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Nicolet Bankshares cash flow, quarter by quarter

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

Free cash flow$67.1M in Q3 2026 · $209M over twelve months

Operating cash flow$72.7M
Capital spending−$5.7M
Free cash flow+$67.1M
Cash / net income1.1×

Analysis

In Q3 2026, Nicolet Bankshares generated $72.7M of operating cash flow and spent $5.7M on capital projects, leaving free cash flow of $67.1M. That is $21.2M more than in Q3 2025 ($45.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $209M; the largest uses were net borrowing (+) / repaid (−) ($141M), buybacks ($103M), dividends ($26.9M); besides operations, cash came from other investing ($66.6M), other financing ($31.2M); the cash balance rose by $36.6M.

Operating cash flow was $72.7M against net income of $63.7M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$2.7M, depreciation & amortization +$1.3M.

Free cash flow

Nicolet Bankshares: free cash flow by quarterNicolet Bankshares: free cash flow by quarter$28.1MQ4 2024$41.3MQ1 2025$38.4MQ2 2025$45.9MQ3 2025$27.0MQ4 2025$15.1MQ1 2026$89.3MQ2 2026$67.1MQ3 2026
Operating cash flow less capital spending.
Nicolet Bankshares: operating cash flow against capital spendingNicolet Bankshares: operating cash flow against capital spendingOperating cash flowCapital spending$33.4M$5.3MQ4 2024$41.8M$463KQ1 2025$38.9M$544KQ2 2025$45.9M−$4KQ3 2025$27.0M$0Q4 2025$16.3M$1.2MQ1 2026$93.4M$4.1MQ2 2026$72.7M$5.7MQ3 2026
Latest (Q3 2026): Operating cash flow $72.7M, Capital spending $5.7M.

Capital allocation, year by year

Nicolet Bankshares: where the cash came from (up) and went (down), by fiscal yearNicolet Bankshares: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $97.7MFY2021: Net borrowing −$84.0MFY2021: Shares issued $2.4MFY2021: Capital spending −$12.8MFY2021: Acquisitions $368MFY2021: Buybacks −$62.6M$468MFY2021FY2022: Operating cash flow $117MFY2022: Net borrowing $348MFY2022: Shares issued $3.3MFY2022: Asset sales $148MFY2022: Capital spending −$12.2MFY2022: Acquisitions −$28.2MFY2022: Buybacks −$61.5M$617MFY2022FY2023: Operating cash flow $108MFY2023: Net borrowing −$376MFY2023: Shares issued $11.4MFY2023: Asset sales $365KFY2023: Capital spending −$18.6MFY2023: Buybacks −$1.5MFY2023: Dividends −$11.1M$120MFY2023FY2024: Operating cash flow $134MFY2024: Net borrowing −$5.2MFY2024: Shares issued $27.3MFY2024: Asset sales $399KFY2024: Capital spending −$16.9MFY2024: Buybacks −$10.1MFY2024: Dividends −$16.5M$161MFY2024FY2025: Operating cash flow $154MFY2025: Net borrowing −$27.4MFY2025: Shares issued $9.7MFY2025: Asset sales $2.3MFY2025: Capital spending −$4.1MFY2025: Buybacks −$76.6MFY2025: Dividends −$18.7M$166MFY2025
Over these 5 years operating cash flow totalled $610M; the largest uses were net borrowing ($493M) and buybacks ($212M). Cash-flow statements as filed.

Where the cash came from and went

Nicolet Bankshares: sources (+) and uses (−) of cash, Q3 2026Nicolet Bankshares: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$72.7MOther financing$62.4MCash drawn (+) / kept (−)−$45.3MBuybacks−$40.0MOther investing−$36.6MDividends−$7.6MCapital spending−$5.7MShares issued$36K
Nicolet Bankshares: sources (+) and uses (−) of cash, TTM to Q3 2026Nicolet Bankshares: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$209MNet borrowing (+) / repaid (−)−$141MBuybacks−$103MOther investing$66.6MCash drawn (+) / kept (−)−$36.6MOther financing$31.2MDividends−$26.9MShares issued$118K

From profit to cash

Nicolet Bankshares: net income to operating cash flow, Q3 2026Nicolet Bankshares: net income to operating cash flow, Q3 2026Net income$63.7MDepreciation & amortization$1.3MStock-based pay$2.7MOperating cash flow$72.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$72.7M−$5.7M—−$40.0M−$7.6M—$36K−$45.3M$67.1M
Q2 2026$93.4M−$4.1M—−$40.2M−$7.7M−$92.9M$30K$150M$89.3M
Q1 2026$16.3M−$1.2M$166M−$22.4M−$6.9M−$48.2M$30K$44.8M$15.1M
Q4 2025$27.0M———−$4.8M—$737K−$186M$27.0M
Q3 2025$45.9M$4K—−$20.5M−$4.7M—$3.0M−$51.3M$45.9M
Q2 2025$38.9M−$544K—−$30.0M−$4.9M−$22.4M$19K$150M$38.4M
Q1 2025$41.8M−$463K—−$26.0M−$4.3M−$5.0M$37K−$36.1M$41.3M
Q4 2024$33.4M−$5.3M—−$10.1M−$4.3M—$17.5M−$108M$28.1M

Nicolet Bankshares: income statement and cash flow

Nicolet Bankshares, Q3 2026: revenue $174M (+70% year over year), operating margin 46.5%. The chart follows the revenue to costs, profit and cash.

Nicolet Bankshares: 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.