First Merchants Corporation (FRME) Earnings History
Steady Earner37 years of earnings data (1989–2025) · Positive but moderate multi-year EPS trajectory
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First Merchants Corporation (FRME) Earnings Overview
As of June 29, 2026, First Merchants Corporation (FRME) reported trailing twelve-month net income of $199M, reflecting +13.8% year-over-year growth. The company earned $3.26 per diluted share over the past four quarters, with a net profit margin of 21.5%.
Looking at the long-term picture, FRME's 5-year EPS compound annual growth rate (CAGR) stands at +7.2%, showing solid earnings momentum. The company achieved its highest annual net income of $226M in fiscal 2025, representing a new all-time high.
First Merchants Corporation maintains industry-leading profitability with a gross margin of 61.0%, operating margin of 24.7%, and net margin of 21.5%. This margin structure demonstrates strong pricing power and operational efficiency. View revenue history →
Compared to peers including WTFC ($862M net income, 19.5% margin), IBCP ($70M net income, 21.7% margin), FFIN ($264M net income, 30.7% margin), FRME has outperformed on profitability metrics. Compare FRME vs WTFC →
FRME Earnings vs Peers
Earnings metrics vs comparable public companies
FRME Historical Earnings Data (1989–2025)
37 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $226M | +12.2% | $259M | $3.88 | 21.5% | 24.7% |
| 2024 | $201M | -10.0% | $232M | $3.41 | 19.1% | 22.0% |
| 2023 | $224M | +0.8% | $259M | $3.73 | 22.4% | 25.9% |
| 2022 | $222M | +8.1% | $256M | $3.81 | 31.2% | 35.9% |
| 2021 | $206M | +38.3% | $241M | $3.81 | 37.0% | 43.3% |
| 2020 | $149M | -9.6% | $170M | $2.74 | 26.6% | 30.4% |
| 2019 | $164M | +3.3% | $194M | $3.19 | 29.8% | 35.1% |
| 2018 | $159M | +65.6% | $188M | $3.22 | 32.9% | 38.8% |
| 2017 | $96M | +18.5% | $134M | $2.12 | 24.9% | 34.6% |
| 2016 | $81M | +24.0% | $109M | $1.98 | 25.4% | 34.1% |
| 2015 | $65M | +8.7% | $91M | $1.72 | 23.2% | 32.3% |
| 2014 | $60M | +35.1% | $82M | $1.65 | 22.2% | 30.4% |
| 2013 | $45M | -1.3% | $60M | $1.41 | 19.6% | 26.6% |
| 2012 | $45M | +78.7% | $61M | $1.41 | 18.8% | 25.4% |
| 2011 | $25M | +265.5% | $34M | $0.34 | 11.0% | 14.7% |
| 2010 | $7M | +116.9% | $3M | $0.48 | 2.8% | 1.3% |
| 2009 | -$41M | -297.5% | -$69M | $-2.17 | -14.1% | -24.0% |
| 2008 | $21M | -34.8% | $29M | $1.14 | 8.0% | 11.1% |
| 2007 | $32M | +4.8% | $43M | $1.73 | 11.7% | 15.8% |
| 2006 | $30M | -0.1% | $42M | $1.64 | 12.4% | 17.4% |
| 2005 | $30M | +2.8% | $44M | $1.63 | 14.3% | 20.5% |
| 2004 | $29M | +6.7% | $43M | $1.58 | 15.4% | 22.2% |
| 2003 | $28M | -1.0% | $38M | $1.50 | 14.4% | 20.0% |
| 2002 | $28M | +25.3% | $42M | $1.69 | 16.0% | 24.1% |
| 2001 | $22M | +11.4% | $34M | $1.61 | 16.0% | 24.6% |
| 2000 | $20M | +4.4% | $30M | $1.51 | 15.0% | 22.5% |
| 1999 | $19M | +6.7% | $29M | $1.36 | 16.6% | 25.4% |
| 1998 | $18M | +8.5% | $28M | $1.28 | 16.7% | 25.7% |
| 1997 | $17M | +26.0% | $25M | $1.19 | 16.8% | 25.6% |
| 1996 | $13M | +32.3% | $20M | $1.15 | 16.8% | 25.8% |
| 1995 | $10M | +7.6% | $15M | $1.12 | 17.4% | 26.9% |
| 1994 | $9M | +5.7% | $14M | $1.04 | 18.6% | 28.5% |
| 1993 | $9M | +11.5% | $13M | $0.98 | 17.9% | 26.5% |
| 1992 | $8M | +14.7% | $12M | $0.88 | 15.1% | 22.9% |
| 1991 | $7M | +13.3% | $10M | $0.80 | 12.6% | 18.6% |
| 1990 | $6M | +5.3% | $9M | $0.72 | 11.5% | 17.3% |
| 1989 | $6M | - | $8M | $0.68 | 11.3% | 15.7% |
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FRME — Frequently Asked Questions
Quick answers to the most common questions about buying FRME stock.
What is FRME earnings per share (EPS)?
FRME trailing twelve-month (TTM) diluted EPS is $3.26, reflecting +13.8% year-over-year growth. The 5-year EPS CAGR is +7.2%. Complete EPS history from 1989 to 2025 is available in the table on this page.
What is First Merchants Corporation's net income?
First Merchants Corporation (FRME) trailing twelve-month net income is $199M as of 2025. Earnings grew +13.8% year-over-year. First Merchants Corporation has been profitable for 16 consecutive years.
Is FRME profitable?
Yes, FRME is profitable with a TTM net income of $199M and a net profit margin of +21.5%. First Merchants Corporation has generated profits for 16 consecutive years.
What is FRME's earnings growth rate?
FRME compound annual EPS growth rates (CAGR): 1-Year: +13.8%, 3-Year: +0.6%, 5-Year: +7.2%, 10-Year: +8.5%. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 1989 to 2025.
What are FRME's profit margins?
First Merchants Corporation net profit margin is +21.5%, operating margin is +24.7%, and gross margin is +61.0%. Above-average net margins reflect strong pricing power and competitive moat. Return on Equity is +9.5%.
Is FRME growing earnings?
FRME is growing earnings steadily. YoY EPS growth of +13.8% is consistent with the 5-year CAGR of +7.2%. TTM net income is $199M.
What was FRME's best earnings year?
First Merchants Corporation's highest annual net income on record is $226M, achieved in fiscal year 2025. Earnings history on this page spans 1989 to 2025 and includes all annual and quarterly figures.
What were FRME's earnings last quarter?
FRME's most recent reported quarter was Q1 2026. Net income was $28M with diluted EPS of $0.46. For a full breakdown of all quarters, see the quarterly earnings table on this page.