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Nelnet (NNI) Financials

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$124.40 -1.00 (-0.80%)
As of 10:16 AM Eastern
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Annual Income Statements for Nelnet

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 268 257 173 228 142 352 393 407 90 184 428
Consolidated Net Income / (Loss)		 268 258 162 228 141 350 386 389 49 176 398
Net Income / (Loss) Continuing Operations		 268 258 162 228 141 350 386 404 49 176 398
Total Pre-Tax Income 		421 399 227 286 177 450 502 502 69 229 526
Total Revenue		 900 897 784 1,075 1,081 1,400 1,341 1,555 1,281 1,398 1,661
Net Interest Income / (Expense)		 432 373 305 254 249 290 348 313 265 293 355
Total Interest Income		 734 761 770 924 949 620 524 743 1,110 973 851
Loans and Leases Interest Income		 726 751 758 898 914 595 482 651 932 787 686
Investment Securities Interest Income		 7.85 9.47 13 27 34 25 41 92 178 186 165
Total Interest Expense		 302 388 465 670 699 330 176 430 845 681 497
Long-Term Debt Interest Expense		 302 388 465 670 699 330 176 430 845 681 497
Total Non-Interest Income		 468 524 479 821 831 1,110 993 1,242 1,016 1,105 1,307
Net Realized & Unrealized Capital Gains on Investments		 5.15 7.98 - 0.00 17 33 19 -8.57 0.00 0.00 175
Other Non-Interest Income		 125 462 423 766 766 1,020 896 1,233 1,016 1,105 1,132
Provision for Credit Losses		 10 14 14 23 39 63 -12 35 8.12 94 79
Total Non-Interest Expense		 469 484 543 766 865 886 851 1,003 1,204 1,075 1,056
Salaries and Employee Benefits		 248 256 302 436 464 502 507 590 592 577 559
Other Operating Expenses		 195 195 202 243 296 266 254 339 485 437 434
Depreciation Expense		 26 34 40 87 105 119 74 74 79 58 34
Impairment Charge		 - - - - - - 16 - 32 3.14 30
Income Tax Expense		 152 141 65 59 35 101 116 113 19 53 128
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.29 0.75 -11 -0.39 -0.51 -2.82 -7.00 -18 -40 -8.13 -30
Basic Earnings per Share		 $5.89 $6.02 $4.14 $5.57 $3.54 $9.02 $10.20 $10.82 $2.40 $5.02 $11.79
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 36.34M
Diluted Earnings per Share		 $5.89 $6.02 $4.14 $5.57 $3.54 $9.02 $10.20 $10.82 $2.40 $5.02 $11.79
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 36.34M
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 35.87M

Quarterly Income Statements for Nelnet

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.44 73 45 2.39 63 83 181 107 58 71 67
Consolidated Net Income / (Loss)		 -31 71 44 -1.94 63 81 178 101 39 56 45
Net Income / (Loss) Continuing Operations		 1.39 71 51 27 106 81 178 110 19 56 45
Total Pre-Tax Income 		-40 94 58 -2.22 78 106 237 136 46 76 65
Total Revenue		 327 385 333 339 377 374 541 428 342 419 392
Net Interest Income / (Expense)		 70 74 66 72 80 83 79 85 107 102 96
Total Interest Income		 275 269 243 240 221 208 212 206 225 211 205
Loans and Leases Interest Income		 227 217 202 190 178 166 172 163 185 171 165
Investment Securities Interest Income		 48 52 41 50 43 41 40 43 41 40 40
Total Interest Expense		 205 195 176 168 141 125 133 121 118 110 109
Long-Term Debt Interest Expense		 205 195 176 168 141 125 133 121 118 110 109
Total Non-Interest Income		 257 311 266 266 297 291 461 343 235 317 296
Net Realized & Unrealized Capital Gains on Investments		 -267 -0.14 -1.44 -0.11 -497 - 175 -2.47 - - 0.00
Other Non-Interest Income		 - 307 254 251 - 291 263 309 268 307 296
Provision for Credit Losses		 -19 11 3.61 18 22 17 23 -3.56 49 57 44
Total Non-Interest Expense		 355 280 263 294 234 251 280 286 266 286 283
Salaries and Employee Benefits		 153 144 140 146 147 138 135 145 141 139 153
Insurance Policy Acquisition Costs		 - - - 17 - 22 - 20 - - 33
Other Operating Expenses		 180 120 108 117 74 81 138 114 154 137 87
Depreciation Expense		 22 17 15 14 13 9.26 7.62 7.33 9.37 9.17 10
Income Tax Expense		 -9.56 23 15 -0.28 15 25 60 36 7.69 20 20
Net Income / (Loss) Attributable to Noncontrolling Interest		 -22 -2.65 -1.42 -4.33 -0.18 -1.43 -3.61 -6.01 -19 -16 -21
Basic Earnings per Share		 ($0.22) $1.98 $1.23 $0.07 $1.75 $2.26 $4.97 $2.94 $1.62 $1.97 $1.85
Weighted Average Basic Shares Outstanding		 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M 36.49M 36.32M 36.34M 36.08M 36.04M
Diluted Earnings per Share		 ($0.22) $1.98 $1.23 $0.07 $1.75 $2.26 $4.97 $2.94 $1.62 $1.97 $1.85
Weighted Average Diluted Shares Outstanding		 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M 36.49M 36.32M 36.34M 36.08M 36.04M
Weighted Average Basic & Diluted Shares Outstanding		 37.04M 36.37M 36.25M 36.29M 36.29M 36.35M 36.17M 35.93M 35.87M 35.93M 35.78M

