MERCHANTS BANCORP
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $218.8M | $320.4M | $279.2M | $219.7M | $227.1M | $180.5M | $77.3M | $62.9M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $3.5M | $3.0M | $2.9M | $2.5M | $2.2M | $1.9M | $852.0K | $461.0K |
| Amortization | — | — | — | — | $218.0K | $218.0K | $218.0K | $218.0K |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $-341.2M | $-835.3M | $-356.4M | $975.8M | $-49.2M | $-874.9M | $-1.26B | $204.3M |
| Investing Activities | ||||||||
| Capital Expenditures | $20.9M | $18.4M | $7.5M | $6.8M | $3.6M | $3.6M | $14.0M | $9.2M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-195.7M | $-874.3M | $-3.26B | $-2.86B | $-474.3M | $-2.53B | $-957.7M | $-509.1M |
| Financing Activities | ||||||||
| Dividends Paid | $59.4M | $51.2M | $48.5M | $38.1M | $31.2M | $23.7M | $17.3M | $10.2M |
| Stock Repurchases | — | — | — | $3.9M | — | — | — | — |
| Net Cash from Financing Activities | $272.5M | $1.60B | $3.97B | $1.08B | $1.38B | $3.08B | $2.38B | $281.7M |
| Net Change in Cash | $-264.4M | $-107.8M | $358.3M | $-806.5M | $852.9M | $-327.0M | $170.2M | $-23.0M |
| Free Cash Flow | $-362.2M | $-853.7M | $-363.9M | $969.0M | $-52.9M | $-878.5M | $-1.27B | $195.1M |