NELNET INCNNI
NELNET INC Segments Disclosure
Segment Reporting
The Company's reportable operating segments include:
• Loan Servicing and Systems
• Education Technology Services and Payments
• Asset Generation and Management, part of the NFS division
• Nelnet Bank, part of the NFS division
The Company earns fee-based revenue through its Loan Servicing and Systems and Education Technology Services and Payments operating segments; and earns net interest income on its loan portfolio in its Asset Generation and Management and Nelnet Bank operating segments.
The Company’s operating segments are defined by the products and services they offer and the types of customers they serve, and they reflect the manner in which financial information is currently evaluated by management. See note 1 for a description of each operating segment, including the primary products and services offered.
The management reporting process measures the performance of the Company’s operating segments based on the management structure of the Company, as well as the methodology used by management to evaluate performance and allocate resources. The Company’s executive officers (the "chief operating decision maker") evaluate the performance of the Company’s operating segments based on their financial results prepared in conformity with U.S. GAAP.
The Nelnet Financial Services division includes the reportable segments of AGM and Nelnet Bank and the following other non-reportable operating segments. The operating results of the below items are included as a reconciling item from the operating results of the Company’s reportable segments to the consolidated financial statements.
•Nelnet Insurance Services, which primarily includes multiple reinsurance treaties on property and casualty policies
•WRCM, the Company's SEC-registered investment advisor subsidiary
•The Company’s ownership and activities in real estate
•The Company’s ownership and management of its bond portfolio (primarily student loan and other asset-backed securities)
The accounting policies of the Company’s operating segments are the same as those described in the summary of significant accounting policies. Intersegment revenues are charged by a segment that provides a product or service to another segment. Intersegment revenues and expenses are included within each segment consistent with the income statement presentation provided to management. Income taxes are allocated based on 24% of income before taxes for each individual operating segment, except for Nelnet Bank, which reflects Nelnet Bank’s actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities (“Corporate”).
Other business activities and operating segments that are not reportable and not part of the NFS division are combined and included in Corporate, as described in note 1.
Segment Results
The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | Reconciling Items | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Servicing and Systems (LSS) | Education Technology Services and Payments (ETSP) | Asset Generation and Management | Nelnet Bank | Total Reportable Segments | NFS Other Operating Segments | Corporate and Other Activities | Eliminations/ Reclassifications | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan interest | $ | — | — | 624,861 | 61,224 | 686,085 | — | — | — | 686,085 | |||||||||||||||||||||||||||||||||||||||||||
| Investment interest | 2,441 | 26,476 | 49,226 | 57,478 | 135,621 | 49,356 | 11,029 | (30,632) | 165,374 | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest income | 2,441 | 26,476 | 674,087 | 118,702 | 821,706 | 49,356 | 11,029 | (30,632) | 851,459 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 463,102 | 59,284 | 522,386 | 4,938 | 258 | (30,632) | 496,950 | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | 2,441 | 26,476 | 210,985 | 59,418 | 299,320 | 44,418 | 10,771 | — | 354,509 | ||||||||||||||||||||||||||||||||||||||||||||
| Less provision (negative provision) for loan losses | — | — | 49,261 | 18,590 | 67,851 | — | — | — | 67,851 | ||||||||||||||||||||||||||||||||||||||||||||
| Less provision for beneficial interests | — | — | 11,311 | — | 11,311 | — | — | — | 11,311 | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest income after provision | 2,441 | 26,476 | 150,413 | 40,828 | 220,158 | 44,418 | 10,771 | — | 275,347 | ||||||||||||||||||||||||||||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| LSS revenue | 509,089 | — | — | — | 509,089 | — | — | — | 509,089 | ||||||||||||||||||||||||||||||||||||||||||||
