Medallion Financial Corp. (MFIN) Income Statement

30Y historyFree accessUpdated daily

Operating performance remains strained, evidenced by a sharp 60% decline in EPS growth in 2026Q1 and gross margin fluctuations that peaked at 96.9% in 2025Q4 before contracting.

Annual statement

MFIN Income Statement

Medallion Financial Corp. (MFIN) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Net Interest Income	223.42M	216.89M	202.53M	188.09M	160.44M	127.83M	110.81M	97.52M	72.44M	3.7M	8.63M	12.91M	15.37M	12.84M	9.44M	16.69M	17.33M	20.38M	22.2M	20.69M	15.45M	16.81M	12M	14.17M	13.63M	16.53M	26.41M	23.1M	20.9M	15.7M	7M
NII Growth %	26.49%	7.09%	7.68%	17.24%	25.51%	15.35%	13.63%	34.62%	1858.92%	-57.15%	-33.14%	-16.02%	19.67%	36.02%	-43.41%	-3.73%	-14.93%	-8.2%	7.28%	33.95%	-8.14%	40.13%	-15.34%	3.96%	-17.51%	-37.43%	14.34%	10.53%	33.12%	124.29%	-
Net Interest Margin %	7%	7.34%	7.06%	7.27%	7.1%	6.82%	6.75%	6.33%	5.24%	0.58%	1.25%	1.87%	2.43%	2.16%	1.74%	3.11%	3.15%	3.67%	3.43%	2.87%	2.45%	2.93%	1.69%	3.1%	3.21%	3.25%	4.71%	4.33%	4.95%	4.62%	3.69%
Interest Income	325.9M	315.32M	290.7M	251.04M	196.62M	158.97M	144.96M	132.56M	100.81M	17.47M	21.27M	22.33M	23.91M	21.2M	20.3M	30.23M	31.92M	37.25M	45.91M	51.39M	39.63M	34.81M	24.83M	26.21M	33.88M	42.08M	55.36M	44.1M	37.9M	25.8M	12.3M
Interest Expense	102.48M	98.43M	88.17M	62.95M	36.19M	31.14M	34.15M	35.05M	28.37M	13.77M	12.64M	9.42M	8.54M	8.36M	10.86M	13.54M	14.59M	16.88M	23.71M	30.7M	24.19M	18M	12.83M	12.04M	20.11M	25.48M	28.94M	21M	17M	10.1M	5.3M
Loan Loss Provision	-43.98M	-86.93M	76.5M	37.81M	30.06M	4.62M	69.82M	47.39M	59.01M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	136K	91K	0	0	0	0	0
Non-Interest Income	19.56M	37.99M	1.09M	3.47M	1.81M	20.24M	6.4M	8.73M	10.22M	1.95M	83.57M	33.19M	31.21M	28.59M	28.8M	16.42M	10.27M	7.53M	10.21M	12.58M	12.59M	7.02M	26.86M	5.06M	1.41M	-2.96M	4.4M	28.1M	9.6M	2.2M	800K
Non-Interest Income %	8.05%	14.91%	0.53%	1.81%	1.12%	13.67%	5.46%	8.22%	12.36%	34.49%	90.64%	72%	67%	69%	75.31%	49.59%	37.22%	26.99%	31.52%	37.82%	44.91%	29.45%	69.12%	26.31%	9.35%	-21.79%	14.27%	54.88%	31.48%	12.29%	10.26%
Total Net Revenue	242.97M	254.89M	203.62M	191.57M	162.25M	148.07M	117.21M	106.25M	82.66M	5.64M	92.2M	46.1M	46.58M	41.44M	38.24M	33.1M	27.61M	27.91M	32.41M	33.27M	28.04M	23.83M	38.85M	19.23M	15.04M	13.57M	30.81M	51.2M	30.5M	17.9M	7.8M
Revenue Growth %	8.37%	25.18%	6.29%	18.07%	9.58%	26.33%	10.31%	28.54%	1364.32%	-93.88%	100%	-1.03%	12.41%	8.35%	15.52%	19.91%	-1.09%	-13.88%	-2.59%	18.68%	17.64%	-38.66%	102.02%	27.89%	10.83%	-55.96%	-39.83%	67.87%	70.39%	129.49%	-
Non-Interest Expense	143.27M	163.5M	64.18M	67.72M	64.34M	61.57M	84.37M	56.53M	34.38M	13.49M	22.79M	16.72M	17.89M	15.66M	13.73M	13.94M	16.33M	19.73M	17.32M	17.84M	14.93M	16.98M	16.08M	17.17M	27.57M	17.62M	23.45M	30.1M	14.1M	6.5M	3.5M
Efficiency Ratio	58.97%	64.15%	31.52%	35.35%	39.65%	41.58%	71.98%	53.2%	41.59%	239.04%	24.71%	36.28%	38.4%	37.79%	35.89%	42.11%	59.14%	70.69%	53.44%	53.61%	53.24%	71.27%	41.39%	89.29%	183.3%	129.85%	76.11%	58.79%	46.23%	36.31%	44.87%
Operating Income	143.68M	178.31M	62.94M	86.04M	67.85M	81.87M	-36.98M	2.34M	-10.72M	-7.85M	69.42M	29.38M	28.69M	25.78M	24.52M	19.16M	11.28M	8.18M	15.09M	15.44M	13.11M	6.85M	22.77M	2.06M	-12.53M	-4.08M	7.36M	21.1M	16.4M	11.4M	4.3M
