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Nelnet Inc

NNI NYSE Personal Credit Institutions Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$355M
21.0% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$428M
132.8%
Free cash flow Cash from operations minus capital spending.
$397M
38.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $8.38 EPS (TTM)

What Nelnet Inc does

No business description yet.

Legal name
NELNET INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001258602-26-000014
0001258602

Revenue and margins

Nelnet Inc had $355M of revenue in fiscal 2025, up 21.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $397M in fiscal 2025, 111.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Nelnet Inc returned $112M to shareholders in fiscal 2025, 28% of free cash flow. The diluted share count fell 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Nelnet Inc can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $126M$118M$168M$195M$296M
Debt incl. finance leases $17.6B$14.6B$11.8B$8.3B$7.8B
Debt / equity 6.0x4.6x3.6x2.5x2.1x
Total assets $21.7B$19.4B$16.7B$13.8B$14.1B
Total liabilities $18.7B$16.2B$13.5B$10.5B$10.5B
Shareholders' equity $3.0B$3.2B$3.3B$3.3B$3.7B
Net debt (− = net cash) $17.5B$14.5B$11.7B$8.1B$7.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✕ ✓ ✕ ✓ ✓ ✓ ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✕ ✓ ✓ ✓ ✓ ✕
Debt fell relative to assets — — — — ✓ ✓ ✓ ✓ ✓ ✓
Current ratio rose — — — — — — — — — —
Share count didn't rise — ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Gross margin rose — — — — — — — — — —
Revenue rose relative to assets — ✕ ✓ ✓ ✓ ✕ ✓ ✕ ✓ ✓
F-score — / 3— / 6— / 6— / 66 / 76 / 77 / 75 / 77 / 76 / 7
Accruals ratio −0.2%−0.6%−0.2%−0.6%0.0%−0.4%−1.3%−1.9%−3.1%0.0%
Altman Z'' ——————————

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $0.0M $0.0M $1.1B $1.1B $1.4B $1.3B $1.6B $265M $293M $355M
Net interest income $373M $305M $254M $249M $290M $348M $313M $265M $293M $355M
Noninterest income $524M $479M $821M $831M $1.1B $977M $1.2B — — —
Provision for credit losses $13.5M $14.5M $23.0M $39.0M — — — — — —
Gross profit −$51.2M −$58.6M — — — — — — — —
Interest expense $388M $465M $670M $699M $330M $176M $430M $845M — —
Pretax income $399M $227M $286M $177M $450M $502M $502M $68.7M $229M $556M
Income tax $141M $64.9M $58.8M $35.5M $101M $116M $113M $19.4M $52.7M $128M
Net income $257M $173M $228M $142M $352M $393M $407M $89.8M $184M $428M
Net income to common — — — $142M $352M $393M $407M $89.8M $184M $428M
Diluted EPS $6.02 $4.14 $5.57 $3.54 $9.02 $10.20 $10.82 $2.40 $5.02 $11.79
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $300M $322M $271M $299M $349M $480M $683M $432M $663M $423M
Capital expenditure $67.6M $156M $125M $92.5M $113M $59.0M $59.4M $74.1M $20.9M $26.2M
Free cash flow $233M $166M $146M $206M $236M $421M $624M $358M $642M $397M
Depreciation and amortization $123M $138M $185M $193M $198M $132M $176M $145M $133M $90.6M
Stock-based compensation $4.3M $4.4M $6.5M $6.8M $16.7M $10.7M $14.2M $16.5M $12.0M $13.3M
Acquisitions $0.0M $0.0M $12.6M $0.0M $30.0M $0.0M $34.0M $0.0M $0.0M —
Share buybacks $69.1M $68.9M $45.3M $40.4M $73.4M $58.1M $97.7M $28.0M $83.3M $69.3M
Dividends paid $21.2M $24.1M $26.8M $29.5M $31.8M $34.5M $36.6M $39.4M $40.8M $43.0M
Dividends and buybacks $90.3M $93.0M $72.2M $69.9M $105M $92.6M $134M $67.4M $124M $112M
Balance sheet
Cash and short-term investments $69.7M $66.8M $121M $134M $121M $126M $118M $168M $195M $296M
Total debt — — — $20.5B $19.3B $17.6B $14.6B $11.8B $8.3B $7.8B
Deposits — — — $0.0M $54.6M $344M $691M $744M $1.2B $1.7B
Property and equipment, net $124M $248M $345M $348M $124M $119M $123M $127M $95.2M $75.5M
Goodwill $147M $139M $157M $157M $142M $142M $177M $158M $158M $158M
Intangible assets $47.8M $38.4M $114M $81.5M $75.1M $52.0M $63.5M $44.8M $36.3M $29.3M
Total assets $27.2B $24.0B $25.2B $23.7B $22.6B $21.7B $19.4B $16.7B $13.8B $14.1B
Total liabilities $25.1B $21.8B $22.9B $21.3B $20.0B $18.7B $16.2B $13.5B $10.5B $10.5B
Preferred stock $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Shareholders' equity $2.1B $2.1B $2.3B $2.4B $2.6B $3.0B $3.2B $3.3B $3.3B $3.7B
Margins
Net margin — — 21.2% 13.1% 25.2% 29.7% 26.1% 33.9% 62.8% 120.9%
FCF margin — — 13.6% 19.1% 16.8% 31.8% 40.0% 135.2% 219.2% 111.9%
Net interest share of revenue — — 23.7% 23.1% 20.7% 26.2% 20.1% 100.0% 100.0% 100.0%
Returns
Return on equity 12.5% 8.2% 10.2% 6.0% 14.0% 14.1% 13.2% 2.8% 5.6% 12.2%
Return on assets 0.9% 0.7% 0.9% 0.6% 1.5% 1.8% 2.0% 0.5% 1.2% 3.1%
Return on tangible equity 13.8% 8.8% 11.2% 6.6% 14.6% 14.3% 13.8% 2.9% 5.8% 12.2%
Growth
Revenue growth — — — 0.5% 29.6% −5.4% 17.7% −83.0% 10.6% 21.0%
Net income growth — −32.6% 31.6% −37.8% 148.5% 11.6% 3.5% −77.9% 104.9% 132.8%
EPS growth — −31.2% 34.5% −36.4% 154.8% 13.1% 6.1% −77.8% 109.2% 134.9%
FCF growth — −28.5% −12.3% 41.5% 14.2% 78.7% 48.0% −42.6% 79.3% −38.2%
Share count change — −2.1% −2.1% −2.1% −2.5% −1.2% −2.5% −0.5% −2.1% −0.8%
Financial health
Debt / equity — — — 8.6x 7.3x 6.0x 4.6x 3.6x 2.5x 2.1x
Capital allocation
Capex / revenue — — 11.6% 8.6% 8.1% 4.5% 3.8% 28.0% 7.1% 7.4%
Stock comp / revenue — — 0.6% 0.6% 1.2% 0.8% 0.9% 6.2% 4.1% 3.7%
Payouts / FCF 38.8% 55.9% 49.5% 33.9% 44.6% 22.0% 21.5% 18.8% 19.3% 28.3%
Quality scores
Piotroski F-score — — — — 6.0 6.0 7.0 5.0 7.0 6.0
Accruals ratio −0.2% −0.6% −0.2% −0.6% 0.0% −0.4% −1.3% −1.9% −3.1% 0.0%

Source: SEC EDGAR XBRL filings (CIK 0001258602). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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