| ETSP revenue | — | 507,150 | — | — | 507,150 | — | — | — | 507,150 | ||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenue | 22,158 | 265 | — | — | 22,423 | — | — | (22,423) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance premiums earned | — | — | — | — | — | 107,502 | — | — | 107,502 | ||||||||||||||||||||||||||||||||||||||||||||
| Solar construction revenue | — | — | — | — | — | — | 14,371 | — | 14,371 | ||||||||||||||||||||||||||||||||||||||||||||
| Other, net | 459 | — | 27,235 | 3,324 | 31,018 | 8,928 | 57,244 | 397 | 97,587 | ||||||||||||||||||||||||||||||||||||||||||||
| Gain on partial redemption of ALLO investment | — | — | — | — | — | — | 175,044 | — | 175,044 | ||||||||||||||||||||||||||||||||||||||||||||
| Derivative settlements, net | — | — | 2,094 | 606 | 2,700 | — | — | — | 2,700 | ||||||||||||||||||||||||||||||||||||||||||||
| Derivative market value adjustments, net | — | — | (6,196) | (3,809) | (10,005) | — | 907 | — | (9,098) | ||||||||||||||||||||||||||||||||||||||||||||
| Total other income (expense), net | 531,706 | 507,415 | 23,133 | 121 | 1,062,375 | 116,430 | 247,566 | (22,026) | 1,404,345 | ||||||||||||||||||||||||||||||||||||||||||||
| Cost of services and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total cost of services | 7,555 | 176,907 | — | — | 184,462 | — | 41,810 | — | 226,272 | ||||||||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 271,806 | 169,424 | 6,363 | 11,446 | 459,039 | 2,573 | 97,346 | (172) | 558,786 | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 8,969 | 10,884 | — | 1,400 | 21,253 | — | 12,318 | — | 33,571 | ||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance losses and underwriting expenses | — | — | — | — | — | 93,551 | — | — | 93,551 | ||||||||||||||||||||||||||||||||||||||||||||
| Postage expense | 35,344 | 35,344 | (35,344) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Servicing fees | 29,266 | 3,191 | 32,457 | (32,457) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment expense | — | 1,145 | — | — | 1,145 | 4,001 | 24,466 | — | 29,612 | ||||||||||||||||||||||||||||||||||||||||||||
| Other expenses (a) | 46,273 | 37,962 | 6,483 | 7,487 | 98,205 | 5,104 | 61,975 | 46,284 | 211,568 | ||||||||||||||||||||||||||||||||||||||||||||
| Intersegment expenses, net | 67,811 | 24,612 | 4,954 | 2,812 | 100,189 | 1,149 | (100,603) | (735) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating expenses | 430,203 | 244,027 | 47,066 | 26,336 | 747,632 | 106,378 | 95,502 | (22,424) | 927,088 | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 96,389 | 112,957 | 126,480 | 14,613 | 350,439 | 54,470 | 121,025 | 398 | 526,332 | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit | (23,134) | (27,120) | (30,335) | (3,562) | (84,151) | (12,950) | (30,885) | — | (127,986) | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | 73,255 | 85,837 | 96,145 | 11,051 | 266,288 | 41,520 | 90,140 | 398 | 398,346 | ||||||||||||||||||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | 45 | (85) | — | (40) | (511) | 31,077 | (398) | 30,128 | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Nelnet, Inc. | $ | 73,255 | 85,882 | 96,060 | 11,051 | 266,248 | 41,009 | 121,217 | — | 428,474 | |||||||||||||||||||||||||||||||||||||||||||
| Total assets as of December 31, 2025 | $ | 153,851 | 541,309 | 9,860,026 | 2,069,700 | 12,624,886 | 1,144,970 | 809,762 | (515,835) | 14,063,783 | |||||||||||||||||||||||||||||||||||||||||||
(a) Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee and professional fees.
Nelnet Bank - marketing, professional fees, collection costs, software, computer services and subscriptions, FDIC insurance, and management fee expense.
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | Reconciling Items | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Servicing and Systems (LSS) | Education Technology Services and Payments (ETSP) | Asset Generation and Management | Nelnet Bank | Total Reportable Segments | NFS Other Operating Segments | Corporate and Other Activities | Eliminations/ Reclassifications | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan interest | $ | — | — | 749,117 | 38,381 | 787,498 | — | — | — | 787,498 | |||||||||||||||||||||||||||||||||||||||||||
| Investment interest | 4,877 | 29,891 | 68,302 | 45,992 | 149,062 | 54,357 | 11,773 | (29,291) | 185,901 | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest income | 4,877 | 29,891 | 817,419 | 84,373 | 936,560 | 54,357 | 11,773 | (29,291) | 973,399 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 654,346 | 44,859 | 699,205 | 8,837 | 1,787 | (29,291) | 680,537 | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | 4,877 | 29,891 | 163,073 | 39,514 | 237,355 | 45,520 | 9,986 | — | 292,862 | ||||||||||||||||||||||||||||||||||||||||||||
