Nelnet Inc (NNI) Financial Statements
Industry: Personal Credit Institutions
In fiscal 2025, Nelnet reported revenue of $851.5M, down 12.5% from $973.4M the year before. Net income was $428.5M (a 50.3% net margin), or $11.79 per diluted share. Gross margin was 73.4% and operating margin was -35.5%. Operating activities generated $423.0M of cash, leaving $396.7M of free cash flow. At fiscal year end, Nelnet held $14.06B in total assets against $10.49B in total liabilities, including $296.0M of cash and equivalents.
Open the full interactive Nelnet financials → Quarterly statements, key ratios, valuation history and price charts.
Nelnet Key Stats
| Share Price | $126.93 |
|---|---|
| Market Cap | $4.57B |
| P/E Ratio | 10.8 |
| Revenue YoY Growth | -12.5% |
| 52-Week Range | $121.57 – $143.49 |
| Shares Outstanding | 36.0 million (basic, 2026 Q2) |
Nelnet Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.73B | $1.50B | $1.99B | $1.11B | $973.4M | $851.5M |
| Cost of Goods Sold | $105.0M | $108.7M | $168.4M | $219.8M | $252.3M | $226.3M |
| Gross Profit | $1.63B | $1.39B | $1.82B | $890.0M | $721.1M | $625.2M |
| Operating Income | $843.9M | $665.9M | $986.0M | $29.5M | -$158.7M | -$301.9M |
| Pre-Tax Income | $450.5M | $502.1M | $509.5M | $74.2M | $228.6M | $556.5M |
| Income Tax | $100.9M | $115.8M | $113.2M | $19.8M | $52.7M | $128.0M |
| Net Income | $352.4M | $393.3M | $407.3M | $91.5M | $184.0M | $428.5M |
| Diluted EPS | $9.02 | $10.20 | $10.83 | $2.45 | $5.02 | $11.79 |
Nelnet Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $206.0M | $225.4M | $211.2M | $204.9M |
| Net Income | $106.7M | $57.8M | $71.1M | $66.7M |
| Diluted EPS | $2.94 | $1.59 | $1.97 | $1.85 |
Nelnet Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $121.2M | $125.6M | $118.1M | $168.1M | $194.5M | $296.0M |
| Total Assets | $22.65B | $21.68B | $19.37B | $16.74B | $13.78B | $14.06B |
| Total Long-Term Debt | $19.32B | $17.63B | $14.64B | $11.83B | $8.31B | $7.78B |
| Total Liabilities | $20.02B | $18.73B | $16.17B | $13.51B | $10.48B | $10.49B |
| Shareholders' Equity | $2.63B | $2.95B | $3.20B | $3.26B | $3.35B | $3.69B |
Nelnet Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $212.8M | $544.9M | $684.1M | $433.0M | $662.9M | $423.0M |
| Cash From Investing | $621.2M | $1.19B | $2.27B | $1.94B | $2.41B | $356.4M |
| Cash From Financing | -$1.10B | -$1.49B | -$2.79B | -$2.70B | -$3.17B | -$737.1M |
| Free Cash Flow | $99.5M | $485.9M | $624.6M | $358.9M | $642.0M | $396.7M |
Figures from Nelnet's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Nelnet financials page for every line item.
Nelnet Company Profile
| Ticker | NNI |
|---|---|
| Exchange | NYSE |
| Industry | Personal Credit Institutions |
| Headquarters | Lincoln, Nebraska |
| Incorporated in | Nebraska |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001258602 |
Frequently Asked Questions
What was Nelnet's revenue in fiscal 2025?
Nelnet (NNI) reported revenue of $851.5M for fiscal 2025.
What is Nelnet's annual revenue history?
Nelnet's annual revenue by fiscal year: 2020: $1.73B; 2021: $1.50B; 2022: $1.99B; 2023: $1.11B; 2024: $973.4M; 2025: $851.5M.
What was Nelnet's net income in fiscal 2025?
Nelnet reported net income of $428.5M for fiscal 2025.
What was Nelnet's earnings per share (EPS) in fiscal 2025?
Nelnet's diluted EPS was $11.79 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Nelnet generate in fiscal 2025?
Nelnet generated $396.7M of free cash flow in fiscal 2025.
What was Nelnet's revenue last quarter?
In its most recent reported quarter (2026 Q2), Nelnet reported revenue of $204.9M.
How much debt does Nelnet have?
Nelnet reported $7.78B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Nelnet are outstanding?
Nelnet reported a weighted average of 36.0 million basic shares outstanding in 2026 Q2.
What is Nelnet's market cap?
Based on its latest closing price, Nelnet (NNI) has a market capitalization of about $4.57B.
When does Nelnet's fiscal year end?
Nelnet's fiscal year end, as registered with the SEC, is December 31.
Where is Nelnet headquartered?
Nelnet lists its business address in Lincoln, Nebraska in its SEC filings.