First Merchants Corp Financials
First Merchants Corp (FRME) reported $924.8M in revenue for fiscal year 2025, down 2.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
A highly leveraged balance sheet is producing steady profits, but the main swing factor is funding-cost pressure, not volume growth.
From FY2024 to FY2025, revenue slipped-2.4% while net income rose12.2% . With interest expense falling to$388.8M from$426.9M and overhead staying roughly flat, the profit rebound looks driven by cheaper funding and steadier cost absorption rather than by a larger balance sheet.
The bank still runs on a leveraged balance-sheet model: debt-to-equity improved to 6.7x from 7.8x over the last three reported years. Because return on assets stayed near
Cash conversion has been healthier than reported profit alone suggests, with FY2025 operating cash flow of
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of First Merchants Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
First Merchants Corp passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
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
Earnings & Revenue
First Merchants Corp generated $924.8M in revenue in fiscal year 2025. This represents a decrease of 2.4% from the prior year.
First Merchants Corp reported $226.0M in net income in fiscal year 2025. This represents an increase of 12.2% from the prior year.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
First Merchants Corp held $84.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
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.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
FRME Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $950.8M | $924.8M-2.4% | $948.0M+6.1% | $893.9M+47.7% | $605.0M+35.5% | $446.6M-0.4% | $448.5M-3.6% | $465.4M+14.1% | $407.9M+29.5% | $314.9M+24.3% | $253.3M+14.5% | $221.2M+5.9% | $208.9M+22.3% | $170.8M-2.9% | $175.9M-2.9% | $181.2M |
| SG&A Expenses | $239.5M | $225.1M+1.8% | $221.2M-3.3% | $228.7M+10.6% | $206.9M+23.9% | $167.0M+7.1% | $155.9M+8.3% | $144.0M+9.4% | $131.7M+9.9% | $119.8M+16.8% | $102.6M+0.6% | $101.9M+5.6% | $96.5M+13.0% | $85.4M+7.6% | $79.4M+6.2% | $74.7M |
| Interest Expense | $393.8M | $388.8M-8.9% | $426.9M+22.5% | $348.5M+310.9% | $84.8M+135.9% | $36.0M-45.8% | $66.4M-39.0% | $108.7M+57.4% | $69.1M+83.7% | $37.6M+40.1% | $26.8M+8.2% | $24.8M+13.5% | $21.8M+31.8% | $16.6M-29.8% | $23.6M-37.7% | $37.9M |
| Income Tax | $24.2M | $33.1M+9.2% | $30.3M-14.4% | $35.4M+5.5% | $33.6M-4.7% | $35.3M+65.0% | $21.4M-27.1% | $29.3M+1.1% | $29.0M-22.7% | $37.5M+35.9% | $27.6M+7.6% | $25.7M+16.0% | $22.1M+39.3% | $15.9M+0.1% | $15.9M+83.3% | $8.7M |
| Net Income | $198.8M | $226.0M+12.2% | $201.4M-10.0% | $223.8M+0.8% | $222.1M+8.1% | $205.5M+38.3% | $148.6M-9.6% | $164.5M+3.3% | $159.1M+65.6% | $96.1M+18.5% | $81.1M+24.0% | $65.4M+8.7% | $60.2M+35.1% | $44.5M-1.3% | $45.1M+78.7% | $25.3M |
| EPS (Diluted) | — | $3.88+13.8% | $3.41-8.6% | $3.73-2.1% | $3.810.0% | $3.81+39.1% | $2.74-14.1% | $3.19-0.9% | $3.22+51.9% | $2.12+7.1% | $1.98+15.1% | $1.72+4.2% | $1.65+17.0% | $1.410.0% | $1.41 | $0.34 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FRME Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $19.0B+3.9% | $18.3B-0.5% | $18.4B+2.2% | $18.0B+16.5% | $15.5B+9.9% | $14.1B+12.9% | $12.5B+26.0% | $9.9B+5.5% | $9.4B+29.9% | $7.2B+6.7% | $6.8B+16.1% | $5.8B+7.1% | $5.4B+26.3% | $4.3B+3.2% | $4.2B |
| Cash & Equivalents | $84.2M-3.9% | $87.6M-22.2% | $112.6M-8.1% | $122.6M-26.7% | $167.1M-13.3% | $192.9M+8.9% | $177.2M+27.3% | $139.2M-10.1% | $154.9M+21.1% | $127.9M+25.2% | $102.2M-13.9% | $118.6M+8.4% | $109.4M+7.9% | $101.5M+38.4% | $73.3M |
| Goodwill | $712.0M0.0% | $712.0M0.0% | $712.0M0.0% | $712.0M+30.6% | $545.4M+0.3% | $543.9M0.0% | $543.9M+22.1% | $445.4M0.0% | $445.4M+82.5% | $244.0M+0.4% | $243.1M+19.9% | $202.7M+7.3% | $188.9M+33.7% | $141.4M0.0% | $141.4M |
| Total Liabilities | $16.6B+3.4% | $16.0B-0.9% | $16.2B+1.2% | $16.0B+17.9% | $13.5B+11.1% | $12.2B+14.3% | $10.7B+25.9% | $8.5B+5.1% | $8.1B+27.8% | $6.3B+6.8% | $5.9B+16.0% | $5.1B+6.1% | $4.8B+28.0% | $3.8B+2.6% | $3.7B |
| Total Equity | $2.5B+7.0% | $2.3B+2.5% | $2.2B+10.5% | $2.0B+6.4% | $1.9B+2.0% | $1.9B+5.0% | $1.8B+26.9% | $1.4B+8.0% | $1.3B+44.6% | $901.7M+6.0% | $850.5M+17.0% | $726.8M+14.5% | $634.9M+15.0% | $552.2M+7.3% | $514.5M |
| Retained Earnings | $1.4B+11.1% | $1.3B+10.2% | $1.2B+14.0% | $1.0B+17.1% | $864.8M+9.7% | $788.6M+13.2% | $696.5M+19.4% | $583.3M+25.4% | $465.2M+16.0% | $401.0M+17.2% | $342.1M+17.0% | $292.4M+20.4% | $242.9M+17.7% | $206.4M+22.3% | $168.7M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.
