NYSE · Financial Statements

Nicolet Bankshares Inc. (NIC) Financial Statements

$171.41 NYSE: NIC Market Cap $3.59B

Nicolet Bankshares Inc. most recently reported annual revenue of $553.0M, net profit of $151.0M. Revenue grew at an average annual rate of 21.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Nicolet Bankshares Inc.: Revenue rose from $102.0M in 2016 to $553.0M in 2025, a change of +442.2% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 27.5% to 33.8%, a shift of +6.3 percentage points; the most recent year shows net profit of $151.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$102.0M	$143.0M	$165.0M	$192.0M	$213.0M	$239.0M	$332.0M	$417.0M	$519.0M	$553.0M
Operating Expenses	$74.0M	$94.0M	$110.0M	$121.0M	$132.0M	$158.0M	$206.0M	$330.0M	$364.0M	$366.0M
Operating Profit	$28.0M	$50.0M	$55.0M	$71.0M	$81.0M	$81.0M	$126.0M	$87.0M	$155.0M	$187.0M
Operating Margin	27.5%	34.7%	33.2%	37.0%	38.0%	33.9%	37.9%	20.8%	29.9%	33.8%
Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Interest	$7.0M	$11.0M	$19.0M	$23.0M	$20.0M	$14.0M	$34.0M	$141.0M	$170.0M	$164.0M
Depreciation	$5.0M	$7.0M	$6.0M	$7.0M	$11.0M	$14.0M	$22.0M	$18.0M	$17.0M	$15.0M
Profit Before Tax	$28.0M	$50.0M	$55.0M	$71.0M	$81.0M	$81.0M	$126.0M	$87.0M	$155.0M	$187.0M
Tax	$33.4M	$32.7M	$24.5M	$23.0M	$25.3M	$25.2M	$25.0M	$29.0M	$20.0M	$19.4M
Net Profit	$18.0M	$33.0M	$41.0M	$55.0M	$60.0M	$61.0M	$94.0M	$62.0M	$124.0M	$151.0M
EPS	$2.37	$3.33	$4.12	$5.52	$5.70	$5.44	$6.56	$4.08	$8.05	$9.78
Dividend Payout	0.0%	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.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$116.0M	$131.0M	$123.0M	$128.0M	$135.0M	$132.0M	$131.0M	$138.0M	$144.0M	$139.0M	$102.0M	$137.0M
Operating Expenses	$85.0M	$93.0M	$89.0M	$92.0M	$94.0M	$89.0M	$91.0M	$93.0M	$92.0M	$89.0M	$83.0M	$64.0M
Operating Profit	$32.0M	$37.0M	$34.0M	$37.0M	$41.0M	$43.0M	$40.0M	$45.0M	$52.0M	$50.0M	$19.0M	$72.0M
Operating Margin	27.3%	28.6%	27.8%	28.6%	30.3%	32.6%	30.6%	32.4%	36.0%	36.0%	18.6%	53.1%
Interest	$38.0M	$39.0M	$41.0M	$44.0M	$44.0M	$41.0M	$42.0M	$84.0M	$41.0M	$39.0M	$49.0M	$59.0M
Profit Before Tax	$32.0M	$37.0M	$34.0M	$37.0M	$41.0M	$43.0M	$40.0M	$45.0M	$52.0M	$50.0M	$19.0M	$72.0M
Tax	$46.1M	$18.1M	$19.1M	$20.3M	$20.4M	$20.2M	$18.8M	$19.5M	$19.5M	$19.7M	$20.1M	$21.5M
Net Profit	$17.0M	$31.0M	$28.0M	$29.0M	$33.0M	$34.0M	$33.0M	$36.0M	$42.0M	$40.0M	$15.0M	$57.0M
EPS	$1.14	$2.02	$1.82	$1.92	$2.10	$2.19	$2.08	$2.34	$2.72	$2.65	$1.00	$2.62

Over the 10 years reported for Nicolet Bankshares Inc., borrowings increased from $38.0M in 2016 to $135.0M in 2025, cash stood at $660.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 7441.00 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$2.3B	$2.9B	$3.1B	$3.6B	$4.6B	$7.7B	$8.8B	$8.5B	$8.8B	$9.2B
Current Assets	$531.0M	$597.0M	$685.0M	$690.0M	$1.4B	$1.7B	$1.2B	$1.3B	$1.3B	$7.4B
Cash	$132.0M	$156.0M	$251.0M	$201.0M	$832.0M	$617.0M	$167.0M	$498.0M	$537.0M	$660.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Receivables	$33.0M	$36.0M	$34.0M	$39.0M	$56.0M	$113.0M	$138.0M	$134.0M	$0	$6.8B
Fixed Assets	$46.0M	$47.0M	$48.0M	$56.0M	$60.0M	$95.0M	$109.0M	$119.0M	$127.0M	$120.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$1.9B	$2.5B	$2.6B	$3.0B	$3.3B	$6.4B	$7.8B	$7.1B	$7.4B	$7.7B
Other Assets	$67.0M	$107.0M	$107.0M	$151.0M	$163.0M	$317.0M	$367.0M	$367.0M	$367.0M	$367.0M
Total Liabilities	$2.0B	$2.6B	$2.7B	$3.1B	$4.0B	$6.8B	$7.8B	$7.4B	$7.6B	$7.9B
Current Liabilities	$2.0B	$2.5B	$2.6B	$3.0B	$4.0B	$6.5B	$7.6B	$7.2B	$7.4B	$1.0M
Borrowings	$38.0M	$78.0M	$77.0M	$68.0M	$54.0M	$217.0M	$542.0M	$167.0M	$161.0M	$135.0M
Other Liabilities	$2.0B	$2.5B	$2.6B	$3.0B	$4.0B	$6.6B	$7.2B	$7.3B	$7.5B	$7.8B
Equity	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Reserves	$276.0M	$364.0M	$387.0M	$516.0M	$539.0M	$892.0M	$973.0M	$1.0B	$1.2B	$1.3B

For Nicolet Bankshares Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $149.0M; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$25.0M	$41.0M	$51.0M	$58.0M	$79.0M	$98.0M	$117.0M	$108.0M	$134.0M	$154.0M
Investing Cash Flow	$47.0M	$-153.0M	$-81.0M	$-68.0M	$-219.0M	$-383.0M	$-529.0M	$573.0M	$-305.0M	$-235.0M
Financing Cash Flow	$74.0M	$112.0M	$120.0M	$20.0M	$765.0M	$147.0M	$-206.0M	$24.0M	$220.0M	$238.0M
Net Cash Flow	$45.0M	$26.0M	$95.0M	$-67.0M	$621.0M	$-208.0M	$-441.0M	$337.0M	$45.0M	$124.0M
Free Cash Flow	$21.0M	$39.0M	$47.0M	$54.0M	$68.0M	$85.0M	$105.0M	$90.0M	$117.0M	$149.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	5.76
EV / EBITDA	—
FCF Yield	—
Quick Ratio	—
Interest Coverage	—
Return 1Y	23.20%
Return 3Y	121.39%
Return 5Y	149.76%

Nicolet Bankshares Inc. (NIC) financials — frequently asked questions

What is Nicolet Bankshares Inc.'s annual revenue?

Nicolet Bankshares Inc. (NIC) reported annual revenue of $553.0M in its most recent fiscal year.

What is Nicolet Bankshares Inc.'s net profit?

Nicolet Bankshares Inc. (NIC) reported net profit of $151.0M in its most recent fiscal year.

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