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Financials · NNI

Nelnet Inc. (NNI) financials

For the twelve months ended Sep 30, 2026, Nelnet Inc. reported $850.57M of revenue and $271.75M of net income.

Revenue, TTM
$850.57M
Revenue growth, YoY
+0.4%
Net income, TTM
$271.75M
Net income growth, YoY
-37.4%
Net margin
31.9%
Free cash flow, TTM
$451.19M
EPS, diluted, TTM
$7.57
EPS growth, YoY
-36.4%
Cash
$211.02M
Total debt
$6.77B
P/E
17.14
P/S
5.48
Market cap
$4.66B
Annual revenue$851.46M
FY2016FY2025
Annual net income$428.47M
FY2016FY2025
Annual free cash flow$396.75M
FY2016FY2025

NNI revenue and earnings growth

NNI revenueQ3 2026$209.04M

Quarter YoY
+1.5%
QoQ
+2.0%
FY YoY
-12.5%
5Y CAGR
-9.5%
10Y CAGR
-0.6%

NNI revenue was $209.04M in fiscal Q3 2026 (ended Sep 30, 2026), up 1.5% from a year earlier and up 2.0% from the prior quarter. For the full fiscal 2025 it was $851.46M, down 12.5% from fiscal 2024. Compound annual growth was -9.5% over 5 years and -0.6% over 10 years. It rose in 4 of the last 10 fiscal years.

NNI net incomeQ3 2026$76.19M

Quarter YoY
-28.6%
QoQ
+14.3%
FY YoY
+132.8%
5Y CAGR
+4.0%
10Y CAGR
+4.8%

NNI net income was $76.19M in fiscal Q3 2026 (ended Sep 30, 2026), down 28.6% from a year earlier and up 14.3% from the prior quarter. For the full fiscal 2025 it was $428.47M, up 132.8% from fiscal 2024. Compound annual growth was +4.0% over 5 years and +4.8% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

NNI EPSQ3 2026$2.13

Quarter YoY
-27.6%
QoQ
+15.1%
FY YoY
+134.9%
5Y CAGR
+5.5%
10Y CAGR
+7.2%

NNI diluted EPS was $2.13 in fiscal Q3 2026 (ended Sep 30, 2026), down 27.6% from a year earlier and up 15.1% from the prior quarter. For the full fiscal 2025 it was $11.79, up 134.9% from fiscal 2024. Compound annual growth was +5.5% over 5 years and +7.2% over 10 years.

