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Nelnet (NNI) Financials

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$121.79 -0.59 (-0.48%)
As of 12:59 PM 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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 44 -8.44 73 45 2.39 63 83 181 107 58 71
Consolidated Net Income / (Loss)		 40 -31 71 44 -1.94 63 81 178 101 39 56
Net Income / (Loss) Continuing Operations		 40 1.39 71 51 27 106 81 188 110 19 56
Total Pre-Tax Income 		50 -40 94 58 -2.22 78 106 237 136 46 76
Total Revenue		 320 327 385 333 339 377 374 518 428 342 419
Net Interest Income / (Expense)		 77 70 74 66 72 80 83 79 85 107 102
Total Interest Income		 285 275 269 243 240 221 208 212 206 225 211
Loans and Leases Interest Income		 236 227 217 202 190 178 166 172 163 185 171
Investment Securities Interest Income		 48 48 52 41 50 43 41 40 43 41 40
Total Interest Expense		 207 205 195 176 168 141 125 133 121 118 110
Long-Term Debt Interest Expense		 207 205 195 176 168 141 125 133 121 118 110
Total Non-Interest Income		 243 257 311 266 266 297 291 438 343 235 317
Other Service Charges		 - - 4.08 14 16 - - - 36 - 10
Other Non-Interest Income		 - - 307 254 251 - 291 263 309 268 307
Provision for Credit Losses		 4.28 -19 11 3.61 18 22 17 18 -3.56 49 57
Total Non-Interest Expense		 266 355 280 263 294 234 251 252 286 266 286
Salaries and Employee Benefits		 141 153 144 140 146 147 138 135 145 141 139
Other Operating Expenses		 103 180 120 108 117 74 81 84 114 154 137
Depreciation Expense		 22 22 17 15 14 13 9.26 7.62 7.33 9.37 9.17
Income Tax Expense		 11 -9.56 23 15 -0.28 15 25 60 36 7.69 20
Net Income / (Loss) Attributable to Noncontrolling Interest		 -4.75 -22 -2.65 -1.42 -4.33 -0.18 -1.43 -3.61 -6.01 -19 -16
Basic Earnings per Share		 $1.18 ($0.22) $1.98 $1.23 $0.07 $1.75 $2.26 $4.97 $2.94 $1.62 $1.97
Weighted Average Basic Shares Outstanding		 37.50M 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M 36.49M 36.32M 36.34M 36.08M
Diluted Earnings per Share		 $1.18 ($0.22) $1.98 $1.23 $0.07 $1.75 $2.26 $4.97 $2.94 $1.62 $1.97
Weighted Average Diluted Shares Outstanding		 37.50M 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M 36.49M 36.32M 36.34M 36.08M
Weighted Average Basic & Diluted Shares Outstanding		 37.32M 37.04M 36.37M 36.25M 36.29M 36.29M 36.35M 36.17M 35.93M 35.87M 35.93M

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 -21 233 -85 2.58 -44 32 -99 -30 -35 207 -143
Net Cash From Operating Activities		 154 79 212 133 137 181 91 82 112 138 73
Net Cash From Continuing Operating Activities		 154 79 212 133 137 181 91 82 112 138 73
Net Income / (Loss) Continuing Operations		 40 -30 71 43 -1.94 63 81 178 101 39 56
Consolidated Net Income / (Loss)		 40 -30 71 43 -1.94 63 81 178 101 39 56
Provision For Loan Losses		 4.27 3.05 11 3.51 18 22 17 18 -3.56 49 57
Depreciation Expense		 35 17 34 36 36 27 23 29 16 22 21
Non-Cash Adjustments to Reconcile Net Income		 12 52 -2.06 -7.06 2.51 -28 -15 -288 -13 59 -39
Changes in Operating Assets and Liabilities, net		 63 37 98 58 82 97 -15 145 13 -32 -22
Net Cash From Investing Activities		 416 632 1,086 738 254 335 136 573 -191 -163 31
Net Cash From Continuing Investing Activities		 416 632 1,086 738 254 335 136 573 -191 -163 31
