NYSE : NNI
Nelnet, Inc. — Financial statements
Financials · Credit Services · United States
Last price 122.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.38B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 847.48M | 851.46M | 973.40M | 1.11B | 742.81M | 523.84M |
| Total Interest Expense | 448.69M | 503.35M | 664.28M | 861.79M | 165.50M | 104.79M |
| Net Interest Income | 398.79M | 348.11M | 309.12M | 248.01M | 577.30M | 419.05M |
| Gain (Loss) on Sale of Loans & Receivables | -8.56M | 18.71M | ||||
| Gain (Loss) on Sale of Investments | -4.56M | 207.09M | -4.73M | -133.51M | -33.18M | 39.31M |
| Other Revenue | 707.05M | 687.75M | 662.26M | 546.75M | 472.09M | 380.93M |
| Revenue Before Loan Losses | 1.63B | 1.75B | 1.45B | 1.18B | 1.54B | 1.34B |
| Provision for Loan Losses | 140.30M | 79.16M | 94.10M | 8.12M | 34.97M | -14.86M |
| Revenue | 1.49B | 1.67B | 1.35B | 1.17B | 1.51B | 1.36B |
| Salaries & Employee Benefits | 577.90M | 558.79M | 569.83M | 583.74M | 589.58M | 507.13M |
| Cost of Services Provided | 211.73M | 231.67M | 258.44M | 227.25M | 175.22M | 118.05M |
| Other Operating Expenses | 303.10M | 286.46M | 228.90M | 171.66M | 151.33M | 131.24M |
| Total Operating Expenses | 1.13B | 1.11B | 1.12B | 1.06B | 992.00M | 831.56M |
| Operating Income | 358.36M | 560.79M | 238.07M | 107.62M | 516.14M | 527.68M |
| EBT Excluding Unusual Items | 358.36M | 560.79M | 238.07M | 107.62M | 516.14M | 527.68M |
| Restructuring Charges | -7.10M | -7.80M | ||||
| Gain (Loss) on Sale of Investments | -13.34M | -13.34M | -537.00K | -2.06M | -6.56M | -4.64M |
| Impairment of Goodwill | -18.87M | |||||
| Other Unusual Items | -4.85M | -4.85M | 54.00K | 815.00K | 1.23M | -6.78M |
| Pretax Income | 323.90M | 526.33M | 228.58M | 68.72M | 501.85M | 502.11M |
| Income Tax Expense | 83.47M | 127.99M | 52.67M | 19.39M | 113.10M | 115.82M |
| Earnings From Continuing Ops. | 240.43M | 398.35M | 175.91M | 49.33M | 388.75M | 386.28M |
| Minority Interest in Earnings | 61.81M | 30.13M | 8.13M | 40.50M | 18.15M | 7.00M |
| Net Income | 302.24M | 428.47M | 184.04M | 89.83M | 406.90M | 393.29M |
| Net Income to Common | 302.24M | 428.47M | 184.04M | 89.83M | 406.90M | 393.29M |
| Shares Outstanding (Basic) | 36.13M | 36.34M | 36.64M | 37.42M | 37.60M | 38.57M |
| Shares Outstanding (Diluted) | 36.13M | 36.34M | 36.64M | 37.42M | 37.60M | 38.57M |
| EPS (Basic) | 8.37 | 11.79 | 5.02 | 2.40 | 10.82 | 10.20 |
| EPS (Diluted) | 8.37 | 11.79 | 5.02 | 2.40 | 10.82 | 10.20 |
| Free Cash Flow | 364.03M | 396.75M | 641.99M | 357.98M | 623.64M | 421.38M |
| Free Cash Flow Per Share | 10.08 | 10.92 | 17.52 | 9.57 | 16.59 | 10.92 |
