MBWM FY 2025 Earnings Report — Mercantile Bank Corporation Revenue & Financial Results | Market Cap Arena

Mercantile Bank CorporationMBWM

FY 2025 Earnings

Reported February 27, 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	$372M	—	$362M	—	2.7%
Op. Income	$102M	—	$98M	—	3.9%
Gross Margin	64.0%	—	61.9%	—	2.1pp
Net Margin	23.9%	—	22.0%	—	1.9pp
EPS (Diluted)	$5.46	—	$4.93	—	10.8%
Free Cash Flow	$11M	—	$93M	—	-87.9%

Revenue Flow

Item	Amount
REVENUE	$372M
Cost of Revenue	$134M
GROSS PROFIT	$238M
R&D Expenses	$0
Selling & Marketing	$95M
General & Administrative	$15M
SG&A Expenses	$110M
Other Expenses	$26M
Operating Expenses	$136M
Cost & Expenses	$270M
OPERATING INCOME	$102M
Interest Income	$330M
Interest Expense	$129M
Other Income/Expenses	$0
INCOME BEFORE TAX	$102M
Income Tax Expense	$13M
Net Income from Continuing Ops	$89M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$89M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$89M
D&A	$4M
EBIT	$102M
EBITDA	$107M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$372M
Cost of Revenue	$134M
GROSS PROFIT	$238M
R&D Expenses	$0
Selling & Marketing	$95M
General & Administrative	$15M
SG&A Expenses	$110M
Other Expenses	$26M
Operating Expenses	$136M
Cost & Expenses	$270M
OPERATING INCOME	$102M
Interest Income	$330M
Interest Expense	$129M
Other Income/Expenses	$0
INCOME BEFORE TAX	$102M
Income Tax Expense	$13M
Net Income from Continuing Ops	$89M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$89M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$89M
D&A	$4M
EBIT	$102M
EBITDA	$107M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$89M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$10M
Change in Working Capital	-$81M
OPERATING CASH FLOW	$18M
Capital Expenditure	-$7M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$106M
NET CASH FROM INVESTING	-$106M
Net Debt Issuance	-$31M
Common Stock Repurchased	$0
Common Dividends Paid	-$24M
Other Financing Activities	$222M
NET CASH FROM FINANCING	$168M
FREE CASH FLOW	$11M
Net Change in Cash	$80M

Balance Sheet

Item	Amount
Cash & Equivalents	$473M
Short-Term Investments	$1.1B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$62M
Goodwill	$73M
Intangible Assets	$20M
Long-Term Investments	$4.8B
Tax Assets	$0
Other Non-Current Assets	$340M
TOTAL NON-CURRENT ASSETS	$5.3B
TOTAL ASSETS	$6.8B
Account Payables	$0
Short-Term Debt	$232M
Deferred Revenue	$0
Other Current Liabilities	$5.3B
TOTAL CURRENT LIABILITIES	$5.5B
Long-Term Debt	$594M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$594M
TOTAL LIABILITIES	$6.1B
Common Stock	$349M
Additional Paid-In Capital	$0
Retained Earnings	$399M
Treasury Stock	$0
Accum. Other Comp. Income	-$24M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$725M
Minority Interest	$0
TOTAL EQUITY	$725M
TOTAL LIABILITIES & EQUITY	$6.8B
Total Debt	$826M
Net Debt	$353M