Purchase of Property, Leasehold Improvements and Equipment		 -15 -21 -23 -11 -4.44 17 -3.38 -3.70 -12 -7.49 -12
Purchase of Investment Securities		 61 -883 -410 -513 -390 -748 -530 -378 -1,950 -4,309 -3,415
Sale and/or Maturity of Investments		 838 -1,490 1,520 1,262 753 -2,219 669 955 1,771 4,154 3,458
Net Cash From Financing Activities		 -592 -479 -1,382 -868 -436 -483 -326 -686 43 232 -244
Net Cash From Continuing Financing Activities		 -592 -479 -1,382 -868 -436 -483 -326 -686 43 232 -244
Net Change in Deposits		 -13 26 58 88 180 115 127 69 95 192 75
Issuance of Debt		 -50 4.91 18 -18 85 -54 0.00 0.03 557 836 271
Issuance of Common Equity		 0.43 0.47 0.37 0.59 0.46 0.52 0.34 0.58 0.47 0.49 0.38
Repayment of Debt		 -579 -613 -1,276 -1,008 -729 -634 -347 -775 -622 -880 -355
Repurchase of Common Equity		 -0.54 -24 -35 -47 -0.58 -0.40 -4.46 -21 -27 -16 -16
Payment of Dividends		 -10 -13 -11 -12 -11 -13 -12 -12 -13 -14 -13
Other Financing Activities, Net		 61 139 -137 127 39 103 -90 52 53 113 -206
Effect of Exchange Rate Changes		 -0.12 0.22 -0.16 0.08 0.29 -0.64 0.03 0.31 -0.05 -0.02 -3.05
Cash Interest Paid		 199 196 186 170 155 140 119 125 117 112 109
Cash Income Taxes Paid		 1.93 2.15 0.79 11 1.51 1.80 1.31 26 24 18 1.27

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 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
Total Assets		 19,564 18,083 17,808 17,223 15,399 14,501 14,084 14,192 13,711 13,877 14,178
Cash and Due from Banks		 63 188 122 188 180 145 220 221 226 216 240
Restricted Cash		 181 710 692 159 761 798 679 294 576 550 591
Trading Account Securities		 - - - - - - - 1,239 1,287 1,392 1,523
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		 127 133 130 127 149 132 125 90 85 93 85
Goodwill		 172 177 177 177 158 158 158 158 158 158 204
Intangible Assets		 70 61 57 52 43 41 38 35 33 32 98
Other Assets		 18,950 16,814 16,629 16,521 14,108 13,228 12,864 12,156 13,451 13,675 13,915
Total Liabilities & Shareholders' Equity		 19,564 18,083 17,808 17,223 15,399 14,501 14,084 14,192 13,711 13,877 14,178
Total Liabilities		 16,397 14,859 14,560 13,964 12,141 11,281 10,874 10,829 10,228 10,290 10,572
Non-Interest Bearing Deposits		 581 676 731 718 802 890 1,071 1,313 1,382 1,477 1,745
Short-Term Debt		 306 281 300 342 275 389 404 379 429 443 544
Accrued Interest Payable		 22 34 36 36 32 27 25 22 19 19 17
Long-Term Debt		 15,043 13,438 13,070 12,448 10,583 9,568 8,938 8,656 7,904 7,823 7,699
Other Long-Term Liabilities		 542 570 616 601 571 509 534 547 565 702 694
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		 3,166 3,223 3,248 3,259 3,258 3,220 3,210 3,363 3,483 3,587 3,606
Total Preferred & Common Equity		 3,181 3,230 3,259 3,295 3,306 3,294 3,291 3,420 3,575 3,653 3,731
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		 3,181 3,230 3,259 3,295 3,306 3,294 3,291 3,420 3,575 3,653 3,731
Common Stock		 1.21 5.01 10 15 1.47 1.02 4.54 7.01 1.00 1.42 1.89
Retained Earnings		 3,208 3,252 3,270 3,306 3,313 3,295 3,288 3,413 3,576 3,648 3,733
Accumulated Other Comprehensive Income / (Loss)		 -29 -27 -21 -25 -8.48 -2.26 -1.43 -0.43 -2.21 3.50 -3.53
Noncontrolling Interest		 -14 -6.35 -12 -36 -48 -74 -81 -57 -92 -67 -125

