Nelnet, Inc. (NNI)

Nelnet Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	433.86	184.05	89.83	406.9	393.29	352.44
Depreciation & Amortization	36.75	58.12	79.12	74.08	73.74	118.7
Other Amortization	58.02	74.41	66.28	102.17	58.58	79.77
Gain on Sale of Loans & Receivables	-73.8	-52.41	-13.15	-58.92	-26.71	-68.31
Loss (Gain) From Sale of Investments	-233.72	-18.08	164.27	-200.43	-96.62	14.09
Asset Writedown & Restructuring Costs	47.26	42.63	29.54	15.52	16.36	24.72
Provision for Credit Losses	25.53	54.61	8.12	34.97	-12.43	63.36
Stock-Based Compensation	13.16	12.05	16.48	14.18	10.67	16.74
Change in Accounts Payable	-10.86	-14.54	-0.66	31.48	-24.14	-18.58
Change in Other Net Operating Assets	250.15	349.3	134.82	-36.58	-9.42	77.07
Other Operating Activities	-69.66	-19.11	-102.1	317.83	104	-20.51
Operating Cash Flow	465.9	662.89	432.03	683.06	480.33	349.1
Operating Cash Flow Growth	-17.07%	53.44%	-36.75%	42.21%	37.59%	16.79%
Capital Expenditures	-1.37	-20.9	-74.05	-59.42	-58.95	-113.31
Cash Acquisitions	-	-	-	-34.04	-	-29.99
Investment in Securities	-218.28	-518.66	71.09	-712.03	-644.11	-452.93
Net Decrease (Increase) in Loans Originated / Sold - Investing	1,086	2,952	1,942	3,079	1,912	1,365
Other Investing Activities	-12	-	-	-	-22.68	-147.54
Investing Cash Flow	853.91	2,413	1,939	2,273	1,186	621.22
Long-Term Debt Issued	-	30.65	761.18	1,302	1,948	1,885
Long-Term Debt Repaid	-	-3,645	-3,606	-4,339	-3,684	-3,129
Net Debt Issued (Repaid)	-1,870	-3,614	-2,845	-3,038	-1,736	-1,245
Issuance of Common Stock	1.91	1.95	1.78	1.63	1.47	1.65
Repurchase of Common Stock	-53.49	-83.29	-28.03	-97.69	-58.11	-73.36
Common Dividends Paid	-41.32	-40.84	-39.42	-36.61	-34.46	-31.78
Other Financing Activities	511.21	566.53	207.45	377.77	396.97	113.75
Financing Cash Flow	-1,452	-3,170	-2,703	-2,792	-1,430	-1,235
Foreign Exchange Rate Adjustments	-0.35	-0.44	0.02	-0.16	-0.12	-
Net Cash Flow	-132.22	-94.47	-332.13	163.43	235.79	-264.21
Free Cash Flow	464.54	641.99	357.98	623.64	421.38	235.79
Free Cash Flow Growth	-7.48%	79.34%	-42.60%	48.00%	78.71%	14.23%
Free Cash Flow Margin	27.25%	47.38%	30.57%	41.35%	31.00%	21.33%
Free Cash Flow Per Share	12.75	17.52	9.57	16.59	10.92	6.04
Cash Interest Paid	500.87	651.47	781.31	350.66	152.17	301.57
Cash Income Tax Paid	52.24	15.24	47.59	57.71	18.66	29.69

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Financial Services template. Financial Sources.

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