Merchants Bancorp (MBIN) Revenue History
Annual and quarterly revenue from 2015 to present
MBIN Revenue Over Time (2015–2025)
MBIN Revenue Growth History
9 of 10 years with positive growth- FY2015 revenue growth
- N/A
- FY2016 revenue growth
- +20.6%
- FY2017 revenue growth
- +42.0%
- FY2018 revenue growth
- +34.5%
- FY2019 revenue growth
- +37.2%
- FY2020 revenue growth
- +57.6%
- FY2021 revenue growth
- +15.1%
- FY2022 revenue growth
- +30.4%
- FY2023 revenue growth
- +97.5%
- FY2024 revenue growth
- +21.7%
- FY2025 revenue growth
- -5.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $354.7M | — |
| Q3 2025 | $343.5M | — |
| Q2 2025 | $353.7M | — |
| Q1 2025 | $310.1M | — |
| Q4 2024 | $379.8M | — |
| Q3 2024 | $354.6M | — |
| Q2 2024 | $358.6M | — |
| Q1 2024 | $354.1M | — |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2017)
MBIN's revenue distribution by segment and geography for fiscal year 2017
By Product/Segment
MBIN Revenue Analysis (2015–2025)
Current Revenue & Growth
As of June 21, 2026, Merchants Bancorp (MBIN) generated trailing twelve-month (TTM) revenue of $1.36 billion, reflecting moderate decline in growth of -6.6% year-over-year. The most recent quarter (Q4 2025) recorded $354.7 million in revenue, up 3.2% sequentially.
Historical Growth Trajectory
MBIN's 5-year compound annual growth rate (CAGR) stands at +27.8%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +31.4% exceeds the 5-year average, indicating an acceleration in the most recent period. Merchants Bancorp's highest annual revenue of $1.45 billion was recorded in 2024.
Revenue by Segment
MBIN's revenue is primarily driven by Mortgage Warehousing (100%). With over half of revenue concentrated in Mortgage Warehousing, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Financial Services sector peers — including WAFD, CUBI, and FFBC. Compare MBIN vs WAFD →
MBIN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MBINCurrent | $1.4B | -6.6% | +27.8% | 19.3% | |
 WAFD | $1.4B | - | - | 20.5% | |
 CUBI | $1.4B | - | - | 22.0% | |
 FFBC | $1.3B | - | - | 25.5% | |
 IBCP | $315M | - | - | 25.8% | |
 NBTB | $867M | - | - | 25.3% |
MBIN Historical Revenue Data (2015–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.37B | - | $563.7M | 41.3% | $263.8M | 19.3% |
| 2024 | $1.45B | - | $642.7M | 44.4% | $422.6M | 29.2% |
| 2023 | $1.19B | - | $519.1M | 43.7% | $347.9M | 29.3% |
| 2022 | $602.1M | - | $422.5M | 70.2% | $291.1M | 48.4% |
| 2021 | $461.6M | - | $422.7M | 91.6% | $304.9M | 66.1% |
| 2020 | $401.2M | - | $330.7M | 82.4% | $243.4M | 60.7% |
| 2019 | $254.6M | - | $160.9M | 63.2% | $102.1M | 40.1% |
| 2018 | $185.5M | - | $130.3M | 70.2% | $84.0M | 45.3% |
| 2017 | $138.0M | - | $107.7M | 78.1% | $77.2M | 55.9% |
| 2016 | $97.2M | - | $77.3M | 79.5% | $54.8M | 56.4% |
| 2015 | $80.6M | - | $65.4M | 81.1% | $47.2M | 58.5% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
11+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
MBIN — Frequently Asked Questions
Quick answers to the most common questions about buying MBIN stock.
Is MBIN's revenue growth accelerating or slowing?
MBIN revenue is declining -6.6% year-over-year. TTM revenue fell to $1.4B, contrasting with the 5-year CAGR of +27.8%. The reversal reflects either macro headwinds or company-specific challenges.
What is MBIN's revenue history from 2015 to 2026?
Merchants Bancorp (MBIN) revenue history spans 2015 to 2026. TTM revenue as of 2026 is $1.4B, growing at -6.6% YoY. The 5-year CAGR is +27.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MBIN's long-term revenue growth rate (CAGR)?
Merchants Bancorp's 5-year revenue CAGR of +27.8% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -6.6% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MBIN.
Why does MBIN's quarterly revenue fluctuate?
MBIN quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Merchants Bancorp's revenue data from 2015 to 2026 shows full historical quarterly detail on this page.
How is MBIN's revenue distributed by segment?
MBIN reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MBIN's revenue compare to industry peers?
Merchants Bancorp (MBIN) with TTM revenue of $1.4B and -6.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.