| Dividend Per Share | 1.29 | 1.19 | 1.12 | 1.06 | 0.98 | 0.90 |
| Operating Margin | 24.07% | 33.52% | 17.57% | 9.19% | 34.22% | 38.82% |
| Profit Margin | 20.30% | 25.61% | 13.58% | 7.67% | 26.98% | 28.93% |
| Free Cash Flow Margin | 24.45% | 23.72% | 47.38% | 30.57% | 41.35% | 31.00% |
| Effective Tax Rate | 25.77% | 24.32% | 23.04% | 28.21% | 22.54% | 23.07% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 172.43M | 295.98M | 194.52M | 168.11M | 118.15M | 125.56M |
| Long-Term Investments | 2.24B | 1.95B | 1.85B | 1.57B | 1.86B | 1.42B |
| Trading Asset Securities | 2.78M | 614.00K | 3.23M | 452.00K | ||
| Loans & Lease Receivables | 10.03B | 10.23B | 10.24B | 13.39B | 15.41B | 18.46B |
| Other Receivables | 169.92M | 278.35M | 221.73M | 263.60M | 194.85M | 171.41M |
| Property, Plant & Equipment | 80.73M | 85.21M | 106.20M | 140.57M | 137.38M | 133.73M |
| Goodwill | 206.84M | 158.03M | 158.03M | 158.03M | 176.90M | 142.09M |
| Other Intangible Assets | 96.00M | 29.28M | 36.33M | 44.82M | 63.50M | 52.03M |
| Restricted Cash | 793.88M | 677.56M | 736.50M | 857.38M | 1.24B | 1.07B |
| Long-Term Deferred Tax Assets | 72.60M | 21.00M | 21.80M | 34.40M | 27.30M | |
| Long-Term Deferred Charges | 23.80M | 21.10M | ||||
| Other Long-Term Assets | 476.29M | 263.48M | 187.66M | 102.71M | 133.95M | 80.40M |
| Total Assets | 14.28B | 14.06B | 13.78B | 16.71B | 19.37B | 21.68B |
| Interest Bearing Deposits | 3.06B | 2.13B | 1.66B | 1.17B | 1.04B | 710.32M |
| Total Deposits | 3.06B | 2.13B | 1.66B | 1.17B | 1.04B | 710.32M |
| Accrued Expenses | 16.27M | 20.43M | 21.05M | 35.39M | 36.05M | 4.57M |
| Short-Term Debt | 295.00K | 1.73M | 53.00K | 12.04M | 395.43M | |
| Current Portion of Long-Term Debt | 100.00K | 208.16M | 64.36M | 253.97M | ||
| Current Portion of Leases | 4.74M | |||||
| Long-Term Debt | 7.04B | 7.78B | 8.31B | 11.61B | 14.18B | 17.38B |
| Long-Term Leases | 8.29M | 11.52M | 14.29M | 16.41M | 15.90M | |
| Long-Term Unearned Revenue | 92.52M | 88.28M | 72.55M | 56.65M | 41.17M | |
| Current Income Taxes Payable | 5.20M | |||||
| Long-Term Deferred Tax Liabilities | 38.20M | 30.40M | 72.90M | 140.10M | 117.90M | |
| Other Long-Term Liabilities | 520.75M | 412.70M | 352.93M | 317.67M | 242.89M | 204.26M |
| Total Liabilities | 10.64B | 10.49B | 10.48B | 13.51B | 16.17B | 18.73B |
| Common Stock | 358.00K | 359.00K | 363.00K | 371.00K | 372.00K | 379.00K |
| Additional Paid-In Capital | 1.78M | 1.48M | 7.39M | 3.10M | 1.11M | 1.00M |
| Retained Earnings | 3.77B | 3.68B | 3.34B | 3.27B | 3.23B | 2.94B |
| Comprehensive Income & Other | -1.85M | 2.62M | 1.47M | -20.12M | -37.37M | 9.30M |
