Capital allocation appears increasingly opportunistic, highlighted by a significant $20.8M share repurchase program in 2026Q1 despite highly volatile operating cash flow metrics.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 429.5M | 421.54M | 444.54M | 376.32M | 118.7M | 88.22M | 112.18M | 76.49M | 64.27M | 33.71M | 43.38M | 30.1M | 25.6M | 32.04M | 30.65M | 36.64M | 17.91M | 14.14M | 12.26M | 10.06M | 7.18M | 9.57M | 7.41M | 30.24M | 3.51M | -1.67M | 4.16M | 7.5M | -4.4M | 4.7M | 800K |
| Operating CF Growth % | 293.19% | -5.17% | 18.13% | 217.04% | 34.55% | -21.36% | 46.65% | 19.02% | 90.64% | -22.29% | 44.14% | 17.57% | -20.09% | 4.51% | -16.34% | 104.52% | 26.66% | 15.34% | 21.86% | 40.07% | -24.91% | 29.06% | -75.48% | 760.8% | 310.49% | -140.1% | -44.51% | 270.45% | -193.62% | 487.5% | - |
| Net Income | 134.78M | 127.19M | 113.85M | 113.56M | 99.07M | 98.91M | 60.58M | 57.41M | 43.12M | 35.71M | 27.69M | 16.93M | 14.95M | 14.94M | 13.11M | 10.13M | 6.81M | 2.05M | 6.71M | 5.78M | 2.8M | 4.81M | 5.22M | 5.46M | 2.96M | 2.4M | 2.75M | 2.5M | 2.4M | 1.2M | 700K |
| Depreciation & Amortization | 12.26M | 12.3M | 11.23M | 11.66M | 10.52M | 7.39M | 7.48M | 7.49M | 6.14M | 4.95M | 3.87M | 3.26M | 3.01M | 2.87M | 2.35M | 2.44M | 2.53M | 4.82M | 2.75K | 2.22M | 2.41M | 2.55M | 2.48M | 1.89M | 1.12M | 860.3K | 727.83K | 600K | 400K | 300K | 100K |
| Deferred Taxes | 0 | -2.34M | -7.19M | -946K | -4.68M | 15.27M | -14.53M | 6.36M | 6.29M | -6.03M | -3.07M | -2M | -1.17M | -1.02M | 2.3M | 3.67M | 1.26M | 2.76M | -1.82M | 511.11K | -394.93K | -109.45K | -185.68K | -674.68K | -634.04K | -363K | -398.97K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 300.41M | 306.12M | 349.69M | 261.18M | 9.94M | 8.51M | 59.43M | -28K | 12.5M | 7.22M | 6.39M | 13.92M | 10.41M | 7.57M | 9.71M | 20.81M | 4.51M | 16.77M | 2.73M | 1.84M | 5.5M | 116.23K | 1.21M | 23.63M | -618.48K | -3.8M | 1.99M | 3M | -5.1M | 200K | 500K |
| Working Capital Changes | -20.94M | -24.97M | -25.86M | -11.81M | 1.42M | -44.21M | -2.94M | 2.79M | -5.23M | -9.32M | 7.55M | -2.95M | -2.51M | 6.88M | 2.34M | -1.12M | 2.32M | -12.77M | 4.16M | -279.89K | -3.13M | 2.2M | -1.3M | -71.91K | 686.81K | -763.19K | -904.03K | 1.4M | -2.1M | 3M | -500K |
| Cash from Investing | -846.5M | -854.71M | -845.23M | -749.27M | -634.69M | -411.77M | -704.48M | -308.66M | -333.65M | -410.52M | -168.97M | -66.07M | -129.93M | -164.56M | -132.78M | -137.31M | -59.48M | -187.54M | -6.92M | -204.13M | -222.86M | -127.7M | -165.09M | -132.46M | -110.63M | -21.94M | -46.1M | -76.5M | -70.3M | -55.3M | -28.3M |
| Purchase of Investments | -220.92M | -235.03M | -218.03M | -187.63M | -230.5M | -173.2M | -356.94M | -76.31M | -84.05M | -179.79M | -179.6M | -232.09M | -78.33M | -312.97M | -474.46M | -622.25M | -383.02M | -318.41M | -16.94K | -133.42M | -80.51M | -83.84M | -86.74M | -91.75M | -30.03M | -17M | -23.71M | -50.2M | -33.5M | -12.4M | -23.3M |
| Sale/Maturity of Investments | 110.41M | 107.96M | 78.36M | 141.92M | 186.82M | 195.73M | 138.88M | 106.08M | 70.16M | 152.6M | 285.24M | 308.83M | 137.34M | 230.76M | 433.46M | 486.29M | 326.08M | 195.55M | 285K | 92.6M | 2.13M | 46.98M | 64.33M | 53.59M | 18.61M | 36.17M | 25.8M | 16.4M | 14M | 8.9M | 13.1M |
| Net Investment Activity | -110.51M | -127.07M | -139.67M | -45.72M | -43.68M | 22.52M | -218.05M | 29.77M | -13.89M | -27.19M | 105.64M | 76.74M | 59.01M | -82.21M | -41M | -135.96M | -56.93M | -122.86M | 268.06K | -40.82M | -78.38M | -36.86M | -22.41M | -38.16M | -11.43M | 19.17M | 2.09M | -33.8M | -19.5M | -3.5M | -10.2M |
