1%	$2.74-14.1%	$3.19

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$235.1M+2.3%	$229.7M+3.2%	$222.5M-5.2%	$234.6M-0.7%	$236.4M+0.2%	$235.9M-0.5%	$237.0M+3.4%	$229.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$101.4M+4.9%	$96.7M+4.8%	$92.2M-8.0%	$100.3M-7.0%	$107.8M-0.9%	$108.8M+1.8%	$106.9M+11.7%	$95.8M
Income Tax	$8.5M+2.8%	$8.3M+5.2%	$7.9M-35.8%	$12.3M+201.8%	$4.1M-40.4%	$6.8M+54.2%	$4.4M-50.9%	$9.0M
Net Income	$56.8M-0.1%	$56.8M+2.7%	$55.3M-14.0%	$64.3M+61.2%	$39.9M-16.7%	$47.9M+12.9%	$42.5M-24.6%	$56.4M
EPS (Diluted)	$0.980.0%	$0.98+4.3%	$0.94-13.8%	$1.09+60.3%	$0.68-15.0%	$0.80+14.3%	$0.70-25.5%	$0.94

FRME Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$18.3B-0.5%	$18.4B+2.2%	$18.0B+16.5%	$15.5B+9.9%	$14.1B+12.9%	$12.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$87.6M-22.2%	$112.6M-8.1%	$122.6M-26.7%	$167.1M-13.3%	$192.9M+8.9%	$177.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$712.0M0.0%	$712.0M0.0%	$712.0M+30.6%	$545.4M+0.3%	$543.9M0.0%	$543.9M
Total Liabilities	$16.0B-0.9%	$16.2B+1.2%	$16.0B+17.9%	$13.5B+11.1%	$12.2B+14.3%	$10.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.3B+2.5%	$2.2B+10.5%	$2.0B+6.4%	$1.9B+2.0%	$1.9B+5.0%	$1.8B
Retained Earnings	$1.3B+10.2%	$1.2B+14.0%	$1.0B+17.1%	$864.8M+9.7%	$788.6M+13.2%	$696.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$18.8B+1.2%	$18.6B+0.8%	$18.4B+0.7%	$18.3B0.0%	$18.3B-0.1%	$18.3B-0.5%	$18.4B+2.3%	$18.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$88.1M+8.0%	$81.6M-5.3%	$86.1M-1.7%	$87.6M-16.9%	$105.4M+4.8%	$100.5M-10.8%	$112.6M-10.0%	$125.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M
Total Liabilities	$16.4B+1.0%	$16.2B+0.9%	$16.1B+0.6%	$16.0B-0.5%	$16.1B0.0%	$16.1B-0.4%	$16.2B+1.6%	$15.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.4B+2.7%	$2.3B+0.7%	$2.3B+1.2%	$2.3B+4.2%	$2.2B-0.6%	$2.2B-1.0%	$2.2B+7.4%	$2.1B
Retained Earnings	$1.4B+2.6%	$1.3B+2.7%	$1.3B+2.7%	$1.3B+6.0%	$1.2B+1.6%	$1.2B+2.4%	$1.2B+1.9%	$1.1B

FRME Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$266.2M+2.9%	$258.8M-9.0%	$284.3M+32.0%	$215.3M+5.6%	$203.8M+15.3%	$176.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$252.4M+26.7%	-$344.4M+25.6%	-$462.7M+68.7%	-$1.5B+4.8%	-$1.6B-54.2%	-$1.0B
Financing Cash Flow	-$38.8M-151.3%	$75.6M-43.5%	$133.8M-89.2%	$1.2B-9.4%	$1.4B+57.2%	$867.6M
Dividends Paid	$81.6M+2.0%	$80.1M+10.1%	$72.7M+18.8%	$61.2M+8.3%	$56.5M+10.3%	$51.3M
Share Buybacks	$56.2M	$0	$0-100.0%	$25.4M-54.5%	$55.9M+193.6%	$19.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$87.6M+63.1%	$53.7M-13.0%	$61.7M-8.6%	$67.5M+7.1%	$63.0M+7.1%	$58.8M-10.3%	$65.6M-18.2%	$80.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$143.3M+15.3%	-$169.3M-5.5%	-$160.4M+36.2%	-$251.5M-1513.9%	-$15.6M-118.8%	$82.9M+135.0%	-$237.1M-122.2%	-$106.7M
Financing Cash Flow	$62.3M-43.9%	$111.1M+14.3%	$97.2M-48.0%	$186.9M+539.0%	-$42.6M+72.3%	-$153.9M-196.8%	$159.0M+272.6%	$42.7M
Dividends Paid	$20.8M0.0%	$20.8M+1.5%	$20.5M0.0%	$20.5M+0.1%	$20.5M+1.5%	$20.2M-0.9%	$20.3M+0.1%	$20.3M
Share Buybacks	$6.5M-70.7%	$22.1M+179.5%	$7.9M+27.2%	$6.2M-68.9%	$20.0M-33.3%	$30.0M	$0	$0

