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Northwest Bancshares vs Nicolet Bankshares: NWBI and NIC compared
Northwest Bancshares is the larger company: $185M of revenue in its latest quarter (Q3 2026) against $174M for Nicolet Bankshares (Q3 2026). Nicolet Bankshares is growing faster (+70% against +10% a year earlier). Nicolet Bankshares is more profitable, with an operating margin of 46.5% against 36.1%.
Where the money goes: NWBI and NIC
Northwest Bancshares (NWBI) · Q3 2026
Northwest Bancshares, Q3 2026: revenue $185M (+10% year over year), operating margin 36.1%, net earnings $50.7M, operating cash flow $26.7M. The chart follows the revenue to costs, profit and cash.
Nicolet Bankshares (NIC) · Q3 2026
Nicolet Bankshares, Q3 2026: revenue $174M (+70% year over year), operating margin 46.5%, net earnings $63.7M, operating cash flow $72.7M. The chart follows the revenue to costs, profit and cash.
| Northwest Bancshares (NWBI) | Nicolet Bankshares (NIC) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $185M | $174M |
| Revenue growth, Y/Y | +10% | +70% |
| Operating margin | 36.1% | 46.5% |
| Net earnings | $50.7M | $63.7M |
| Net margin | 27.4% | 36.5% |
| Operating cash flow | $26.7M | $72.7M |
| Free cash flow | $18.9M | $67.1M |
| Market value | $1.9B | — |
| P/E | 9.3× | — |
| Analysts’ mean target | $16.43 | — |
Where the revenue comes from
Northwest Bancshares
- Net interest income: $149M (81%)
- Noninterest income: $35.9M (19%)
Nicolet Bankshares
- Net interest income: $142M (82%)
- Noninterest income: $32.2M (18%)
Questions
Which is bigger, Northwest Bancshares or Nicolet Bankshares?
Northwest Bancshares is the larger company: $185M of revenue in its latest quarter (Q3 2026) against $174M for Nicolet Bankshares (Q3 2026).
Is Northwest Bancshares or Nicolet Bankshares growing faster?
Nicolet Bankshares is growing faster (+70% against +10% a year earlier).
Which is more profitable, Northwest Bancshares or Nicolet Bankshares?
Nicolet Bankshares is more profitable, with an operating margin of 46.5% against 36.1%.
More: Northwest Bancshares earnings · how Northwest Bancshares makes money · Nicolet Bankshares earnings · how Nicolet Bankshares makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.