| Total Common Equity | 3.77B | 3.69B | 3.35B | 3.25B | 3.20B | 2.95B |
| Minority Interest | -135.10M | -108.56M | -50.65M | -53.64M | 943.00K | 1.63M |
| Shareholders' Equity | 3.64B | 3.58B | 3.30B | 3.20B | 3.20B | 2.95B |
| Total Liabilities & Equity | 14.28B | 14.06B | 13.78B | 16.71B | 19.37B | 21.68B |
| Total Debt | 7.04B | 7.80B | 8.32B | 11.84B | 14.65B | 17.65B |
| Net Cash (Debt) | -6.87B | -7.50B | -8.12B | -11.68B | -14.54B | -17.52B |
| Net Cash Per Share | -190.10 | -206.35 | -221.70 | -312.06 | -386.55 | -454.24 |
| Filing Date Shares Outstanding | 35.78M | 35.87M | 36.29M | 37.04M | 37.14M | 37.78M |
| Total Common Shares Outstanding | 35.78M | 35.88M | 36.29M | 37.06M | 37.13M | 37.92M |
| Working Capital | 8.10B | 9.33B | 9.71B | 13.25B | 15.43B | 18.85B |
| Book Value Per Share | 105.38 | 102.74 | 92.30 | 87.79 | 86.16 | 77.83 |
| Tangible Book Value | 3.47B | 3.50B | 3.16B | 3.05B | 2.96B | 2.76B |
| Tangible Book Value Per Share | 96.92 | 97.51 | 86.94 | 82.32 | 79.68 | 72.72 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 302.24M | 428.47M | 184.04M | 89.83M | 406.90M | 393.29M |
| Depreciation & Amortization | 33.66M | 33.57M | 58.12M | 79.12M | 74.08M | 73.74M |
| Other Amortization | 47.49M | 57.05M | 74.41M | 66.28M | 102.17M | 58.58M |
| Gain on Sale of Loans & Receivables | -148.28M | -105.56M | -52.41M | -13.15M | -58.91M | -26.70M |
| Loss (Gain) From Sale of Investments | 13.79M | -190.50M | -18.08M | 164.26M | -200.43M | -96.62M |
| Asset Writedown & Restructuring Costs | 24.22M | 29.61M | 3.14M | 29.54M | 15.52M | 16.36M |
| Provision for Credit Losses | 128.91M | 67.85M | 54.61M | 8.12M | 34.97M | -12.43M |
| Stock-Based Compensation | 15.63M | 13.27M | 12.04M | 16.48M | 14.18M | 10.67M |
| Change in Accounts Payable | -3.03M | -4.94M | -14.54M | -658.00K | 31.48M | -24.14M |
| Change in Other Net Operating Assets | -38.98M | 115.19M | 349.27M | 134.57M | -36.58M | -9.42M |
| Other Operating Activities | 87.23M | 9.09M | 20.41M | -101.85M | 317.83M | 104.00M |
| Operating Cash Flow | 401.06M | 422.99M | 662.89M | 432.03M | 683.06M | 480.33M |
| Capital Expenditures | -37.04M | -26.24M | -20.90M | -74.05M | -59.42M | -58.95M |
| Cash Acquisitions | 189.29M | -34.04M | ||||
| Investment in Securities | -929.31M | -311.52M | -518.66M | 71.09M | -712.03M | -644.11M |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | 306.43M | 431.11M | 2.48B | 2.35B | 3.08B | 1.91B |
| Other Investing Activities | 82.36M | 263.05M | 474.39M | -410.07M | -22.68M | |
| Investing Cash Flow | -388.28M | 356.40M | 2.41B | 1.94B | 2.27B | 1.19B |
| Long-Term Debt Issued | 1.39B | 30.65M | 761.18M | 1.30B | 1.95B | |