Annual Cash Flow Statements for Nelnet

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -67 129 -228 250 30 -264 236 163 -332 -94 43
Net Cash From Operating Activities		 391 300 322 271 299 349 480 683 432 663 423
Net Cash From Continuing Operating Activities		 391 300 322 271 299 349 480 683 432 663 423
Net Income / (Loss) Continuing Operations		 268 258 162 228 141 350 386 389 49 176 398
Consolidated Net Income / (Loss)		 268 258 162 228 141 350 386 389 49 176 398
Provision For Loan Losses		 10 14 14 23 39 63 -12 35 8.12 94 79
Depreciation Expense		 124 123 138 185 193 198 132 176 145 133 91
Non-Cash Adjustments to Reconcile Net Income		 -1.85 -83 24 27 -46 -319 7.90 88 95 -74 -255
Changes in Operating Assets and Liabilities, net		 -8.94 -11 -16 -191 -28 56 -34 -5.10 134 335 110
Net Cash From Investing Activities		 1,417 3,408 2,950 -732 1,525 621 1,186 2,273 1,939 2,413 356
Net Cash From Continuing Investing Activities		 1,417 3,408 2,950 -732 1,525 621 1,186 2,273 1,939 2,413 356
Purchase of Property, Leasehold Improvements and Equipment		 -17 -68 -156 -125 -92 -113 -59 -59 -74 -21 -26
Purchase of Investment Securities		 -2,317 -436 -483 -3,961 -2,112 -2,277 -2,316 -2,787 -2,141 -2,061 -7,166
Sale and/or Maturity of Investments		 130 3,941 221 118 3,730 3,011 479 726 4,155 4,495 7,549
Net Cash From Financing Activities		 -1,876 -3,579 -3,501 712 -1,793 -1,235 -1,430 -2,792 -2,703 -3,170 -737
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 -737
Net Change in Deposits		 - - - 0.00 0.00 55 290 347 52 443 483
Issuance of Debt		 2,615 651 1,985 3,923 2,998 1,885 1,948 1,302 761 31 1,393
Issuance of Common Equity		 0.80 0.89 0.68 1.36 1.55 1.65 1.47 1.63 1.78 1.95 1.88
Repayment of Debt		 -4,379 -4,141 -5,410 -3,127 -4,727 -3,138 -3,691 -4,343 -3,612 -3,647 -2,624
Repurchase of Common Equity		 -96 -69 -69 -45 -40 -73 -58 -98 -28 -83 -69
Payment of Dividends		 -19 -22 -26 -27 -30 -33 -35 -40 -44 -47 -51
Other Financing Activities, Net		 3.69 1.24 19 -13 4.65 69 115 38 166 132 128
Effect of Exchange Rate Changes		 - - - - 0.00 0.00 -0.12 -0.16 0.02 -0.44 0.28
Cash Interest Paid		 228 301 390 591 657 302 152 351 781 651 472
Cash Income Taxes Paid		 147 115 96 0.47 18 30 19 58 48 15 69

