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Nicolet Bankshares (NIC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Nicolet Bankshares (NIC) Q3 2026 earnings results →
Q3 2026 Revenue up 70% year over year to $174M · 37¢ of every $1 of revenue kept as net profit · operating margin 46.5%
Nicolet Bankshares made $174M in Q3 2026 (+70% Y/Y): Net interest income $142M, Noninterest income $32.2M. Operating margin 46.5%, net earnings $63.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
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What changed this quarter
Revenue was $174.4M in Q3 2026, up 70% year over year and down 2% from the previous quarter. Net interest income was the largest line at 82% of revenue. Net interest income added $63.0M year over year (up 79%), 88% of the total change.
Operating profit was $81.2M, a 46.5% margin (down 3.9 points year over year). Of the extra revenue versus a year earlier, 41% reached operating profit, below the 50% margin then. Total costs grew 83% against revenue growth of 70%. The fastest-growing cost line was Other operating costs (+105%). Net earnings were $63.7M, up 53% year over year. The effective tax rate was 21.5%.
Operating cash flow was $72.7M (up 59% year over year), 114% of net earnings. Non-cash charges added back $1.3M of depreciation and amortization and $2.7M of share-based compensation. Working capital and other items added $5.0M. Capital expenditures of $5.7M left free cash flow of $67.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $174M | +70% | 46.5% | $63.7M | $72.7M |
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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About Nicolet Bankshares
Nicolet Bankshares, Inc. (individually referred to herein as the “Parent Company” and together with all its subsidiaries collectively referred to herein as “Nicolet,” the “Company,” “we,” “us” or “our”) is a registered bank and financial holding company under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”), and under the bank holding company laws of the State of Wisconsin. At December 31, 2025, Nicolet had total assets of $9.2 billion, loans of $6.8 billion, deposits of $7.7 billion and total stockholders’ equity of $1.3 billion. For the year ended December 31, 2025, Nicolet earned record net income of $151 million, or $9.78 per diluted common share.
In its own words, from its 10-K, filed Feb 27, 2026.
Nicolet Bankshares against its National Commercial Banks peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +70% against the peers' median +8%. Operating margin: 46.5% against the peers' median 32.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NIC Nicolet Bankshares | Q3 2026 | $174M | +70% | 46.5% |
| JPM JPMorgan Chase | Q3 2026 | $50.2B | +8% | 40.1% |
| BAC Bank of America | Q3 2026 | $30.0B | +3% | 29.9% |
| C Citigroup | Q3 2026 | $23.8B | +8% | 30.6% |
| WFC Wells Fargo | Q3 2026 | $21.9B | +2% | 32.5% |
| COF Capital One Financial | Q3 2026 | $16.3B | +6% | 28.0% |
| USB US Bancorp | Q3 2026 | $8.0B | +9% | 35.1% |
| PNC PNC Financial Services Group | Q3 2026 | $6.6B | +11% | 40.0% |
| TFC Truist Financial | Q3 2026 | $3.7B | -28% | 23.9% |
Source: Nicolet Bankshares 10-Q on SEC EDGAR · CIK 1174850 · National Commercial Banks
Guidance and outlook
13F: who owns NIC and who is buying
More on NIC
History
Every quarter: Q3 2026 results