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NNI logoNelnet, Inc.(NNI)Earnings, Financials & Key Ratios

NNI•NYSE•Banking & Credit
$140.78
$1.49B mkt cap·Price updated May 6, 2026
SectorFinancial ServicesIndustryCredit ServicesSub-IndustryStudent Loan Lending and Servicing
AboutNelnet, Inc. engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services. This segment also provides student loan servicing software; business process outsourcing services specialized in contact center management, such as inbound calls, outreach campaigns and sales, and interacting with customers through multi-channels. The Education Technology, Services, and Payment Processing segment offers financial management services; school information system software; website design and cost effective admissions software; FACTS Giving, a donation platform; and customized professional development and coaching services, educational instruction services, and technology products that aid in teacher and student evaluations. It also offers tuition payment plans, and service and technology for student billings, payments, and refunds; solutions for in-person, online, and mobile payment experiences on campus; payment processing services, such as credit card and electronic transfer; faith community engagement, giving management, and learning management services and technologies; and an integrated commerce payment platform, financial management, and tuition payment plan services, as well as a school management platform that provides administrative, information management, financial management, and communication functions for K-12 schools. The Communications segment provides fiber optic service to homes and businesses for internet, television, and telephone services. The Asset Generation and Management segment acquires, manages, and owns loan assets. The Nelnet Bank segment operates internet industrial banks. The company was founded in 1978 and is headquartered in Lincoln, Nebraska.Show more
  • Net Interest Income$0-100.0%
  • Total Revenue$822M-55.5%
  • Net Income$266M+44.7%
  • Return on Equity10.94%+93.1%
  • Net Interest Margin0%-100.0%
  • Efficiency Ratio90.99%+90.3%
  • ROA2.66%+120.8%
  • Equity / Assets25.29%+5.6%
  • Book Value per Share147.79+64.2%
Technical→

NNI Key Insights

Nelnet, Inc. (NNI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓12 consecutive years of dividend growth
  • ✓Well capitalized: 25.3% equity/assets
  • ✓Healthy dividend yield of 2.9%
  • ✓Share count reduced 100.0% through buybacks
  • ✓Diversified revenue: 100.0% from non-interest income
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗High cost structure: 91.0% efficiency ratio

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NNI Price & Volume

Nelnet, Inc. (NNI) stock price & volume — 10-year historical chart

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NNI Growth Metrics

Nelnet, Inc. (NNI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-2.97%
5 Years-9.75%
3 Years-23.24%
TTM-

Profit CAGR

10 Years-0.06%
5 Years-5.45%
3 Years-13.18%
TTM132.81%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM135.54%

Return on Capital

10 Years1.49%
5 Years1.8%
3 Years1.1%
Last Year-

NNI Recent Earnings

Nelnet, Inc. (NNI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 8/12 qtrs (67%)
Q1 2026Latest
Feb 26, 2026
EPS
$1.56
Est $1.63
-4.3%
Revenue
$392M
Est $382M
+2.5%
Q4 2025
Nov 6, 2025
EPS
$2.95
Est $1.52
+94.1%
Revenue
$495M
Est $382M
+29.5%
Q3 2025
Aug 6, 2025
EPS
$5.05
Est $1.91
+164.4%
Revenue
$618M
Est $376M
+64.1%
Q2 2025
May 8, 2025
EPS
$2.39
Est $1.92
+24.5%
Revenue
$466M
Est $393M
+18.6%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 26, 2026
$1.56vs $1.63-4.3%
$392Mvs $382M+2.5%
Q4 2025Nov 6, 2025
$2.95vs $1.52+94.1%
$495Mvs $382M+29.5%
Q3 2025Aug 6, 2025
$5.05vs $1.91+164.4%
$618Mvs $376M+64.1%
Q2 2025May 8, 2025
$2.39vs $1.92+24.5%
$466Mvs $393M+18.6%
Based on last 12 quarters of dataView full earnings history →

