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

First Merchants Corp (FRME) reported diluted earnings per share of $3.88 for fiscal year 2025. This represents a 13.8% 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.

First Merchants Corp Financials

FRME

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows First Merchants Corp (FRME) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Piotroski F-Score Neutral

5/9

First Merchants Corp passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.26x

For every $1 of reported earnings, First Merchants Corp generates $1.26 in operating cash flow ($283.6M OCF vs $226.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$924.8M

YoY-2.4%

5Y CAGR+15.6%

10Y CAGR+15.4%

First Merchants Corp generated $924.8M in revenue in fiscal year 2025. This represents a decrease of 2.4% from the prior year.

EBITDA

N/A

Net Income

$226.0M

YoY+12.2%

5Y CAGR+8.7%

10Y CAGR+13.2%

First Merchants Corp reported $226.0M in net income in fiscal year 2025. This represents an increase of 12.2% from the prior year.

EPS (Diluted)

$3.88

YoY+13.8%

5Y CAGR+7.2%

10Y CAGR+8.5%

First Merchants Corp earned $3.88 per diluted share (EPS) in fiscal year 2025. This represents an increase of 13.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$84.2M

YoY-3.9%

5Y CAGR-15.3%

10Y CAGR-1.9%

First Merchants Corp held $84.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.43

YoY+2.9%

5Y CAGR+6.6%

10Y CAGR+13.3%

First Merchants Corp paid $1.43 per share in dividends in fiscal year 2025. This represents an increase of 2.9% from the prior year.

Shares Outstanding

57M

YoY-1.8%

5Y CAGR+1.1%

10Y CAGR+3.4%

First Merchants Corp had 57M shares outstanding in fiscal year 2025. This represents a decrease of 1.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

24.4%

YoY+3.2pp

5Y CAGR-8.7pp

10Y CAGR-5.1pp

First Merchants Corp's net profit margin was 24.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.

Return on Equity

9.2%

YoY+0.4pp

5Y CAGR+1.2pp

10Y CAGR+1.5pp

First Merchants Corp's ROE was 9.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$46.9M

YoY-16.5%

5Y CAGR-3.5%

10Y CAGR+39.8%

First Merchants Corp spent $46.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 16.5% from the prior year.

Capital Expenditures

N/A

FRME Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$924.8M-2.4%	$948.0M+6.1%	$893.9M+47.7%	$605.0M+35.5%	$446.6M-0.4%	$448.5M
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	$388.8M-8.9%	$426.9M+22.5%	$348.5M+310.9%	$84.8M+135.9%	$36.0M-45.8%	$66.4M
Income Tax	$33.1M+9.2%	$30.3M-14.4%	$35.4M+5.5%	$33.6M-4.7%	$35.3M+65.0%	$21.4M
Net Income	$226.0M+12.2%	$201.4M-10.0%	$223.8M+0.8%	$222.1M+8.1%	$205.5M+38.3%	$148.6M
EPS (Diluted)	$3.88+13.8%	$3.41-8.6%	$3.73-2.1%	$3.810.0%	$3.81+39.1%	$2.74

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$237.4M+1.0%	$235.1M+2.3%	$229.7M+3.2%	$222.5M-5.2%	$234.6M-2.7%	$241.1M+2.0%	$236.4M+0.2%	$235.9M
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	$98.4M-3.0%	$101.4M+4.9%	$96.7M+4.8%	$92.2M-8.0%	$100.3M-8.8%	$110.0M+2.0%	$107.8M-0.9%	$108.8M
Income Tax	$8.4M-1.0%	$8.5M+2.8%	$8.3M+5.2%	$7.9M-35.8%	$12.3M+71.4%	$7.2M+76.1%	$4.1M-40.4%	$6.8M
Net Income	$57.1M+0.5%	$56.8M-0.1%	$56.8M+2.7%	$55.3M-14.0%	$64.3M+30.8%	$49.2M+23.2%	$39.9M-16.7%	$47.9M
EPS (Diluted)	N/A	$0.980.0%	$0.98+4.3%	$0.94	N/A	$0.84+23.5%	$0.68-15.0%	$0.80

FRME Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$19.0B+3.9%	$18.3B-0.5%	$18.4B+2.2%	$18.0B+16.5%	$15.5B+9.9%	$14.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$84.2M-3.9%	$87.6M-22.2%	$112.6M-8.1%	$122.6M-26.7%	$167.1M-13.3%	$192.9M
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%	$712.0M0.0%	$712.0M+30.6%	$545.4M+0.3%	$543.9M
Total Liabilities	$16.6B+3.4%	$16.0B-0.9%	$16.2B+1.2%	$16.0B+17.9%	$13.5B+11.1%	$12.2B
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	$2.5B+7.0%	$2.3B+2.5%	$2.2B+10.5%	$2.0B+6.4%	$1.9B+2.0%	$1.9B
Retained Earnings	$1.4B+11.1%	$1.3B+10.2%	$1.2B+14.0%	$1.0B+17.1%	$864.8M+9.7%	$788.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$19.0B+1.1%	$18.8B+1.2%	$18.6B+0.8%	$18.4B+0.7%	$18.3B-0.2%	$18.3B+0.2%	$18.3B-0.1%	$18.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$84.2M-4.5%	$88.1M+8.0%	$81.6M-5.3%	$86.1M-1.7%	$87.6M+3.4%	$84.7M-19.6%	$105.4M+4.8%	$100.5M
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	$16.6B+1.0%	$16.4B+1.0%	$16.2B+0.9%	$16.1B+0.6%	$16.0B-0.2%	$16.0B-0.3%	$16.1B0.0%	$16.1B
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	$2.5B+2.2%	$2.4B+2.7%	$2.3B+0.7%	$2.3B+1.2%	$2.3B+0.1%	$2.3B+4.1%	$2.2B-0.6%	$2.2B
Retained Earnings	$1.4B+2.6%	$1.4B+2.6%	$1.3B+2.7%	$1.3B+2.7%	$1.3B+3.5%	$1.2B+2.3%	$1.2B+1.6%	$1.2B

