Nelnet (NNI) Financials

$108.15 +2.44 (+2.31%)

Closing price 05/2/2025 03:59 PM Eastern

Extended Trading

$108.12 -0.04 (-0.04%)

As of 05/2/2025 04:05 PM Eastern

Annual Income Statements for Nelnet

This table shows Nelnet's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	268	257	173	228	142	352	393	407	90	184
Consolidated Net Income / (Loss)	268	258	162	228	141	350	386	389	49	176
Net Income / (Loss) Continuing Operations	268	258	162	228	141	350	386	404	81	219
Total Pre-Tax Income	421	399	227	286	177	450	502	502	69	229
Total Revenue	900	897	784	1,075	1,081	1,400	1,341	1,555	1,263	1,396
Net Interest Income / (Expense)	432	373	305	254	249	290	348	313	265	293
Total Interest Income	734	761	770	924	949	620	524	743	1,110	973
Loans and Leases Interest Income	726	751	758	898	914	595	482	651	932	787
Investment Securities Interest Income	7.85	9.47	13	27	34	25	41	92	178	186
Total Interest Expense	302	388	465	670	699	330	176	430	845	681
Long-Term Debt Interest Expense	302	388	465	670	699	330	176	430	845	681
Total Non-Interest Income	468	524	479	821	831	1,110	993	1,242	999	1,103
Net Realized & Unrealized Capital Gains on Investments	5.15	7.98	-	0.00	17	33	19	-8.57	-18	-1.64
Other Non-Interest Income	125	462	423	766	766	1,020	896	1,233	1,016	1,105
Provision for Credit Losses	10	14	14	23	39	63	-12	35	8.12	55
Total Non-Interest Expense	469	484	543	766	865	886	851	1,003	1,155	1,071
Salaries and Employee Benefits	248	256	302	436	464	502	507	590	592	577
Other Operating Expenses	195	195	202	243	296	266	254	339	484	435
Depreciation Expense	26	34	40	87	105	119	74	74	79	58
Income Tax Expense	152	141	65	59	35	101	116	113	19	53
Net Income / (Loss) Attributable to Noncontrolling Interest	0.29	0.75	-11	-0.39	-0.51	-2.82	-7.00	-18	-40	-8.13
Basic Earnings per Share	$5.89	$6.02	$4.14	$5.57	$3.54	$9.02	$10.20	$10.82	$2.40	$5.02
Weighted Average Basic Shares Outstanding	45.53M	42.67M	41.79M	40.91M	40.05M	39.06M	38.57M	37.60M	37.42M	36.64M
Diluted Earnings per Share	$5.89	$6.02	$4.14	$5.57	$3.54	$9.02	$10.20	$10.82	$2.40	$5.02
Weighted Average Diluted Shares Outstanding	45.53M	42.67M	41.79M	40.91M	40.05M	39.06M	38.57M	37.60M	37.42M	36.64M
Weighted Average Basic & Diluted Shares Outstanding	45.53M	42.67M	41.79M	40.91M	40.05M	39.06M	37.78M	37.14M	37.04M	36.29M

This table shows Nelnet's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	105	30	26	27	44	-8.44	73	45	2.39	63
Consolidated Net Income / (Loss)	100	20	23	17	40	-31	71	44	-1.94	63
Net Income / (Loss) Continuing Operations	100	36	23	17	40	1.39	71	44	-1.94	106
Total Pre-Tax Income	127	26	31	27	50	-40	94	58	-2.22	78
Total Revenue	395	327	332	284	320	327	385	325	309	377
Net Interest Income / (Expense)	77	81	67	51	77	70	74	66	72	80
Total Interest Income	203	263	266	284	285	275	269	243	240	221
Loans and Leases Interest Income	176	229	225	243	236	227	217	202	190	178
Investment Securities Interest Income	27	34	41	41	48	48	52	41	50	43
Total Interest Expense	127	182	199	233	207	205	195	176	168	141
Long-Term Debt Interest Expense	127	182	199	233	207	205	195	176	168	141
Total Non-Interest Income	319	246	265	233	243	257	311	258	237	297
Net Realized & Unrealized Capital Gains on Investments	66	-122	12	-5.46	243	-267	-0.04	258	237	-497
Provision for Credit Losses	9.67	16	34	-11	4.28	-19	11	3.61	18	22
Total Non-Interest Expense	258	269	266	268	266	355	280	263	294	234
Salaries and Employee Benefits	147	152	153	145	141	153	144	140	146	147
Other Operating Expenses	93	104	97	105	103	180	120	108	134	74
Depreciation Expense	19	20	17	19	22	22	17	15	14	13
Income Tax Expense	27	5.33	8.25	10	11	-9.56	23	15	-0.28	15
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.33	-9.84	-3.47	-10	-4.75	-22	-2.20	-1.42	-4.33	-0.18
Basic Earnings per Share	$2.80	$0.85	$0.71	$0.73	$1.18	($0.22)	$1.97	$1.23	$0.07	$1.75
Weighted Average Basic Shares Outstanding	37.38M	37.60M	37.34M	37.47M	37.50M	37.42M	37.16M	36.53M	36.43M	36.64M
Diluted Earnings per Share	$2.80	$0.85	$0.71	$0.73	$1.18	($0.22)	$1.97	$1.23	$0.07	$1.75
Weighted Average Diluted Shares Outstanding	37.38M	37.60M	37.34M	37.47M	37.50M	37.42M	37.16M	36.53M	36.43M	36.64M
Weighted Average Basic & Diluted Shares Outstanding	37.11M	37.14M	37.29M	37.32M	37.32M	37.04M	36.37M	36.25M	36.29M	36.29M

