Filing Flows › National Bank Holdings (NBHC) › Q4 2025
National Bank Holdings (NBHC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
National Bank Holdings (NBHC) reported revenue of $101M for the fourth quarter 2025 (Q4 2025), -0.6% from a year earlier and -8% from the quarter before. Operating margin was 19.0%, net earnings $16.0M (15.9% of revenue).
National Bank Holdings, Q4 2025: revenue $101M (-0.6% year over year), operating margin 19.0%, net earnings $16.0M, operating cash flow $38.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $101M | -8% | -0.6% |
| Operating profit | $19.1M | -56% | -45% |
| Net earnings | $16.0M | -55% | -43% |
| Operating cash flow | $38.1M | -27% | -18% |
| Free cash flow | $30.0M | — | -21% |
What changed
Revenue was $100.6M in Q4 2025, down 1% year over year and down 8% from the previous quarter.
Operating profit was $19.1M, a 19.0% margin (down 15.3 points year over year). Total costs grew 23% against a revenue fall of 1%. The fastest-growing cost line was Credit loss provision (+360%). Net earnings were $16.0M, down 43% year over year. The effective tax rate was 16.0%.
Operating cash flow was $38.1M (down 18% year over year), 237% of net earnings. Non-cash charges added back $8.3M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $12.3M. Capital expenditures of $8.0M left free cash flow of $30.0M.
Questions
What was National Bank Holdings' revenue in the fourth quarter 2025?
National Bank Holdings (NBHC) reported revenue of $101M for the fourth quarter 2025 (Q4 2025), -0.6% from a year earlier and -8% from the quarter before.
Was National Bank Holdings profitable in the fourth quarter 2025?
Operating profit was $19.1M (19.0% of revenue) and net earnings $16.0M.