| Less provision (negative provision) for loan losses | — | — | 27,691 | 26,916 | 54,607 | — | — | — | 54,607 | ||||||||||||||||||||||||||||||||||||||||||||
| Less provision for beneficial interests | — | — | 39,491 | — | 39,491 | — | — | — | 39,491 | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest income after provision | 4,877 | 29,891 | 95,891 | 12,598 | 143,257 | 45,520 | 9,986 | — | 198,764 | ||||||||||||||||||||||||||||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| LSS revenue | 482,408 | — | — | — | 482,408 | — | — | — | 482,408 | ||||||||||||||||||||||||||||||||||||||||||||
| ETSP revenue | — | 486,962 | — | — | 486,962 | — | — | — | 486,962 | ||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenue | 24,493 | 220 | — | — | 24,713 | — | — | (24,713) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance premiums earned | — | — | — | — | — | 62,923 | — | — | 62,923 | ||||||||||||||||||||||||||||||||||||||||||||
| Solar construction revenue | — | — | — | — | — | — | 56,569 | — | 56,569 | ||||||||||||||||||||||||||||||||||||||||||||
| Other, net | 2,769 | — | 14,236 | 2,951 | 19,956 | 8,313 | 31,613 | 77 | 59,959 | ||||||||||||||||||||||||||||||||||||||||||||
| Gain on partial redemption of ALLO investment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Derivative settlements, net | — | — | 5,217 | 917 | 6,134 | — | — | — | 6,134 | ||||||||||||||||||||||||||||||||||||||||||||
| Derivative market value adjustments, net | — | — | 5,422 | 4,702 | 10,124 | — | — | — | 10,124 | ||||||||||||||||||||||||||||||||||||||||||||
| Total other income (expense), net | 509,670 | 487,182 | 24,875 | 8,570 | 1,030,297 | 71,236 | 88,182 | (24,636) | 1,165,079 | ||||||||||||||||||||||||||||||||||||||||||||
| Cost of services and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total cost of services | 1,889 | 172,763 | — | — | 174,652 | — | 77,673 | — | 252,325 | ||||||||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 300,366 | 164,716 | 4,784 | 11,122 | 480,988 | 1,587 | 96,148 | (1,792) | 576,931 | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 19,475 | 10,531 | — | 1,282 | 31,288 | — | 26,828 | — | 58,116 | ||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance losses and underwriting expenses | — | — | — | — | — | 55,246 | — | — | 55,246 | ||||||||||||||||||||||||||||||||||||||||||||
| Postage expense | 36,820 | 36,820 | (36,820) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Servicing fees | 31,591 | 1,373 | 32,964 | (32,964) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment expense | 736 | — | — | — | 736 | — | 2,402 | — | 3,138 | ||||||||||||||||||||||||||||||||||||||||||||
| Other expenses (a) | 43,282 | 32,281 | 4,152 | 6,972 | 86,687 | 3,352 | 53,581 | 45,883 | 189,503 | ||||||||||||||||||||||||||||||||||||||||||||
| Intersegment expenses, net | 71,482 | 18,886 | 5,037 | 2,361 | 97,766 | 853 | (99,599) | 980 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating expenses | 472,161 | 226,414 | 45,564 | 23,110 | 767,249 | 61,038 | 79,360 | (24,713) | 882,934 | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 40,497 | 117,896 | 75,202 | (1,942) | 231,653 | 55,718 | (58,865) | 77 | 228,584 | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit | (9,719) | (28,333) | (18,048) | 579 | (55,521) | (13,261) | 16,114 | — | (52,669) | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | 30,778 | 89,563 | 57,154 | (1,363) | 176,132 | 42,457 | (42,751) | 77 | 175,915 | ||||||||||||||||||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | 158 | — | — | 158 | (463) | 8,512 | (77) | 8,130 | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Nelnet, Inc. | $ | 30,778 | 89,721 | 57,154 | (1,363) | 176,290 | 41,994 | (34,239) | — | 184,045 | |||||||||||||||||||||||||||||||||||||||||||
| Total assets as of December 31, 2024 | $ | 193,390 | 600,790 | 10,037,688 | 1,449,034 | 12,280,902 | 903,837 | 842,692 | (249,678) | 13,777,753 | |||||||||||||||||||||||||||||||||||||||||||
(a) Other expenses for each reportable segment includes:
LSS - occupancy, communications, professional fees, collection costs, analysis fees, software, computer services and subscriptions, and travel.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, and FDIC insurance.
