NYSE · Financial Statements

National Bank Holdings Corporation (NBHC) Financial Statements

$38.88 NYSE: NBHC Market Cap $1.72B

National Bank Holdings Corporation most recently reported annual revenue of $584.0M, net profit of $110.0M. Revenue grew at an average annual rate of 10.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

National Bank Holdings Corporation: Revenue rose from $200.0M in 2016 to $584.0M in 2025, a change of +192.0% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 13.0% to 24.4%, a shift of +11.5 percentage points; the most recent year shows net profit of $110.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$200.0M$204.0M$292.0M$328.0M$354.0M$306.0M$347.0M$554.0M$594.0M$584.0M
Operating Expenses$174.0M$168.0M$218.0M$232.0M$245.0M$191.0M$260.0M$378.0M$449.0M$441.0M
Operating Profit$26.0M$36.0M$74.0M$96.0M$109.0M$115.0M$86.0M$176.0M$145.0M$143.0M
Operating Margin13.0%17.6%25.2%29.4%30.9%37.5%24.9%31.7%24.4%24.4%
Other Income$0$0$0$0$0$0$0$0$0$-9.0M
Interest$15.0M$18.0M$24.0M$37.0M$25.0M$14.0M$18.0M$133.0M$193.0M$171.0M
Depreciation$14.0M$13.0M$12.0M$15.0M$14.0M$14.0M$16.0M$24.0M$24.0M$22.0M
Profit Before Tax$26.0M$36.0M$74.0M$96.0M$109.0M$115.0M$86.0M$176.0M$145.0M$134.0M
Tax$11.3M$59.4M$16.6M$16.5M$19.0M$18.6M$17.3M$19.1M$18.2M$18.0M
Net Profit$23.0M$15.0M$61.0M$80.0M$89.0M$94.0M$71.0M$142.0M$119.0M$110.0M
EPS$0.79$0.53$1.96$2.55$2.85$3.01$2.18$3.72$3.08$2.85
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$144.0M$149.0M$148.0M$145.0M$155.0M$146.0M$144.0M$147.0M$152.0M$141.0M$177.0M$128.0M
Operating Expenses$98.0M$110.0M$109.0M$113.0M$115.0M$111.0M$114.0M$105.0M$109.0M$113.0M$151.0M$95.0M
Operating Profit$45.0M$39.0M$39.0M$32.0M$40.0M$35.0M$30.0M$42.0M$43.0M$28.0M$26.0M$33.0M
Operating Margin31.6%26.1%26.3%21.9%25.7%23.8%20.7%28.3%28.4%20.0%14.7%25.6%
Interest$38.0M$45.0M$48.0M$49.0M$50.0M$46.0M$43.0M$44.0M$44.0M$40.0M$50.0M$53.0M
Profit Before Tax$45.0M$39.0M$39.0M$32.0M$40.0M$35.0M$30.0M$42.0M$43.0M$19.0M$26.0M$33.0M
Tax$20.5M$14.9M$19.3M$17.7M$17.0M$18.8M$18.8M$18.1M$18.2M$16.0M$19.9M$18.8M
Net Profit$36.0M$33.0M$31.0M$26.0M$33.0M$28.0M$24.0M$34.0M$35.0M$16.0M$21.0M$26.0M
EPS$0.94$0.87$0.82$0.68$0.86$0.73$0.63$0.88$0.92$0.42$0.54$0.69

Over the 10 years reported for National Bank Holdings Corporation, borrowings decreased from $131.0M in 2016 to $72.0M in 2025, cash stood at $417.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 0.27 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$4.6B$4.8B$5.7B$5.9B$6.7B$7.2B$9.6B$10.0B$9.8B$9.9B
Current Assets$1.1B$1.1B$922.0M$748.0M$1.3B$1.5B$902.0M$820.0M$655.0M$946.0M
Cash$153.0M$257.0M$110.0M$110.0M$606.0M$846.0M$196.0M$191.0M$128.0M$417.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$18.0M$18.0M$22.0M$0$0$0$0$0$0$0
Fixed Assets$96.0M$94.0M$110.0M$112.0M$107.0M$97.0M$136.0M$163.0M$197.0M$215.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$4.1B$4.3B$5.2B$5.3B$5.6B$5.9B$8.6B$8.9B$8.8B$8.6B
Other Assets$60.0M$60.0M$115.0M$115.0M$115.0M$115.0M$279.0M$306.0M$306.0M$306.0M
Total Liabilities$4.0B$4.3B$5.0B$5.1B$5.8B$6.4B$8.5B$8.7B$8.5B$8.5B
Current Liabilities$4.0B$4.1B$4.6B$4.8B$5.7B$6.3B$7.9B$8.2B$8.3B$3.5B
Borrowings$131.0M$260.0M$368.0M$265.0M$23.0M$62.0M$459.0M$414.0M$123.0M$72.0M
Other Liabilities$3.9B$4.1B$4.6B$4.9B$5.8B$6.3B$8.0B$8.3B$8.4B$8.4B
Equity$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$536.0M$532.0M$695.0M$767.0M$821.0M$840.0M$1.1B$1.2B$1.3B$1.4B

For National Bank Holdings Corporation, operating cash flow was positive in 8 of 10 reported years; free cash flow in the latest year was $132.0M; free cash flow was positive in 8 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-4.0M$58.0M$74.0M$44.0M$-6.0M$180.0M$215.0M$167.0M$155.0M$162.0M
Investing Cash Flow$115.0M$-184.0M$-108.0M$-126.0M$-157.0M$-474.0M$-765.0M$-441.0M$30.0M$157.0M
Financing Cash Flow$-116.0M$59.0M$-237.0M$192.0M$887.0M$516.0M$-468.0M$316.0M$45.0M$38.0M
Net Cash Flow$-13.0M$105.0M$-138.0M$1.0M$495.0M$235.0M$-652.0M$-6.0M$-64.0M$289.0M
Free Cash Flow$-4.0M$53.0M$67.0M$33.0M$-11.0M$180.0M$202.0M$130.0M$121.0M$132.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.85
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y9.54%
Return 3Y36.86%
Return 5Y38.65%

National Bank Holdings Corporation (NBHC) financials — frequently asked questions

What is National Bank Holdings Corporation's annual revenue?

National Bank Holdings Corporation (NBHC) reported annual revenue of $584.0M in its most recent fiscal year.

What is National Bank Holdings Corporation's net profit?

National Bank Holdings Corporation (NBHC) reported net profit of $110.0M in its most recent fiscal year.

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