FRME FY 2025 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

FY 2025 Earnings

Reported February 25, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$1.1B	—	$1.1B	—	-0.3%
Op. Income	$259M	—	$232M	—	11.8%
Gross Margin	61.0%	—	56.1%	—	4.9pp
Net Margin	21.5%	—	19.1%	—	2.4pp
EPS (Diluted)	$3.88	—	$3.41	—	13.8%
Free Cash Flow	$284M	—	$266M	—	6.5%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$410M
GROSS PROFIT	$640M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$282M
SG&A Expenses	$282M
Other Expenses	$99M
Operating Expenses	$381M
Cost & Expenses	$791M
OPERATING INCOME	$259M
Interest Income	$925M
Interest Expense	$389M
Other Income/Expenses	$0
INCOME BEFORE TAX	$259M
Income Tax Expense	$33M
Net Income from Continuing Ops	$226M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$226M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$224M
D&A	$29M
EBIT	$259M
EBITDA	$289M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$410M
GROSS PROFIT	$640M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$282M
SG&A Expenses	$282M
Other Expenses	$99M
Operating Expenses	$381M
Cost & Expenses	$791M
OPERATING INCOME	$259M
Interest Income	$925M
Interest Expense	$389M
Other Income/Expenses	$0
INCOME BEFORE TAX	$259M
Income Tax Expense	$33M
Net Income from Continuing Ops	$226M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$226M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$224M
D&A	$29M
EBIT	$259M
EBITDA	$289M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$226M
Depreciation & Amortization	$29M
Stock-Based Compensation	$7M
Deferred Income Tax	$2M
Other Non-Cash Items	$25M
Change in Working Capital	-$6M
OPERATING CASH FLOW	$284M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$68M
Sales/Maturities of Investments	$165M
Other Investing Activities	-$871M
NET CASH FROM INVESTING	-$774M
Net Debt Issuance	-$158M
Common Stock Repurchased	-$47M
Common Dividends Paid	-$83M
Other Financing Activities	$773M
NET CASH FROM FINANCING	$487M
FREE CASH FLOW	$284M
Net Change in Cash	-$3M

Balance Sheet

Item	Amount
Cash & Equivalents	$84M
Short-Term Investments	$1.4B
Net Receivables	$93M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$121M
Goodwill	$712M
Intangible Assets	$14M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$79M
TOTAL NON-CURRENT ASSETS	$926M
TOTAL ASSETS	$19.0B
Account Payables	$0
Short-Term Debt	$144M
Deferred Revenue	$0
Other Current Liabilities	$7.8B
TOTAL CURRENT LIABILITIES	$7.9B
Long-Term Debt	$856M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$7.8B
TOTAL NON-CURRENT LIABILITIES	$8.6B
TOTAL LIABILITIES	$16.6B
Common Stock	$7M
Additional Paid-In Capital	$1.2B
Retained Earnings	$1.4B
Treasury Stock	$0
Accum. Other Comp. Income	-$130M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.5B
Minority Interest	$0
TOTAL EQUITY	$2.5B
TOTAL LIABILITIES & EQUITY	$19.0B
Total Debt	$1000M
Net Debt	$916M