Sunday 25 October 2026 Export FRME’s income statement to Excel — free account

First Merchants Corporation

First Merchants Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, down 2.04% from fiscal 2024. In the quarter to June 2026, revenue grew 14.2%, EPS fell 28.6%, free cash flow grew 64.0% and total debt rose 56.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.

40.68 0.15 −0.37%

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Market cap: $2.6B
P/E: 13.0×
Fwd P/E: 12.6×
Dividend yield: 3.59%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.73

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	3	—	—	1	1	—	1	—	—

Insider Ownership 1.36%

Capital & Financial Ratios $m

Market Cap 2,560.00

Revenue 1,090.52

Net Income 185.97

Free Cash Flow 314.90

Net Debt 884.31

Current Ratio 0.95

Debt/Equity 0.56

P/E ratio 13.01

Fwd P/E 12.60

P/S ratio 2.33

P/B ratio 0.95

Past 5Y EPS Growth 7.21%

This Y EPS Growth (16.91%)

Next Y EPS Growth 38.14%

Next Y revenue growth (23.35%)

Next 5Y EPS Growth 7.61%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 63.98%

10-year low 10-year high

P/S against its own 10 years 28.88%

10-year low 10-year high

P/B against its own 10 years 26.78%

10-year low 10-year high

Dividends

Payout Ratio 0.47

Annual Dividend Rate 1.46

Annual Dividend Yield 3.59%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.47	0.36 0.37 0.37
2025	1.43	0.35 0.36 0.36 0.36
2024	1.39	0.34 0.35 0.35 0.35
2023	1.34	0.32 0.34 0.34 0.34
2022	1.25	0.29 0.32 0.32 0.32
2021	1.13	0.26 0.29 0.29 0.29
2020	1.04	0.26 0.26 0.26 0.26
2019	1.52	0.22 0.26 0.26 0.26 0.26 0.26
2018	0.84	0.18 0.22 0.22 0.22
2017	0.69	0.15 0.18 0.18 0.18
2016	0.54	0.11 0.14 0.14 0.15

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	549	387	280	616
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	12,946	13,159	13,990	16,085

	2023	2024	2025	Q'26
Payables	14,821	14,522	15,295	16,753
ST’ Debt	—	—	—	—
Other	—	—	—	—
	14,998	14,780	15,457	16,874

Compound Annual Growth %

	10y	5y	3y
Sales	13.71%	13.50%	13.84%
Cash Flow	17.48%	6.83%	(0.08%)
Earnings	13.11%	8.57%	0.52%
Book Value	11.24%	5.63%	6.63%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.04 Actual 1.10

0.69 0.80 0.92 1.04 1.15

Q4 FY25 Beat +0.02

Q1 FY26 Beat +0.07

Q2 FY26 Miss −0.29

Q3 FY26 Beat +0.06

Q4 FY26 — Jan 25

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	0.96	0.98	Beat by 0.02
Q1 FY26	0.96	1.03	Beat by 0.07
Q2 FY26	1.03	0.74	Miss by 0.29
Q3 FY26	1.04	1.10	Beat by 0.06
Q4 FY26	1.03	—	Reports 25 January 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.45	0.70	—	—	—
’25	0.94	0.98	0.98	0.99	3.88
’24	0.80	0.68	0.84	1.10	3.41
’23	1.07	1.02	0.94	0.71	3.73
’22	0.91	0.63	1.08	1.19	3.81
’21	0.91	1.03	0.98	0.89	3.81
’20	0.62	0.62	0.67	0.83	2.74

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	254	298	—	—	—
’25	253	261	268	271	1,052
’24	263	268	266	277	1,074
’23	231	248	257	263	999
’22	135	169	193	215	713
’21	134	144	142	136	556
’20	150	136	132	141	558

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	59	88	—	—	—
’25	62	54	88	81	284
’24	59	63	77	68	266
’23	88	25	80	66	259
’22	50	45	50	140	284
’21	53	42	66	54	215
’20	71	43	30	60	204

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	59	88	—	—	—
’25	62	54	88	81	284
’24	59	63	77	68	266
’23	88	25	80	66	259
’22	50	45	50	140	284
’21	53	42	66	54	215
’20	71	43	30	60	204

