Farmers & Merchants Bancorp (FMAO) Financial Statements & Analysis

Farmers & Merchants Bancorp (FMAO) Income Statement

Farmers & Merchants Bancorp reported revenue of $189.09M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 91.2% from $98.90M a year earlier. Net income was $33.31M, up 28.4% year over year, a net margin of 17.6%. Gross margin was 62.3% and operating margin 22.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $50.75M, up 75.3% from the same quarter a year earlier.

Farmers & Merchants Bancorp Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Farmers & Merchants Bancorp, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	189.09	98.90	95.69	99.30	84.83	85.26	78.33	55.91	50.78
Cost of Revenue	71.34	77.93	60.16	18.96	10.79	17.37	15.90	6.90	5.35
Gross Profit	117.75	98.63	91.89	94.70	81.38	67.89	62.43	49.01	45.43
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	10.07	48.38	19.48	38.04	38.19	32.15	30.02	23.33	21.34
Operating Expenses	75.23	66.06	63.54	54.22	51.89	42.68	39.67	30.76	27.53
Operating Income	42.53	32.57	28.35	40.48	29.50	25.21	22.63	18.25	17.90
Other Income/Expense
Interest Income	173.54	162.21	138.93	100.83	76.67	70.03	68.01	46.21	41.06
Interest Expense	69.25	77.66	58.41	14.36	7.34	10.39	14.76	6.57	5.13
Other Income/Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	42.53	32.57	28.35	40.48	29.50	25.21	22.63	18.25	17.90
Income Tax Expense	9.22	6.64	5.57	7.96	6.00	5.11	4.36	3.30	5.18
Net Income	33.31	25.94	22.79	32.52	23.50	20.10	18.40	14.95	12.72
Net Income - Continuous Operations	33.31	25.94	22.79	32.52	23.50	20.10	18.40	14.95	12.72
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	49.51	6.37	5.77	4.02	34.49	29.50	26.28	20.49	20.05
EBIT	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	6.99	2.60	5.77	1.28	1.58	4.30	3.52	2.24	2.15
Earnings Per Share
Basic EPS	3.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	1.00
Diluted EPS	3.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	1.00
Basic Shares Outstanding	13.67	13.68	13.49	13.21	11.66	11.06	11.03	9.29	9.16
Diluted Shares Outstanding	13.67	13.68	13.49	13.21	11.66	11.06	11.03	9.29	9.22

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Farmers & Merchants Bancorp Financial Statements

What was Farmers & Merchants Bancorp's revenue in fiscal 2025?

Farmers & Merchants Bancorp reported revenue of $189.09M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 91.2% from $98.90M a year earlier.

Is Farmers & Merchants Bancorp profitable?

Yes. Farmers & Merchants Bancorp earned net income of $33.31M in fiscal 2025, a net margin of 17.6%. In fiscal 2024 it earned $25.94M.

What is Farmers & Merchants Bancorp's operating margin?

Farmers & Merchants Bancorp's operating income was $42.52M on revenue of $189.09M in fiscal 2025, an operating margin of 22.5%, compared with 32.9% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition