Marathon Bancorp Inc (MBBC) Q3 2025 Earnings Report

MBBC reported QQ3 2025 revenue of $2,333,916,000 with net income of $148,403,000 and EPS of $0.07. Revenue grew dramatically year-over-year and quarter-over-quarter, but the company still posted extremely thin margins: gross margin 0.0733%, operating margin 0.0083%, and net margin 0.00636%, signaling limited operating leverage in a light-margin environment. The top-line strength appears to be driven by the scale of assets and lending activity rather than sustained operating efficiency. The balance sheet shows robust liquidity and a substantial asset base, with total assets at $236.84 million and stockholders’ equity of $31.95 million. Free cash flow stood at $773,165 thousand, while cash from operations was $848,995 thousand and net cash provided by financing activities was $17,605,789 thousand, contributing to a net cash increase of $7,498,871 thousand and an ending cash position of $23,671,186 thousand. Notably, the company issued common stock totaling $13,314,000 thousand during the period, which improves capital flexibility but could dilute near-term EPS for existing holders. When benchmarked against regional peers, MBBC’s profitability metrics are markedly weaker (net income margin 0.00636%) versus peers with higher margins, signaling an efficiency/scale gap to close. The near-term investment thesis hinges on margin expansion, cost discipline, asset growth with prudent risk management, and a continuation of liquidity-driven resilience.