FRME Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.2%-3.8pp	25.0%-11.7pp	36.7%-9.3pp	46.0%+12.9pp	33.1%-2.2pp	35.3%
Return on Equity	8.7%-1.2pp	10.0%-1.0pp	10.9%+0.2pp	10.8%+2.8pp	7.9%-1.3pp	9.2%
Return on Assets	1.1%-0.1pp	1.2%0.0pp	1.2%-0.1pp	1.3%+0.3pp	1.1%-0.3pp	1.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.94-0.2	7.19-0.7	7.85+0.8	7.08+0.6	6.50+0.5	5.97
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	24.1%-0.6pp	24.7%-0.1pp	24.9%-2.5pp	27.4%+10.5pp	16.9%-3.4pp	20.3%+2.4pp	17.9%-6.7pp	24.6%
Return on Equity	2.4%-0.1pp	2.4%+0.1pp	2.4%-0.4pp	2.8%+1.0pp	1.8%-0.3pp	2.1%+0.3pp	1.9%-0.8pp	2.7%
Return on Assets	0.3%0.0pp	0.3%0.0pp	0.3%-0.1pp	0.4%+0.1pp	0.2%-0.0pp	0.3%+0.0pp	0.2%-0.1pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.80-0.1	6.92+0.0	6.91-0.0	6.94-0.3	7.27+0.0	7.23+0.0	7.19-0.4	7.60
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is First Merchants Corp's annual revenue?

First Merchants Corp (FRME) reported $948.0M in total revenue for fiscal year 2024. This represents a 6.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is First Merchants Corp's revenue growing?

First Merchants Corp (FRME) revenue grew by 6.1% year-over-year, from $893.9M to $948.0M in fiscal year 2024.

Is First Merchants Corp profitable?

Yes, First Merchants Corp (FRME) reported a net income of $201.4M in fiscal year 2024, with a net profit margin of 21.2%.

What is First Merchants Corp's earnings per share (EPS)?

First Merchants Corp (FRME) reported diluted earnings per share of $3.41 for fiscal year 2024. This represents a -8.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is First Merchants Corp's net profit margin?

First Merchants Corp (FRME) had a net profit margin of 21.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does First Merchants Corp pay dividends?

Yes, First Merchants Corp (FRME) paid $1.39 per share in dividends during fiscal year 2024.

What is First Merchants Corp's return on equity (ROE)?

First Merchants Corp (FRME) has a return on equity of 8.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is First Merchants Corp's operating cash flow?

First Merchants Corp (FRME) generated $266.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are First Merchants Corp's total assets?

First Merchants Corp (FRME) had $18.3B in total assets as of fiscal year 2024, including both current and long-term assets.

Does First Merchants Corp buy back shares?

Yes, First Merchants Corp (FRME) spent $56.2M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does First Merchants Corp have outstanding?

First Merchants Corp (FRME) had 58M shares outstanding as of fiscal year 2024.

What is First Merchants Corp's debt-to-equity ratio?

First Merchants Corp (FRME) had a debt-to-equity ratio of 6.94 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is First Merchants Corp's return on assets (ROA)?

First Merchants Corp (FRME) had a return on assets of 1.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is First Merchants Corp's Piotroski F-Score?

First Merchants Corp (FRME) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are First Merchants Corp's earnings high quality?

First Merchants Corp (FRME) has an earnings quality ratio of 1.32x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.