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 35,874,957.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 35,874,957.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.55
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -18.93% 0.09% 16.20% 14.36% -3.37% 15.06% -2.92% 55.60% 26.36% - 12.08%
EBITDA Growth		 -48.87% -91.78% 95.61% 8.41% -59.89% 1,622.00% 1.57% 171.85% 155.34% - -25.10%
EBIT Growth		 -60.55% -119.70% 201.04% 113.01% -104.44% 1,578.49% 13.67% 274.07% 442.67% - -28.72%
NOPAT Growth		 -60.58% -237.02% 208.50% 153.29% -103.93% 325.05% 14.66% 307.22% 6,569.70% - -31.47%
Net Income Growth		 -60.58% -249.06% 208.50% 153.29% -104.90% 306.87% 14.66% 307.22% 5,286.76% - -31.47%
EPS Growth		 -57.86% -125.88% 177.46% 68.49% -94.07% 895.45% 14.14% 304.07% 4,100.00% - -12.83%
Operating Cash Flow Growth		 -10.97% 203.43% 72.51% 76.57% -11.11% 127.19% -56.91% -38.88% -17.95% - -19.80%
Free Cash Flow Firm Growth		 -26.46% -2.93% -8.82% 15.53% 39.45% 26.87% -37.97% -55.83% -77.06% - -66.39%
Invested Capital Growth		 -13.32% -15.02% -16.69% -20.71% -21.78% -21.78% -12.16% -10.33% -5.59% - -4.42%
Revenue Q/Q Growth		 12.73% 2.19% 27.79% -15.69% -4.75% 21.69% -0.72% 38.45% -17.36% - 22.54%
EBITDA Q/Q Growth		 -1.83% -89.95% 717.45% -26.54% -63.68% 331.26% -11.83% 113.12% -41.70% - 99.12%
EBIT Q/Q Growth		 82.72% -116.31% 351.15% -37.93% -103.80% 5,537.74% -11.63% 131.84% -41.21% - 188.07%
NOPAT Q/Q Growth		 129.70% -170.87% 370.66% -38.49% -103.56% 4,159.70% 28.43% 119.22% -43.39% - 43.72%
Net Income Q/Q Growth		 129.70% -177.10% 353.05% -38.49% -104.44% 3,354.66% 28.43% 119.22% -43.39% - 43.72%
EPS Q/Q Growth		 61.64% -118.64% 1,085.00% -37.56% -94.31% 2,400.00% 29.14% 119.91% -40.85% - 21.60%
Operating Cash Flow Q/Q Growth		 104.04% -48.46% 165.69% -37.05% 2.72% 31.74% -49.50% -10.32% 37.53% - -46.87%
Free Cash Flow Firm Q/Q Growth		 -16.91% 7.88% 7.14% 20.22% 0.29% -1.85% -47.58% -14.39% -47.91% - 94.86%
Invested Capital Q/Q Growth		 -3.42% -3.71% -8.66% -6.65% -4.73% -3.71% 2.57% -4.70% 0.31% - 0.29%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 26.60% 2.62% 33.24% 28.96% 11.04% 39.14% 34.76% 53.50% 37.74% - 23.11%
EBIT Margin		 15.65% -2.50% 24.42% 17.98% -0.72% 32.10% 28.57% 47.84% 34.04% - 18.05%
Profit (Net Income) Margin		 12.37% -9.33% 18.43% 13.44% -0.63% 16.78% 21.70% 34.36% 23.54% - 13.27%
Tax Burden Percent		 79.03% 76.15% 75.44% 74.75% 87.31% 80.73% 76.44% 74.93% 73.78% - 73.49%
Interest Burden Percent		 100.00% 490.47% 100.00% 100.00% 100.00% 64.73% 99.36% 95.85% 93.72% - 100.00%
Effective Tax Rate		 20.97% 0.00% 24.56% 25.25% 0.00% 19.27% 23.56% 25.07% 26.22% - 26.51%
Return on Invested Capital (ROIC)		 0.92% -0.64% 1.55% 1.21% -0.05% 1.70% 2.27% 4.32% 3.20% - 1.87%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.92% -0.66% 1.55% 1.21% -0.05% 1.70% 2.27% 4.32% 3.20% - 1.87%
Return on Net Nonoperating Assets (RNNOA)		 4.02% -2.82% 5.87% 4.38% -0.17% 5.51% 6.81% 11.78% 8.29% - 4.63%
Return on Equity (ROE)		 4.94% -3.46% 7.42% 5.60% -0.22% 7.21% 9.08% 16.10% 11.49% - 6.50%
Cash Return on Invested Capital (CROIC)		 14.89% 16.53% 18.87% 23.96% 25.06% 25.73% 14.35% 13.46% 9.21% - 7.60%
Operating Return on Assets (OROA)		 1.09% -0.17% 1.90% 1.50% -0.06% 2.94% 2.67% 5.33% 4.04% - 2.17%
