NELNET INC

Listed Company

NNICIK 0001258602NYSELarge AcceleratedPersonal Credit InstitutionsNebraskaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$428.47M

Total Assets

$14.06B

Equity

$3.69B

Shares Out

—

Op. Cash Flow

$422.99M

NNI$134.23+11.77% · past yearDBEQ Basic

Daily closing prices

Business

Nelnet Inc. is an operating holding company providing consumer lending, loan servicing, payments, and technology-enabled services, with primary focus on the education sector. The company originates, holds, and services federal student loans, private education loans, and consumer loans; operates education technology and payment platforms serving K-12 schools and higher education institutions; and operates an industrial bank offering private education and consumer loan products. Nelnet generates revenue from net interest income on loan portfolios, loan servicing fees, education technology subscriptions and payment processing, and diversified investments in real estate, reinsurance, renewable energy, and venture capital.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loan interest	686	787	932	651	—
Investment interest	165	186	178	92	41
Total interest income	851	973	1,110	743	524
Interest expense on bonds and notes payable and bank deposits	497	681	845	430	—
Net interest income	355	293	265	313	348
Less provision for loan losses	68	55	8	35	−12
Less provision for beneficial interests	11	39	0	—	—
Net interest income after provision	275	199	257	—	—
Other, net	98	60	−92	18	79
Gain on partial redemption of ALLO investment	175	0	0	—	—
Derivative market value adjustments and derivative settlements, net	−6	16	−17	265	71
Total other income (expense), net	1,404	1,165	924	1,242	977
Cost of services	226	252	220	168	109
Salaries and benefits	559	577	592	590	507
Depreciation and amortization	34	58	79	74	74
Reinsurance losses and underwriting expenses	94	55	17	154,000	—
Impairment expense	30	3	32	−16	−16
Other expenses	212	190	173	171	145
Total operating expenses	927	883	892	834	726
Income (loss) before income taxes	526	229	69	—	—
Income tax expense	−128	−53	−19	113	116
Net income	398	176	49	389	386
Net loss attributable to noncontrolling interests	30	8	40	18	7
Net income (loss) attributable to Nelnet, Inc.	428	184	90	407	393
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	11.79	5.02	2.4	10.82	10.2
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	11.79	5.02	2.4	10.82	10.2
Weighted-average common shares outstanding - basic (in shares)	36	37	37	38	39
Weighted-average common shares outstanding - diluted (in shares)	36	37	37	38	39

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans and accrued interest receivable	10,007	9,993	13,108	15,244	18,335
Cash and cash equivalents	296	195	168	118	126
Investments at fair value	1,415	1,160	1,007	—	—
Other investments and notes receivable, net	933	1,040	858	—	—
Total investments and notes receivable	2,348	2,201	1,865	2,112	1,589
Restricted cash	358	332	489	945	742
Restricted cash - due to customers	320	404	369	294	327
Accounts receivable (net of allowance for doubtful accounts of $2,758 and $2,877, respectively)	193	160	196	195	163
Goodwill	158	158	158	177	142
Intangible assets, net	29	36	45	64	52
Property and equipment, net	76	95	127	123	119
Other assets	279	204	188	103	83
Total assets	14,064	13,778	16,712	19,355	21,678
Bonds and notes payable	7,781	8,310	11,828	14,637	17,631
Accrued interest payable	20	21	35	36	5
Bank deposits	1,669	1,186	744	691	344
Other liabilities	558	483	479	461	379
Due to customers	458	478	426	348	366
Total liabilities	10,487	10,479	13,512	16,174	18,725
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	0	0	0	0	0
Additional paid-in capital	1	7	3	1	1
Retained earnings	3,681	3,341	3,270	3,235	2,941
Accumulated other comprehensive earnings, net	3	1	−20	−37	9
Total Nelnet, Inc. shareholders' equity	3,686	3,350	3,254	3,199	2,951
Noncontrolling interests	−109	−51	−54	943,000	2
Total equity	3,577	3,299	3,200	3,183	2,944
Total liabilities and equity	14,064	13,778	16,712	19,374	21,678

