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Merchants Bancorp cash flow statement

In fiscal 2025, Merchants Bancorp's operations generated −$341m of cash; it spent $20.9m on capital projects, leaving free cash flow of −$362m. It returned $59.4m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations118−150−176204−1,257−875−49976−356−835−341−752
Depreciation and amortisation000012223335
Capital spending0119144478182113
Free cash flow118−151−177195−1,271−879−53969−364−854−362−765
Dividends paid468101724313849515960
Share buybacks———————4————
Shares issued4—106——————98——

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Merchants Bancorp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Merchants Bancorp.