Return on Assets (ROA)		 0.86% -0.65% 1.44% 1.12% -0.05% 1.54% 2.03% 3.82% 2.79% - 1.60%
Return on Common Equity (ROCE)		 4.97% -3.49% 7.49% 5.67% -0.22% 7.32% 9.22% 16.50% 11.74% - 6.67%
Return on Equity Simple (ROE_SIMPLE)		 3.27% 0.00% 3.10% 3.91% 2.65% 0.00% 5.45% 8.96% 11.58% - 9.99%
Net Operating Profit after Tax (NOPAT)		 40 -28 71 44 -1.56 63 81 178 101 - 56
NOPAT Margin		 12.37% -8.58% 18.43% 13.44% -0.50% 16.78% 21.70% 34.36% 23.54% - 13.27%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 44.09% 46.72% 37.33% 42.98% 47.24% 39.10% 36.97% 26.02% 33.85% - 33.26%
Operating Expenses to Revenue		 83.02% 108.32% 72.74% 80.91% 94.87% 62.07% 67.33% 48.69% 66.80% - 68.25%
Earnings before Interest and Taxes (EBIT)		 50 -8.18 94 58 -2.22 121 107 248 146 - 76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 85 8.56 128 94 34 147 130 277 161 - 97
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.00 1.00 1.07 1.11 1.25 1.16 1.18 1.23 1.24 - 1.24
Price to Tangible Book Value (P/TBV)		 1.07 1.07 1.13 1.18 1.33 1.23 1.25 1.30 1.31 - 1.35
Price to Revenue (P/Rev)		 2.57 2.58 2.70 2.72 3.07 2.78 2.91 2.80 2.73 - 2.71
Price to Earnings (P/E)		 25.53 36.26 25.48 23.52 36.04 21.06 20.84 13.36 10.45 - 11.09
Dividend Yield		 1.18% 1.21% 1.14% 1.09% 0.99% 1.05% 1.01% 0.92% 0.91% - 0.96%
Earnings Yield		 3.92% 2.76% 3.92% 4.25% 2.78% 4.75% 4.80% 7.48% 9.57% - 9.01%
Enterprise Value to Invested Capital (EV/IC)		 0.98 0.93 0.95 0.96 0.99 0.97 1.01 1.00 1.01 - 1.01
Enterprise Value to Revenue (EV/Rev)		 12.25 11.42 10.26 9.36 9.34 8.37 9.02 7.54 7.21 - 6.98
Enterprise Value to EBITDA (EV/EBITDA)		 47.08 58.66 47.46 43.55 52.29 28.94 30.78 20.39 17.62 - 20.38
Enterprise Value to EBIT (EV/EBIT)		 110.38 143.40 97.71 75.02 107.77 43.08 43.97 25.44 20.48 - 24.03
Enterprise Value to NOPAT (EV/NOPAT)		 145.59 292.55 130.74 97.84 142.82 66.41 67.05 36.95 28.29 - 31.96
Enterprise Value to Operating Cash Flow (EV/OCF)		 41.35 33.40 25.65 21.74 22.16 17.62 23.02 24.14 25.69 - 29.42
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.10 5.19 4.57 3.53 3.48 3.30 6.56 7.04 10.65 - 12.93
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.92 3.83 3.33 3.09 2.91 2.66 2.69 2.39 2.30 - 2.29
Long-Term Debt to Equity		 3.82 3.70 3.25 2.97 2.78 2.52 2.57 2.27 2.18 - 2.14
Financial Leverage		 4.38 4.26 3.79 3.61 3.42 3.24 3.00 2.73 2.59 - 2.48
Leverage Ratio		 5.73 5.64 5.17 5.00 4.84 4.69 4.47 4.21 4.11 - 4.07
Compound Leverage Factor		 5.73 27.66 5.17 5.00 4.84 3.04 4.44 4.03 3.86 - 4.07
Debt to Total Capital		 79.69% 79.29% 76.92% 75.56% 74.43% 72.71% 72.88% 70.52% 69.74% - 69.57%
Short-Term Debt to Total Capital		 2.13% 2.75% 1.95% 2.95% 3.22% 3.96% 3.06% 3.63% 3.74% - 4.59%
Long-Term Debt to Total Capital		 77.56% 76.54% 74.97% 72.61% 71.21% 68.75% 69.82% 66.89% 66.00% - 64.97%
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		 -0.22% -0.35% -0.34% -0.56% -0.64% -0.42% -0.46% -0.78% -0.56% - -1.06%
Common Equity to Total Capital		 20.53% 21.05% 23.42% 25.00% 26.21% 27.71% 27.58% 30.26% 30.82% - 31.49%
Debt to EBITDA		 38.35 49.81 38.48 34.39 39.18 21.77 22.27 14.35 12.17 - 14.10
Net Debt to EBITDA		 37.31 45.64 35.14 31.13 35.41 19.46 21.00 12.97 11.04 - 12.68
Long-Term Debt to EBITDA		 37.32 48.08 37.50 33.05 37.48 20.58 21.33 13.61 11.52 - 13.17