NNI Peer Comparison

Nelnet, Inc. (NNI) competitors in Student Loan Lending and Servicing — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SLM logoSLMSLM CorporationDirect Competitor4.47B22.546.514.1%23.95%31.01%12.89%2.39
NAVI logoNAVINavient CorporationDirect Competitor818.65M8.71-10.75-23.74%-2.48%-2.45%53.87%19.05
WRLD logoWRLDWorld Acceptance CorporationProduct Competitor711.12M141.158.66-1.46%15.89%10.79%35.22%1.20
ENVA logoENVAEnova International, Inc.Product Competitor4.22B169.2814.6218.58%9.79%24.88%41.96%3.41
PFSI logoPFSIPennyMac Financial Services, Inc.Product Competitor4.56B87.489.41173.81%11.48%12.02%5.35
NMIH logoNMIHNMI Holdings, Inc.Product Competitor2.87B37.667.658.39%55.07%15.8%14.38%0.16
PRAA logoPRAAPRA Group, Inc.Product Competitor834.15M21.38-2.7410.36%-24.6%-25.96%0.03
INTU logoINTUIntuit Inc.Supply Chain111.18B398.3229.1415.63%21.57%22.78%5.47%0.34

Compare NNI vs Peers

Nelnet, Inc. (NNI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SLM

Most directly comparable listed peer for NNI.

Scale Benchmark

vs INTU

Larger-name benchmark to compare NNI against a more recognizable public peer.

Peer Set

Compare Top 5

vs SLM, NAVI, WRLD, ENVA

NNI Income Statement

Nelnet, Inc. (NNI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Net Interest Income305.24M254.36M249.35M289.58M347.6M312.67M264.71M292.86M0
NII Growth %-18.07%-16.67%-1.97%16.14%20.03%-10.05%-15.34%10.64%-100%
Net Interest Margin %1.27%1.01%1.05%1.28%1.6%1.61%1.58%2.13%0%
Interest Income770.43M924.27M948.68M619.66M523.84M742.81M1.11B973.4M0
Interest Expense465.19M669.91M699.33M330.07M176.23M430.14M845.09M680.54M522.39M
Loan Loss Provision14.45M23M39M63.36M-12.43M34.97M8.12M54.61M-522.39M
Non-Interest Income407.86M756.04M729.08M752.97M893.99M1.07B704.55M873.26M821.71M
Non-Interest Income %34.61%44.99%43.46%54.86%63.05%59.12%38.83%47.29%100%
Total Revenue
1.18B▲ 0%
1.68B▲ 42.6%
1.68B▼ 0.2%
1.37B▼ 18.2%
1.42B▲ 3.3%
1.82B▲ 28.1%
1.81B▼ 0.1%
1.85B▲ 1.8%
821.71M▼ 55.5%
Revenue Growth %-1.3%42.61%-0.15%-18.19%3.29%28.15%-0.14%1.78%-55.5%
Non-Interest Expense471.97M701.11M762.69M528.71M751.91M849.96M892.43M882.93M747.63M
Efficiency Ratio40.06%41.72%45.46%38.52%53.03%46.78%49.19%47.81%90.99%
Operating Income
226.68M▲ 0%
286.29M▲ 26.3%
176.75M▼ 38.3%
450.49M▲ 154.9%
502.11M▲ 11.5%
501.85M▼ 0.1%
68.72M▼ 86.3%
228.58M▲ 232.7%
0▼ 100.0%
Operating Margin %19.24%17.04%10.53%32.82%35.41%27.62%3.79%12.38%0%
Operating Income Growth %-43.16%26.3%-38.26%154.88%11.46%-0.05%-86.31%232.66%-100%
Pretax Income
226.68M▲ 0%
286.29M▲ 26.3%
176.75M▼ 38.3%
450.49M▲ 154.9%
502.11M▲ 11.5%
501.85M▼ 0.1%
68.72M▼ 86.3%
228.58M▲ 232.7%
350.44M▲ 53.3%
Pretax Margin %19.24%17.04%10.53%32.82%35.41%27.62%3.79%12.38%42.65%
Income Tax64.86M58.77M35.45M100.86M115.82M113.1M19.39M52.67M-84.15M
Effective Tax Rate %28.61%20.53%20.06%22.39%23.07%22.54%28.21%23.04%-24.01%
Net Income
173.17M▲ 0%
227.91M▲ 31.6%
141.8M▼ 37.8%
352.44M▲ 148.5%
393.29M▲ 11.6%
406.9M▲ 3.5%
89.83M▼ 77.9%
184.04M▲ 104.9%
266.25M▲ 44.7%
Net Margin %14.7%13.56%8.45%25.68%27.74%22.4%4.95%9.97%32.4%
Net Income Growth %-32.55%31.62%-37.78%148.54%11.59%3.46%-77.92%104.89%44.66%
Net Income (Continuing)161.82M227.52M141.29M349.63M386.28M388.75M49.33M175.91M0
EPS (Diluted)
4.14▲ 0%
5.57▲ 34.5%
3.54▼ 36.4%
9.02▲ 154.8%
10.20▲ 13.1%
10.63▲ 4.2%
2.39▼ 77.5%
5.02▲ 110.0%
0.00▼ 100.0%
EPS Growth %-31.23%34.54%-36.45%154.8%13.08%4.22%-77.52%110.04%-100%
EPS (Basic)4.145.643.549.0210.2010.632.395.020.00
Diluted Shares Outstanding41.79M40.91M39.52M38.51M37.94M37.6M37.42M36.64M0