This table details how cash moves in and out of Nelnet's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-67	129	-228	250	30	-264	236	163	-332	-94
Net Cash From Operating Activities	391	300	322	271	299	349	480	683	432	663
Net Cash From Continuing Operating Activities	391	300	322	271	299	349	480	683	432	663
Net Income / (Loss) Continuing Operations	268	258	162	228	141	350	386	389	49	176
Consolidated Net Income / (Loss)	268	258	162	228	141	350	386	389	49	176
Provision For Loan Losses	10	14	14	23	39	63	-12	35	8.12	55
Depreciation Expense	124	123	138	185	193	198	132	176	145	133
Non-Cash Adjustments to Reconcile Net Income	-1.85	-83	24	27	-46	-319	7.90	88	95	-35
Changes in Operating Assets and Liabilities, net	-8.94	-11	-16	-191	-28	56	-34	-5.10	134	335
Net Cash From Investing Activities	1,417	3,408	2,950	-732	1,525	621	1,186	2,273	1,939	2,413
Net Cash From Continuing Investing Activities	1,417	3,408	2,950	-732	1,525	621	1,186	2,273	1,939	2,413
Purchase of Property, Leasehold Improvements and Equipment	-17	-68	-156	-125	-92	-113	-59	-59	-74	-21
Purchase of Investment Securities	-2,317	-436	-483	-3,961	-2,112	-2,277	-2,316	-2,787	-2,141	-2,061
Sale and/or Maturity of Investments	130	3,941	221	118	3,730	3,011	479	726	1,595	1,315
Other Investing Activities, net	3,668	-30	3,364	3,248	-	-	3,081	4,394	2,559	3,180
Net Cash From Financing Activities	-1,876	-3,579	-3,501	712	-1,793	-1,235	-1,430	-2,792	-2,703	-3,170
Net Cash From Continuing Financing Activities	-1,876	-3,579	-3,501	712	-1,793	-1,235	-1,430	-2,792	-2,703	-3,170
Net Change in Deposits	-	-	-	0.00	0.00	55	290	347	52	443
Issuance of Debt	2,615	651	1,985	3,923	2,998	1,885	1,948	1,302	761	31
Issuance of Common Equity	0.80	0.89	0.68	1.36	1.55	1.65	1.47	1.63	1.78	1.95
Repayment of Debt	-4,379	-4,141	-5,410	-3,127	-4,727	-3,138	-3,691	-4,343	-3,612	-3,647
Repurchase of Common Equity	-96	-69	-69	-45	-40	-73	-58	-98	-28	-83
Payment of Dividends	-19	-22	-26	-27	-30	-33	-35	-40	-44	-47
Other Financing Activities, Net	3.69	1.24	19	-13	4.65	69	115	38	166	132
Effect of Exchange Rate Changes	-	-	-	-	0.00	0.00	-0.12	-0.16	0.02	-0.44
Cash Interest Paid	228	301	390	591	657	302	152	351	781	651
Cash Income Taxes Paid	147	115	96	0.47	18	30	19	58	48	15

This table details how cash moves in and out of Nelnet's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-131	314	-460	-84	-21	233	-85	2.58	-44	32
Net Cash From Operating Activities	173	26	123	76	154	79	212	133	137	181
Net Cash From Continuing Operating Activities	167	32	123	76	154	79	212	133	137	181
Net Income / (Loss) Continuing Operations	100	20	23	16	40	-30	71	43	-1.94	63
Consolidated Net Income / (Loss)	100	20	23	16	40	-30	71	43	-1.94	63
Provision For Loan Losses	9.67	16	34	-33	4.27	3.05	11	3.51	18	22
Depreciation Expense	40	63	34	59	35	17	34	36	36	27
Non-Cash Adjustments to Reconcile Net Income	70	-83	-14	44	12	52	-2.13	-7.06	2.51	-28
Changes in Operating Assets and Liabilities, net	-53	15	45	-11	63	37	98	58	82	97
Net Cash From Investing Activities	902	534	724	167	416	632	1,086	738	254	335
Net Cash From Continuing Investing Activities	902	534	724	167	416	632	1,086	738	254	335
Purchase of Property, Leasehold Improvements and Equipment	-10	-15	-24	-13	-15	-21	-23	-11	-4.44	17
Purchase of Investment Securities	-426	-1,075	-602	-717	61	-883	-410	-513	-390	-748
Sale and/or Maturity of Investments	1,339	-2,779	1,350	897	838	-1,490	1,519	1,262	753	-2,219
Other Investing Activities, net	-0.57	4,402	-	-	-	3,027	-	-	-	3,284
Net Cash From Financing Activities	-1,206	-246	-1,306	-327	-592	-479	-1,382	-868	-436	-483
Net Cash From Continuing Financing Activities	-1,206	-246	-1,306	-327	-592	-479	-1,382	-868	-436	-483
Net Change in Deposits	-7.65	110	-16	55	-13	26	58	88	180	115
Issuance of Debt	253	888	205	601	-50	4.91	18	-18	85	-54
Issuance of Common Equity	0.41	0.43	0.40	0.50	0.43	0.47	0.37	0.59	0.46	0.52
Repayment of Debt	-1,340	-1,307	-1,416	-1,004	-579	-613	-1,276	-1,008	-729	-634
Repurchase of Common Equity	-14	-4.46	-3.30	-0.47	-0.54	-24	-35	-47	-0.58	-0.40
Payment of Dividends	-9.38	-12	-11	-11	-10	-13	-11	-12	-11	-13
Other Financing Activities, Net	-89	78	-66	32	61	139	-137	127	39	103
Effect of Exchange Rate Changes	-0.27	0.29	-0.09	0.01	-0.12	0.22	-0.16	0.08	0.29	-0.64
Cash Interest Paid	107	154	190	197	199	196	186	170	155	140
Cash Income Taxes Paid	16	20	0.96	43	1.93	2.15	0.79	11	1.51	1.80