Quarterly Cash Flow Statements for Nelnet

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 233 -85 2.58 -44 32 -99 -30 -35 207 -143 136
Net Cash From Operating Activities		 79 212 133 137 181 91 82 112 138 73 78
Net Cash From Continuing Operating Activities		 79 212 133 137 181 91 82 112 138 73 78
Net Income / (Loss) Continuing Operations		 -30 71 43 -1.94 63 81 178 101 39 56 45
Consolidated Net Income / (Loss)		 -30 71 43 -1.94 63 81 178 101 39 56 45
Provision For Loan Losses		 3.05 11 3.51 18 22 17 18 -3.56 49 57 44
Depreciation Expense		 17 34 36 36 27 23 29 16 22 21 22
Non-Cash Adjustments to Reconcile Net Income		 52 -2.06 -7.06 2.51 -28 -15 -288 -13 59 -39 -32
Changes in Operating Assets and Liabilities, net		 37 98 58 82 97 -15 145 13 -32 -22 -0.57
Net Cash From Investing Activities		 632 1,086 738 254 335 136 573 -191 -163 31 -66
Net Cash From Continuing Investing Activities		 632 1,086 738 254 335 136 573 -191 -163 31 -66
Purchase of Property, Leasehold Improvements and Equipment		 -21 -23 -11 -4.44 17 -3.38 -3.70 -12 -7.49 -12 -6.33
Purchase of Investment Securities		 -883 -410 -513 -390 -748 -530 -378 -1,950 -4,309 -3,415 -3,633
Sale and/or Maturity of Investments		 -1,490 1,520 1,262 753 -2,219 669 955 1,771 4,154 3,458 3,574
Net Cash From Financing Activities		 -479 -1,382 -868 -436 -483 -326 -686 43 232 -244 135
Net Cash From Continuing Financing Activities		 -479 -1,382 -868 -436 -483 -326 -686 43 232 -244 135
Net Change in Deposits		 26 58 88 180 115 127 69 95 192 75 475
Issuance of Debt		 4.91 18 -18 85 -54 0.00 0.03 557 836 271 -16
Issuance of Common Equity		 0.47 0.37 0.59 0.46 0.52 0.34 0.58 0.47 0.49 0.38 0.57
Repayment of Debt		 -613 -1,276 -1,008 -729 -634 -347 -775 -622 -880 -355 -642
Repurchase of Common Equity		 -24 -35 -47 -0.58 -0.40 -4.46 -21 -27 -16 -16 -24
Payment of Dividends		 -13 -11 -12 -11 -13 -12 -12 -13 -14 -13 -14
Other Financing Activities, Net		 139 -137 127 39 103 -90 52 53 113 -206 355
Effect of Exchange Rate Changes		 0.22 -0.16 0.08 0.29 -0.64 0.03 0.31 -0.05 -0.02 -3.05 -11
Cash Interest Paid		 196 186 170 155 140 119 125 117 112 109 106
Cash Income Taxes Paid		 2.15 0.79 11 1.51 1.80 1.31 26 24 18 1.27 2.63

Annual Balance Sheets for Nelnet

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 2025
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 12/31/2025
Total Assets		 30,419 27,193 23,964 25,221 23,709 22,646 21,678 19,374 16,712 13,778 14,064
Cash and Due from Banks		 64 70 67 121 134 121 126 118 168 195 296
Restricted Cash		 977 1,101 875 1,071 438 284 1,069 1,239 857 737 678
Trading Account Securities		 304 - - 1.82 - 993 - - 1,007 1,160 1,415
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 0.00
Premises and Equipment, Net		 80 124 248 345 348 124 119 123 127 95 76
Goodwill		 146 147 139 157 157 142 142 177 158 158 158
Intangible Assets		 51 48 38 114 82 75 52 64 45 36 29
Other Assets		 28,797 25,704 22,597 23,411 22,551 20,907 20,170 17,653 14,350 13,598 13,761
Total Liabilities & Shareholders' Equity		 30,419 27,193 23,964 25,221 23,709 22,646 21,678 19,374 16,712 13,778 14,064
Total Liabilities		 28,527 25,122 21,799 22,906 21,318 20,018 18,725 16,174 13,512 10,479 10,487
Non-Interest Bearing Deposits		 - - - - 0.00 55 344 691 744 1,186 1,669
Short-Term Debt		 145 120 187 370 438 301 366 348 426 478 458
Accrued Interest Payable		 32 46 50 62 47 29 4.57 36 35 21 20
Long-Term Debt		 28,106 24,668 21,357 22,219 20,529 19,321 17,631 14,637 11,828 8,310 7,781
Other Long-Term Liabilities		 245 288 205 256 304 395 416 607 615 571 692
Commitments & Contingencies		 - 0.00 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 3,577
Total Preferred & Common Equity		 1,884 2,062 2,149 2,304 2,387 2,632 2,951 3,199 3,254 3,350 3,686
Preferred Stock		 0.00 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 3,686
Common Stock		 0.00 0.42 0.52 1.03 6.11 4.18 1.38 1.48 3.47 7.75 1.84
Retained Earnings		 1,882 2,056 2,144 2,300 2,378 2,622 2,941 3,235 3,270 3,341 3,681
Accumulated Other Comprehensive Income / (Loss)		 2.28 4.73 4.62 3.88 2.97 6.10 9.30 -37 -20 1.47 2.62
Noncontrolling Interest		 7.73 9.27 16 10 4.38 -3.69 1.63 0.94 -54 -51 -109