| Long-Term Debt Repaid | -2.62B | -3.64B | -3.61B | -4.34B | -3.68B | |
| Net Debt Issued (Repaid) | -845.07M | -1.22B | -3.61B | -2.84B | -3.04B | -1.74B |
| Issuance of Common Stock | 1.91M | 1.88M | 1.95M | 1.78M | 1.63M | 1.47M |
| Repurchase of Common Stock | -84.16M | -69.35M | -83.29M | -28.03M | -97.69M | -58.11M |
| Common Dividends Paid | -46.33M | -42.99M | -40.84M | -39.42M | -36.61M | -34.46M |
| Other Financing Activities | 1.14B | 596.04M | 566.53M | 207.45M | 377.77M | 396.97M |
| Financing Cash Flow | 165.54M | -737.14M | -3.17B | -2.70B | -2.79B | -1.43B |
| Foreign Exchange Rate Adjustments | -13.79M | 275.00K | -437.00K | 16.00K | -160.00K | -121.00K |
| Net Cash Flow | 164.54M | 42.53M | -94.47M | -332.12M | 163.43M | 235.79M |
| Free Cash Flow | 364.03M | 396.75M | 641.99M | 357.98M | 623.64M | 421.38M |
| Free Cash Flow Margin | 24.45% | 23.72% | 47.38% | 30.57% | 41.35% | 31.00% |
| Free Cash Flow Per Share | 10.08 | 10.92 | 17.52 | 9.57 | 16.59 | 10.92 |
| Cash Interest Paid | 444.10M | 472.26M | 651.47M | 781.31M | 350.66M | 152.17M |
| Cash Income Tax Paid | 45.88M | 68.86M | 15.24M | 47.59M | 57.70M | 18.66M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.44B | 4.78B | 3.88B | 3.29B | 3.37B | 3.74B |
| PE Ratio | 14.82 | 11.15 | 21.06 | 36.66 | 8.28 | 9.50 |
| PS Ratio | 2.94 | 2.86 | 2.86 | 2.81 | 2.23 | 2.75 |
| PB Ratio | 1.16 | 1.34 | 1.18 | 1.03 | 1.05 | 1.26 |
| P/FCF Ratio | 12.04 | 12.04 | 6.04 | 9.20 | 5.40 | 8.87 |
| P/OCF Ratio | 10.93 | 11.29 | 5.85 | 7.62 | 4.93 | 7.78 |
| Debt / Equity Ratio | 1.94 | 2.18 | 2.52 | 3.70 | 4.58 | 5.98 |
| Debt / FCF Ratio | 19.35 | 19.65 | 12.96 | 33.09 | 23.50 | 41.88 |
| Net Debt / Equity Ratio | 1.89 | 2.10 | 2.46 | 3.65 | 4.54 | 5.93 |
| Net Debt / FCF Ratio | 18.87 | 18.90 | 12.65 | 32.62 | 23.31 | 41.58 |
| Quick Ratio | 3.37 | 5.02 | 6.32 | 9.70 | 10.21 | 19.36 |
| Current Ratio | 3.63 | 5.33 | 6.76 | 10.30 | 11.01 | 20.46 |
| Asset Turnover | 0.11 | 0.12 | 0.09 | 0.07 | 0.07 | 0.06 |
| Return on Equity (ROE) | 6.75% | 11.59% | 5.41% | 1.54% | 12.64% | 13.84% |
| Return on Assets (ROA) | 1.72% | 2.86% | 1.15% | 0.27% | 1.89% | 1.74% |
| Return on Invested Capital (ROIC) | 2.42% | 3.69% | 1.37% | 0.47% | 2.08% | 1.91% |
| Earnings Yield | 6.75% | 8.97% | 4.75% | 2.73% | 12.08% | 10.53% |
| FCF Yield | 8.31% | 8.30% | 16.56% | 10.87% | 18.52% | 11.28% |
| Dividend Yield | 1.06% | 0.89% | 1.05% | 1.19% | 1.08% | 0.91% |
| Payout Ratio | 15.78% | 10.03% | 22.19% | 43.88% | 9.00% | 8.76% |
| Buyback Yield / Dilution | 0.92% | 0.82% | 2.07% | 0.50% | 2.51% | 1.25% |
| Total Shareholder Return | 1.99% | 1.72% | 3.12% | 1.69% | 3.59% | 2.16% |