This table presents Nelnet's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	30,419	27,193	23,964	25,221	23,709	22,646	21,678	19,374	16,712	13,778
Cash and Due from Banks	64	70	67	121	134	121	126	118	168	195
Restricted Cash	977	1,101	875	1,071	438	284	1,069	1,239	857	737
Trading Account Securities	304	-	-	1.82	-	993	-	-	1,007	1,160
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	80	124	248	345	348	124	119	123	127	95
Goodwill	146	147	139	157	157	142	142	177	158	158
Intangible Assets	51	48	38	114	82	75	52	64	45	36
Other Assets	28,797	25,704	22,597	23,411	22,551	20,907	20,170	17,653	14,350	11,397
Total Liabilities & Shareholders' Equity	30,419	27,193	23,964	25,221	23,709	22,646	21,678	19,374	16,712	13,778
Total Liabilities	28,527	25,122	21,799	22,906	21,318	20,018	18,725	16,174	13,512	10,479
Non-Interest Bearing Deposits	-	-	-	-	0.00	55	344	691	744	1,186
Short-Term Debt	145	120	187	370	438	301	366	348	426	478
Accrued Interest Payable	32	46	50	62	47	29	4.57	36	35	21
Long-Term Debt	28,106	24,668	21,357	22,219	20,529	19,321	17,631	14,637	11,828	8,310
Other Long-Term Liabilities	245	288	205	256	304	395	416	607	615	571
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,892	2,071	2,165	2,315	2,391	2,628	2,953	3,200	3,200	3,299
Total Preferred & Common Equity	1,884	2,062	2,149	2,304	2,387	2,632	2,951	3,199	3,254	3,350
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,884	2,061	2,149	2,304	2,387	2,632	2,951	3,199	3,254	3,350
Common Stock	0.00	0.42	0.52	1.03	6.11	4.18	1.38	1.48	3.47	7.75
Retained Earnings	1,882	2,056	2,144	2,300	2,378	2,622	2,941	3,235	3,270	3,341
Accumulated Other Comprehensive Income / (Loss)	2.28	4.73	4.62	3.88	2.97	6.10	9.30	-37	-20	1.47
Noncontrolling Interest	7.73	9.27	16	10	4.38	-3.69	1.63	0.94	-54	-51

This table presents Nelnet's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	19,564	18,083	17,808	17,223	15,399	14,501	14,084
Cash and Due from Banks	63	188	122	188	180	145	220
Restricted Cash	181	710	692	159	761	798	679
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	127	133	130	127	149	132	125
Goodwill	172	177	177	177	158	158	158
Intangible Assets	70	61	57	52	43	41	38
Other Assets	18,950	16,814	16,629	16,521	14,108	13,228	12,864
Total Liabilities & Shareholders' Equity	19,564	18,083	17,808	17,223	15,399	14,501	14,084
Total Liabilities	16,397	14,859	14,560	13,964	12,141	11,281	10,874
Non-Interest Bearing Deposits	581	676	731	718	802	890	1,071
Short-Term Debt	306	281	300	342	275	389	404
Accrued Interest Payable	22	34	36	36	32	27	25
Long-Term Debt	15,043	13,438	13,070	12,448	10,583	9,568	8,938
Other Long-Term Liabilities	542	570	616	601	571	509	534
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,166	3,223	3,248	3,259	3,258	3,220	3,210
Total Preferred & Common Equity	3,181	3,230	3,259	3,295	3,306	3,294	3,291
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,181	3,230	3,259	3,295	3,306	3,294	3,291
Common Stock	1.21	5.01	10	15	1.47	1.02	4.54
Retained Earnings	3,208	3,252	3,270	3,306	3,313	3,295	3,288
Accumulated Other Comprehensive Income / (Loss)	-29	-27	-21	-25	-8.48	-2.26	-1.43
Noncontrolling Interest	-14	-6.35	-12	-36	-48	-74	-81

