NNI · Nelnet Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | $52.04M | - | $59.99M | $55.74M | $57.51M | - | $72.09M | $48.29M | $62.84M | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $233.99M | - | $225.74M | $219.29M | $217.92M | - | $221.50M | $214.57M | $217.49M | - |
| D&A | $21.16M | - | $7.33M | $7.62M | $23.12M | - | $13.66M | $15.14M | $33.96M | - |
| Operating Income | $75.66M | - | $136.45M | $237.36M | $106.14M | - | ($2.22M) | $58.43M | $94.13M | - |
| Interest Expense | - | - | - | - | - | - | - | - | $194.58M | - |
| Income Tax | $20.06M | - | $35.77M | $59.51M | $25.01M | - | ($282.0K) | $14.75M | $23.12M | - |
| Net Income | $71.13M | - | $106.68M | $181.46M | $82.56M | - | $2.39M | $45.09M | $73.21M | - |
| EPS - Basic | $1.97 | - | $2.94 | $4.97 | $2.26 | - | $0.07 | $1.23 | $1.97 | - |
| EPS - Diluted | $1.97 | - | $2.94 | $4.97 | $2.26 | - | $0.07 | $1.23 | $1.97 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $240.01M | $295.98M | $216.43M | $225.75M | $220.52M | $194.52M | $219.68M | $145.48M | $179.68M | $168.11M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $14.18B | $14.06B | $13.88B | $13.71B | $14.19B | $13.78B | $14.08B | $14.50B | $15.40B | $16.74B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $7.70B | $7.78B | $7.82B | $7.90B | $8.66B | $8.31B | $8.94B | $9.57B | $10.58B | $11.83B |
| Total Liabilities | $10.57B | $10.49B | $10.29B | $10.23B | $10.83B | $10.48B | $10.87B | $11.28B | $12.14B | $13.51B |
| Stockholders' Equity | $3.73B | $3.69B | $3.65B | $3.57B | $3.42B | $3.35B | $3.29B | $3.29B | $3.31B | $3.26B |
| Retained Earnings | $3.73B | $3.68B | $3.65B | $3.58B | $3.41B | $3.34B | $3.29B | $3.30B | $3.31B | $3.28B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $73.11M | - | - | - | $91.17M | - | - | - | $211.91M | - |
| Investing Cash Flow | $31.09M | - | - | - | $136.36M | - | - | - | $1.09B | - |
| Financing Cash Flow | ($244.18M) | - | - | - | ($326.44M) | - | - | - | ($1.38B) | - |
| CapEx | $11.55M | - | - | - | $3.38M | - | - | - | $23.23M | - |
| Free Cash Flow | $61.56M | - | - | - | $87.79M | - | - | - | $188.69M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 0.87 | - | - | - | 1.06 | - | - | - | 2.58 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 22.0% | - | 25.1% | 24.7% | 23.2% | - | -13.4% | 24.7% | 24.0% | - |
| Return on assets | 0.5% | - | 0.8% | 1.3% | 0.6% | - | 0.0% | 0.3% | 0.5% | - |
| Return on equity | 1.9% | - | 2.9% | 5.1% | 2.4% | - | 0.1% | 1.4% | 2.2% | - |
| Return on invested capital | 0.5% | - | 0.9% | 1.6% | 0.7% | - | -0.0% | 0.3% | 0.5% | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 2.06 | 2.11 | 2.14 | 2.21 | 2.53 | 2.48 | 2.72 | 2.90 | 3.20 | 3.63 |
| Debt / Assets | 0.54 | 0.55 | 0.56 | 0.58 | 0.61 | 0.60 | 0.63 | 0.66 | 0.69 | 0.71 |
| Debt / EBITDA | 79.52 | - | 54.41 | 32.26 | 66.97 | - | 781.47 | 130.05 | 82.62 | - |
| Interest coverage | - | - | - | - | - | - | - | - | 0.5x | - |
| Equity multiplier | 3.80 | 3.82 | 3.80 | 3.84 | 4.15 | 4.11 | 4.28 | 4.40 | 4.66 | 5.13 |
| Liabilities / Assets | 0.75 | 0.75 | 0.74 | 0.75 | 0.76 | 0.76 | 0.77 | 0.78 | 0.79 | 0.81 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 65.5x | - | 42.6x | 24.4x | 49.1x | - | 1618.3x | 82.0x | 48.0x | - |
| P / B | 1.2x | - | 1.2x | 1.2x | 1.2x | - | 1.3x | 1.1x | 1.1x | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 125.1x | - | 84.6x | 49.4x | 96.6x | - | 1123.1x | 178.1x | 108.7x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -28.7% | - | - | 306.3% | 12.8% | - | - | 97.5% | 201.0% | - |
| Net income growth (YoY) | -13.8% | - | 4367.5% | 302.4% | 12.8% | - | -94.7% | 59.5% | 176.4% | - |
| EPS growth (YoY) | -12.8% | - | 4100.0% | 304.1% | 14.7% | - | -94.2% | 64.0% | 177.5% | - |
| EPS CAGR (3y) | 40.5% | - | 1.6% | 30.0% | -22.8% | - | -63.0% | -17.1% | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -29.9% | - | - | - | -53.5% | - | - | - | 91.7% | - |
| FCF CAGR (5y) | 14.9% | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 9.1% | 10.0% | 11.0% | 8.5% | 3.4% | 2.7% | -0.1% | 1.1% | 2.4% | 2.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$3.18B totalLoan Servicing And Systems$509.09M · 16.0%
Loan Servicing And Systems Revenue$509.09M · 16.0%
Education Technology Services And Payment Processing Services$507.15M · 16.0%
Education Technology Services And Payments$507.15M · 16.0%
Government Loan Servicing$363.97M · 11.5%
Payment Processing$193.32M · 6.1%
Education Technology Services$171.48M · 5.4%
Tuition Payment Plan Services$141.25M · 4.4%
Reinsurance Premiums Earned$107.50M · 3.4%
Private Education And Consumer Loan Servicing$94.47M · 3.0%
Software Services$38.42M · 1.2%
Solar Construction Revenue$14.37M · 0.5%
FFELPLoan Servicing$8.88M · 0.3%
Investment Advice$6.37M · 0.2%
Outsourced Services Revenue And Other$3.35M · 0.1%
Other Service Offering$1.11M · 0.0%
Peer comparison
Same SIC group: Personal Credit Institutions
Comparing NELNET INC against the 5 most active filers in the same SIC group.
Dividends
$1.29/share trailing 12 months · +15.2% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.3300 |
| Feb 27, 2026 | $0.3300 |
| Dec 1, 2025 | $0.3300 |
| Sep 2, 2025 | $0.3000 |
| Jun 2, 2025 | $0.2800 |
| Feb 28, 2025 | $0.2800 |
| Dec 2, 2024 | $0.2800 |
| Aug 30, 2024 | $0.2800 |
| May 31, 2024 | $0.2800 |
| Feb 29, 2024 | $0.2800 |
| Nov 30, 2023 | $0.2800 |
| Aug 31, 2023 | $0.2600 |
| May 31, 2023 | $0.2600 |
| Feb 28, 2023 | $0.2600 |
| Nov 30, 2022 | $0.2600 |
| Aug 31, 2022 | $0.2400 |
| May 31, 2022 | $0.2400 |
| Feb 28, 2022 | $0.2400 |
| Nov 30, 2021 | $0.2400 |
| Aug 31, 2021 | $0.2200 |
| May 27, 2021 | $0.2200 |
| Feb 26, 2021 | $0.2200 |
| Nov 30, 2020 | $0.2200 |
| Aug 31, 2020 | $0.2000 |