NNI Balance Sheet

Nelnet, Inc. (NNI) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash & Short Term Investments147.65M192.03M186.61M469.86M1.06B1.51B1.11B1.18B2.64B
Cash & Due from Banks66.75M121.35M133.91M121.25M125.56M118.15M168.11M194.52M2.64B
Short Term Investments76.97M53.04M52.7M348.61M929.67M1.39B937.93M983.84M0
Total Investments255.58M243.31M21.6B21.13B19.88B17.24B14.8B11.93B0
Investments Growth %-13.43%-4.8%8779.78%-2.21%-5.92%-13.24%-14.19%-19.39%-100%
Long-Term Investments174.68M021.55B20.78B18.95B15.86B13.86B10.94B0
Accounts Receivables00115.39M76.46M163.31M194.85M196.2M159.93M0
Goodwill & Intangibles177.19M271.2M238.44M217.16M194.12M240.4M202.85M194.36M0
Goodwill138.76M156.91M156.91M142.09M142.09M176.9M158.03M158.03M0
Intangible Assets38.43M114.29M81.53M75.07M52.03M63.5M44.82M36.33M0
PP&E (Net)248.05M344.78M348.26M123.53M119.41M122.53M127.01M95.19M0
Other Assets-22.63B-23.36B1.27B980.3M1.2B1.42B1.17B1.17B0
Total Current Assets00302M546.32M1.22B1.73B1.36B1.37B12.65B
Total Non-Current Assets1.93B2.65B23.41B22.1B20.46B17.64B15.36B12.41B187.31M
Total Assets
23.96B▲ 0%
25.22B▲ 5.2%
23.71B▼ 6.0%
22.65B▼ 4.5%
21.68B▼ 4.3%
19.37B▼ 10.6%
16.71B▼ 13.7%
13.78B▼ 17.6%
6.2B▼ 55.0%
Asset Growth %-11.83%5.24%-6%-4.48%-4.28%-10.63%-13.74%-17.56%-54.97%
Return on Assets (ROA)0.68%0.93%0.58%1.52%1.77%1.98%0.5%1.21%2.66%
Accounts Payable50.04M61.68M47.28M28.7M4.57M36.05M35.39M21.05M0
Total Debt21.36B22.22B20.53B19.34B17.65B14.64B11.83B8.31B0
Net Debt21.05B21.85B20.4B19.22B17.52B14.52B11.66B8.12B-2.64B
Long-Term Debt21.36B22.22B19.58B18.77B17.03B12.94B10.2B7.37B0
Short-Term Debt00944.66M553.37M600.91M1.7B1.63B943.16M0
Other Liabilities-21.36B-22.22B741.54M595.02M729.33M809.58M904.89M961.66M0
Total Current Liabilities00991.95M636.71M949.79M2.43B2.41B2.15B0
Total Non-Current Liabilities0020.33B19.38B17.78B13.75B11.1B8.33B0
Total Liabilities21.8B22.91B21.32B20.02B18.73B16.17B13.51B10.48B4.63B
Total Equity
2.17B▲ 0%
2.31B▲ 6.9%
2.39B▲ 3.3%
2.63B▲ 9.9%
2.95B▲ 12.3%
3.2B▲ 8.4%
3.2B▲ 0.0%
3.3B▲ 3.1%
1.57B▼ 52.4%
Equity Growth %4.56%6.9%3.3%9.92%12.35%8.37%0.01%3.09%-52.44%
Equity / Assets (Capital Ratio)9.04%9.18%10.09%11.61%13.62%16.52%19.15%23.95%25.29%
Return on Equity (ROE)8.18%10.17%6.03%14.04%14.09%13.23%2.81%5.66%10.94%
Book Value per Share51.8156.5860.5068.2677.8285.1085.5390.03147.79
Tangible BV per Share47.5749.9554.4762.6272.7178.7080.1084.73-
Common Stock408K403K398K384K379K372K371K363K0
Additional Paid-in Capital521K622K5.71M3.79M1M1.11M3.1M7.39M0
Retained Earnings2.14B2.3B2.38B2.62B2.94B3.23B3.27B3.34B0
Accumulated OCI4.62M3.88M2.97M6.1M9.3M-37.37M-20.12M1.47M0
Treasury Stock000000000
Preferred Stock383K117K0000000