This table displays calculated financial ratios and metrics derived from Nelnet's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.38%	-0.36%	-12.54%	37.09%	0.50%	29.56%	-4.21%	15.97%	-18.76%	10.53%
EBITDA Growth	-5.73%	-4.23%	-30.09%	29.21%	-21.57%	75.68%	-2.24%	9.35%	-64.54%	64.10%
EBIT Growth	-10.41%	-5.19%	-43.16%	26.30%	-38.26%	154.88%	11.46%	3.07%	-80.55%	169.49%
NOPAT Growth	-13.26%	-4.01%	-37.16%	40.60%	-37.90%	147.45%	10.48%	0.64%	-87.31%	256.61%
Net Income Growth	-13.26%	-4.01%	-37.16%	40.60%	-37.90%	147.45%	10.48%	0.64%	-87.31%	256.61%
EPS Growth	-11.03%	2.21%	-31.23%	34.54%	-36.45%	154.80%	13.08%	6.08%	-77.82%	109.17%
Operating Cash Flow Growth	9.49%	-23.30%	7.36%	-15.94%	10.34%	16.79%	37.59%	42.21%	-36.75%	53.44%
Free Cash Flow Firm Growth	99.85%	115,449.64%	-6.48%	-129.19%	274.49%	-13.61%	15.78%	86.93%	-11.81%	27.40%
Invested Capital Growth	0.91%	-10.89%	-11.73%	5.04%	-6.21%	-4.74%	-5.85%	-13.20%	-15.02%	-21.78%
Revenue Q/Q Growth	3.30%	7.64%	-12.87%	1.87%	6.87%	20.86%	-8.15%	-5.12%	-1.47%	4.55%
EBITDA Q/Q Growth	5.83%	5.68%	-23.73%	-2.74%	10.82%	62.86%	-20.60%	-10.66%	-26.23%	69.31%
EBIT Q/Q Growth	6.85%	5.88%	-33.23%	-7.48%	23.63%	126.19%	-21.06%	-19.67%	-29.25%	134.40%
NOPAT Q/Q Growth	3.71%	6.37%	-24.75%	-9.56%	16.64%	118.71%	-20.96%	-21.85%	-54.26%	101.48%
Net Income Q/Q Growth	3.71%	6.37%	-24.75%	-9.56%	16.64%	118.71%	-20.96%	-21.85%	-54.26%	101.48%
EPS Q/Q Growth	4.99%	8.27%	-21.74%	-10.31%	18.00%	118.40%	-19.69%	-19.43%	-31.03%	61.94%
Operating Cash Flow Q/Q Growth	-2.58%	-12.44%	15.74%	-2.81%	35.71%	6.10%	-6.30%	-14.69%	13.77%	17.79%
Free Cash Flow Firm Q/Q Growth	91.61%	-1.95%	5.73%	-2,342.80%	28.34%	-20.39%	195.71%	-17.11%	8.03%	-1.14%
Invested Capital Q/Q Growth	-2.02%	-1.95%	-3.13%	0.55%	-0.92%	1.58%	-4.00%	-1.78%	-3.71%	-3.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	60.49%	58.14%	46.48%	43.80%	34.19%	46.36%	47.31%	44.61%	19.47%	28.91%
EBIT Margin	46.74%	44.47%	28.90%	26.63%	16.36%	32.18%	37.44%	33.28%	7.97%	19.42%
Profit (Net Income) Margin	29.81%	28.71%	20.63%	21.16%	13.08%	24.97%	28.80%	25.00%	3.90%	12.60%
Tax Burden Percent	63.77%	64.57%	71.39%	79.47%	79.94%	77.61%	76.93%	77.46%	71.79%	76.96%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	96.97%	68.28%	84.28%
Effective Tax Rate	36.23%	35.43%	28.61%	20.53%	20.06%	22.39%	23.07%	22.54%	28.21%	23.04%
Return on Invested Capital (ROIC)	0.89%	0.90%	0.64%	0.94%	0.59%	1.53%	1.79%	1.99%	0.29%	1.28%
ROIC Less NNEP Spread (ROIC-NNEP)	0.89%	0.90%	0.64%	0.94%	0.59%	1.53%	1.79%	1.99%	0.29%	1.28%
Return on Net Nonoperating Assets (RNNOA)	13.94%	12.09%	7.00%	9.22%	5.42%	12.40%	12.05%	10.65%	1.25%	4.14%
Return on Equity (ROE)	14.83%	13.00%	7.64%	10.16%	6.01%	13.93%	13.84%	12.64%	1.54%	5.41%
Cash Return on Invested Capital (CROIC)	-0.01%	12.43%	13.10%	-3.98%	6.99%	6.39%	7.81%	16.11%	16.53%	25.73%
Operating Return on Assets (OROA)	1.39%	1.38%	0.89%	1.16%	0.72%	1.94%	2.27%	2.52%	0.56%	1.78%
Return on Assets (ROA)	0.89%	0.89%	0.63%	0.93%	0.58%	1.51%	1.74%	1.89%	0.27%	1.15%
Return on Common Equity (ROCE)	14.79%	12.94%	7.59%	10.10%	5.99%	13.93%	13.85%	12.63%	1.55%	5.50%
Return on Equity Simple (ROE_SIMPLE)	14.24%	12.49%	7.53%	9.87%	5.92%	13.28%	13.09%	12.15%	1.52%	5.25%
Net Operating Profit after Tax (NOPAT)	268	258	162	228	141	350	386	389	49	176
NOPAT Margin	29.81%	28.71%	20.63%	21.16%	13.08%	24.97%	28.80%	25.00%	3.90%	12.60%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	27.55%	28.54%	38.49%	40.57%	42.89%	35.85%	37.82%	37.91%	46.82%	41.32%
Operating Expenses to Revenue	52.13%	54.02%	69.25%	71.23%	80.03%	63.30%	63.49%	64.47%	91.39%	76.67%
Earnings before Interest and Taxes (EBIT)	421	399	227	286	177	450	502	518	101	271
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	544	521	365	471	369	649	634	694	246	404
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.96	0.87	0.92	1.00	1.23	1.03	1.00	1.16
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.05	0.98	1.02	1.09	1.32	1.11	1.07	1.23
Price to Revenue (P/Rev)	0.00	0.00	2.64	1.85	2.03	1.87	2.71	2.12	2.58	2.78
Price to Earnings (P/E)	0.00	0.00	11.95	8.75	15.44	7.44	9.23	8.09	36.26	21.06
Dividend Yield	1.39%	1.08%	1.15%	1.35%	1.34%	1.20%	0.95%	1.10%	1.21%	1.05%
Earnings Yield	0.00%	0.00%	8.37%	11.43%	6.48%	13.44%	10.84%	12.36%	2.76%	4.75%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.96	0.94	0.97	0.98	0.98	0.93	0.93	0.97
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	28.93	21.76	20.90	15.60	15.24	10.88	11.42	8.37
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	62.24	49.68	61.15	33.65	32.21	24.39	58.66	28.94
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	100.08	81.74	127.81	48.47	40.69	32.70	143.40	43.08
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	140.19	102.85	159.87	62.46	52.90	43.53	292.55	66.41
