Nelnet, Inc. (NNI)

Nelnet Financials Overview

Financials in millions USD. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	1,672	1,691	1,403	1,181	1,520	1,337
Revenue Growth	18.55%	20.50%	18.83%	-22.32%	13.69%	0.04%
Net Income Net Income Growth	243.9	428.47	184.05	89.83	388.75	386.28
Earnings Per Share EPS Growth	11.48	11.79	5.02	2.40	10.82	10.20
EPS Growth	117.01%	134.86%	109.17%	-77.82%	6.08%	13.08%

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Corporate and Other Activities Corporate and Other Activities Growth	222.88	258.34	98.17	-53.63	27.18	1.48
Education Technology Services and Payments (ETSP) Education Technology Services and Payments (ETSP) Growth	540.18	533.89	517.07	490.53	418	339.32
Nelnet Bank Nelnet Bank Growth	48.76	40.95	21.17	14.74	13.08	6.13
Nfs Other Operating Segments Nfs Other Operating Segments Growth	153.09	160.85	116.76	71.76	18.56	45.16
Asset Generation and Management Asset Generation and Management Growth	176.15	173.55	120.77	132.38	487.59	471.67
Loan Servicing and Systems (LSS) Loan Servicing and Systems (LSS) Growth	540.12	534.15	514.55	554.3	571.31	523.67
Eliminations/ Reclassifications Eliminations/ Reclassifications Growth	-21.45	-22.03	-24.64	-29.16	-33.25	-33.97
Total Total Growth	1,660	1,680	1,364	1,181	1,502	1,353

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents Cash Growth	240.01	295.98	194.52	168.11	118.15	125.56
Total Debt Total Debt Growth	7,699	7,781	8,310	11,828	14,637	17,631
Net Cash (Debt) Net Cash Growth	-7,699	-7,781	-8,310	-11,828	-14,637	-17,631
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-212.44	-214.11	-226.78	-316.13	-389.26	-457.09

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	404.93	422.99	662.89	432.03	683.06	480.33
Capital Expenditures CapEx Growth	-34.41	-26.24	-20.9	-74.05	-59.42	-58.95
Free Cash Flow Free Cash Flow Growth	370.52	396.75	641.99	357.98	623.64	421.38
Free Cash Flow Growth	-31.57%	-38.20%	79.34%	-42.60%	48.00%	78.71%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Pretax Margin	29.65%	31.13%	16.29%	5.82%	33.01%	37.55%
Profit Margin	14.59%	23.56%	12.54%	4.18%	25.57%	28.89%
FCF Margin	22.16%	23.46%	45.75%	30.31%	41.02%	31.51%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 27, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	1.320	1.190	1.120	1.060	0.980	0.900
Dividend Per Share Growth	15.18%	6.25%	5.66%	8.16%	8.89%	9.76%
Dividend Yield	0.99%	0.89%	1.04%	1.19%	1.07%	0.91%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 27, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	11.64	11.28	21.28	36.76	8.39	9.58
Forward PE	14.95	17.13	19.67	15.67	14.41	12.44
P/FCF Ratio	13.04	12.02	6.04	9.13	5.40	8.79
PS Ratio	2.93	2.82	2.76	2.77	2.22	2.77

Data Sources: Fiscal.ai and S&P Global Market Intelligence Last updated: May 7, 2026

Financial data is provided by Fiscal.ai and updates within minutes after each earnings release, which is every three months for this company. Revenue segment data is provided by S&P Global Market Intelligence.

Update frequency:

Quarterly

Last checked:

Jul 22, 2026

Data Sources Report a data error