National Bank Holdings (NBHC) Cash Flow: Operating & Free Cash Flow

National Bank Holdings (NBHC) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), National Bank Holdings generated $162.42M of operating cash flow and spent $29.92M on capital expenditures. That left free cash flow of $132.50M, up 9.8% from $120.68M a year earlier, or 22.7% of revenue. It returned $61.22M to shareholders through $46.05M in dividends and $15.17M in share buybacks.

National Bank Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for National Bank Holdings Corporation (NBHC) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	109.57	118.82	142.05	71.27	93.61	88.59	80.37	61.45	14.58
Depreciation & Amortization	28.10	24.19	23.85	16.45	13.59	14.45	15.04	11.52	12.89
Deferred Income Tax	24.57	0.00	0.00	0.00	-0.23	3.48	8.79	9.09	17.18
Stock Based Compensation	7.25	8.05	7.22	6.06	5.54	5.30	4.87	4.42	3.65
Change in Working Capital	6.84	5.65	-9.89	-31.44	-38.86	4.81	15.33	24.07	33.91
Change in Accounts Receivable	0.00	1.74	3.22	-3.88	1.05	-2.37	0.00	4.25	1.26
Change in Other Working Capital	5.49	3.91	-13.12	-27.56	-39.91	7.18	15.33	19.83	32.49
Other Operating Activities	5.49	-1.43	3.70	152.30	105.86	-122.83	-80.15	-36.98	-24.07
Net Cash from Operating Activities	162.42	155.27	166.94	214.63	179.50	-6.21	44.24	73.57	58.14
Investing Activities
Capital Expenditures	-29.92	-34.59	-36.83	-12.43	5.15	-4.35	-11.20	-6.28	-5.62
Acquisitions	0.00	0.00	-45.30	234.26	0.00	0.00	0.00	68.98	0.00
Purchases of Investments	-472.04	-241.09	-108.63	-398.82	-714.03	-574.41	-74.65	-118.01	-202.69
Sales/Maturities of Investments	384.60	410.26	261.63	407.86	399.79	373.29	291.53	313.07	295.93
Other Investing Activities	303.85	-69.92	-474.90	-983.01	-164.75	52.88	-320.73	-359.78	-266.14
Net Cash from Investing Activities	186.49	64.66	-404.03	-752.14	-473.84	-152.59	-115.05	-102.02	-178.52
Financing Activities
Debt Repayment	-50.00	-290.00	-45.00	385.00	40.00	-207.68	-93.99	138.72	90.45
Common Stock Issued	0.03	0.00	-0.92	-0.38	0.00	0.00	-3.44	-0.77	-8.29
Common Stock Repurchased	-15.17	0.00	0.00	0.00	-36.40	-19.48	0.00	0.77	-93.57
Dividends Paid	-46.06	-42.95	-39.64	-30.45	-26.89	-24.82	-23.53	-16.62	-9.40
Other Financing Activities	53.04	48.54	316.46	-468.37	552.28	906.15	192.40	-238.27	152.25
Net Cash from Financing Activities	-59.70	-284.41	230.90	-114.20	528.99	654.18	71.44	-109.37	225.01
Summary
Net Change in Cash	289.21	-64.48	-6.19	-651.70	234.66	495.38	0.63	-137.81	104.63
Cash at Beginning of Period	127.85	192.33	198.52	850.22	615.57	120.19	119.56	257.36	152.74
Cash at End of Period	417.06	127.85	192.33	198.52	850.22	615.57	120.19	119.56	257.36
Free Cash Flow	132.50	120.68	130.10	202.20	179.50	-10.56	33.04	67.30	52.52
Supplemental Disclosures
Interest Paid	-	189.97	124.43	18.60	16.64	-	-	-	-
Income Taxes Paid	-	20.84	32.85	11.30	15.39	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About National Bank Holdings Cash Flow

What is National Bank Holdings's free cash flow?

National Bank Holdings generated free cash flow of $132.50M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $162.42M minus $29.92M of capital expenditures. That was up 9.8% from $120.68M a year earlier. Free cash flow equaled 22.7% of revenue.

How much does National Bank Holdings spend on capital expenditures?

National Bank Holdings spent $29.92M on capital expenditures in fiscal 2025, compared with $34.59M a year earlier. That equals 18.4% of operating cash flow.

Does National Bank Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 National Bank Holdings returned $46.05M in dividends and $15.17M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition