10-Q · May 7, 2026
Merchants Bancorp reported a strong Q1 2026 with diluted EPS of $1.25, exceeding estimates by 9% and showing a 34% increase YoY. Revenue reached $175.2 million, reflecting a modest growth from the prior period,…
Earnings analysis · 10-Q
MBIN earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Merchants Bancorp reported 2Q26 diluted EPS of $1.48, up materially from $1.25 in the prior quarter and $0.60 a year earlier, while total income/revenue of $182.216 million modestly exceeded consensus. The filing…
Read full summary
Merchants Bancorp reported 2Q26 diluted EPS of $1.48, up materially from $1.25 in the prior quarter and $0.60 a year earlier, while total income/revenue of $182.216 million modestly exceeded consensus. The filing excerpt does not provide gross margin, operating margin, free cash flow, balance-sheet detail, segment results, or numeric forward guidance. Risk factors were unchanged from the 2025 Form 10-K, while the company reported effective disclosure controls and zero share repurchases during the quarter.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.48
What stood out
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EPS increased sharply and beat estimates
Diluted EPS was $1.48, up from $1.25 in 1Q26 and $0.60 in 2Q25, representing sequential growth of approximately 18.4% and year-over-year growth of approximately 146.7%. EPS exceeded the $1.22 consensus estimate by $0.26, or 21.3%.
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Income modestly exceeded consensus
Reported total income/revenue was $182.216 million, exceeding the $179.756 million estimate by $2.460 million, or 1.4%. The filing data provided does not disclose comparable gross or operating margins.
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
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Repurchase capacity remains largely unused
The company repurchased zero shares during the three months ended June 30, 2026. The repurchase program had $96.998 million remaining at June 30, 2026, against the original $100.000 million authorization.
What to watch
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Unused share-repurchase authorization
The company repurchased zero shares in each of April, May, and June 2026, leaving $96.998 million available under the program. This indicates that the authorization has not yet provided shareholder-return support during the quarter.
Management's outlook
The filing does not provide numeric revenue or EPS guidance, and no change to prior outlook is disclosed.
Earlier filings 4
10-K · February 27, 2026
Merchants Bancorp (Merchants) is a diversified mortgage banking and community banking franchise with $19.4 billion in assets, $13.0 billion of deposits and $2.3 billion of shareholders’ equity as of December 31, 2025.…
10-Q · May 9, 2025
Merchants Bancorp reported weaker operating results in Q1 2025 with total revenue of $145,889,000 and diluted EPS of $0.93, down versus the prior-year quarter. Offsetting the operating softness, liquidity and cash…
10-K · February 28, 2025
Merchants Bancorp positions itself as a diversified, agency-focused mortgage banking and community banking platform that combines originate-to-sell fixed-rate lending with retained adjustable-rate portfolio loans and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.