Filing Flows › National Bank Holdings (NBHC) › Q3 2025
National Bank Holdings (NBHC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
National Bank Holdings (NBHC) reported revenue of $109M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +4% from the quarter before. Operating margin was 39.6%, net earnings $35.3M (32.4% of revenue).
National Bank Holdings, Q3 2025: revenue $109M (+3% year over year), operating margin 39.6%, net earnings $35.3M, operating cash flow $52.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $109M | +4% | +3% |
| Operating profit | $43.1M | +4% | +8% |
| Net earnings | $35.3M | +4% | +7% |
| Operating cash flow | $52.4M | +62% | +12% |
| Free cash flow | $46.5M | — | +18% |
What changed
Revenue was $108.9M in Q3 2025, up 3% year over year and up 4% from the previous quarter.
Operating profit was $43.1M, a 39.6% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 115% reached operating profit, above the 38% margin then. Total costs fell 1% while revenue rose 3%. Net earnings were $35.3M, up 7% year over year. The effective tax rate was 18.2%.
Operating cash flow was $52.4M (up 12% year over year), 148% of net earnings. Non-cash charges added back $7.6M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $7.4M. Capital expenditures of $5.9M left free cash flow of $46.5M.
Questions
What was National Bank Holdings' revenue in the third quarter 2025?
National Bank Holdings (NBHC) reported revenue of $109M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +4% from the quarter before.
Was National Bank Holdings profitable in the third quarter 2025?
Operating profit was $43.1M (39.6% of revenue) and net earnings $35.3M.