Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | $33.1M | $54.7M | $62.9M | $77.3M | $181M | $227M | $220M | $279M | $320M | $219M |
| EPS (diluted) | $1.47 | $2.28 | $2.07 | $1.58 | $3.85 | $4.76 | $4.47 | $5.64 | $6.30 | $3.78 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$150M | -$176M | $204M | -$1.26B | -$875M | -$49.2M | $976M | -$356M | -$835M | -$341M |
| Capital expenditures | $1.20M | $788K | $9.20M | $14.0M | $3.62M | $3.65M | $6.76M | $7.53M | $18.4M | $20.9M |
| Free cash flow | -$151M | -$177M | $195M | -$1.27B | -$879M | -$52.9M | $969M | -$364M | -$854M | -$362M |
| Share buybacks | — | — | — | — | — | — | $3.94M | — | — | — |
| Dividends paid | $6.22M | $7.95M | $10.2M | $17.3M | $23.7M | $31.2M | $38.1M | $48.5M | $51.2M | $59.4M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $446M | $360M | $337M | $507M | $180M | $1.03B | $226M | $584M | $477M | $212M |
| Total assets | $2.72B | $3.39B | $3.88B | $6.37B | $9.65B | $11.3B | $12.6B | $17.0B | $18.8B | $19.4B |
| Total liabilities | $2.51B | $3.03B | $3.46B | $5.72B | $8.83B | $10.1B | $11.2B | $15.3B | $16.6B | $17.2B |
| Long-term debt | $57.0M | $56.6M | $195M | $181M | — | — | — | — | — | — |
| Shareholders' equity | $206M | $367M | $421M | $654M | $811M | $1.16B | $1.46B | $1.70B | $2.24B | $2.28B |
| Retained earnings | $145M | $192M | $245M | $305M | $462M | $657M | $833M | $1.06B | $1.33B | $1.49B |
| Shares (wtd avg diluted) | 21.1M | 22.6M | 28.7M | 43.1M | 43.2M | 43.3M | 43.3M | 43.3M | 45.0M | 45.9M |
Every figure is extracted from Merchants Bancorp’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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