FRME

MKT CAP:$3B

First Merchants Corporation

Market Cap

$3B

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$39.79+$2.29 (+6.11%)

Apr 23, 2026

Company Details

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and re...

CEO

Mark K. Hardwick

IPO Date

Jun 20, 1989

Website

www.firstmerchants.com

Key Metrics TTM

Revenue

$1.0B

+0.3% YoY

Net Income

$199M

EPS (Diluted)

$3.41

Free Cash Flow

$284M

Revenue / Share

$17.16

Gross Margin

46.3%

Operating Margin

21.3%

Net Margin

19.0%

FCF Margin

27.1%

P/S

2.4x

P/E

12.6x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$249M-1.6%EPS $0.46

FY 2025

Feb 25, 2026

$1.1B-0.3%EPS $3.88

Q4 2025

Feb 25, 2026

$270M+4.8%EPS $0.99

Q3 2025

Oct 30, 2025

$268M+0.6%EPS $0.98

Q2 2025

Jul 31, 2025

$261M-2.5%EPS $0.98

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$169M	$140M	$43M
Q3 22	$193M	$170M	$74M
Q4 22	$215M	$173M	$83M
Q1 23	$231M	$169M	$75M
Q2 23	$248M	$164M	$72M
Q3 23	$257M	$159M	$65M
Q4 23	$263M	$155M	$47M
Q1 24	$263M	$152M	$55M
Q2 24	$268M	$135M	$44M
Q3 24	$266M	$151M	$56M
Q4 24	$257M	$153M	$77M
Q1 25	$253M	$156M	$63M
Q2 25	$261M	$159M	$65M
Q3 25	$268M	$162M	$65M
Q4 25	$270M	$164M	$65M
Q1 26	$249M	$0	$27M

Valuation

Quarter	P/S	P/E
Q2 22	3.7x	11.4x
Q3 22	3.7x	11.7x
Q4 22	3.5x	11.1x
Q1 23	2.4x	8.2x
Q2 23	1.9x	6.6x
Q3 23	1.7x	6.5x
Q4 23	2.1x	9.5x
Q1 24	2.0x	9.7x
Q2 24	1.8x	10.4x
Q3 24	2.1x	12.2x
Q4 24	2.2x	11.5x
Q1 25	2.3x	11.3x
Q2 25	2.1x	9.8x
Q3 25	2.1x	9.2x
Q4 25	2.1x	9.7x
Q1 26	2.1x	11.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$50M	$50M
Q2 22	$45M	$45M
Q3 22	$50M	$50M
Q4 22	$123M	$123M
Q1 23	$88M	$88M
Q2 23	$25M	$25M
Q3 23	$80M	$80M
Q4 23	$86M	$86M
Q1 24	$59M	$59M
Q2 24	$63M	$63M
Q3 24	$77M	$77M
Q4 24	$68M	$68M
Q1 25	$62M	$62M
Q2 25	$54M	$54M
Q3 25	$88M	$88M
Q4 25	$81M	$81M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+17.5%	+61.6%
Q3 22	+35.8%	+48.9%
Q4 22	+58.4%	+62.3%
Q1 23	+70.9%	+96.0%
Q2 23	+46.2%	+39.2%
Q3 23	+33.2%	+60.5%
Q4 23	+22.5%	+64.4%
Q1 24	+13.5%	+33.2%
Q2 24	+8.1%	+27.0%
Q3 24	+3.5%	+9.4%
Q4 24	-2.3%	-16.5%
Q1 25	-3.8%	-8.9%
Q2 25	-2.5%	-12.4%
Q3 25	+0.6%	-3.5%
Q4 25	+4.8%	+13.0%
Q1 26	-1.6%	+17.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	0.8%
Q2 22	$1M	0.7%
Q3 22	$1M	0.6%
Q4 22	$1M	0.6%
Q1 23	$1M	0.5%
Q2 23	$1M	0.5%
Q3 23	$1M	0.5%
Q4 23	$1M	0.5%
Q1 24	$1M	0.5%
Q2 24	$1M	0.5%
Q3 24	$1M	0.5%
Q4 24	$2M	0.6%
Q1 25	$2M	0.6%
Q2 25	$2M	0.6%
Q3 25	$2M	0.7%
Q4 25	$2M	0.9%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$59M	$1M
Q3 22	$59M	$2M
Q4 22	$55M	$3M
Q1 23	$59M	$1M
Q2 23	$57M	$1M
Q3 23	$59M	$2M
Q4 23	$69M	$3M
Q1 24	$63M	$1M
Q2 24	$55M	$2M
Q3 24	$59M	$2M
Q4 24	$59M	$3M
Q1 25	$59M	$1M
Q2 25	$58M	$2M
Q3 25	$61M	$2M
Q4 25	$73M	—
Q1 26	—	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$349M	$2.3B	$2.6B
Q3 22	$299M	$2.0B	$2.3B
Q4 22	$249M	$2.0B	$2.2B
Q1 23	$479M	$1.8B	$2.3B
Q2 23	$328M	$1.7B	$2.0B
Q3 23	$474M	$1.5B	$2.0B
Q4 23	$549M	$1.6B	$2.2B
Q1 24	$511M	$1.6B	$2.1B
Q2 24	$274M	$1.6B	$1.9B
Q3 24	$444M	$1.6B	$2.0B
Q4 24	$387M	$1.4B	$1.8B
Q1 25	$418M	$1.1B	$1.5B
Q2 25	$305M	$434M	$739M
Q3 25	$257M	$430M	$687M
Q4 25	$84M	$1.4B	$1.5B
Q1 26	$98M	$1.4B	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	60M	+12.3%	+11.1%
Q3 22	59M	-1.4%	+10.0%
Q4 22	59M	+0.1%	+10.7%
Q1 23	59M	+0.1%	+10.9%
Q2 23	59M	+0.0%	-1.2%
Q3 23	60M	+0.1%	+0.3%
Q4 23	60M	+0.1%	+0.3%
Q1 24	59M	-0.5%	-0.3%
Q2 24	58M	-1.6%	-1.9%
Q3 24	58M	-0.1%	-2.0%
Q4 24	58M	-0.1%	-2.2%
Q1 25	58M	-0.0%	-1.7%
Q2 25	58M	-0.8%	-1.0%
Q3 25	57M	-0.6%	-1.4%
Q4 25	57M	-0.0%	-1.4%
Q1 26	61M	+6.2%	+4.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$93.0K	2K
Q3 22	$106.0K	2K
Q4 22	$101.3K	2K
Q1 23	$108.9K	2K
Q2 23	$116.6K	2K
Q3 23	$121.0K	2K
Q4 23	$121.8K	2K
Q1 24	$121.4K	2K
Q2 24	$123.8K	2K
Q3 24	$123.0K	2K
Q4 24	$121.4K	2K
Q1 25	$119.1K	2K
Q2 25	$123.1K	2K
Q3 25	$126.2K	2K
Q4 25	$129.3K	2K
Q1 26	$119.2K	2K

Revenue / Employee