Nelnet, Inc. (NNI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 73.11M | 137.62M | 112.44M | 81.76M | 91.17M | 180.53M | 137.04M | 133.4M | 211.56M | 79.69M | 154.24M | 76.13M | 122.84M | 27.19M | 173.16M | 208.37M | 275.35M | 155.17M | 150.68M | 138.95M |
| Operating CF Margin % | 13.91% | 27.31% | 22.73% | 13.34% | 19.56% | 41.58% | 31.52% | 29.34% | 40.93% | 18.56% | 32.07% | 16.6% | 25.86% | 5.74% | 36.6% | 52.84% | 55.73% | 36.85% | 47.14% | 41.87% |
| Operating CF Growth % | -19.8% | -23.77% | -17.95% | -38.71% | -56.91% | 126.56% | -11.15% | 75.22% | 72.22% | 193.1% | -10.93% | -63.46% | -55.39% | -82.48% | 14.92% | 49.95% | 465.89% | 290.08% | -45.92% | 257.63% |
| Net Income | 0 | 56.77M | 100.68M | 177.85M | 81.13M | 63.43M | -1.94M | 44.24M | 70.76M | -8.38M | 42.24M | 19.09M | 23.02M | 27.98M | 100.47M | 82.9M | 184.89M | 129.15M | 51.22M | 83.01M |
| Depreciation & Amortization | 0 | 9.37M | 15.86M | 29.28M | 23.12M | 26.5M | 36.4M | 15.14M | 33.96M | 22M | 35.09M | 59.36M | 34.21M | 62.59M | 39.58M | 37.74M | 36.34M | 18.67M | 36.9M | 38.34M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 3.09M | 2.95M | 2.84M | 3.17M | 4.5M | 4.17M | 3.97M | 3.84M | 4.3M | 3.7M | 3.25M | 2.92M | 2.85M | 2.84M | 2.93M |
| Deferred Taxes | 0 | 0 | 6.46M | -93.24M | 4.32M | 1.09M | -17.89M | -2.58M | -2.17M | -27.25M | -8.57M | -2.39M | -13.75M | -22.99M | 7.74M | 10.45M | 39.44M | 22.54M | 14.9M | 2.77M |
| Other Non-Cash Items | 94.78M | 105.19M | -23.3M | -177.21M | -2.07M | -10.38M | 35.51M | 16.27M | 7.77M | 51.5M | 18.03M | 7.66M | 30.41M | -59.23M | 73.81M | 59.89M | -6.06M | 19.49M | -18.23M | -38.41M |
| Working Capital Changes | -21.67M | -33.71M | 12.75M | 145.07M | -15.33M | 96.8M | 82.01M | 57.5M | 98.08M | 37.31M | 63.28M | -11.56M | 45.12M | 14.53M | -52.14M | 14.13M | 17.83M | -37.53M | 63.05M | 50.31M |
| Change in Receivables | 1.37M | -19.81M | -20.3M | 2.44M | 30.09M | 0 | 6.22M | 45.9M | 61.49M | -24.49M | 5.6M | 15.47M | 43.67M | 0 | 2.73M | 26.34M | 18.44M | -84.84M | 7.31M | -5.62M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 1.39M | -257K | -3.1M | -2.97M | -4.53M | -1.75M | -4.84M | -3.41M | -1M | 465K | 1.55M | -1.68M | 14.25M | 8.83M | 5.75M | 2.65M | 11.52M | -481K | 71.99M |
| Cash from Investing | 38.74M | -64.6M | -190.78M | 573.47M | 136.36M | 334.87M | 254.25M | 750.84M | 1.09B | 687.49M | 416.14M | 166.4M | 723.93M | 532.75M | 902.32M | 233.88M | 603.07M | 642.49M | 786.86M | -711.78M |
| Capital Expenditures | 0 | -7.49M | -11.67M | -3.7M | -3.38M | 17.38M | -4.44M | -10.62M | -23.23M | -21.45M | -15.35M | -12.82M | -24.43M | -15M | -10.27M | -18.36M | -15.79M | -16.36M | -13.81M | -10.89M |
| CapEx % of Revenue | 2.2% | 1.49% | 2.36% | 0.6% | 0.72% | 4% | 1.02% | 2.33% | 4.49% | 5% | 3.19% | 2.8% | 5.14% | 3.17% | 2.17% | 4.66% | 3.2% | 3.88% | 4.32% | 3.28% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 11.92B | 11.79B | 12.11B | 11.91B | 12.4B | 11.93B | 12.32B | 12.68B | 13.59B | 14.8B | 15.66B | 16.23B | 16.43B | 17.24B | 17.83B | 18.81B | 19.22B | 19.88B | 20.64B | 21.41B |