FRME Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $280.5M | $283.6M+6.5% | $266.2M+2.9% | $258.8M-9.0% | $284.3M+32.0% | $215.3M+5.6% | $203.8M+15.3% | $176.7M-1.9% | $180.2M+42.5% | $126.5M+22.0% | $103.7M+83.1% | $56.7M-25.3% | $75.8M-58.6% | $183.1M+160.6% | $70.3M-17.8% | $85.5M |
| Investing Cash Flow | -$245.3M | -$773.8M-206.6% | -$252.4M+26.7% | -$344.4M+25.6% | -$462.7M+68.7% | -$1.5B+4.8% | -$1.6B-54.2% | -$1.0B-74.9% | -$575.6M+9.4% | -$635.3M-41.6% | -$448.7M-31.8% | -$340.4M-170.2% | -$126.0M+8.8% | -$138.2M-1262.4% | $11.9M+142.2% | -$28.2M |
| Financing Cash Flow | -$23.2M | $486.7M+1353.8% | -$38.8M-151.3% | $75.6M-43.5% | $133.8M-89.2% | $1.2B-9.4% | $1.4B+57.2% | $867.6M+128.5% | $379.7M-29.1% | $535.8M+44.5% | $370.7M+38.7% | $267.3M+350.5% | $59.3M+260.4% | -$37.0M+31.5% | -$54.0M-27.6% | -$42.3M |
| Dividends Paid | $85.2M | $82.9M+1.6% | $81.6M+2.0% | $80.1M+10.1% | $72.7M+18.8% | $61.2M+8.3% | $56.5M+10.3% | $51.3M+23.1% | $41.7M+30.9% | $31.8M+43.3% | $22.2M+41.8% | $15.7M+46.4% | $10.7M+90.6% | $5.6M+93.3% | $2.9M+172.1% | $1.1M |
| Share Buybacks | $63.9M | $46.9M-16.5% | $56.2M | $0 | $0-100.0% | $25.4M-54.5% | $55.9M+193.6% | $19.0M | $0 | $0-100.0% | $2.0M+20.7% | $1.6M+53.7% | $1.1M+117.3% | $491K+108.9% | $235K+86.5% | $126K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FRME Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 24.4%+3.2pp | 21.2%-3.8pp | 25.0%-11.7pp | 36.7%-9.3pp | 46.0%+12.9pp | 33.1%-2.2pp | 35.3%-3.7pp | 39.0%+8.5pp | 30.5%-1.5pp | 32.0%+2.4pp | 29.6%+0.8pp | 28.8%+2.7pp | 26.1%+0.4pp | 25.6%+11.7pp | 13.9% |
| 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%-1.3pp | 9.2%-2.1pp | 11.3%+3.9pp | 7.4%-1.6pp | 9.0%+1.3pp | 7.7%-0.6pp | 8.3%+1.3pp | 7.0%-1.2pp | 8.2%+3.3pp | 4.9% |
| 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%-0.3pp | 1.3%-0.3pp | 1.6%+0.6pp | 1.0%-0.1pp | 1.1%+0.1pp | 1.0%-0.1pp | 1.0%+0.2pp | 0.8%-0.2pp | 1.1%+0.4pp | 0.6% |
| Debt-to-Equity | 6.71-0.2x | 6.94-0.2x | 7.19-0.7x | 7.85+0.8x | 7.08+0.6x | 6.50+0.5x | 5.970.0x | 6.02-0.2x | 6.19-0.8x | 7.000.0x | 6.95-0.1x | 7.01-0.6x | 7.56+0.8x | 6.80-0.3x | 7.11 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
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Where First Merchants Corp Ranks
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.
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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.
How financially healthy is First Merchants Corp?
First Merchants Corp (FRME) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.