Quarterly Balance Sheets for Nelnet

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 18,083 17,808 17,223 15,399 14,501 14,084 14,192 13,711 13,877 14,178 14,275
Cash and Due from Banks		 188 122 188 180 145 220 221 226 216 240 172
Restricted Cash		 710 692 159 761 798 679 294 576 550 591 794
Trading Account Securities		 - - - - - - 1,239 1,287 1,392 1,523 1,701
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 0.00
Premises and Equipment, Net		 133 130 127 149 132 125 90 85 93 85 81
Goodwill		 177 177 177 158 158 158 158 158 158 204 207
Intangible Assets		 61 57 52 43 41 38 35 33 32 98 96
Other Assets		 16,814 16,629 16,521 14,108 13,228 12,864 12,156 13,451 13,675 13,915 13,893
Total Liabilities & Shareholders' Equity		 18,083 17,808 17,223 15,399 14,501 14,084 14,192 13,711 13,877 14,178 14,275
Total Liabilities		 14,859 14,560 13,964 12,141 11,281 10,874 10,829 10,228 10,290 10,572 10,640
Non-Interest Bearing Deposits		 676 731 718 802 890 1,071 1,313 1,382 1,477 1,745 2,219
Short-Term Debt		 281 300 342 275 389 404 379 429 443 544 840
Accrued Interest Payable		 34 36 36 32 27 25 22 19 19 17 16
Long-Term Debt		 13,438 13,070 12,448 10,583 9,568 8,938 8,656 7,904 7,823 7,699 7,043
Other Long-Term Liabilities		 570 616 601 571 509 534 547 565 702 694 642
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,223 3,248 3,259 3,258 3,220 3,210 3,363 3,483 3,587 3,606 3,635
Total Preferred & Common Equity		 3,230 3,259 3,295 3,306 3,294 3,291 3,420 3,575 3,653 3,731 3,771
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 3,230 3,259 3,295 3,306 3,294 3,291 3,420 3,575 3,653 3,731 3,771
Common Stock		 5.01 10 15 1.47 1.02 4.54 7.01 1.00 1.42 1.89 2.14
Retained Earnings		 3,252 3,270 3,306 3,313 3,295 3,288 3,413 3,576 3,648 3,733 3,770
Accumulated Other Comprehensive Income / (Loss)		 -27 -21 -25 -8.48 -2.26 -1.43 -0.43 -2.21 3.50 -3.53 -1.85
Noncontrolling Interest		 -6.35 -12 -36 -48 -74 -81 -57 -92 -67 -125 -135

Annual Metrics And Ratios for Nelnet

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $11.79
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 36.34M
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 $11.79
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 36.34M
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 $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 35.87M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Nelnet