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	91	133	145	176	132
Loan discount and deferred lender fees accretion	−107	−54	−31	—	—
Derivative market value adjustments	9	−10	42	−232	−93
Proceeds from termination of derivative instruments	0	0	164	92	0
(Payments to) proceeds from clearinghouse - initial and variation margin, net	−6	2	−214	149	91
Loss on sale of loans, net	2	2	18	9	−19
(Gain) loss on investments, net	−25	−8	122	31	−4
Deferred income tax benefit	−4	−22	−52	35	56
Non-cash compensation expense	13	12	16	14	11
Impairment expense	30	3	30	16	16
Other	8	163,000	326,000	723,000	0
Decrease in loan and investment accrued interest receivable	41	221	47	−39	1
(Increase) decrease in accounts receivable	−33	36	−1	−26	−87
Decrease in other assets	58	65	4	−12	46
Decrease in the carrying amount of ROU asset	4	4	5	6	7
Decrease in accrued interest payable	−5	−15	−658,000	31	−24
Increase in other liabilities	52	27	86	40	30
Decrease in the carrying amount of lease liability	−5	−4	−5	−6	−7
Total adjustments	25	487	383	294	—
Net cash provided by operating activities	423	663	432	683	480
Net proceeds from loan repayments, claims, and capitalized interest	5,448	3,180	2,559	4,394	3,104
Purchases of available-for-sale securities	−553	−604	−582	−1,029	−735
Proceeds from sales of available-for-sale securities	289	446	963	511	161
Proceeds from beneficial interest in loan securitizations	78	52	32	22	41
Purchases of other investments and issuance of notes receivable	−592	−484	−345	−263	−254
Proceeds from other investments and repayments of notes receivable	533	98	42	65	192
Purchases of held-to-maturity debt securities	−295,000	0	−12	−240,000	−8
Redemption of held-to-maturity debt securities	11	25	5	4	0
Purchases of property and equipment	−26	−21	−74	−59	−59
Net cash provided by investing activities	356	2,413	1,939	2,273	1,186
Payments on bonds and notes payable	−2,616	−3,645	−3,606	−4,339	−3,684
Proceeds from issuance of bonds and notes payable	1,393	31	761	1,302	1,948
Payments of debt issuance costs	−8	−2	−6	−4	−7
Increase in bank deposits, net	483	443	52	347	290
(Decrease) increase in due to customers	−21	53	77	−18	65
Dividends paid	−43	−41	−39	−37	−34
Repurchases of common stock	−69	−83	−28	−98	−58
Proceeds from issuance of common stock	2	2	2	2	1
Acquisition of noncontrolling interest	−4	−325,000	0	0	0
Issuance of noncontrolling interests	153	80	88	56	51
Distribution to noncontrolling interests	−8	−6	−5	−4	−878,000
Net cash used in financing activities	−737	−3,170	−2,703	−2,792	−1,430
Effect of exchange rate changes on cash and restricted cash	275,000	−437,000	16,000	−160,000	−121,000
Net (decrease) increase in cash, cash equivalents, and restricted cash	43	−94	−332	163	236
Cash disbursements made for interest	472	651	781	351	152
Cash disbursements made for income taxes, net of refunds and credits received	69	15	48	58	19
Cash disbursements made for operating leases	5	5	7	7	8
ROU assets obtained in exchange for lease obligations	7	1	19	8	4
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans	28	12	89	19	24
Receipt of asset-backed investment securities as consideration from sale of loans	2	0	67	14	0
Student loans and other assets acquired	673	122	0	0	—
Borrowings and other liabilities assumed in acquisition of student loans	707	55	0	0	—
Distribution to noncontrolling interests	220	70	101	53	48
Issuance of noncontrolling interests	52	5	13	11	10

Filings

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Frequently asked questions

What is NELNET INC's CIK number?

NELNET INC's SEC CIK number is 0001258602 (1258602). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find NELNET INC's SEC filings?

All of NELNET INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did NELNET INC last report earnings?

NELNET INC (NNI) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001258602-26-000032). This is NELNET INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is NELNET INC's most recent earnings 8-K?

NELNET INC's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001258602-26-000032. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View NELNET INC's latest earnings 8-K →
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