Nicolet Bankshares (NIC) Cash Flow: Operating & Free Cash Flow

Nicolet Bankshares (NIC) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Nicolet Bankshares generated $153.53M of operating cash flow and spent $4.09M on capital expenditures. That left free cash flow of $149.44M, up 27.9% from $116.83M a year earlier, or 27.0% of revenue. It returned $107.95M to shareholders through $18.66M in dividends and $89.29M in share buybacks.

Nicolet Bankshares 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 Nicolet Bankshares, Inc. (NIC) - 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	150.69	124.06	61.52	94.26	60.65	60.47	54.99	41.35	33.43
Depreciation & Amortization	14.99	16.95	18.40	21.93	13.86	10.69	7.31	6.28	7.07
Deferred Income Tax	-4.64	-7.38	3.03	-12.91	6.33	3.13	-2.65	-1.52	6.96
Stock Based Compensation	7.34	6.64	6.44	7.02	7.31	5.70	5.04	4.90	3.06
Change in Working Capital	-2.16	5.52	-10.58	-0.21	-9.51	12.71	6.06	-0.42	-6.74
Change in Accounts Receivable	-5.20	-3.03	-5.34	0.07	-10.53	6.99	-2.95	-0.67	-5.36
Change in Accounts Payable	3.04	-6.22	-5.24	-0.28	1.02	5.72	9.01	0.24	-1.38
Change in Other Working Capital	-5.24	-3.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Operating Activities	-5.24	-25.07	29.17	7.31	19.01	-13.79	-12.61	0.40	-3.08
Net Cash from Operating Activities	153.54	133.75	107.97	117.40	97.65	78.90	58.14	50.99	40.71
Investing Activities
Capital Expenditures	-4.09	-16.92	-18.20	-12.23	-12.79	-10.79	-4.39	-4.26	-2.02
Acquisitions	0.00	0.00	0.00	119.61	367.80	-21.82	7.33	0.00	9.12
Purchases of Investments	-145.32	-111.65	-73.20	-90.10	-883.09	-174.88	-98.30	-78.11	-66.44
Sales/Maturities of Investments	122.64	118.95	833.06	173.95	220.20	113.86	94.48	72.79	65.05
Other Investing Activities	-203.98	-11.46	-150.20	-707.59	-62.72	-115.07	-62.28	-67.49	-156.66
Net Cash from Investing Activities	-230.75	-288.44	591.46	-516.36	-370.60	-208.70	-63.15	-77.07	-150.95
Financing Activities
Debt Repayment	-27.40	-5.17	-376.00	164.13	-84.01	-16.25	-91.47	-1.25	20.45
Common Stock Issued	0.10	27.25	0.84	0.75	2.38	2.06	8.74	1.80	4.03
Common Stock Repurchased	-89.29	-12.11	-1.52	-61.50	-62.58	-42.09	-28.46	-22.75	-15.01
Dividends Paid	-18.66	-16.55	-11.12	0.00	0.00	0.00	0.00	0.00	-0.63
Other Financing Activities	327.09	230.58	25.07	-144.99	209.59	806.88	48.73	142.88	127.23
Net Cash from Financing Activities	201.40	199.30	-362.73	-41.60	65.38	750.60	-62.45	120.68	136.07
Summary
Net Change in Cash	124.19	44.62	336.71	-440.57	-207.57	620.80	-67.47	94.59	25.83
Cash at Beginning of Period	536.05	491.43	154.72	595.29	802.86	182.06	249.53	154.93	129.10
Cash at End of Period	660.23	536.05	491.43	154.72	595.29	802.86	182.06	249.53	154.93
Free Cash Flow	149.44	116.83	89.77	105.16	84.86	68.11	53.75	46.73	38.70
Supplemental Disclosures
Interest Paid	-	170.29	138.01	37.43	10.88	-	-	-	-
Income Taxes Paid	-	25.32	23.02	33.56	24.34	-	-	-	-

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

Frequently Asked Questions About Nicolet Bankshares Cash Flow

What is Nicolet Bankshares's free cash flow?

Nicolet Bankshares generated free cash flow of $149.44M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $153.53M minus $4.09M of capital expenditures. That was up 27.9% from $116.83M a year earlier. Free cash flow equaled 27.0% of revenue.

How much does Nicolet Bankshares spend on capital expenditures?

Nicolet Bankshares spent $4.09M on capital expenditures in fiscal 2025, compared with $16.92M a year earlier. That equals 2.7% of operating cash flow.

Does Nicolet Bankshares pay dividends or buy back shares?

Yes. In fiscal 2025 Nicolet Bankshares returned $18.66M in dividends and $89.29M 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