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 35,874,957.00 35,934,023.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 35,874,957.00 35,934,023.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.55 1.27
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.09% 16.20% 14.36% -3.37% 15.06% -2.92% 55.60% 26.36% - 12.08% -27.56%
EBITDA Growth		 -91.78% 95.61% 8.41% -59.89% 1,622.00% 1.57% 171.85% 155.34% - -25.10% -67.30%
EBIT Growth		 -119.70% 201.04% 113.01% -104.44% 1,578.49% 13.67% 274.07% 442.67% - -28.72% -72.44%
NOPAT Growth		 -237.02% 208.50% 153.29% -103.93% 325.05% 14.66% 307.22% 6,569.70% - -31.47% -74.43%
Net Income Growth		 -249.06% 208.50% 153.29% -104.90% 306.87% 14.66% 307.22% 5,286.76% - -31.47% -74.43%
EPS Growth		 -125.88% 177.46% 68.49% -94.07% 895.45% 14.14% 304.07% 4,100.00% - -12.83% -62.78%
Operating Cash Flow Growth		 203.43% 72.51% 76.57% -11.11% 127.19% -56.91% -38.88% -17.95% - -19.80% -4.73%
Free Cash Flow Firm Growth		 -2.93% -8.82% 15.53% 39.45% 26.87% -37.97% -55.83% -77.06% - -66.39% -77.76%
Invested Capital Growth		 -15.02% -16.69% -20.71% -21.78% -21.78% -12.16% -10.33% -5.59% - -4.42% -2.51%
Revenue Q/Q Growth		 2.19% 27.79% -15.69% -4.75% 21.69% -0.72% 38.45% -17.36% - 22.54% -6.55%
EBITDA Q/Q Growth		 -89.95% 717.45% -26.54% -63.68% 331.26% -11.83% 113.12% -41.70% - 99.12% -9.96%
EBIT Q/Q Growth		 -116.31% 351.15% -37.93% -103.80% 5,537.74% -11.63% 131.84% -41.21% - 188.07% -13.54%
NOPAT Q/Q Growth		 -170.87% 370.66% -38.49% -103.56% 4,159.70% 28.43% 119.22% -43.39% - 43.72% -18.22%
Net Income Q/Q Growth		 -177.10% 353.05% -38.49% -104.44% 3,354.66% 28.43% 119.22% -43.39% - 43.72% -18.22%
EPS Q/Q Growth		 -118.64% 1,085.00% -37.56% -94.31% 2,400.00% 29.14% 119.91% -40.85% - 21.60% -6.09%
Operating Cash Flow Q/Q Growth		 -48.46% 165.69% -37.05% 2.72% 31.74% -49.50% -10.32% 37.53% - -46.87% 6.54%
Free Cash Flow Firm Q/Q Growth		 7.88% 7.14% 20.22% 0.29% -1.85% -47.58% -14.39% -47.91% - 94.86% -43.34%
Invested Capital Q/Q Growth		 -3.71% -8.66% -6.65% -4.73% -3.71% 2.57% -4.70% 0.31% - 0.29% -2.80%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 2.62% 33.24% 28.96% 11.04% 39.14% 34.76% 53.50% 37.74% - 23.11% 22.26%
EBIT Margin		 -2.50% 24.42% 17.98% -0.72% 32.10% 28.57% 47.84% 34.04% - 18.05% 16.70%
Profit (Net Income) Margin		 -9.33% 18.43% 13.44% -0.63% 16.78% 21.70% 34.36% 23.54% - 13.27% 11.61%
Tax Burden Percent		 76.15% 75.44% 74.75% 87.31% 80.73% 76.44% 74.93% 73.78% - 73.49% 69.51%
Interest Burden Percent		 490.47% 100.00% 100.00% 100.00% 64.73% 99.36% 95.85% 93.72% - 100.00% 100.00%
Effective Tax Rate		 0.00% 24.56% 25.25% 0.00% 19.27% 23.56% 25.07% 26.22% - 26.51% 30.49%
Return on Invested Capital (ROIC)		 -0.64% 1.55% 1.21% -0.05% 1.70% 2.27% 4.32% 3.20% - 1.87% 1.55%
ROIC Less NNEP Spread (ROIC-NNEP)		 -0.66% 1.55% 1.21% -0.05% 1.70% 2.27% 4.32% 3.20% - 1.87% 1.55%
Return on Net Nonoperating Assets (RNNOA)		 -2.82% 5.87% 4.38% -0.17% 5.51% 6.81% 11.78% 8.29% - 4.63% 3.53%
Return on Equity (ROE)		 -3.46% 7.42% 5.60% -0.22% 7.21% 9.08% 16.10% 11.49% - 6.50% 5.08%
Cash Return on Invested Capital (CROIC)		 16.53% 18.87% 23.96% 25.06% 25.73% 14.35% 13.46% 9.21% - 7.60% 4.61%
Operating Return on Assets (OROA)		 -0.17% 1.90% 1.50% -0.06% 2.94% 2.67% 5.33% 4.04% - 2.17% 1.86%
Return on Assets (ROA)		 -0.65% 1.44% 1.12% -0.05% 1.54% 2.03% 3.82% 2.79% - 1.60% 1.29%
Return on Common Equity (ROCE)		 -3.49% 7.49% 5.67% -0.22% 7.32% 9.22% 16.50% 11.74% - 6.67% 5.24%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 3.10% 3.91% 2.65% 0.00% 5.45% 8.96% 11.58% - 9.99% 6.38%