NNI Cash Flow Statement

Nelnet, Inc. (NNI) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations227.51M270.89M298.92M349.1M480.33M684.06M432.03M662.89M-78.26M
Operating CF Growth %-30.05%19.07%10.34%16.79%37.59%42.42%-36.84%53.44%-111.81%
Net Income161.82M227.52M141.29M349.63M386.28M396.24M54.44M175.91M428.47M
Depreciation & Amortization137.82M184.68M192.66M198.47M132.32M176.25M145.39M132.53M635K
Deferred Taxes-1.54M10.98M-7.26M7.97M55.62M34.64M-51.96M-21.62M553K
Other Non-Cash Items8.68M32.52M-7.06M-282.2M-71.02M67.34M132.1M29.26M-521.2M
Working Capital Changes-83.69M-191.36M-27.49M58.49M-33.56M-4.59M134.16M334.76M0
Cash from Investing3.27B-732.35M1.52B621.22M1.19B2.27B1.94B2.41B179.31M
Purchase of Investments-157.86M-113.46M-104.26M-639.73M-996.91M-1.29B-938.87M-1.09B-129.6M
Sale/Maturity of Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K
Net Investment Activity-156.86M-112.46M-103.26M-638.73M-995.91M-1.29B-937.87M-1.09B-128.6M
Acquisitions4.51M-12.56M0-29.99M0-34.04M000
Other Investing3.41B-575.76M1.65B1.22B1.89B3.08B1.94B2.95B192.52M
Cash from Financing-3.5B711.78M-1.79B-1.23B-1.43B-2.79B-2.7B-3.17B-110.52M
Dividends Paid-24.1M-26.84M-29.48M-31.78M-34.46M-36.61M-39.42M-40.84M-42.99M
Share Repurchases-68.9M-45.33M-40.41M-73.36M-58.11M-97.69M-28.03M-83.29M-69.35M
Stock Issued678K1.36M1.55M1.65M1.47M1.63M1.78M1.95M1.88M
Net Stock Activity-68.22M-43.97M-38.86M-71.7M-56.65M-96.05M-26.25M-81.34M-67.46M
Debt Issuance (Net)-1000K1000K-1000K-1000K-1000K-1000K-1000K-1000K0
Other Financing10.48M-25.5M-8.06M113.75M396.97M377.77M207.45M566.53M-67.52M
Net Change in Cash
-2.9M▲ 0%
250.32M▲ 8725.9%
30.21M▼ 87.9%
-264.21M▼ 974.6%
235.79M▲ 189.2%
163.43M▼ 30.7%
-332.13M▼ 303.2%
-94.47M▲ 71.6%
-9.46M▲ 90.0%
Exchange Rate Effect0000-121K-160K16K-437K0
Cash at Beginning69.65M942.07M1.19B1.22B958.39M1.19B1.36B1.03B104.77M
Cash at End66.75M1.19B1.22B958.39M1.19B1.36B1.03B931.02M95.31M
Interest Paid390.28M591.39M657.44M301.57M152.17M350.66M781.31M651.47M0
Income Taxes Paid96.27M473K17.67M29.68M18.66M57.7M47.59M15.24M0