Debt to NOPAT		 118.59 248.41 106.00 77.27 107.01 49.96 48.50 26.00 19.54 - 22.11
Net Debt to NOPAT		 115.38 227.62 96.82 69.95 96.71 44.67 45.74 23.50 17.72 - 19.88
Long-Term Debt to NOPAT		 115.42 239.78 103.32 74.25 102.38 47.24 46.47 24.66 18.49 - 20.65
Noncontrolling Interest Sharing Ratio		 -0.78% -0.82% -0.84% -1.33% -1.80% -1.60% -1.58% -2.48% -2.16% - -2.61%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,506 2,703 2,898 3,484 3,494 3,430 1,798 1,539 802 - 604
Operating Cash Flow to CapEx		 1,004.27% 370.49% 912.44% 1,256.51% 3,087.83% 0.00% 2,698.90% 2,212.12% 963.50% - 633.03%
Free Cash Flow to Firm to Interest Expense		 12.10 13.17 14.90 19.75 20.76 24.30 14.37 11.58 6.64 - 5.51
Operating Cash Flow to Interest Expense		 0.74 0.39 1.09 0.76 0.81 1.28 0.73 0.62 0.93 - 0.67
Operating Cash Flow Less CapEx to Interest Expense		 0.67 0.28 0.97 0.70 0.79 1.40 0.70 0.59 0.83 - 0.56
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.07 0.08 0.08 0.09 0.09 0.09 0.11 0.12 - 0.12
Fixed Asset Turnover		 10.10 10.13 9.26 10.27 10.63 12.57 11.60 14.49 15.24 - 19.59
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 16,049 15,454 14,115 13,177 12,553 12,087 12,398 11,815 11,852 - 11,850
Invested Capital Turnover		 0.07 0.08 0.08 0.09 0.09 0.10 0.10 0.13 0.14 - 0.14
Increase / (Decrease) in Invested Capital		 -2,466 -2,731 -2,827 -3,441 -3,496 -3,367 -1,717 -1,361 -701 - -549
Enterprise Value (EV)		 15,702 14,431 13,392 12,607 12,470 11,683 12,490 11,842 11,967 - 11,914
Market Capitalization		 3,294 3,257 3,523 3,668 4,106 3,876 4,026 4,403 4,535 - 4,626
Book Value per Share		 $88.29 $87.18 $88.97 $90.58 $90.78 $92.31 $94.22 $98.34 $100.99 - $104.01
Tangible Book Value per Share		 $82.16 $81.74 $83.57 $85.12 $85.36 $86.95 $88.91 $93.07 $95.75 - $95.60
Total Capital		 16,049 15,454 14,115 13,177 12,553 12,087 12,398 11,815 11,852 - 11,850
Total Debt		 12,790 12,254 10,857 9,957 9,343 8,788 9,035 8,333 8,265 - 8,244
Total Long-Term Debt		 12,448 11,828 10,583 9,568 8,938 8,310 8,656 7,904 7,823 - 7,699
Net Debt		 12,443 11,228 9,916 9,013 8,444 7,857 8,520 7,531 7,498 - 7,413
Capital Expenditures (CapEx)		 15 21 23 11 4.44 -17 3.38 3.70 12 - 12
Net Nonoperating Expense (NNE)		 0.00 2.47 0.00 0.00 0.38 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 12,790 12,254 10,857 9,957 9,343 8,788 9,035 8,333 8,265 - 8,244
Total Depreciation and Amortization (D&A)		 35 17 34 36 36 27 23 29 16 - 21
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.21 ($0.22) $1.97 $1.23 $0.07 $1.75 $2.26 $4.97 $2.94 $1.62 $1.97
Adjusted Weighted Average Basic Shares Outstanding		 37.50M 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M 36.49M 36.32M 36.34M 36.08M
Adjusted Diluted Earnings per Share		 $1.21 ($0.22) $1.97 $1.23 $0.07 $1.75 $2.26 $4.97 $2.94 $1.62 $1.97
Adjusted Weighted Average Diluted Shares Outstanding		 37.50M 37.42M 37.16M 36.53M 36.43M 36.64M 36.48M 36.49M 36.32M 36.34M 36.08M
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		 37.32M 37.04M 36.37M 36.25M 36.29M 36.29M 36.35M 36.17M 35.93M 35.87M 35.93M
Normalized Net Operating Profit after Tax (NOPAT)		 40 -28 71 44 -1.56 63 81 178 101 - 56