Net Operating Profit after Tax (NOPAT)		 -28 71 44 -1.56 63 81 178 101 - 56 45
NOPAT Margin		 -8.58% 18.43% 13.44% -0.50% 16.78% 21.70% 34.36% 23.54% - 13.27% 11.61%
Net Nonoperating Expense Percent (NNEP)		 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
SG&A Expenses to Revenue		 46.72% 37.33% 42.98% 47.24% 39.10% 36.97% 26.02% 33.85% - 33.26% 38.98%
Operating Expenses to Revenue		 108.32% 72.74% 80.91% 94.87% 62.07% 67.33% 48.69% 66.80% - 68.25% 72.18%
Earnings before Interest and Taxes (EBIT)		 -8.18 94 58 -2.22 121 107 248 146 - 76 65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 8.56 128 94 34 147 130 277 161 - 97 87
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.00 1.07 1.11 1.25 1.16 1.18 1.23 1.24 - 1.24 1.27
Price to Tangible Book Value (P/TBV)		 1.07 1.13 1.18 1.33 1.23 1.25 1.30 1.31 - 1.35 1.38
Price to Revenue (P/Rev)		 2.58 2.70 2.72 3.07 2.78 2.91 2.80 2.73 - 2.71 3.08
Price to Earnings (P/E)		 36.26 25.48 23.52 36.04 21.06 20.84 13.36 10.45 - 11.09 15.85
Dividend Yield		 1.21% 1.14% 1.09% 0.99% 1.05% 1.01% 0.92% 0.91% - 0.96% 0.97%
Earnings Yield		 2.76% 3.92% 4.25% 2.78% 4.75% 4.80% 7.48% 9.57% - 9.01% 6.31%
Enterprise Value to Invested Capital (EV/IC)		 0.93 0.95 0.96 0.99 0.97 1.01 1.00 1.01 - 1.01 1.00
Enterprise Value to Revenue (EV/Rev)		 11.42 10.26 9.36 9.34 8.37 9.02 7.54 7.21 - 6.98 7.43
Enterprise Value to EBITDA (EV/EBITDA)		 58.66 47.46 43.55 52.29 28.94 30.78 20.39 17.62 - 20.38 28.57
Enterprise Value to EBIT (EV/EBIT)		 143.40 97.71 75.02 107.77 43.08 43.97 25.44 20.48 - 24.03 35.73
Enterprise Value to NOPAT (EV/NOPAT)		 292.55 130.74 97.84 142.82 66.41 67.05 36.95 28.29 - 31.96 48.13
Enterprise Value to Operating Cash Flow (EV/OCF)		 33.40 25.65 21.74 22.16 17.62 23.02 24.14 25.69 - 29.42 28.86
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.19 4.57 3.53 3.48 3.30 6.56 7.04 10.65 - 12.93 21.54
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.83 3.33 3.09 2.91 2.66 2.69 2.39 2.30 - 2.29 2.17
Long-Term Debt to Equity		 3.70 3.25 2.97 2.78 2.52 2.57 2.27 2.18 - 2.14 1.94
Financial Leverage		 4.26 3.79 3.61 3.42 3.24 3.00 2.73 2.59 - 2.48 2.28
Leverage Ratio		 5.64 5.17 5.00 4.84 4.69 4.47 4.21 4.11 - 4.07 3.93
Compound Leverage Factor		 27.66 5.17 5.00 4.84 3.04 4.44 4.03 3.86 - 4.07 3.93
Debt to Total Capital		 79.29% 76.92% 75.56% 74.43% 72.71% 72.88% 70.52% 69.74% - 69.57% 68.44%
Short-Term Debt to Total Capital		 2.75% 1.95% 2.95% 3.22% 3.96% 3.06% 3.63% 3.74% - 4.59% 7.29%
Long-Term Debt to Total Capital		 76.54% 74.97% 72.61% 71.21% 68.75% 69.82% 66.89% 66.00% - 64.97% 61.15%
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		 -0.35% -0.34% -0.56% -0.64% -0.42% -0.46% -0.78% -0.56% - -1.06% -1.17%
Common Equity to Total Capital		 21.05% 23.42% 25.00% 26.21% 27.71% 27.58% 30.26% 30.82% - 31.49% 32.73%
Debt to EBITDA		 49.81 38.48 34.39 39.18 21.77 22.27 14.35 12.17 - 14.10 19.46
Net Debt to EBITDA		 45.64 35.14 31.13 35.41 19.46 21.00 12.97 11.04 - 12.68 17.08
Long-Term Debt to EBITDA		 48.08 37.50 33.05 37.48 20.58 21.33 13.61 11.52 - 13.17 17.39
Debt to NOPAT		 248.41 106.00 77.27 107.01 49.96 48.50 26.00 19.54 - 22.11 32.79
Net Debt to NOPAT		 227.62 96.82 69.95 96.71 44.67 45.74 23.50 17.72 - 19.88 28.77
Long-Term Debt to NOPAT		 239.78 103.32 74.25 102.38 47.24 46.47 24.66 18.49 - 20.65 29.29
Noncontrolling Interest Sharing Ratio		 -0.82% -0.84% -1.33% -1.80% -1.60% -1.58% -2.48% -2.16% - -2.61% -3.19%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,703 2,898 3,484 3,494 3,430 1,798 1,539 802 - 604 342