| Other Investing | 38.74M | 207.47M | -88.46M | 263.08M | 245.66M | 619.42M | 315.5M | 832.06M | 1.19B | 8.4M | 491.69M | 207.17M | 553.23M | 614.47M | 1.06B | 695.75M | 700.98M | 888.29M | 908.66M | -394.69M |
| Cash from Financing | -251.83M | 133.75M | 43.41M | -685.89M | -326.44M | -482.76M | -435.96M | -881.74M | -1.38B | -534.45M | -591.74M | -326.56M | -1.31B | -245.94M | -1.21B | -445.53M | -895.11M | -854.61M | -763.77M | 703.04M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -15.9M | -15.77M | -26.8M | -20.78M | -4.12M | 119K | -119K | -46.25M | -35.09M | -23.25M | -118K | 30K | -2.91M | -4.03M | -13.89M | -45.67M | -32.46M | -30.27M | -24.66M | -399K |
| Dividends Paid | -11.83M | -11.84M | -10.84M | -10.16M | -10.16M | -10.16M | -10.15M | -10.16M | -10.37M | -10.37M | -9.7M | -9.69M | -9.65M | -9.65M | -8.93M | -8.97M | -9.06M | -9.14M | -8.41M | -8.47M |
| Share Repurchases | -16.28M | -16.25M | -27.27M | -21.36M | -4.46M | -403K | -576K | -46.84M | -35.47M | -23.72M | -543K | -465K | -3.3M | -4.46M | -14.29M | -46.03M | -32.9M | -30.63M | -25.08M | -399K |
| Other Financing | -214.96M | 12.81M | 145.09M | 115.66M | 35.05M | 215.41M | 216.84M | 199.96M | -78.98M | 81.47M | 47.26M | 84.04M | -83.16M | 183.66M | -97.19M | 240.12M | 51.17M | 179.83M | 51.77M | 94.12M |
| Net Change in Cash | -143.02M | 206.75M | -34.98M | -30.35M | -98.89M | 32M | -44.38M | 2.58M | -84.67M | 232.95M | -21.48M | -84.02M | -459.57M | 314.29M | -130.71M | -3.62M | -16.52M | -56.89M | 173.71M | 130.18M |
| Free Cash Flow | 61.56M | 130.12M | 100.77M | 78.06M | 87.79M | 197.91M | 132.6M | 122.79M | 188.33M | 58.24M | 138.88M | 63.31M | 98.42M | 12.19M | 162.89M | 190.01M | 259.56M | 138.82M | 136.87M | 128.07M |
| FCF Margin % | 11.72% | 25.82% | 20.37% | 12.74% | 18.84% | 45.58% | 30.5% | 27% | 36.44% | 13.56% | 28.88% | 13.81% | 20.71% | 2.58% | 34.43% | 48.19% | 52.53% | 32.96% | 42.82% | 38.59% |
| FCF Growth % | -29.87% | -34.25% | -24% | -36.42% | -53.39% | 239.83% | -4.52% | 93.94% | 91.37% | 377.79% | -14.74% | -66.68% | -62.08% | -91.22% | 19.01% | 48.37% | 743.81% | 1837.15% | -44.12% | 635.13% |
| FCF per Share | 1.71 | 3.58 | 2.77 | 2.14 | 2.41 | 5.43 | 3.64 | 3.36 | 5.07 | 1.56 | 3.70 | 1.69 | 2.64 | 0.33 | 4.36 | 5.04 | 6.82 | 3.62 | 3.55 | 3.31 |
| FCF Conversion (FCF/Net Income) | 1.03x | 2.38x | 1.05x | 0.45x | 1.10x | 2.86x | 57.39x | 2.96x | 2.88x | -9.32x | 3.48x | 2.78x | 4.64x | 0.88x | 1.65x | 2.45x | 1.48x | 1.17x | 2.84x | 1.66x |
| Interest Paid | 0 | 111.61M | 116.54M | 124.87M | 119.24M | 140.22M | 155.3M | 170.16M | 185.78M | 195.82M | 198.8M | 196.89M | 189.79M | 154.38M | 107M | 55.39M | 33.9M | 34.84M | 38.43M | 39.22M |
| Taxes Paid | 0 | 18.42M | 23.56M | 25.57M | 1.31M | 1.8M | 1.51M | 11.14M | 791K | 2.15M | 1.93M | 42.55M | 961K | 20.24M | 16.33M | 20.67M | 466K | 7.74M | -3.31M | 14.03M |