Filing Flows › National Bank Holdings (NBHC) › Q1 2026
National Bank Holdings (NBHC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
National Bank Holdings (NBHC) reported revenue of $127M for the first quarter 2026 (Q1 2026), +24% from a year earlier and +26% from the quarter before. Operating margin was 20.5%, net earnings $20.8M (16.4% of revenue).
National Bank Holdings, Q1 2026: revenue $127M (+24% year over year), operating margin 20.5%, net earnings $20.8M, operating cash flow −$56.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $127M | +26% | +24% |
| Operating profit | $25.9M | +36% | -13% |
| Net earnings | $20.8M | +30% | -14% |
| Operating cash flow | −$56.8M | -249% | -243% |
What changed
Revenue was $126.8M in Q1 2026, up 24% year over year and up 26% from the previous quarter.
Operating profit was $25.9M, a 20.5% margin (down 8.8 points year over year). Operating profit fell $3.9M even though revenue rose $24.7M versus Q1 2025, so costs grew faster than sales. Total costs grew 40% against revenue growth of 24%. The fastest-growing cost line was Noninterest expense (+56%). Net earnings were $20.8M, down 14% year over year. The effective tax rate was 19.9%.
Operating cash flow was −$56.8M. Non-cash charges added back $9.0M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items used $92.9M. Capital expenditures of $5.5M exceeded it, leaving free cash flow of −$62.3M.
Questions
What was National Bank Holdings' revenue in the first quarter 2026?
National Bank Holdings (NBHC) reported revenue of $127M for the first quarter 2026 (Q1 2026), +24% from a year earlier and +26% from the quarter before.
Was National Bank Holdings profitable in the first quarter 2026?
Operating profit was $25.9M (20.5% of revenue) and net earnings $20.8M.