Free Cash Flow
71.5M▲ 0%
145.87M▲ 104.0%
206.42M▲ 41.5%
235.79M▲ 14.2%
421.38M▲ 78.7%
624.64M▲ 48.2%
358.92M▼ 42.5%
641.99M▲ 78.9%
-78.26M▼ 112.2%
FCF Growth %-72.25%104%41.51%14.23%78.71%48.24%-42.54%78.86%-112.19%

NNI Banking Ratios

Nelnet, Inc. (NNI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)12.96%8.18%10.17%6.03%14.04%14.09%13.23%2.81%5.66%10.94%
Return on Assets (ROA)0.89%0.68%0.93%0.58%1.52%1.77%1.98%0.5%1.21%2.66%
Net Interest Margin1.37%1.27%1.01%1.05%1.28%1.6%1.61%1.58%2.13%0%
Efficiency Ratio32.94%40.06%41.72%45.46%38.52%53.03%46.78%49.19%47.81%90.99%
Equity / Assets7.62%9.04%9.18%10.09%11.61%13.62%16.52%19.15%23.95%25.29%
Book Value / Share48.5351.8156.5860.568.2677.8285.185.5390.03147.79
NII Growth-13.74%-18.07%-16.67%-1.97%16.14%20.03%-10.05%-15.34%10.64%-100%
Dividend Payout8.25%13.92%11.78%20.79%9.02%8.76%9%43.88%22.19%-

NNI SEC Filings & Documents

Nelnet, Inc. (NNI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 2, 2026·SEC

Material company update

Mar 23, 2026·SEC

Material company update

Feb 26, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 8, 2025·SEC

NNI Frequently Asked Questions

Nelnet, Inc. (NNI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Nelnet, Inc. (NNI) saw revenue decline by 55.5% over the past year.

Yes, Nelnet, Inc. (NNI) is profitable, generating $428.5M in net income for fiscal year 2025 (32.4% net margin).

Dividend & Returns

Yes, Nelnet, Inc. (NNI) pays a dividend with a yield of 2.88%. This makes it attractive for income-focused investors.

Nelnet, Inc. (NNI) has a return on equity (ROE) of 10.9%. This is reasonable for most industries.

Industry Metrics

Nelnet, Inc. (NNI) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.

Nelnet, Inc. (NNI) has an efficiency ratio of 91.0%. This is higher than peers, suggesting room for cost optimization.

Explore More NNI

Nelnet, Inc. (NNI) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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