Nicolet Bankshares Inc.
NYSE: NIC · FINANCIAL SERVICES · BANKS - REGIONAL
Updated 2026-06-05
Nicolet Bankshares Inc. (NIC) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2010 | $40.39M | $1.11M | 51.00% | 3.17% | 2.75% |
| 2011 | $38.27M | $1.49M | 60.85% | 4.83% | 3.89% |
| 2012 | $39.54M | $3.04M | 72.55% | 11.69% | 7.68% |
| 2013 | $57.02M | $16.14M | 78.09% | 35.09% | 28.31% |
| 2014 | $63.13M | $9.95M | 84.53% | 23.22% | 15.76% |
| 2015 | $66.31M | $11.43M | 86.41% | 26.61% | 17.24% |
| 2016 | $102.14M | $18.46M | 91.06% | 27.48% | 18.08% |
| 2017 | $143.34M | $33.15M | 91.05% | 34.67% | 23.13% |
| 2018 | $164.96M | $41.04M | 87.58% | 33.22% | 24.88% |
| 2019 | $192.41M | $54.64M | 87.68% | 36.95% | 28.40% |
| 2020 | $213.10M | $60.12M | 85.85% | 37.98% | 28.21% |
| 2021 | $239.05M | $60.65M | 88.08% | 33.94% | 25.37% |
| 2022 | $332.07M | $94.26M | 86.31% | 37.86% | 28.39% |
| 2023 | $416.85M | $61.52M | 65.46% | 20.78% | 14.76% |
| 2024 | $519.42M | $124.06M | 66.47% | 29.87% | 23.88% |
| 2025 | $552.61M | $150.69M | 69.47% | 33.83% | 27.27% |
Frequently asked questions
What is Nicolet Bankshares Inc.'s revenue?
Nicolet Bankshares Inc.'s trailing twelve-month revenue is $428.66M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NIC?
In its most recent fiscal year, NIC ran a gross margin of 69.47%, an operating margin of 33.83%, and a net margin of 27.27%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NIC generate?
NIC produced $149.44M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NIC's balance sheet healthy?
NIC holds $660.23M in cash and equivalents against $134.86M in long-term debt, on $1.26B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.