| Acquisitions | 0 | 0 | 0 | 0 | 144.97M | 0 | -154K | 42.59M | -5.18M | -3.37M | -69.91M | 0 | 0 | -27.4M | 0 | 0 | 0 | 0 | -7.18M | 0 | 0 | -4.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -665.39M | -660.2M | -661.07M | -688.61M | -702.72M | -420.31M | -482.01M | -368.59M | -303.12M | -374.2M | -198.67M | -138.42M | -186.9M | -52.51M | -89.91M | 1.71M | -350.2K | -61.84M | -8.92K | -160.16M | -135.14M | -77.37M | -135.13M | -90.15M | -97.73M | -39.39M | -47.4M | -42.2M | -48M | -50.7M | -15.2M |
| Cash from Financing | 398.05M | 417.93M | 395.3M | 410.35M | 538.23M | 299.71M | 577.38M | 222.9M | 279.18M | 381.96M | 154.42M | 39.48M | 100.61M | 112.9M | 110.56M | 111.78M | 47.72M | 175.81M | -5.25M | 192.76M | 219.22M | 135.71M | 154.62M | 101.77M | 113.11M | 28.69M | 48.54M | 66M | 79.3M | 51M | 30.2M |
| Dividends Paid | -4.06M | -4.06M | -4.03M | -4.03M | -3.94M | -3.79M | -3.78M | -3.77M | -3.3M | -2.49M | -1.98M | -782.05K | -1.96M | -4.06M | -4.09M | -3.71M | -4.05M | -3.6M | -1.97M | -1.33M | -363.14K | -360.6K | -336.82K | -277.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -42.47M | -21.63M | 0 | -8.69M | -52.95M | -14.17M | -3.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 2.37M | 1.13M | 1.47M | 1.4M | 422K | 670K | 1.36M | 1.93M | 1.28M | 2.06M | 31.93M | 65.04M | 620.64K | 582.74K | 994.17K | 477.34K | 261.55K | 226.44K | 329.3K | 0 | 339.37K | 355.72K | 5.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -40.1M | -20.5M | 1.47M | -7.28M | -52.53M | -13.5M | -2.42M | 1.93M | 1.28M | 2.06M | 31.93M | 65.04M | 620.64K | 582.74K | 994.17K | 477.34K | 261.55K | 226.44K | -1.28M | 0 | 339.37K | 355.72K | 5.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | 165.89M | 353.01M | 547.18M | 529.79M | -15.13M | 323.63M | 687.75M | 335.58M | 271.27M | 385.08M | 302.39M | 200.99M | 32.7M | 108.92M | 166.72M | 90.64M | 25.07M | 30.05M | 1.61K | 54M | 37.8K | 110.49M | 76.36M | 76.9M | 74.16M | 14.09M | 40.1M | 50.6M | 61.3M | 43M | 31.8M |
| Net Change in Cash | -18.96M | -15.24M | -5.39M | 37.4M | 22.23M | -23.84M | -14.93M | -9.27M | 9.8M | 5.15M | 28.83M | 3.51M | -3.72M | -19.62M | 8.43M | 11.11M | 6.15M | 2.41M | 95.83K | -1.31M | 3.55M | 17.58M | -3.06M | -460.78K | 5.99M | 5.09M | 6.6M | -3.1M | -7M | 400K | -3.8M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 76.49M | 91.73M | 97.12M | 59.72M | 37.49M | 61.33M | 76.25M | 85.52M | 75.72M | 70.57M | 41.74M | 38.24M | 41.95M | 61.57M | 53.14M | 42.03M | 35.88M | 33.46M | 1.39M | 42.5M | 38.96M | 21.37M | 24.43M | 24.89M | 20.22M | 15.13M | 8.53M | 11.6M | 7M | 6.6M | 3.8M |
| Cash at End | 80.04M | 76.49M | 91.73M | 97.12M | 59.72M | 37.49M | 61.33M | 76.25M | 85.52M | 75.72M | 70.57M | 41.74M | 38.24M | 41.95M | 61.57M | 53.14M | 42.03M | 35.88M | 1.49M | 41.2M | 42.5M | 38.96M | 21.37M | 24.43M | 26.21M | 20.22M | 15.13M | 8.5M | 11.6M | 7M | 6.5M |
| Interest Paid | 232.49M | 237.09M | 247.67M | 187.95M | 58.65M | 23.37M | 32.18M | 59.29M | 38.78M | 19.05M | 11.93M | 14.03M | 16.83M | 17.95M | 19.96M | 24.19M | 31.02M | 36.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 16.26M | 4.9M | 4.85M | 2.85M | 1.06M | 48.99M | 24.57M | 2.72M | 30K | 13.04M | 10.76M | 2.62M | 4.54M | 3.01M | 1.34M | 1.25M | 3.24M | 2.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 358.9M | 354.11M | 400.05M | 361.38M | 85.44M | 74.24M | 107.91M | 64.06M | 52.81M | 27.95M | 37.35M | 25.7M | 23.56M | 29.61M | 28.78M | 33.58M | 15.72M | 11.3M | 12.26M | 6.92M | -2.15M | 1.06M | -134.9K | 26.08M | 2.04M | -3.38M | 3.36M | 7M | -7.2M | 3.6M | -2.1M |