Normalized NOPAT Margin		 12.37% -8.58% 18.43% 13.44% -0.50% 16.78% 21.70% 34.36% 23.54% - 13.27%
Pre Tax Income Margin		 15.65% -12.25% 24.42% 17.98% -0.72% 20.78% 28.39% 45.86% 31.90% - 18.05%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.24 -0.04 0.48 0.33 -0.01 0.86 0.85 1.86 1.21 - 0.69
NOPAT to Interest Expense		 0.19 -0.14 0.36 0.25 -0.01 0.45 0.65 1.34 0.83 - 0.51
EBIT Less CapEx to Interest Expense		 0.17 -0.14 0.36 0.27 -0.04 0.98 0.83 1.84 1.11 - 0.59
NOPAT Less CapEx to Interest Expense		 0.12 -0.24 0.25 0.19 -0.04 0.57 0.62 1.31 0.74 - 0.40
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 40.44% 89.35% 43.54% 35.44% 53.57% 26.61% 25.58% 14.86% 11.56% - 13.89%
Augmented Payout Ratio		 48.57% 146.17% 102.31% 118.15% 175.67% 73.96% 53.64% 23.22% 24.21% - 35.66%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor‑oriented snapshot of Nelnet (NYSE: NNI) based on quarterly statements from 2022 through 2025, focusing on the last four years. The bullets highlight notable trends and what they could imply for the stock's risk/return profile going forward.

  • Net cash from continuing operating activities in Q4 2025 was $137.6 million, showing solid cash generation from core operations and an improving cash flow profile into year‑end.
  • Net interest income remains positive and has trended higher in 2025, with total net interest income of about $107.11 million in Q4 2025 (versus lower levels earlier in 2025).
  • Total non‑interest income stayed robust across 2025, peaking around $438.2 million in Q2 2025 and remaining well above $230 million in other quarters, indicating diversification beyond net interest income.
  • Earnings power showed in multiple 2025 quarters: net income attributable to common shareholders reached approximately $181.46 million in Q2 2025; other quarters also reported meaningful quarterly income (e.g., Q1 2025 ~$82.56 million; Q3 2025 ~$106.68 million).
  • Long‑term debt declined through 2025, suggesting deleveraging: long‑term debt fell from about $8.66 billion at the start of 2025 to roughly $7.82 billion by Q3 2025, improving the balance sheet’s leverage profile.
  • Total revenue in 2025 shows seasonality and fluctuation (roughly $374M in Q1, $518M in Q2, $428M in Q3, and $342M in Q4), indicating earnings may be cyclical and sensitive to quarterly factors.
  • Total assets hovered in the mid‑$13B range across 2025, signaling a relatively stable asset base and liquidity footprint across the year.
  • Provision for credit losses spiked in Q4 2025 to $49.46 million, a notable step up from prior quarters and a potential sign of rising credit costs or risk concerns.
  • Diluted earnings per share (EPS) showed volatility and a downshift by year‑end: from about $4.97 in Q2 2025 to $1.62 in Q4 2025, signaling meaningful quarterly volatility in earnings per share.
05/11/26 12:59 PM 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.

Nelnet's net income were at $398.35 million at the end of 2025, a 126.4% increase from 2024, and a 48.5% increase since 2015. See Nelnet's forecast for analyst expectations on what's next for the company.

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 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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