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segments | Reconciling Items | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Servicing and Systems (LSS) | Education Technology Services and Payments (ETSP) | Asset Generation and Management | Nelnet Bank | Total Reportable Segments | NFS Other Operating Segments | Corporate and Other Activities | Eliminations/ Reclassifications | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan interest | $ | — | — | 910,139 | 21,806 | 931,945 | — | — | — | 931,945 | |||||||||||||||||||||||||||||||||||||||||||
| Investment interest | 4,845 | 26,962 | 67,019 | 36,053 | 134,879 | 74,857 | 12,141 | (44,021) | 177,855 | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest income | 4,845 | 26,962 | 977,158 | 57,859 | 1,066,824 | 74,857 | 12,141 | (44,021) | 1,109,800 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | 823,084 | 34,704 | 857,788 | 29,747 | 1,578 | (44,021) | 845,091 | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | 4,845 | 26,962 | 154,074 | 23,155 | 209,036 | 45,110 | 10,563 | — | 264,709 | ||||||||||||||||||||||||||||||||||||||||||||
| Less provision (negative provision) for loan losses | — | — | (360) | 8,475 | 8,115 | — | — | — | 8,115 | ||||||||||||||||||||||||||||||||||||||||||||
| Less provision for beneficial interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest income after provision | 4,845 | 26,962 | 154,434 | 14,680 | 200,921 | 45,110 | 10,563 | — | 256,594 | ||||||||||||||||||||||||||||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| LSS revenue | 517,954 | — | — | — | 517,954 | — | — | — | 517,954 | ||||||||||||||||||||||||||||||||||||||||||||
| ETSP revenue | — | 463,311 | — | — | 463,311 | — | — | — | 463,311 | ||||||||||||||||||||||||||||||||||||||||||||
| Intersegment revenue | 28,911 | 253 | — | — | 29,164 | — | — | (29,164) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance premiums earned | — | — | — | — | — | 20,067 | — | — | 20,067 | ||||||||||||||||||||||||||||||||||||||||||||
| Solar construction revenue | — | — | — | — | — | — | 31,669 | — | 31,669 | ||||||||||||||||||||||||||||||||||||||||||||
| Other, net | 2,587 | — | (6,393) | 1,095 | (2,711) | 6,581 | (95,859) | — | (91,989) | ||||||||||||||||||||||||||||||||||||||||||||
| Gain on partial redemption of ALLO investment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Derivative settlements, net | — | — | 24,588 | 484 | 25,072 | — | — | — | 25,072 | ||||||||||||||||||||||||||||||||||||||||||||
| Derivative market value adjustments, net | — | — | (40,250) | (1,523) | (41,773) | — | — | — | (41,773) | ||||||||||||||||||||||||||||||||||||||||||||
| Total other income (expense), net | 549,452 | 463,564 | (22,055) | 56 | 991,017 | 26,648 | (64,190) | (29,164) | 924,311 | ||||||||||||||||||||||||||||||||||||||||||||
| Cost of services and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total cost of services | — | 171,183 | — | — | 171,183 | — | 48,576 | — | 219,759 | ||||||||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 317,885 | 155,296 | 4,191 | 9,074 | 486,446 | 1,130 | 105,531 | (1,571) | 591,537 | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 19,257 | 11,319 | — | 574 | 31,150 | — | 47,969 | — | 79,118 | ||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance losses and underwriting expenses | — | — | — | — | — | 16,781 | — | — | 16,781 | ||||||||||||||||||||||||||||||||||||||||||||
| Postage expense | 21,194 | 21,194 | (21,194) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Servicing fees | 37,389 | 509 | 37,898 | (37,898) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment expense | 296 | 4,310 | — | — | 4,606 | — | 27,319 | — | 31,925 | ||||||||||||||||||||||||||||||||||||||||||||
| Other expenses (a) | 39,323 | 34,133 | 4,988 | 4,994 | 83,438 | 2,391 | 56,307 | 30,935 | 173,070 | ||||||||||||||||||||||||||||||||||||||||||||
| Intersegment expenses, net | 78,628 | 23,184 | 5,175 | (47) | 106,940 | 584 | (108,088) | 564 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating expenses | 476,583 | 228,242 | 51,743 | 15,104 | 771,672 | 20,886 | 129,038 | (29,164) | 892,431 | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 77,714 | 91,101 | 80,636 | (368) | 249,083 | 50,872 | (231,241) | — | 68,715 | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit | (18,651) | (21,891) | (19,353) | 153 | (59,742) | (12,073) | 52,429 | — | (19,385) | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | 59,063 | 69,210 | 61,283 | (215) | 189,341 | 38,799 | (178,812) | — | 49,330 | ||||||||||||||||||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | 109 | — | — | 109 | (568) | 40,955 | — | 40,496 | ||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Nelnet, Inc. | $ | 59,063 | 69,319 | 61,283 | (215) | 189,450 | 38,231 | (137,857) | — | 89,826 | |||||||||||||||||||||||||||||||||||||||||||
| Total assets as of December 31, 2023 | $ | 294,376 | 490,296 | 13,488,420 | 991,252 | 15,264,344 | 1,115,292 | 873,843 | (541,095) | 16,712,384 | |||||||||||||||||||||||||||||||||||||||||||
(a) Other expenses for each reportable segment includes:
LSS - occupancy, communications, professional fees, collection costs, analysis fees, software, computer services and subscriptions, and travel.
ETSP - advertising, professional fees, analysis fees, software, computer services and subscriptions, travel, and provision for losses.
AGM - trustee and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, and FDIC insurance.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.