Nicolet Bankshares (NIC) financial statements
Nicolet Bankshares reported revenue of $392M in fiscal 2025, up 17.1% a year over 9 years.
Net income was $151M.
Free cash flow was $149M, and the company returned $19M in dividends and $77M in net buybacks.
The diluted share count rose 105% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nicolet Bankshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $95M | $133M | $146M | $169M | $192M | $225M | $298M | $277M | $350M | $392M |
| Interest expense | $7M | $11M | $19M | $23M | $20M | $14M | $34M | $141M | — | — |
| Pre-tax income | $28M | $50M | $55M | $71M | $81M | $81M | $126M | $87M | $155M | $187M |
| Income tax | $9M | $16M | $13M | $16M | $20M | $20M | $31M | $25M | $31M | $36M |
| Net income | $18M | $33M | $41M | $55M | $60M | $61M | $94M | $62M | $124M | $151M |
| EPS (diluted) | $2.37 | $3.33 | $4.12 | $5.52 | $5.70 | $5.44 | $6.56 | $4.08 | $8.05 | $9.78 |
| Diluted shares | 8M | 10M | 10M | 10M | 11M | 11M | 14M | 15M | 15M | 15M |
| Net margin | 19.5% | 24.9% | 28.1% | 32.2% | 31.3% | 26.9% | 31.6% | 22.2% | 35.4% | 38.4% |
Balance sheet
Fiscal years, from Nicolet Bankshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $129M | $155M | $250M | $182M | $803M | $595M | $155M | $491M | $536M | $660M |
| Property, plant and equipment | $46M | $47M | $48M | $56M | $60M | $95M | $109M | $119M | $127M | $120M |
| Goodwill | $67M | $107M | $107M | $151M | $163M | $317M | $367M | $367M | $367M | $367M |
| Total assets | $2.3B | $2.9B | $3.1B | $3.6B | $4.6B | $7.7B | $8.8B | $8.5B | $8.8B | $9.2B |
| Total liabilities | $2.0B | $2.6B | $2.7B | $3.1B | $4.0B | $6.8B | $7.8B | $7.4B | $7.6B | $7.9B |
| Shareholders' equity | $276M | $364M | $387M | $516M | $539M | $892M | $973M | $1.0B | $1.2B | $1.3B |
| Net debt | -$129M | -$155M | -$250M | -$182M | -$803M | -$595M | -$155M | -$491M | -$536M | -$660M |
Cash flow
Fiscal years, from Nicolet Bankshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25M | $41M | $51M | $58M | $79M | $98M | $117M | $108M | $134M | $154M |
| Capital spending | $4M | $4M | $4M | $4M | $11M | $13M | $12M | $19M | $17M | $4M |
| Free cash flow | $21M | $37M | $47M | $54M | $68M | $85M | $105M | $89M | $117M | $149M |
| Stock-based compensation | $2M | $3M | $5M | $5M | $6M | $7M | $7M | $6M | $7M | $7M |
| Dividends paid | — | — | — | — | — | $0 | $0 | $11M | $17M | $19M |
| Share buybacks (net) | -$5M | -$15M | -$23M | -$28M | -$42M | -$63M | -$61M | -$2M | -$10M | -$77M |
| Net borrowing | -$106M | $20M | -$1M | -$91M | -$16M | -$84M | $164M | -$376M | -$5M | -$27M |
| Free cash flow margin | 21.9% | 27.7% | 32.0% | 31.7% | 35.5% | 37.7% | 35.3% | 32.2% | 33.3% | 38.1% |
| Dividends per share | — | — | — | — | — | — | — | $0.74 | $1.07 | $1.21 |
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Open NIC in InvestinglyQuestions
What was Nicolet Bankshares's revenue in 2025?
$392M in fiscal 2025, from its 10-K filing.
How much free cash flow does Nicolet Bankshares generate?
$149M in fiscal 2025 (operating cash flow minus capital spending).
From Nicolet Bankshares's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.