Operating Margin %	59.14%	69.96%	30.91%	44.91%	41.82%	55.29%	-31.55%	2.2%	-12.97%	-139.04%	75.29%	63.72%	61.6%	62.21%	64.11%	57.89%	40.86%	29.31%	46.56%	46.39%	46.76%	28.73%	58.61%	10.71%	-83.3%	-30.03%	23.89%	41.21%	53.77%	63.69%	55.13%
Operating Income Growth %	-	183.32%	-26.85%	26.8%	-17.13%	321.39%	-1682.41%	121.8%	-36.6%	-111.31%	136.3%	2.38%	11.31%	5.14%	27.94%	69.9%	37.89%	-45.79%	-2.24%	17.76%	91.43%	-69.93%	1005.83%	116.44%	-207.41%	-155.37%	-65.12%	28.66%	43.86%	165.12%	-
Pretax Income	66.29M	79.89M	62.94M	86.04M	67.85M	81.87M	-36.98M	2.34M	-10.72M	-7.85M	69.42M	29.38M	28.69M	25.78M	24.52M	19.16M	11.28M	8.18M	15.09M	15.44M	13.11M	6.85M	22.77M	2.06M	-12.53M	-4.08M	7.36M	21.1M	16.4M	11.4M	4.3M
Pretax Margin %	27.28%	31.34%	30.91%	44.91%	41.82%	55.29%	-31.55%	2.2%	-12.97%	-139.04%	75.29%	63.72%	61.6%	62.21%	64.11%	57.89%	40.86%	29.31%	46.56%	46.39%	46.76%	28.73%	58.61%	10.71%	-83.3%	-30.03%	23.89%	41.21%	53.77%	63.69%	55.13%
Income Tax	21.07M	24.54M	21.01M	24.91M	17.96M	24.22M	-10.07M	341K	373K	-728K	45.9M	0	0	0	0	0	0	3.38M	3.84M	0	0	-13.92K	258.9K	41.15K	84.66K	-16.48K	-181.37K	0	-200K	900K	400K
Effective Tax Rate %	31.79%	30.72%	33.38%	28.95%	26.47%	29.58%	27.24%	14.59%	-3.48%	9.28%	66.12%	0%	0%	0%	0%	0%	0%	41.36%	25.43%	0%	0%	-0.2%	1.14%	2%	-0.68%	0.4%	-2.46%	0%	-1.22%	7.89%	9.3%
Net Income	35.88M	43.04M	35.88M	55.08M	43.84M	54.11M	-34.78M	-1.76M	-25.05M	278K	23.52M	29.38M	28.69M	25.78M	24.52M	19.16M	11.28M	1.02M	15.25M	15.44M	13.11M	6.86M	22.51M	2.02M	-12.61M	-4.06M	7.54M	21.1M	16.6M	10.5M	3.9M
Net Margin %	14.76%	16.89%	17.62%	28.75%	27.02%	36.54%	-29.68%	-1.66%	-30.3%	4.92%	25.5%	63.72%	61.6%	62.21%	64.11%	57.89%	40.86%	3.66%	47.05%	46.39%	46.76%	28.79%	57.94%	10.49%	-83.87%	-29.91%	24.48%	41.21%	54.43%	58.66%	50%
Net Income Growth %	-14.25%	19.97%	-34.86%	25.64%	-18.98%	255.56%	-1874.06%	92.96%	-9109.35%	-98.82%	-19.95%	2.38%	11.31%	5.14%	27.94%	69.9%	1003.62%	-93.3%	-1.22%	17.76%	91.04%	-69.52%	1015.55%	116%	-210.79%	-153.81%	-64.26%	27.11%	58.1%	169.23%	-
Net Income (Continuing)	45.22M	55.34M	41.92M	61.13M	49.89M	57.65M	-26.91M	2M	-22.74M	278K	23.52M	29.38M	28.69M	25.78M	24.52M	19.16M	11.28M	1.02M	15.25M	15.44M	13.11M	6.86M	22.51M	2.02M	-12.61M	-4.06M	7.54M	21.1M	16.6M	10.5M	3.9M
EPS (Diluted)	1.48	1.78	1.52	2.37	1.83	2.17	-1.42	0.06	-1.03	0.01	0.97	1.20	1.14	1.16	1.21	1.09	0.64	0.06	0.86	0.87	0.74	0.39	1.22	0.11	-0.69	-0.24	0.52	1.44	1.14	1.02	0.87
EPS Growth %	-24.43%	17.11%	-35.87%	29.51%	-15.67%	252.82%	-2466.67%	105.83%	-10400%	-98.97%	-19.17%	5.26%	-1.72%	-4.13%	11.01%	70.31%	966.67%	-93.02%	-1.15%	17.57%	89.74%	-68.03%	1009.09%	115.94%	-187.5%	-146.15%	-63.89%	26.32%	11.76%	17.24%	-
EPS (Basic)	-	1.89	1.59	2.45	1.86	2.20	-1.42	0.06	-1.03	0.01	0.97	1.21	1.15	1.18	1.23	1.10	0.64	0.06	0.87	0.88	0.76	0.40	1.25	0.11	-0.69	-0.24	0.52	1.45	1.15	1.03	0.89
Diluted Shares Outstanding	24.28M	24.25M	23.61M	23.25M	23.93M	24.94M	24.45M	24.34M	24.21M	24.05M	24.17M	24.39M	25.07M	22.23M	20.18M	17.66M	17.63M	17.69M	17.72M	17.79M	17.76M	17.55M	18.43M	18.29M	18.24M	16.58M	14.58M	14.62M	14.59M	10.29M	8.25M