Operating Cash Flow to CapEx		 370.49% 912.44% 1,256.51% 3,087.83% 0.00% 2,698.90% 2,212.12% 963.50% - 633.03% 1,231.53%
Free Cash Flow to Firm to Interest Expense		 13.17 14.90 19.75 20.76 24.30 14.37 11.58 6.64 - 5.51 3.14
Operating Cash Flow to Interest Expense		 0.39 1.09 0.76 0.81 1.28 0.73 0.62 0.93 - 0.67 0.72
Operating Cash Flow Less CapEx to Interest Expense		 0.28 0.97 0.70 0.79 1.40 0.70 0.59 0.83 - 0.56 0.66
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.08 0.08 0.09 0.09 0.09 0.11 0.12 - 0.12 0.11
Fixed Asset Turnover		 10.13 9.26 10.27 10.63 12.57 11.60 14.49 15.24 - 19.59 18.79
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 15,454 14,115 13,177 12,553 12,087 12,398 11,815 11,852 - 11,850 11,519
Invested Capital Turnover		 0.08 0.08 0.09 0.09 0.10 0.10 0.13 0.14 - 0.14 0.13
Increase / (Decrease) in Invested Capital		 -2,731 -2,827 -3,441 -3,496 -3,367 -1,717 -1,361 -701 - -549 -297
Enterprise Value (EV)		 14,431 13,392 12,607 12,470 11,683 12,490 11,842 11,967 - 11,914 11,573
Market Capitalization		 3,257 3,523 3,668 4,106 3,876 4,026 4,403 4,535 - 4,626 4,791
Book Value per Share		 $87.18 $88.97 $90.58 $90.78 $92.31 $94.22 $98.34 $100.99 - $104.01 $104.93
Tangible Book Value per Share		 $81.74 $83.57 $85.12 $85.36 $86.95 $88.91 $93.07 $95.75 - $95.60 $96.50
Total Capital		 15,454 14,115 13,177 12,553 12,087 12,398 11,815 11,852 - 11,850 11,519
Total Debt		 12,254 10,857 9,957 9,343 8,788 9,035 8,333 8,265 - 8,244 7,883
Total Long-Term Debt		 11,828 10,583 9,568 8,938 8,310 8,656 7,904 7,823 - 7,699 7,043
Net Debt		 11,228 9,916 9,013 8,444 7,857 8,520 7,531 7,498 - 7,413 6,917
Capital Expenditures (CapEx)		 21 23 11 4.44 -17 3.38 3.70 12 - 12 6.33
Net Nonoperating Expense (NNE)		 2.47 0.00 0.00 0.38 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Obligations (NNO)		 12,254 10,857 9,957 9,343 8,788 9,035 8,333 8,265 - 8,244 7,883
Total Depreciation and Amortization (D&A)		 17 34 36 36 27 23 29 16 - 21 22
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.22) $1.97 $1.23 $0.07 $1.75 $2.26 $4.97 $2.94 $1.62 $1.97 $1.85
Adjusted Weighted Average Basic Shares Outstanding		 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M 36.49M 36.32M 36.34M 36.08M 36.04M
Adjusted Diluted Earnings per Share		 ($0.22) $1.97 $1.23 $0.07 $1.75 $2.26 $4.97 $2.94 $1.62 $1.97 $1.85
Adjusted Weighted Average Diluted Shares Outstanding		 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M 36.49M 36.32M 36.34M 36.08M 36.04M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.04M 36.37M 36.25M 36.29M 36.29M 36.35M 36.17M 35.93M 35.87M 35.93M 35.78M
Normalized Net Operating Profit after Tax (NOPAT)		 -28 71 44 -1.56 63 81 178 101 - 56 45
Normalized NOPAT Margin		 -8.58% 18.43% 13.44% -0.50% 16.78% 21.70% 34.36% 23.54% - 13.27% 11.61%
Pre Tax Income Margin		 -12.25% 24.42% 17.98% -0.72% 20.78% 28.39% 45.86% 31.90% - 18.05% 16.70%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.04 0.48 0.33 -0.01 0.86 0.85 1.86 1.21 - 0.69 0.60
NOPAT to Interest Expense		 -0.14 0.36 0.25 -0.01 0.45 0.65 1.34 0.83 - 0.51 0.42
EBIT Less CapEx to Interest Expense		 -0.14 0.36 0.27 -0.04 0.98 0.83 1.84 1.11 - 0.59 0.54
NOPAT Less CapEx to Interest Expense		 -0.24 0.25 0.19 -0.04 0.57 0.62 1.31 0.74 - 0.40 0.36
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 89.35% 43.54% 35.44% 53.57% 26.61% 25.58% 14.86% 11.56% - 13.89% 22.39%
Augmented Payout Ratio		 146.17% 102.31% 118.15% 175.67% 73.96% 53.64% 23.22% 24.21% - 35.66% 57.39%