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	21.10	35.26	32.49	33.00	21.18	33.98	34.07	24.52	30.55	33.13		+5.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	38.02	45.42	50.44	42.48	42.19	50.65	46.12	43.97	46.13	45.62		+2.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	1,449	1,684	1,702	1,891	1,907	1,821	2,124	2,162	2,120	2,086		+4.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.22	0.23	0.28	0.29	0.29	0.31	0.34	0.46	0.51	0.50		+9.7%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	319	386	484	552	558	556	713	999	1,074	1,052		+14.2%	806	847	890	(5.4%)
	Gross margin, %	91.57	90.25	85.74	80.30	88.11	93.53	88.11	65.13	60.24	63.03		(28.5) pt	Powerpack First Merchants Corporation’s next three years, line by line Analysts expect revenue to shrink 5.4% a year to 2028 — slower than the 14.2% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	109	134	188	194	170	241	256	259	232	259		+10.1%
	EBT margin, %	34.11	34.62	38.84	35.10	30.44	43.31	35.86	25.94	21.58	24.64		(9.5) pt
	Net income	81	96	159	164	149	206	222	224	201	226		+12.1%
	Depreciation	7	8	9	9	11	11	12	12	27	29		+17.0%
Per share, $
Per share, $	Revenue	7.81	8.54	9.83	10.74	10.33	10.34	12.36	16.85	18.41	18.30		+9.9%
	Earnings	1.98	2.13	3.23	3.20	2.75	3.82	3.83	3.74	3.42	3.90		+7.8%
	Cash flow	2.54	2.80	3.66	3.44	3.77	4.00	4.93	4.36	4.57	4.94		+7.6%
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		n/m
	Free cash flow	2.54	2.80	3.66	3.44	3.77	4.00	4.93	4.36	4.57	4.94		+7.6%
	Book value	22.12	28.85	28.59	34.75	34.70	35.56	35.27	37.90	39.53	42.93		+7.6%
	Shares, m	41	45	49	51	54	54	58	59	58	57		+3.9%
Valuation, ×
Valuation, ×	P/E	18.94	19.67	10.61	13.00	13.60	10.97	10.71	9.91	11.66	9.61		12.9
	P/S	4.83	4.91	3.49	3.87	3.62	4.05	3.32	2.20	2.17	2.05		3.4
	P/B	1.70	1.45	1.20	1.20	1.08	1.18	1.18	0.99	1.02	0.88		1.2
	EV/Sales	5.69	5.85	4.06	4.22	3.48	3.71	4.34	2.53	2.66	2.60		3.9
	EV/FCF	17.47	17.84	10.90	13.20	9.54	9.59	10.88	9.76	10.73	9.62		12.0
Cash, $m
Cash, $m	Operating cash flow	104	127	180	177	204	215	284	259	266	284		+11.8%
	Capex	—	—	—	—	—	—	—	—	—	—		—
	Free cash flow	104	127	180	177	204	215	284	259	266	284		+11.8%
Balance, $m
Balance, $m	Working capital	(571)	(547)	(612)	(1,357)	(1,786)	(3,161)	(2,606)	(2,051)	(1,621)	(1,467)		+11.0%
	Total debt	427	554	453	490	508	453	975	871	916	856		+8.0%
	Net debt	275	364	277	194	(77)	(189)	726	323	530	576		+8.6%
	Shareholders’ equity	902	1,303	1,408	1,786	1,876	1,913	2,035	2,248	2,305	2,467		+11.8%
Returns, %
Returns, %	ROA	1.16	1.16	1.65	1.47	1.12	1.39	1.32	1.22	1.09	1.20		0.0 pt
	ROIC	5.77	5.01	6.98	6.11	5.91	8.73	5.79	6.30	5.11	5.32		(0.5) pt
	ROE	9.25	8.71	11.74	10.30	8.12	10.85	11.25	10.49	8.86	9.49		+0.2 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CUBI Customers Bancorp, Inc	$2.7B	10.0×	10.0×	+5.90% (above 0%: growing)	+19.77% (above 0%: growing)	−34.56% (below 0%: shrinking)	60.05%	0.00%	Compare
FBK FB Financial Corporation	$2.7B	11.8×	11.5×	−1.10% (below 0%: shrinking)	+180.40% (above 0%: growing)	+8.46% (above 0%: growing)	66.94%	0.00%	Compare
FBNC First Bancorp	$2.7B	20.1×	13.7×	+8.82% (above 0%: growing)	+31.18% (above 0%: growing)	+49.87% (above 0%: growing)	77.46%	0.00%	Compare
BANR Banner Corporation	$2.6B	11.5×	11.8×	+1.33% (above 0%: growing)	+9.92% (above 0%: growing)	−29.43% (below 0%: shrinking)	77.84%	0.00%	Compare
FRME First Merchants Corporation	$2.6B	13.0×	12.6×	+14.16% (above 0%: growing)	−28.57% (below 0%: shrinking)	+64.02% (above 0%: growing)	65.81%	0.00%
BBAR BBVA Banco Frances S.A.	$2.6B	9.6×	—	+7.57% (above 0%: growing)	+83.33% (above 0%: growing)	−107.66% (below 0%: shrinking)	69.86%	0.00%	Compare
BUSE First Busey Corporation	$2.5B	12.5×	11.9×	−8.06% (below 0%: shrinking)	+30.19% (above 0%: growing)	−15.02% (below 0%: shrinking)	73.20%	0.00%	Compare
BBT Beacon Financial Corporation	$2.5B	16.5×	10.6×	+99.71% (above 0%: growing)	+211.49% (above 0%: growing)	+88.09% (above 0%: growing)	68.58%	0.00%	Compare
SYBT Stock Yards Bancorp, Inc.	$2.4B	15.6×	15.1×	+11.27% (above 0%: growing)	+13.79% (above 0%: growing)	+1.75% (above 0%: growing)	73.89%	0.00%	Compare
Median of peers	$2.6B	12.2×	11.8×	+6.74%	+30.69%	−6.63%	71.53%	0.00%

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