NNI free cash flowQ3 2026$187.94M

Quarter YoY
+86.5%
QoQ
+162.6%
FY YoY
-38.2%
5Y CAGR
+11.0%
10Y CAGR
+0.6%

NNI free cash flow was $187.94M in fiscal Q3 2026 (ended Sep 30, 2026), up 86.5% from a year earlier and up 162.6% from the prior quarter. For the full fiscal 2025 it was $396.75M, down 38.2% from fiscal 2024. Compound annual growth was +11.0% over 5 years and +0.6% over 10 years. It rose in 5 of the last 10 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$851.46M$973.40M$1.11B$1.56B$1.32B$1.40B$1.08B$1.08B$784.30M$896.78M
Cost of revenue$226.27M$252.32M$219.76M$168.37M$108.66M$105.02M$102.03M$76.49M$58.63M$51.18M
Interest expense--$845.09M$430.14M$176.23M$330.07M$699.33M$669.91M$465.19M$388.18M
Pre-tax income$556.46M$228.58M$68.72M$501.85M$502.11M$450.49M$176.75M$286.29M$226.68M$398.81M
Income tax$127.99M$52.67M$19.39M$113.10M$115.82M$100.86M$35.45M$58.77M$64.86M$141.31M
Net income$428.47M$184.04M$89.83M$406.90M$393.29M$352.44M$141.80M$227.91M$173.17M$256.75M
EPS, basic$11.79$5.02$2.40$10.82$10.20$9.02$3.54$5.57$4.14$6.02
EPS, diluted$11.79$5.02$2.40$10.82$10.20$9.02$3.54$5.57$4.14$6.02
Diluted shares36.3M36.6M37.4M37.6M38.6M39.1M40.0M40.9M41.8M42.7M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$295.98M$194.52M$168.11M$118.15M$125.56M$121.25M$133.91M$121.35M$66.75M$69.65M
Goodwill$158.03M$158.03M$158.03M$176.90M$142.09M$142.09M$156.91M$156.91M$138.76M$147.31M
Total assets$14.06B$13.78B$16.71B$19.36B$21.68B$22.65B$23.71B$25.22B$23.96B$27.19B
Total debt$7.78B$8.31B$11.83B$14.64B$17.63B$19.32B$20.53B---
Total liabilities$10.49B$10.48B$13.51B$16.17B$18.73B$20.02B$21.32B$22.91B$21.80B$25.12B
Shareholders' equity$3.69B$3.30B$3.20B$3.18B$2.94B$2.63B$2.39B$2.31B$2.17B$2.07B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$422.99M$662.89M$432.03M$683.06M$480.33M$349.10M$298.92M$270.89M$322.27M$300.19M
Capital expenditures$26.24M$20.90M$74.05M$59.42M$58.95M$113.31M$92.50M$125.02M$156.00M$67.60M
Free cash flow$396.75M$641.99M$357.98M$623.64M$421.38M$235.79M$206.42M$145.87M$166.26M$232.59M
Investing cash flow$356.40M$2.41B$1.94B$2.27B$1.19B$621.22M$1.52B-$732.35M$2.95B$3.41B
Financing cash flow-$737.14M-$3.17B-$2.70B-$2.79B-$1.43B-$1.23B-$1.79B$711.78M-$3.50B-$3.58B
Dividends paid$42.99M$40.84M$39.42M$36.61M$34.46M$31.78M$29.48M$26.84M$24.10M$21.19M
Share repurchases$69.35M$83.29M$28.03M$97.69M$58.11M$73.36M$40.41M$45.33M$68.90M$69.09M
Stock-based compensation$13.27M$12.04M$16.48M$14.18M$10.67M$16.74M$6.78M$6.54M$4.42M$4.35M
Depreciation and amortization$90.62M$132.53M$145.39M$176.25M$132.32M$198.47M$192.66M$184.68M$137.82M$122.55M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-12.5%-12.3%-28.8%17.7%-5.4%29.6%0.5%37.1%-12.5%-0.4%
Net income growth, YoY132.8%104.9%-77.9%3.5%11.6%148.5%-37.8%31.6%-32.6%-4.2%
EPS growth, YoY134.9%109.2%-77.8%6.1%13.1%154.8%-36.4%34.5%-31.2%2.2%
Net margin50.3%18.9%8.1%26.1%29.7%25.2%13.1%21.2%22.1%28.6%
Free cash flow margin46.6%66.0%32.3%40.0%31.8%16.8%19.1%13.6%21.2%25.9%
Return on equity11.6%5.6%2.8%12.8%13.4%13.4%5.9%9.8%8.0%12.4%
Return on assets3.0%1.3%0.5%2.1%1.8%1.6%0.6%0.9%0.7%0.9%
Debt to equity2.112.523.704.605.997.358.59---

Source: XBRL data Nelnet Inc. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

NNI peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
NNI$850.57M+0.4%$271.75M31.9%$4.66B
AXP$77.59B+10.2%$12.26B15.8%$217.47B
SPGI$17.21B+18.2%$4.99B29.0%$136.57B
MCO$8.18B+9.0%$2.88B35.3%$88.11B
NU$15.77B+37.0%$2.87B18.2%$60.02B
RKT$11.46B+90.4%$1.30B11.4%$43.11B
COIN$5.63B-26.6%-$701.62M-12.5%$36.03B
AFRM$4.59B+32.7%$2.01B43.9%$23.06B
SYF$19.31B+2.6%$3.33B17.3%$22.80B

NNI FAQ

8 questions
  • What is NNI revenue?
    Nelnet Inc. (NNI) reported $850.57M of revenue for the twelve months ended Sep 30, 2026. That is up 0.4% from the year before. Revenue for fiscal 2025 was $851.46M.
  • Is NNI profitable?
    Yes. Nelnet Inc. earned $271.75M in net income for the twelve months ended Sep 30, 2026, a net margin of 31.9%.
  • How much cash and debt does NNI have?
    Nelnet Inc. reported $211.02M in cash and cash equivalents and $6.77B of debt on its most recent balance sheet in SEC filings.
  • How fast is NNI revenue growing?
    Nelnet Inc.'s revenue changed -12.5% in fiscal 2025, to $851.46M. Its compound annual growth rate was -9.5% over 5 years and -0.6% over 10 years.
  • What is NNI free cash flow?
    Nelnet Inc. generated $451.19M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $478.77M less capital expenditures.
  • What is NNI earnings per share?
    Diluted earnings per share were $7.57 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did NNI last report financial results?
    The latest statements here come from Nelnet Inc.'s 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this NNI financial data come from?
    Quantisnow builds these statements from the structured XBRL data Nelnet Inc. files with the SEC. It is provided for information only and is not investment advice.