Financials Breakdown Chart

Key Financial Trends

Nelnet’s recent results show a business with improving balance-sheet positioning and consistently positive operating cash flow, but earnings remain volatile and have weakened from the unusually strong second quarter of 2025. The company’s results are also influenced by large investment-related and other non-interest income items, making quarterly comparisons less predictable.

  • Operating cash flow remains positive. Net cash from operating activities was $77.9 million in Q2 2026, compared with $81.8 million in Q2 2025 and $73.1 million in Q1 2026. Nelnet has generated positive operating cash flow in each reported quarter in the dataset.
  • Net interest income has improved over the multi-year period. Net interest income rose to $96.0 million in Q2 2026 from $79.4 million in Q2 2025, $66.4 million in Q2 2024 and $50.9 million in Q2 2023. This suggests better spread income despite lower overall interest-income levels.
  • Leverage has declined substantially since 2023. Long-term debt fell to $7.0 billion at June 30, 2026, from $7.9 billion at June 30, 2025 and $13.1 billion at June 30, 2023. Total liabilities also declined to $10.6 billion from $14.6 billion over the same period.
  • Shareholder distributions continue. Nelnet repurchased $24.4 million of common stock and paid $13.7 million in dividends during Q2 2026. Repurchases and dividends have continued across the reported quarters, supporting shareholder returns.
  • Liquidity improved during Q2. Cash and due from banks plus restricted cash totaled approximately $966.3 million at June 30, 2026, up from approximately $830.5 million at March 31, 2026. Net cash increased by $135.8 million during the quarter.
  • Investment activity is very large relative to reported cash balances. Nelnet purchased $3.6 billion of investment securities and received $3.6 billion from sales or maturities in Q2 2026. This pattern has appeared throughout the data and indicates substantial portfolio turnover, although it makes reported investing cash flow less representative of traditional capital investment.
  • The balance sheet remains asset-heavy and difficult to interpret from standardized data alone. Total assets were $14.3 billion at June 30, 2026, with $13.9 billion classified as other assets and loans and leases reported at zero. Investors should review the company’s filings for a more detailed breakdown of these categories before drawing conclusions about asset quality or portfolio growth.
  • Quarterly earnings declined sharply year over year. Q2 2026 revenue was $391.6 million, down from $540.6 million in Q2 2025. Net income attributable to common shareholders fell to $66.7 million from $181.5 million, while diluted EPS decreased to $1.85 from $4.97.
  • Credit-loss provisions have increased. The provision for credit losses reached $43.5 million in Q2 2026, compared with $22.9 million in Q2 2025 and $3.6 million in Q3 2025. The higher provision reduced pretax income and may signal greater expected credit risk or more conservative reserving.
  • Profitability remains dependent on volatile non-interest income. Q2 2025 benefited from $175.0 million of net realized and unrealized investment gains, while Q2 2026 reported no amount in that category. Although other non-interest income remained high at $295.6 million, the comparison highlights the risk that changes in investment-related income can materially affect earnings and EPS.

Overall, Nelnet’s balance sheet and cash generation are constructive, particularly given the reduction in long-term debt and continued shareholder distributions. However, the decline in earnings from Q2 2025, rising credit-loss provisions and reliance on variable non-interest income suggest that investors should focus on the sustainability of core earnings rather than on any single quarter’s EPS.

09/10/26 08:26 AM ETAI Generated. May Contain Errors.

Nelnet Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Nelnet's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

The last 5 years of Nelnet's net income performance:
  • 2021: $386.28 million
  • 2022: $388.75 million
  • 2023: $49.33 million
  • 2024: $175.92 million
  • 2025: $398.35 million
Find out what analysts predict for Nelnet in the coming months.

Over the last 10 years, Nelnet's total revenue changed from $900.01 million in 2015 to $1.66 billion in 2025, a change of 84.6%.

Nelnet's total liabilities were at $10.49 billion at the end of 2025, a 0.1% increase from 2024, and a 63.2% decrease since 2015.

In the past 10 years, Nelnet's cash and equivalents has ranged from $63.53 million in 2015 to $295.98 million in 2025, and is currently $295.98 million as of their latest financial filing in 2025.


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Financial statements for NYSE:NNI last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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