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	70.40	86.38	75.57	62.55	42.54	24.77	33.40	17.62
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	6.85	0.00	13.39	14.99	12.11	5.37	5.19	3.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	14.93	11.97	9.95	9.76	8.77	7.47	6.09	4.68	3.83	2.66
Long-Term Debt to Equity	14.85	11.91	9.86	9.60	8.59	7.35	5.97	4.57	3.70	2.52
Financial Leverage	15.59	13.38	10.94	9.85	9.26	8.09	6.74	5.36	4.26	3.24
Leverage Ratio	16.73	14.54	12.08	10.98	10.40	9.24	7.94	6.67	5.64	4.69
Compound Leverage Factor	16.73	14.54	12.08	10.98	10.40	9.24	7.94	6.47	3.85	3.95
Debt to Total Capital	93.72%	92.29%	90.87%	90.70%	89.76%	88.19%	85.91%	82.40%	79.29%	72.71%
Short-Term Debt to Total Capital	0.48%	0.45%	0.79%	1.48%	1.87%	1.35%	1.75%	1.92%	2.75%	3.96%
Long-Term Debt to Total Capital	93.24%	91.84%	90.08%	89.22%	87.89%	86.83%	84.16%	80.49%	76.54%	68.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.03%	0.03%	0.07%	0.04%	0.02%	-0.02%	0.01%	0.01%	-0.35%	-0.42%
Common Equity to Total Capital	6.25%	7.67%	9.06%	9.25%	10.22%	11.83%	14.09%	17.59%	21.05%	27.71%
Debt to EBITDA	51.90	47.55	59.10	47.96	56.76	30.24	28.37	21.60	49.81	21.77
Net Debt to EBITDA	49.98	45.30	56.52	45.43	55.21	29.61	26.49	19.64	45.64	19.46
Long-Term Debt to EBITDA	51.63	47.32	58.59	47.18	55.57	29.77	27.79	21.10	48.08	20.58
Debt to NOPAT	105.31	96.26	133.13	99.28	148.39	56.12	46.59	38.55	248.41	49.96
Net Debt to NOPAT	101.43	91.72	127.31	94.04	144.35	54.96	43.50	35.06	227.62	44.67
Long-Term Debt to NOPAT	104.77	95.80	131.98	97.65	145.29	55.26	45.64	37.65	239.78	47.24
Noncontrolling Interest Sharing Ratio	0.24%	0.45%	0.61%	0.59%	0.31%	0.01%	-0.04%	0.04%	-0.82%	-1.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.07	3,541	3,312	-967	1,687	1,457	1,687	3,153	2,781	3,543
Operating Cash Flow to CapEx	2,334.97%	444.05%	206.57%	216.67%	323.15%	308.09%	814.78%	1,149.53%	583.41%	3,171.27%
Free Cash Flow to Firm to Interest Expense	-0.01	9.12	7.12	-1.44	2.41	4.41	9.57	7.33	3.29	5.21
Operating Cash Flow to Interest Expense	1.30	0.77	0.69	0.40	0.43	1.06	2.73	1.59	0.51	0.97
Operating Cash Flow Less CapEx to Interest Expense	1.24	0.60	0.36	0.22	0.30	0.71	2.39	1.45	0.42	0.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.03	0.04	0.04	0.06	0.06	0.08	0.07	0.09
Fixed Asset Turnover	14.24	8.78	4.22	3.63	3.12	5.93	11.04	12.86	10.13	12.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	30,143	26,859	23,709	24,903	23,358	22,251	20,950	18,185	15,454	12,087
Invested Capital Turnover	0.03	0.03	0.03	0.04	0.04	0.06	0.06	0.08	0.08	0.10
Increase / (Decrease) in Invested Capital	271	-3,284	-3,150	1,194	-1,545	-1,107	-1,301	-2,765	-2,731	-3,367
Enterprise Value (EV)	0.00	0.00	22,686	23,400	22,589	21,836	20,433	16,921	14,431	11,683
Market Capitalization	0.00	0.00	2,069	1,994	2,190	2,623	3,628	3,292	3,257	3,876
Book Value per Share	$41.38	$48.31	$52.61	$56.58	$60.12	$68.65	$77.17	$86.20	$87.18	$92.31
Tangible Book Value per Share	$37.05	$43.73	$48.28	$49.92	$54.12	$62.98	$72.10	$79.72	$81.74	$86.95
Total Capital	30,143	26,859	23,709	24,903	23,358	22,251	20,950	18,185	15,454	12,087
Total Debt	28,251	24,788	21,544	22,588	20,967	19,622	17,997	14,986	12,254	8,788
Total Long-Term Debt	28,106	24,668	21,357	22,219	20,529	19,321	17,631	14,637	11,828	8,310
Net Debt	27,210	23,618	20,602	21,396	20,395	19,217	16,803	13,628	11,228	7,857
Capital Expenditures (CapEx)	17	68	156	125	92	113	59	59	74	21
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	28,251	24,788	21,544	22,588	20,967	19,622	17,997	14,986	12,254	8,788
Total Depreciation and Amortization (D&A)	124	123	138	185	193	198	132	176	145	133
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.20	$10.83	$2.45	$5.02
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	38.57M	37.60M	37.42M	36.64M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.20	$10.83	$2.45	$5.02
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	38.57M	37.60M	37.42M	36.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	37.78M	37.14M	37.04M	36.29M
Normalized Net Operating Profit after Tax (NOPAT)	268	258	162	228	141	350	399	389	49	176
Normalized NOPAT Margin	29.81%	28.71%	20.63%	21.16%	13.08%	24.97%	29.74%	25.00%	3.90%	12.60%
Pre Tax Income Margin	46.74%	44.47%	28.90%	26.63%	16.36%	32.18%	37.44%	32.27%	5.44%	16.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.39	1.03	0.49	0.43	0.25	1.36	2.85	1.20	0.12	0.40
NOPAT to Interest Expense	0.89	0.66	0.35	0.34	0.20	1.06	2.19	0.90	0.06	0.26
EBIT Less CapEx to Interest Expense	1.34	0.85	0.15	0.24	0.12	1.02	2.51	1.07	0.03	0.37
NOPAT Less CapEx to Interest Expense	0.83	0.49	0.01	0.15	0.07	0.72	1.86	0.77	-0.03	0.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.18%	8.45%	15.91%	12.03%	21.03%	9.40%	9.15%	10.33%	89.35%	26.61%
Augmented Payout Ratio	43.03%	35.28%	58.48%	31.95%	49.63%	30.38%	24.19%	35.46%	146.17%	73.96%

