# Merchants (MBIN) — Earnings

MBIN · NASDAQ · Stock

Canonical page: https://www.lighthorse.io/tickers/mbin/earnings

## Most recent quarter

| Metric | Value |
| --- | --- |
| Fiscal period | Q2 2026 |
| Period end | Jun 30, 2026 |
| EPS actual | $1.48 |
| EPS estimate | $1.22 |
| EPS surprise | +21.31% |
| Revenue surprise | +1.80% |
| Revenue | $182.2M |
| Revenue estimate | $179.0M |
| Reported | Jul 28, 2026 |
| SEC filing | [View filing](https://www.sec.gov:443/Archives/edgar/data/1629019/000110465926092702/mbin-20260630x10q.htm) |

Merchants Bancorp reported Q2 2026 results on July 28, 2026. Earnings per share were $1.48, ahead of the $1.22 estimate by 21.31%. Revenue was $182.2 million against a $179.0 million estimate. Compared with Q2 2025, EPS rose about 147% from $0.60, the lowest quarter in the table, while revenue rose about 2% from $179.2 million.

Annual EPS grew from $4.47 in 2022 to $5.64 in 2023 and $6.31 in 2024, as annual revenue rose from $444.5 million to $670.8 million. The table has no row for Q3 2025, so no full-year figure is given here for 2025. The first half of 2025 was weaker, at $0.93 and $0.60 per share, both below estimates. The first half of 2026 adds up to $2.73 per share, against $1.53 a year earlier. The highs in the table are from Q4 2024, at $1.85 per share and $193.8 million in revenue. Over the 20 quarters shown, Merchants beat the EPS estimate 13 times and matched it once, including beats in each of the last three.

Merchants reported Q3 between October 26 and October 28 in each year shown. That points to late October 2026 for the next report.

## Earnings history

| Fiscal period | Report date | EPS estimate | EPS actual | Surprise | Revenue estimate | Revenue actual |
| --- | --- | --- | --- | --- | --- | --- |
| Q2 2026 | Jul 28, 2026 | $1.22 | $1.48 | 21.31% | $179.0M | $182.2M |
| Q1 2026 | Apr 28, 2026 | $1.16 | $1.25 | 7.76% | $174.3M | $175.2M |
| Q4 2025 | Jan 28, 2026 | $0.94 | $1.28 | 36.17% | $170.8M | $185.3M |
| Q2 2025 | Jul 28, 2025 | $1.12 | $0.60 | -46.43% | $161.1M | $179.2M |
| Q1 2025 | Apr 28, 2025 | $1.25 | $0.93 | -25.80% | $169.0M | $145.9M |
| Q4 2024 | Jan 28, 2025 | $1.27 | $1.85 | 45.29% | $158.8M | $193.8M |
| Q3 2024 | Oct 28, 2024 | $1.42 | $1.17 | -17.80% | $159.7M | $149.6M |
| Q2 2024 | Jul 29, 2024 | $1.57 | $1.49 | -4.79% | $160.6M | $159.5M |
| Q1 2024 | Apr 29, 2024 | $1.38 | $1.80 | 30.43% | $144.2M | $167.9M |
| Q4 2023 | Jan 29, 2024 | $1.44 | $1.58 | 9.72% | $142.7M | $158.8M |
| Q3 2023 | Oct 26, 2023 | $1.32 | $1.68 | 27.27% | $135.6M | $153.5M |
| Q2 2023 | Jul 27, 2023 | $1.23 | $1.31 | 6.50% | $122.9M | $135.5M |
| Q1 2023 | Apr 27, 2023 | $1.13 | $1.07 | -5.31% | $117.7M | $115.0M |
| Q4 2022 | Jan 30, 2023 | $1.07 | $1.12 | 5.16% | $111.4M | $118.4M |
| Q3 2022 | Oct 27, 2022 | $1.22 | $1.22 | 0.00% | $115.2M | $114.6M |
| Q2 2022 | Jul 28, 2022 | $1.03 | $1.11 | 8.29% | $93.3M | $111.2M |
| Q1 2022 | Apr 28, 2022 | $1.01 | $1.02 | 0.99% | $100.4M | $100.3M |
| Q4 2021 | Jan 31, 2022 | $1.06 | $1.14 | 7.55% | $98.7M | $113.0M |
| Q3 2021 | Oct 28, 2021 | $0.98 | $1.22 | 24.49% | $93.1M | $109.2M |
| Q2 2021 | Jul 28, 2021 | $1.07 | $1.05 | -1.26% | $101.3M | $97.3M |

## Frequently Asked Questions

### When did Merchants (MBIN) last report earnings?

Merchants last reported on Jul 28, 2026, covering fiscal Q2 2026.

### Did MBIN beat earnings estimates?

Yes. Merchants reported EPS of $1.48 for Q2 2026 against a $1.22 estimate — a 21.31% beat.

### How much revenue did MBIN report last quarter?

Merchants reported $182.2M in revenue for Q2 2026, against a consensus estimate of $179.0M.

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Earnings figures may be restated, revised or corrected by the issuer. Past results do not indicate future performance.

This page is for informational purposes only. Nothing on it is a recommendation, solicitation or offer to buy or sell any security, nor investment, legal or tax advice. Light Horse Securities Inc does not verify third-party data and is not responsible for its accuracy, completeness or timeliness.

Data provided by [AInvest](https://www.ainvest.com).