NBTB

MKT CAP:$2B

NBT Bancorp Inc.

Market Cap

$2B

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$45.29+$3.70 (+8.90%)

Apr 23, 2026

Company Details

NBT Bancorp Inc., a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and cert...

CEO

Scott A. Kingsley

IPO Date

Mar 17, 1992

Website

www.nbtbancorp.com

Key Metrics TTM

Revenue

$902M

+14.8% YoY

Net Income

$169M

EPS (Diluted)

$3.34

Free Cash Flow

$225M

Revenue / Share

$17.18

Gross Margin

73.6%

Operating Margin

24.3%

Net Margin

18.8%

FCF Margin

24.9%

P/S

2.5x

P/E

13.3x

Earnings Reports

FY 2025

Feb 27, 2026

$867M+10.4%EPS $3.33

Q4 2025

Feb 27, 2026

$238M+19.4%EPS $1.06

Q3 2025

Nov 7, 2025

$239M+18.5%EPS $1.03

Q2 2025

Aug 8, 2025

$224M+15.9%EPS $0.48

Q1 2025

May 9, 2025

$201M+4.9%EPS $0.77

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$126M	$122M	$50M
Q2 22	$132M	$124M	$49M
Q3 22	$136M	$127M	$50M
Q4 22	$142M	$125M	$47M
Q1 23	$145M	$122M	$43M
Q2 23	$152M	$117M	$39M
Q3 23	$177M	$122M	$32M
Q4 23	$189M	$132M	$40M
Q1 24	$192M	$134M	$43M
Q2 24	$193M	$131M	$42M
Q3 24	$201M	$144M	$49M
Q4 24	$199M	$146M	$46M
Q1 25	$201M	$146M	$47M
Q2 25	$224M	$153M	$31M
Q3 25	$239M	$183M	$72M
Q4 25	$238M	$181M	$70M

Valuation

Quarter	P/S	P/E
Q1 22	4.5x	14.6x
Q2 22	4.4x	14.8x
Q3 22	4.3x	14.7x
Q4 22	4.2x	14.8x
Q1 23	4.1x	15.4x
Q2 23	3.9x	16.2x
Q3 23	3.7x	18.1x
Q4 23	3.4x	18.9x
Q1 24	3.2x	18.9x
Q2 24	3.0x	18.5x
Q3 24	2.9x	16.7x
Q4 24	2.9x	16.0x
Q1 25	2.8x	15.7x
Q2 25	2.7x	16.9x
Q3 25	2.6x	15.0x
Q4 25	2.5x	13.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$35M	$34M
Q2 22	$69M	$68M
Q3 22	$49M	$47M
Q4 22	$30M	$27M
Q1 23	$22M	$20M
Q2 23	$45M	$44M
Q3 23	$55M	$51M
Q4 23	$36M	$33M
Q1 24	$37M	$34M
Q2 24	$51M	$49M
Q3 24	$52M	$48M
Q4 24	$49M	$46M
Q1 25	$42M	$38M
Q2 25	$46M	$50M
Q3 25	$81M	$74M
Q4 25	$66M	$62M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$955.0K
Q3 22	$2M
Q4 22	$2M
Q1 23	$1M
Q2 23	$1M
Q3 23	$3M
Q4 23	$3M
Q1 24	$2M
Q2 24	$1M
Q3 24	$4M
Q4 24	$4M
Q1 25	$4M
Q2 25	$4M
Q3 25	$6M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+4.7%	+9.2%
Q2 22	+7.9%	+18.8%
Q3 22	+11.5%	+16.4%
Q4 22	+9.9%	+17.5%
Q1 23	+14.4%	+33.2%
Q2 23	+14.8%	+35.3%
Q3 23	+30.1%	+69.9%
Q4 23	+32.7%	+55.9%
Q1 24	+32.5%	+46.4%
Q2 24	+27.2%	+33.7%
Q3 24	+14.0%	+5.2%
Q4 24	+5.6%	+3.2%
Q1 25	+4.9%	+3.6%
Q2 25	+15.9%	+27.7%
Q3 25	+18.5%	+9.4%
Q4 25	+19.4%	+9.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	2.0%
Q2 22	$807.0K	0.6%
Q3 22	$670.0K	0.5%
Q4 22	$581.0K	0.4%
Q1 23	$2M	1.7%
Q2 23	$847.0K	0.6%
Q3 23	$825.0K	0.5%
Q4 23	$965.0K	0.5%
Q1 24	$2M	1.2%
Q2 24	$2M	1.0%
Q3 24	$964.0K	0.5%
Q4 24	$837.0K	0.4%
Q1 25	$2M	1.1%
Q2 25	$873.0K	0.4%
Q3 25	$2M	0.7%
Q4 25	$3M	1.1%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$46M	$654.0K
Q2 22	$48M	$730.0K
Q3 22	$49M	$559.0K
Q4 22	$17M	$879.0K
Q1 23	$50M	$649.0K
Q2 23	$48M	$525.0K
Q3 23	$51M	$667.0K
Q4 23	$52M	$1M
Q1 24	$57M	$812.0K
Q2 24	$57M	$873.0K
Q3 24	$61M	$711.0K
Q4 24	$63M	$990.0K
Q1 25	$62M	$1M
Q2 25	$21M	$974.0K
Q3 25	$22M	$833.0K
Q4 25	—	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$524M	$1.6B	$2.1B
Q3 22	$321M	$1.6B	$1.9B
Q4 22	$197M	$1.5B	$1.7B
Q1 23	$230M	$1.5B	$1.7B
Q2 23	$202M	$1.5B	$1.7B
Q3 23	$673M	$1.4B	$2.1B
Q4 23	$205M	$1.4B	$1.6B
Q1 24	$319M	$1.4B	$1.7B
Q2 24	$208M	$1.4B	$1.6B
Q3 24	$482M	$1.5B	$2.0B
Q4 24	$284M	$136M	$420M
Q1 25	$254M	$185M	$439M
Q2 25	$542M	$182M	$724M
Q3 25	$640M	$166M	$806M
Q4 25	$185M	$0	$185M
Q1 26	$152M	$1.9B	$2.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	43M	-0.4%	-1.2%
Q2 22	43M	-0.7%	-1.6%
Q3 22	43M	+0.0%	-1.2%
Q4 22	43M	+0.1%	-1.0%
Q1 23	43M	-0.0%	-0.6%
Q2 23	43M	0.0%	+0.1%
Q3 23	45M	+5.3%	+5.3%
Q4 23	47M	+4.3%	+9.8%
Q1 24	47M	+0.0%	+9.8%
Q2 24	47M	+0.0%	+9.9%
Q3 24	47M	+0.2%	+4.6%
Q4 24	48M	+0.1%	+0.3%
Q1 25	47M	-0.8%	-0.6%
Q2 25	47M	0.0%	-0.6%
Q3 25	47M	0.0%	-0.8%
Q4 25	53M	+11.5%	+10.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$70.2K	2K
Q2 22	$73.5K	2K
Q3 22	$75.4K	2K
Q4 22	$76.5K	2K
Q1 23	$77.8K	2K
Q2 23	$81.6K	2K
Q3 23	$95.0K	2K
Q4 23	$92.9K	2K
Q1 24	$94.3K	2K
Q2 24	$95.0K	2K
Q3 24	$99.0K	2K
Q4 24	$95.8K	2K
Q1 25	$96.6K	2K
Q2 25	$107.5K	2K
Q3 25	$114.6K	2K
Q4 25	$103.5K	2K

Revenue / Employee