This table displays calculated financial ratios and metrics derived from Nelnet's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.82%	-20.41%	-31.13%	-19.18%	-18.93%	0.09%	16.20%	14.36%	-3.37%	15.06%
EBITDA Growth	60.58%	-44.31%	-76.35%	-40.61%	-48.87%	-91.78%	95.61%	8.41%	-59.89%	1,622.00%
EBIT Growth	90.01%	-75.33%	-87.00%	-74.69%	-60.55%	-119.70%	201.04%	113.01%	-104.44%	1,578.49%
NOPAT Growth	96.16%	-84.14%	-87.55%	-79.20%	-60.58%	-237.02%	208.50%	153.29%	-103.93%	325.05%
Net Income Growth	96.16%	-84.14%	-87.55%	-79.20%	-60.58%	-249.06%	208.50%	153.29%	-104.90%	306.87%
EPS Growth	102.90%	-75.43%	-85.54%	-67.70%	-57.86%	-125.88%	177.46%	68.49%	-94.07%	895.45%
Operating Cash Flow Growth	14.92%	-81.79%	-55.39%	-63.74%	-10.97%	203.43%	72.51%	76.57%	-11.11%	127.19%
Free Cash Flow Firm Growth	2,463.30%	94.79%	74.52%	1.18%	-26.46%	-2.93%	-8.82%	15.53%	39.45%	26.87%
Invested Capital Growth	-15.15%	-13.20%	-15.70%	-15.29%	-13.32%	-15.02%	-16.69%	-20.71%	-21.78%	-21.78%
Revenue Q/Q Growth	12.39%	-17.23%	-4.17%	-14.34%	12.73%	2.19%	27.79%	-15.69%	-4.75%	21.69%
EBITDA Q/Q Growth	14.03%	-37.53%	-31.82%	32.55%	-1.83%	-89.95%	717.45%	-26.54%	-63.68%	331.26%
EBIT Q/Q Growth	17.22%	-67.34%	-6.50%	-12.27%	82.72%	-116.31%	351.15%	-37.93%	-103.80%	5,537.74%
NOPAT Q/Q Growth	21.19%	-79.61%	-17.74%	-25.09%	129.70%	-170.87%	370.66%	-38.49%	-103.56%	4,159.70%
Net Income Q/Q Growth	21.19%	-79.61%	-17.74%	-25.09%	129.70%	-177.10%	353.05%	-38.49%	-104.44%	3,354.66%
EPS Q/Q Growth	23.89%	-69.64%	-17.44%	2.82%	61.64%	-118.64%	1,085.00%	-37.56%	-94.31%	2,400.00%
Operating Cash Flow Q/Q Growth	-16.90%	-84.88%	351.85%	-38.50%	104.04%	-48.46%	165.69%	-37.05%	2.72%	31.74%
Free Cash Flow Firm Q/Q Growth	14.32%	-18.27%	13.83%	-5.12%	-16.91%	7.88%	7.14%	20.22%	0.29%	-1.85%
Invested Capital Q/Q Growth	-5.61%	-1.78%	-6.84%	-1.92%	-3.42%	-3.71%	-8.66%	-6.65%	-4.73%	-3.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	42.18%	31.83%	19.74%	30.55%	26.60%	2.62%	33.24%	28.96%	11.04%	39.14%
EBIT Margin	32.16%	12.69%	9.43%	9.66%	15.65%	-2.50%	24.42%	17.98%	-0.72%	32.10%
Profit (Net Income) Margin	25.43%	6.26%	6.94%	6.07%	12.37%	-9.33%	18.43%	13.44%	-0.63%	16.78%
Tax Burden Percent	79.08%	79.34%	73.61%	62.86%	79.03%	76.15%	75.44%	74.75%	87.31%	80.73%
Interest Burden Percent	100.00%	62.22%	100.00%	100.00%	100.00%	490.47%	100.00%	100.00%	100.00%	64.73%
Effective Tax Rate	20.92%	20.66%	26.39%	37.14%	20.97%	0.00%	24.56%	25.25%	0.00%	19.27%
Return on Invested Capital (ROIC)	2.07%	0.50%	0.53%	0.45%	0.92%	-0.64%	1.55%	1.21%	-0.05%	1.70%
ROIC Less NNEP Spread (ROIC-NNEP)	2.07%	0.50%	0.53%	0.45%	0.92%	-0.66%	1.55%	1.21%	-0.05%	1.70%
Return on Net Nonoperating Assets (RNNOA)	11.77%	2.67%	2.60%	2.14%	4.02%	-2.82%	5.87%	4.38%	-0.17%	5.51%
Return on Equity (ROE)	13.84%	3.17%	3.13%	2.60%	4.94%	-3.46%	7.42%	5.60%	-0.22%	7.21%
Cash Return on Invested Capital (CROIC)	18.86%	16.11%	18.30%	17.48%	14.89%	16.53%	18.87%	23.96%	25.06%	25.73%
Operating Return on Assets (OROA)	2.51%	0.96%	0.69%	0.68%	1.09%	-0.17%	1.90%	1.50%	-0.06%	2.94%
Return on Assets (ROA)	1.99%	0.47%	0.51%	0.43%	0.86%	-0.65%	1.44%	1.12%	-0.05%	1.54%
Return on Common Equity (ROCE)	13.88%	3.17%	3.14%	2.61%	4.97%	-3.49%	7.49%	5.67%	-0.22%	7.32%
Return on Equity Simple (ROE_SIMPLE)	15.64%	0.00%	7.26%	5.18%	3.27%	0.00%	3.10%	3.91%	2.65%	0.00%
Net Operating Profit after Tax (NOPAT)	100	20	23	17	40	-28	71	44	-1.56	63
NOPAT Margin	25.43%	6.26%	6.94%	6.07%	12.37%	-8.58%	18.43%	13.44%	-0.50%	16.78%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	37.26%	46.35%	46.04%	50.93%	44.09%	46.72%	37.33%	42.98%	47.24%	39.10%
Operating Expenses to Revenue	65.39%	82.31%	80.24%	94.35%	83.02%	108.32%	72.74%	80.91%	94.87%	62.07%
Earnings before Interest and Taxes (EBIT)	127	41	31	27	50	-8.18	94	58	-2.22	121
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	167	104	65	87	85	8.56	128	94	34	147
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.91	1.03	1.04	1.09	1.00	1.00	1.07	1.11	1.25	1.16
Price to Tangible Book Value (P/TBV)	0.98	1.11	1.12	1.17	1.07	1.07	1.13	1.18	1.33	1.23
Price to Revenue (P/Rev)	1.76	2.12	2.36	2.62	2.57	2.58	2.70	2.72	3.07	2.78
Price to Earnings (P/E)	5.67	8.09	13.60	18.76	25.53	36.26	25.48	23.52	36.04	21.06
Dividend Yield	1.24%	1.10%	1.10%	1.07%	1.18%	1.21%	1.14%	1.09%	0.99%	1.05%
Earnings Yield	17.64%	12.36%	7.35%	5.33%	3.92%	2.76%	3.92%	4.25%	2.78%	4.75%
Enterprise Value to Invested Capital (EV/IC)	0.97	0.93	0.95	0.97	0.98	0.93	0.95	0.96	0.99	0.97
Enterprise Value to Revenue (EV/Rev)	10.97	10.88	11.36	11.86	12.25	11.42	10.26	9.36	9.34	8.37
Enterprise Value to EBITDA (EV/EBITDA)	23.15	24.39	34.11	38.80	47.08	58.66	47.46	43.55	52.29	28.94
Enterprise Value to EBIT (EV/EBIT)	27.91	32.70	53.89	73.44	110.38	143.40	97.71	75.02	107.77	43.08
Enterprise Value to NOPAT (EV/NOPAT)	36.14	43.53	69.02	95.42	145.59	292.55	130.74	97.84	142.82	66.41
Enterprise Value to Operating Cash Flow (EV/OCF)	22.45	24.77	30.43	40.37	41.35	33.40	25.65	21.74	22.16	17.62