| FCF Growth % | -9.55% | -11.48% | 10.7% | 322.97% | 15.09% | -31.2% | 68.44% | 21.3% | 88.95% | -25.16% | 45.31% | 9.08% | -20.41% | 2.86% | -14.27% | 113.62% | 39.11% | -7.86% | 77.33% | 421.69% | -302.47% | 887.01% | -100.52% | 1178.03% | 160.3% | -200.61% | -51.94% | 197.22% | -300% | 271.43% | - |
Non-interest income volatility
As reported in recent financial filings, QCRH utilized $20.8M for share repurchases in 2026Q1, a significant increase compared to prior quarters, suggesting that management may be prioritizing capital return to shareholders despite the inherent volatility in the bank's specialized fee-based revenue streams and broader economic uncertainty.
The aggressive buyback activity in 2026Q1 contrasts with the more modest capital return levels observed throughout 2025, potentially indicating a management view that the stock was undervalued relative to its long-term earnings power. Investors should monitor whether this pace of capital return is sustainable given the capital requirements of the bank's complex, multi-charter commercial lending platform.
Based on the provided cash flow data, QCRH consistently deployed capital into investment securities, with quarterly purchases reaching as high as $86.8M in 2024Q3, while simultaneously liquidating positions to manage liquidity, which suggests an active approach to balancing yield generation against the bank's overall interest rate risk profile.
The persistent gap between investment purchases and sales indicates that the bank is actively managing its securities portfolio to support net interest margin stability. This activity warrants further investigation into the duration and credit quality of the underlying assets, as these holdings represent a critical lever for managing liquidity in a competitive Midwestern funding environment.
According to the reported financial statements, QCRH maintained consistent provision expenses for loan losses, peaking at $6.2M in 2023Q4, which appears to reflect a prudent approach to credit risk management within the bank's commercial and industrial loan book as regional economic conditions evolve over time.
The stability of these provisions suggests that management is proactively accounting for potential credit deterioration, even as the bank continues to grow its loan portfolio. This conservative posture may serve as a buffer against future charge-offs, though it also highlights the inherent sensitivity of the bank's earnings to the credit quality of its middle-market commercial borrowers.
As indicated by the extreme variance in OCF/NI ratios, ranging from 0.10 in 2024Q1 to 9.40 in 2025Q4, the statement of cash flows for QCRH appears heavily distorted by changes in trading assets and loan originations, rendering traditional operating cash flow metrics largely uninformative for assessing core profitability.
The volatility in these figures is a common characteristic of banks with significant capital markets and swap fee operations, where timing differences in asset settlement can create large, non-representative swings in cash flow. Analysts should prioritize the income statement and balance sheet to evaluate the bank's underlying financial health rather than relying on the cash flow statement's headline operating figures.
Quick answers to the most common questions about buying QCRH stock.
QCR Holdings, Inc. (QCRH) generated $421.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
QCR Holdings, Inc. (QCRH) generated $354.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
QCR Holdings, Inc. (QCRH) spent $67.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, QCR Holdings, Inc. (QCRH) returned $4.1M to shareholders via cash dividends and spent $21.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.