FRME Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$283.6M+6.5%	$266.2M+2.9%	$258.8M-9.0%	$284.3M+32.0%	$215.3M+5.6%	$203.8M
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	-$773.8M-206.6%	-$252.4M+26.7%	-$344.4M+25.6%	-$462.7M+68.7%	-$1.5B+4.8%	-$1.6B
Financing Cash Flow	$486.7M+1353.8%	-$38.8M-151.3%	$75.6M-43.5%	$133.8M-89.2%	$1.2B-9.4%	$1.4B
Dividends Paid	$82.9M+1.6%	$81.6M+2.0%	$80.1M+10.1%	$72.7M+18.8%	$61.2M+8.3%	$56.5M
Share Buybacks	$46.9M-16.5%	$56.2M	$0	$0-100.0%	$25.4M-54.5%	$55.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$80.7M-7.8%	$87.6M+63.1%	$53.7M-13.0%	$61.7M-8.6%	$67.5M-12.1%	$76.8M+21.9%	$63.0M+7.1%	$58.8M
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	-$300.8M-109.8%	-$143.3M+15.3%	-$169.3M-5.5%	-$160.4M+36.2%	-$251.5M-268.9%	-$68.2M-337.4%	-$15.6M-118.8%	$82.9M
Financing Cash Flow	$216.1M+247.0%	$62.3M-43.9%	$111.1M+14.3%	$97.2M-48.0%	$186.9M+737.9%	-$29.3M+31.2%	-$42.6M+72.3%	-$153.9M
Dividends Paid	$20.8M+0.1%	$20.8M0.0%	$20.8M+1.5%	$20.5M0.0%	$20.5M-0.2%	$20.5M+0.3%	$20.5M+1.5%	$20.2M
Share Buybacks	$10.4M+60.8%	$6.5M-70.7%	$22.1M+179.5%	$7.9M+27.2%	$6.2M	$0-100.0%	$20.0M-33.3%	$30.0M

FRME Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	24.4%+3.2pp	21.2%-3.8pp	25.0%-11.7pp	36.7%-9.3pp	46.0%+12.9pp	33.1%
Return on Equity	9.2%+0.4pp	8.7%-1.2pp	10.0%-1.0pp	10.9%+0.2pp	10.8%+2.8pp	7.9%
Return on Assets	1.2%+0.1pp	1.1%-0.1pp	1.2%0.0pp	1.2%-0.1pp	1.3%+0.3pp	1.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.71-0.2	6.94-0.2	7.19-0.7	7.85+0.8	7.08+0.6	6.50
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	24.0%-0.1pp	24.1%-0.6pp	24.7%-0.1pp	24.9%-2.5pp	27.4%+7.0pp	20.4%+3.5pp	16.9%-3.4pp	20.3%
Return on Equity	2.3%-0.0pp	2.4%-0.1pp	2.4%+0.1pp	2.4%-0.4pp	2.8%+0.7pp	2.1%+0.3pp	1.8%-0.3pp	2.1%
Return on Assets	0.3%0.0pp	0.3%0.0pp	0.3%0.0pp	0.3%-0.1pp	0.4%+0.1pp	0.3%+0.1pp	0.2%-0.0pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.71-0.1	6.80-0.1	6.92+0.0	6.91-0.0	6.94-0.0	6.97-0.3	7.27+0.0	7.23
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 $924.8M in total revenue for fiscal year 2025. This represents a -2.4% 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 declined by 2.4% year-over-year, from $948.0M to $924.8M in fiscal year 2025.

Is First Merchants Corp profitable?

Yes, First Merchants Corp (FRME) reported a net income of $226.0M in fiscal year 2025, with a net profit margin of 24.4%.

What is First Merchants Corp's net profit margin?

First Merchants Corp (FRME) had a net profit margin of 24.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does First Merchants Corp pay dividends?

Yes, First Merchants Corp (FRME) paid $1.43 per share in dividends during fiscal year 2025.

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

First Merchants Corp (FRME) has a return on equity of 9.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is First Merchants Corp's operating cash flow?

First Merchants Corp (FRME) generated $283.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are First Merchants Corp's total assets?

First Merchants Corp (FRME) had $19.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does First Merchants Corp buy back shares?

Yes, First Merchants Corp (FRME) spent $46.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does First Merchants Corp have outstanding?

First Merchants Corp (FRME) had 57M shares outstanding as of fiscal year 2025.

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

First Merchants Corp (FRME) had a debt-to-equity ratio of 6.71 as of fiscal year 2025, 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 1.2% for fiscal year 2025, 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 1.26x, 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.