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National Bank Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$66.1M in Q3 2026 · $182M over twelve months

Operating cash flow$66.1M
Free cash flow+$66.1M

Analysis

In Q3 2026, National Bank Holdings generated $66.1M of operating cash flow. That is $13.7M more than in Q3 2025 ($52.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $182M; the largest uses were other investing ($405M), dividends ($55.5M), buybacks ($41.3M); besides operations, cash came from other financing ($132M), shares issued ($1.0M); the cash balance fell by $191M.

Operating cash flow was $66.1M against net income of −$8.8M. The largest differences: other liabilities +$31.3M, prepaid and other assets −$20.8M, depreciation & amortization +$10.3M.

Free cash flow

National Bank Holdings: free cash flow by quarterNational Bank Holdings: free cash flow by quarter$46.4MQ4 2024$39.6MQ1 2025$32.3MQ2 2025$52.4MQ3 2025$38.1MQ4 2025−$56.8MQ1 2026$135MQ2 2026$66.1MQ3 2026
Operating cash flow less capital spending.
National Bank Holdings: operating cash flow against capital spendingNational Bank Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$46.4M$0Q4 2024$39.6M$0Q1 2025$32.3M$0Q2 2025$52.4M$0Q3 2025$38.1M$0Q4 2025−$56.8M$0Q1 2026$135M$0Q2 2026$66.1M$0Q3 2026
Latest (Q3 2026): Operating cash flow $66.1M, Capital spending $0.

Capital allocation, year by year

National Bank Holdings: where the cash came from (up) and went (down), by fiscal yearNational Bank Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $180MFY2021: Net borrowing $40.0MFY2021: Shares issued $2.5MFY2021: Buybacks −$36.4MFY2021: Dividends −$26.9M$222MFY2021FY2022: Operating cash flow $215MFY2022: Shares issued $1.1MFY2022: Dividends −$30.4M$216MFY2022FY2023: Operating cash flow $167MFY2023: Shares issued $617KFY2023: Dividends −$39.6M$168MFY2023FY2024: Operating cash flow $155MFY2024: Shares issued $3.6MFY2024: Dividends −$42.9M$159MFY2024FY2025: Operating cash flow $162MFY2025: Shares issued $28KFY2025: Buybacks −$15.2MFY2025: Dividends −$46.1M$162MFY2025
Over these 5 years operating cash flow totalled $879M; the largest uses were dividends ($186M) and buybacks ($51.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$365M
Debt$202M
Net cash$163M

National Bank Holdings funds itself: free cash flow was $182M over the last twelve months, and $365M of cash and investments stands against $202M of debt.

Where the cash came from and went

National Bank Holdings: sources (+) and uses (−) of cash, Q3 2026National Bank Holdings: sources (+) and uses (−) of cash, Q3 2026Other investing−$214MOther financing$158MOperating cash flow$66.1MCash drawn (+) / kept (−)$15.9MDividends−$14.4MBuybacks−$11.9MShares issued$280KTaxes on employees’ shares−$230K
National Bank Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026National Bank Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$405MCash drawn (+) / kept (−)$191MOperating cash flow$182MOther financing$132MDividends−$55.5MBuybacks−$41.3MTaxes on employees’ shares−$4.7MShares issued$1.0M

From profit to cash

National Bank Holdings: net income to operating cash flow, Q3 2026National Bank Holdings: net income to operating cash flow, Q3 2026Net income−$8.8MDepreciation & amortization$10.3MStock-based pay$7.4MDeferred taxes−$6.5MPrepaid and other assets−$20.8MOther liabilities$31.3MOperating cash flow$66.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$66.1M−$11.9M−$14.4M—$280K$15.9M$66.1M
Q2 2026$135M−$11.1M−$14.5M—$165K$92.1M$135M
Q1 2026−$56.8M−$16.1M−$14.7M$150M$552K−$55.7M−$56.8M
Q4 2025$38.1M−$2.1M−$11.8M—$18K$139M$38.1M
Q3 2025$52.4M−$8.8M−$11.4M—−$43K−$259M$52.4M
Q2 2025$32.3M—−$11.5M—$43K−$50.2M$32.3M
Q1 2025$39.6M—−$11.3M—$10K−$118M$39.6M
Q4 2024$46.4M—−$11.1M—$1.5M$52.9M$46.4M

National Bank Holdings: income statement and cash flow

National Bank Holdings, Q3 2026: revenue $126M (+16% year over year), operating margin -9.5%. The chart follows the revenue to costs, profit and cash.

National Bank Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.