Enterprise Value to Free Cash Flow (EV/FCFF)	4.73	5.37	4.77	5.08	6.10	5.19	4.57	3.53	3.48	3.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.85	4.68	4.26	4.12	3.92	3.83	3.33	3.09	2.91	2.66
Long-Term Debt to Equity	4.75	4.57	4.17	4.02	3.82	3.70	3.25	2.97	2.78	2.52
Financial Leverage	5.70	5.36	4.87	4.72	4.38	4.26	3.79	3.61	3.42	3.24
Leverage Ratio	6.97	6.67	6.19	6.06	5.73	5.64	5.17	5.00	4.84	4.69
Compound Leverage Factor	6.97	4.15	6.19	6.06	5.73	27.66	5.17	5.00	4.84	3.04
Debt to Total Capital	82.90%	82.40%	80.97%	80.46%	79.69%	79.29%	76.92%	75.56%	74.43%	72.71%
Short-Term Debt to Total Capital	1.65%	1.92%	1.66%	1.80%	2.13%	2.75%	1.95%	2.95%	3.22%	3.96%
Long-Term Debt to Total Capital	81.24%	80.49%	79.32%	78.65%	77.56%	76.54%	74.97%	72.61%	71.21%	68.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.08%	0.01%	-0.04%	-0.07%	-0.22%	-0.35%	-0.34%	-0.56%	-0.64%	-0.42%
Common Equity to Total Capital	17.18%	17.59%	19.06%	19.61%	20.53%	21.05%	23.42%	25.00%	26.21%	27.71%
Debt to EBITDA	19.76	21.60	28.93	32.22	38.35	49.81	38.48	34.39	39.18	21.77
Net Debt to EBITDA	19.45	19.64	27.03	30.26	37.31	45.64	35.14	31.13	35.41	19.46
Long-Term Debt to EBITDA	19.37	21.10	28.33	31.50	37.32	48.08	37.50	33.05	37.48	20.58
Debt to NOPAT	30.86	38.55	58.54	79.25	118.59	248.41	106.00	77.27	107.01	49.96
Net Debt to NOPAT	30.37	35.06	54.70	74.42	115.38	227.62	96.82	69.95	96.71	44.67
Long-Term Debt to NOPAT	30.24	37.65	57.34	77.47	115.42	239.78	103.32	74.25	102.38	47.24
Noncontrolling Interest Sharing Ratio	-0.27%	0.04%	-0.15%	-0.28%	-0.78%	-0.82%	-0.84%	-1.33%	-1.80%	-1.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,407	2,785	3,179	3,016	2,506	2,703	2,898	3,484	3,494	3,430
Operating Cash Flow to CapEx	1,685.89%	174.61%	502.84%	589.21%	1,004.27%	370.49%	912.44%	1,256.51%	3,087.83%	0.00%
Free Cash Flow to Firm to Interest Expense	26.91	15.32	15.94	12.94	12.10	13.17	14.90	19.75	20.76	24.30
Operating Cash Flow to Interest Expense	1.37	0.14	0.62	0.32	0.74	0.39	1.09	0.76	0.81	1.28
Operating Cash Flow Less CapEx to Interest Expense	1.29	0.06	0.49	0.27	0.67	0.28	0.97	0.70	0.79	1.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.07	0.07	0.07	0.07	0.08	0.08	0.09	0.09
Fixed Asset Turnover	13.41	12.86	11.24	10.68	10.10	10.13	9.26	10.27	10.63	12.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,515	18,185	16,942	16,617	16,049	15,454	14,115	13,177	12,553	12,087
Invested Capital Turnover	0.08	0.08	0.08	0.07	0.07	0.08	0.08	0.09	0.09	0.10
Increase / (Decrease) in Invested Capital	-3,307	-2,765	-3,156	-2,999	-2,466	-2,731	-2,827	-3,441	-3,496	-3,367
Enterprise Value (EV)	17,978	16,921	16,176	16,098	15,702	14,431	13,392	12,607	12,470	11,683
Market Capitalization	2,888	3,292	3,362	3,554	3,294	3,257	3,523	3,668	4,106	3,876
Book Value per Share	$85.46	$86.20	$86.97	$87.41	$88.29	$87.18	$88.97	$90.58	$90.78	$92.31
Tangible Book Value per Share	$78.95	$79.72	$80.57	$81.13	$82.16	$81.74	$83.57	$85.12	$85.36	$86.95
Total Capital	18,515	18,185	16,942	16,617	16,049	15,454	14,115	13,177	12,553	12,087
Total Debt	15,349	14,986	13,719	13,370	12,790	12,254	10,857	9,957	9,343	8,788
Total Long-Term Debt	15,043	14,637	13,438	13,070	12,448	11,828	10,583	9,568	8,938	8,310
Net Debt	15,105	13,628	12,821	12,556	12,443	11,228	9,916	9,013	8,444	7,857
Capital Expenditures (CapEx)	10	15	24	13	15	21	23	11	4.44	-17
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	2.47	0.00	0.00	0.38	0.00
Net Nonoperating Obligations (NNO)	15,349	14,986	13,719	13,370	12,790	12,254	10,857	9,957	9,343	8,788
Total Depreciation and Amortization (D&A)	40	63	34	59	35	17	34	36	36	27
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.80	$0.85	$0.71	$0.75	$1.21	($0.22)	$1.97	$1.23	$0.07	$1.75
Adjusted Weighted Average Basic Shares Outstanding	37.38M	37.60M	37.34M	37.47M	37.50M	37.42M	37.16M	36.53M	36.43M	36.64M
Adjusted Diluted Earnings per Share	$2.80	$0.85	$0.71	$0.75	$1.21	($0.22)	$1.97	$1.23	$0.07	$1.75
Adjusted Weighted Average Diluted Shares Outstanding	37.38M	37.60M	37.34M	37.47M	37.50M	37.42M	37.16M	36.53M	36.43M	36.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.11M	37.14M	37.29M	37.32M	37.32M	37.04M	36.37M	36.25M	36.29M	36.29M
Normalized Net Operating Profit after Tax (NOPAT)	100	20	23	17	40	-28	71	44	-1.56	63
Normalized NOPAT Margin	25.41%	6.26%	6.94%	6.07%	12.37%	-8.58%	18.43%	13.44%	-0.50%	16.78%
Pre Tax Income Margin	32.16%	7.90%	9.43%	9.66%	15.65%	-12.25%	24.42%	17.98%	-0.72%	20.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.00	0.23	0.16	0.12	0.24	-0.04	0.48	0.33	-0.01	0.86
NOPAT to Interest Expense	0.79	0.11	0.12	0.07	0.19	-0.14	0.36	0.25	-0.01	0.45
EBIT Less CapEx to Interest Expense	0.92	0.15	0.03	0.06	0.17	-0.14	0.36	0.27	-0.04	0.98
NOPAT Less CapEx to Interest Expense	0.71	0.03	-0.01	0.02	0.12	-0.24	0.25	0.19	-0.04	0.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.56%	10.33%	17.65%	25.30%	40.44%	89.35%	43.54%	35.44%	53.57%	26.61%
Augmented Payout Ratio	32.45%	35.46%	46.70%	38.65%	48.57%	146.17%	102.31%	118.15%	175.67%	73.96%