Key Metrics

Growth RegimeMixed

ProfitabilityStrained

Balance SheetMixed

Cash FlowMixed

Top Statement Risk

Credit provision volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Structural Margin Volatility Persists

As reported in financial statements, MFIN's gross margin experienced significant fluctuations, peaking at 96.9% in 2025Q4 before contracting sharply, suggesting that the underlying spread between interest income and deposit costs remains highly sensitive to the broader interest rate environment and shifting loan portfolio composition.

The wide variance in gross margins indicates that the company's core banking model is struggling to maintain consistent spreads. Investors should monitor whether this volatility stems from rising deposit betas or a shift in the mix toward lower-yielding assets, as such instability complicates long-term earnings predictability.

Operating Leverage Remains Under Pressure

Based on reported figures, the company's operating income has failed to scale linearly with gross profit, as evidenced by the 2025Q3 period where operating margins compressed to 24.6% despite revenue levels comparable to previous quarters, highlighting potential inefficiencies in managing non-interest expenses during periods of transition.

The inability to consistently expand operating margins suggests that the cost of maintaining the industrial bank charter and regulatory compliance remains a heavy burden. This lack of operating leverage may indicate that the company is currently prioritizing growth or risk management over immediate bottom-line efficiency.

Earnings Quality Obscured by Volatility

According to recent SEC filings, MFIN's net income has been subject to erratic swings, with EPS dropping from $0.50 in 2025Q1 to $0.20 in 2026Q1, a trend that appears heavily influenced by non-operating items and the ongoing impact of stock-based compensation expenses.

The presence of recurring stock-based compensation, which reached $2.1M in 2026Q1, suggests that reported earnings may be consistently diluted. Furthermore, the sensitivity of net income to credit loss provisions warrants caution, as these accounting estimates can significantly mask the underlying cash-generating capability of the core lending business.

Sustainability of Lending Growth Challenged

As noted in historical data, the company's reliance on discretionary consumer segments like recreation lending creates a structural vulnerability, as evidenced by the sharp 60% decline in EPS growth observed in 2026Q1, which may signal the onset of a cyclical downturn in consumer credit performance.

Short-sellers would likely focus on the potential for rising charge-offs within the recreation portfolio as the post-pandemic leisure boom fades. If the company cannot successfully pivot to more stable home improvement lending, the current valuation may be vulnerable to a significant downward re-rating based on credit risk.

MFIN — Frequently Asked Questions

Quick answers to the most common questions about buying MFIN stock.

What was Medallion Financial Corp.'s (MFIN) revenue in 2025?

For fiscal year 2025, Medallion Financial Corp. (MFIN) reported total revenue of $254.9M. This represents a 3167.8% increase compared to $7.8M in 1996.

Is Medallion Financial Corp. (MFIN) profitable?

Medallion Financial Corp. (MFIN) is profitable, generating $43.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.2%.

What is Medallion Financial Corp.'s operating profit margin?

Medallion Financial Corp. (MFIN) reported an operating income of $178.3M, resulting in an operating profit margin of 50.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Medallion Financial Corp.'s gross profit and gross margin?

Medallion Financial Corp. (MFIN) generated $341.8M in gross profit for the year, representing a gross profit margin of 96.7%. This demonstrates the company's core pricing power and production efficiency.