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NNI

Nelnet, Inc.

NNI

Nelnet, Inc. • NYSE
$129.24 ▼ -0.88% (-1.15)
Market Cap $4.64 B
52w High $136.68
52w Low $98.15
Dividend Yield 1.14%
P/E 10.84
Volume 134.72K
Outstanding Shares 35.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $494.633M ▼ $241.04M ▲ $106.684M ▼ 21.568% ▼ $2.94 ▼ $152.303M ▼
Q2-2025 $612.75M ▲ $224.602M ▲ $181.459M ▲ 29.614% ▲ $4.97 ▲ $266.647M ▲
Q1-2025 $466.098M ▲ $219.507M ▲ $82.56M ▲ 17.713% ▲ $2.26 ▲ $129.263M ▲
Q4-2024 $434.187M ▼ $192.518M ▼ $63.159M ▲ 14.546% ▲ $1.73 ▲ $104.948M ▲
Q3-2024 $434.763M $250.547M $2.388M 0.549% $0.066 $34.176M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.373B ▲ $13.877B ▲ $10.29B ▲ $3.653B ▲
Q2-2025 $1.307B ▲ $13.711B ▼ $10.228B ▼ $3.575B ▲
Q1-2025 $1.255B ▲ $14.192B ▲ $10.829B ▲ $3.42B ▲
Q4-2024 $1.178B ▲ $13.778B ▼ $10.479B ▼ $3.35B ▲
Q3-2024 $1.146B $14.084B $10.874B $3.291B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $100.676M ▼ $112.441M ▲ $-190.781M ▼ $43.408M ▲ $-34.98M ▼ $100.771M ▲
Q2-2025 $177.853M ▲ $81.76M ▼ $573.471M ▲ $-685.894M ▼ $-30.351M ▲ $78.064M ▼
Q1-2025 $81.13M ▲ $91.169M ▼ $136.357M ▼ $-326.445M ▲ $-98.893M ▼ $87.791M ▼
Q4-2024 $63.427M ▲ $180.533M ▲ $334.866M ▲ $-482.757M ▼ $32.002M ▲ $197.91M ▲
Q3-2024 $-1.941M $137.038M $254.245M $-435.958M $-44.385M $132.6M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Education Technology And Services
Education Technology And Services
 $0 ▲$60.00M ▲$40.00M ▼$40.00M ▲
Education Technology Services And Payment Processing Services
Education Technology Services And Payment Processing Services
 $0 ▲$150.00M ▲$120.00M ▼$130.00M ▲
FFELP Servicing
FFELP Servicing
 $0 ▲$0 ▲$0 ▲$0 ▲
Loan Servicing And Systems Revenue
Loan Servicing And Systems Revenue
 $250.00M ▲$120.00M ▼$120.00M ▲$150.00M ▲
Other Service Offering
Other Service Offering
 $0 ▲$0 ▲$0 ▲$0 ▲
Outsourced Services Revenue And Other
Outsourced Services Revenue And Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Payment Processing
Payment Processing
 $80.00M ▲$50.00M ▼$40.00M ▼$60.00M ▲
Private Education And Consumer Loan Servicing
Private Education And Consumer Loan Servicing
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Software Services
Software Services
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Tuition Payment Plan Services
Tuition Payment Plan Services
 $70.00M ▲$40.00M ▼$40.00M ▲$30.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Nelnet’s revenue has grown steadily over the past five years, but profits have been more up and down. Earnings were strongest a few years ago, then fell back, and have started to recover but are still below prior peaks. This suggests the core businesses are resilient and able to grow, yet margins are under pressure and more sensitive to costs, interest rates, and policy changes than the top line might imply.

Balance Sheet

Balance Sheet The balance sheet shows a gradual slimming down: total assets and debt have both been coming down, while shareholders’ equity has been edging higher. In plain terms, the company is slowly de‑leveraging and relying a bit less on borrowing to fund its operations. Debt is still a key part of the structure, but the trend points to a more conservative, lower‑risk profile than a few years ago.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive and has generally improved over time. Because the business does not require heavy ongoing investment in physical assets, most of that cash converts into free cash flow. This combination of solid cash inflows and modest capital spending gives Nelnet flexibility to pay down debt, invest in new initiatives, or return capital, depending on management’s priorities.

Competitive Edge

Competitive Edge Nelnet holds a strong position in student loan servicing, supported by scale, long‑standing government contracts, and deep regulatory know‑how, which are not easy for new entrants to replicate. At the same time, it has diversified into education technology, payment processing, online banking, and fiber‑optic communications, reducing reliance on any single business line. The flip side is that some of these markets—especially online banking and broadband—are highly competitive and capital‑intensive, so maintaining an edge will require continued investment and sharp execution.

Innovation and R&D

Innovation and R&D Innovation at Nelnet is less about traditional lab research and more about building and upgrading platforms and services. The company is actively enhancing its loan servicing technology, expanding its education payments and school finance tools, and growing its digital‑only bank. Investments in fiber‑optic infrastructure and selective bets in renewable energy and early‑stage tech add optionality, but also introduce execution and integration risk that investors should watch over time.

Summary

Overall, Nelnet looks like a mature, profitable company that has used strong cash flows from student loan servicing to diversify into adjacent and higher‑growth areas. Financially, it appears steadier on revenue than on earnings, with healthier leverage and solid cash generation providing a cushion. Strategically, its moat in education and servicing is meaningful, while new ventures in banking and communications offer upside but also greater uncertainty. The key watch points are how well it manages margin volatility, continues to de‑risk the balance sheet, and proves out the returns on its newer growth initiatives.

NEWS

November 13, 2025 · 4:15 PM UTC

Nelnet Campus Commerce Processed Over $602 Million in Title IV Refunds, Improving Transparency for Students

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November 6, 2025 · 4:15 PM UTC

Nelnet Reports Third Quarter 2025 Results

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October 23, 2025 · 6:00 PM UTC

Nelnet Campus Commerce Advances Project Horizon Following Successful Virtual Client Summit

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October 23, 2025 · 9:00 AM UTC

Nelnet Canada to Acquire Canadian Student Loan Servicing Business

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October 15, 2025 · 4:30 PM UTC

Nelnet to Announce Third Quarter Results

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