Frequently Asked Questions About Nelnet's Financials

When does Nelnet's financial year end?

According to the most recent income statement we have on file, Nelnet's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Nelnet's net income changed over the last 9 years?

In the past 9 years, Nelnet's net income has ranged from $49.33 million in 2023 to $388.75 million in 2022, and is currently $175.92 million as of their latest financial filing in 2024. Check out Nelnet's forecast to explore projected trends and price targets.

How has Nelnet revenue changed over the last 9 years?

Over the last 9 years, Nelnet's total revenue changed from $900.01 million in 2015 to $1.40 billion in 2024, a change of 55.1%.

How much debt does Nelnet have?

Nelnet's total liabilities were at $10.48 billion at the end of 2024, a 22.5% decrease from 2023, and a 63.3% decrease since 2015.

How much cash does Nelnet have?

In the past 9 years, Nelnet's cash and equivalents has ranged from $63.53 million in 2015 to $194.52 million in 2024, and is currently $194.52 million as of their latest financial filing in 2024.

How has Nelnet's book value per share changed over the last 9 years?

Over the last 9 years, Nelnet's book value per share changed from 41.38 in 2015 to 92.31 in 2024, a change of 123.1%.

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This page (NYSE:NNI) was last updated on 5/4/2025 by MarketBeat.com Staff

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Nelnet (NNI) Financials

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