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Nelnet Inc (NNI) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · CREDIT SERVICES · DATA UPDATED 2026-08-22

Nelnet Inc (NNI) operates in the CREDIT SERVICES industry and is headquartered in Lincoln, United States with about 5,744 employees. Its market capitalization is roughly $5 billion. In the fiscal year ended 2025-12-31, NNI reported $2.3B in revenue and $428M in net income.

Nelnet, Inc. engages in loan servicing, education technology services, and payment businesses worldwide. The company operates through four segments: Loan Servicing and Systems, Education Technology Services and Payments, Asset Generation and Management, and Nelnet Bank.

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NNI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$1.9B	$2.3B	$1.8B	$1.8B	$1.8B	$1.4B	$1.4B	$1.7B	$1.7B	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B	$920M	$892M	$970M	$960M	$1.4B	$2.0B	$1.8B
Gross Profit	$1.5B	$2.0B	$1.1B	$961M	$1.4B	$1.3B	$979M	$939M	$987M	$699M	$792M	$798M	$825M	$806M	$630M	$643M	$714M	$546M	$381M	$493M	$495M
Gross Margin %	82.7%	87.0%	60.2%	53.0%	74.4%	88.4%	71.3%	56.0%	58.8%	59.3%	66.3%	71.9%	74.5%	76.4%	68.5%	72.0%	73.7%	56.9%	26.6%	24.4%	28.2%
Operating Income (EBIT)	$564M	$1.1B	$229M	$69M	$502M	$502M	$450M	$177M	$286M	$227M	$399M	$421M	$470M	$466M	$275M	$322M	$302M	$216M	$45M	$57M	$102M
Operating Margin %	30.3%	50.6%	12.4%	3.8%	27.6%	35.4%	32.8%	10.5%	17.0%	19.2%	33.4%	37.9%	42.4%	44.1%	29.8%	36.1%	31.2%	22.5%	3.1%	2.8%	5.9%
Net Income	$302M	$428M	$184M	$90M	$407M	$393M	$352M	$142M	$228M	$173M	$257M	$268M	$308M	$303M	$178M	$204M	$189M	$139M	$29M	$33M	$66M
Net Margin %	16.3%	18.9%	10.0%	5.0%	22.4%	27.7%	25.7%	8.5%	13.6%	14.7%	21.5%	24.1%	27.8%	28.7%	19.4%	22.9%	19.5%	14.5%	2.0%	1.6%	3.8%
EBITDA	$525M	$1.1B	$361M	$214M	$678M	$634M	$649M	$369M	$471M	$365M	$521M	$544M	$577M	$545M	$391M	$425M	$403M	$332M	$186M	$319M	$270M
Earnings Per Share (EPS)	$8.35	$11.79	$5.02	$2.40	$10.82	$10.37	$9.15	$3.59	$5.57	$4.14	$6.02	$5.89	$6.62	$6.50	$3.76	$4.24	$3.83	$2.80	$0.58	$0.66	$1.23
Shares Outstanding (M)	36M	36M	37M	37M	38M	38M	39M	40M	41M	42M	43M	46M	46M	47M	47M	48M	49M	50M	49M	50M	54M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NNI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$334M	$526M	$504M	$495M	$613M	$466M	$434M	$435M
Gross Profit	$272M	$455M	$432M	$377M	$462M	$326M	$271M	$248M
Gross Margin %	81.5%	86.6%	85.8%	76.3%	75.4%	69.9%	62.4%	57.1%
Operating Income (EBIT)	$26M	$207M	$195M	$136M	$237M	$106M	$78M	($2M)
Operating Margin %	7.6%	39.5%	38.6%	27.6%	38.7%	22.8%	18.1%	-0.5%
Net Income	$67M	$71M	$58M	$107M	$181M	$83M	$63M	$2M
Net Margin %	20.0%	13.5%	11.5%	21.6%	29.6%	17.7%	14.5%	0.5%
EBITDA	$4M	$194M	$174M	$152M	$267M	$129M	$105M	$34M
Earnings Per Share (EPS)	$1.85	$1.97	$1.59	$2.94	$4.97	$2.26	$1.73	$0.07
Shares Outstanding (M)	36M	36M	36M	36M	36M	36M	36M	36M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NNI Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$401M	$423M	$663M	$432M	$684M	$545M	$213M	$299M	$271M	$228M	$325M	$391M	$357M	$387M	$299M	$311M	$195M	$325M	$321M	$273M	$215M
Capital Expenditures (CapEx)	$37M	$26M	$21M	$74M	$59M	$59M	$113M	$92M	$125M	$156M	$68M	$17M	$26M	$17M	$10M	$14M	$13M	$1M	$5M	$20M	$52M
Free Cash Flow (FCF)	$364M	$397M	$642M	$358M	$625M	$486M	$100M	$206M	$146M	$72M	$258M	$375M	$331M	$370M	$289M	$297M	$182M	$324M	$316M	$253M	$163M
FCF Margin %	19.6%	17.5%	34.8%	19.7%	34.4%	34.3%	7.2%	12.3%	8.7%	6.1%	21.6%	33.7%	29.9%	35.1%	31.5%	33.2%	18.8%	33.7%	22.1%	12.5%	9.3%
Dividends Paid	$46M	$43M	$41M	$39M	$37M	$34M	$32M	$29M	$27M	$24M	$21M	$19M	$19M	$19M	$66M	$18M	$34M	$3M	$3M	$14M	$8.9B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NNI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$78M	$73M	$138M	$112M	$82M	$91M	$181M	$137M
Capital Expenditures (CapEx)	$6M	$12M	$7M	$12M	$4M	$3M	$17M	$4M
Free Cash Flow (FCF)	$72M	$62M	$130M	$101M	$78M	$88M	$163M	$133M
FCF Margin %	21.4%	11.7%	25.8%	20.4%	12.7%	18.8%	37.6%	30.5%
Dividends Paid	$12M	$12M	$12M	$11M	$10M	$10M	$10M	$10M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NNI Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$14.3B	$14.1B	$13.8B	$16.7B	$19.4B	$21.7B	$22.6B	$23.7B	$25.2B	$24.0B	$27.2B	$30.5B	$30.1B	$27.8B	$26.6B	$25.9B	$25.9B	$25.9B	$27.9B	$29.2B	$26.8B
Cash & Cash Equivalents	$172M	$974M	$195M	$168M	$2.2B	$1.7B	$1.1B	$381M	$371M	$67M	$70M	$64M	$130M	$63M	$66M	$43M	$284M	$338M	$190M	$112M	$106M
Total Liabilities	$10.6B	$10.5B	$10.5B	$13.5B	$16.2B	$18.7B	$20.0B	$21.3B	$22.9B	$21.8B	$25.1B	$28.6B	$28.4B	$26.3B	$25.4B	$24.8B	$25.0B	$25.1B	$27.2B	$28.6B	$26.1B
Total Debt (Short + Long-Term)	$7.0B	$6.8B	$8.3B	$11.8B	$29.3B	$17.3B	$19.9B	$21.4B	$23.2B	$353M	$1.8B	$2.2B	$1.3B	$1.5B	$1.7B	$53M	$24.7B	$24.8B	$28.8B	$28.0B	$25.5B
Total Shareholders' Equity	$3.8B	$3.7B	$3.4B	$3.3B	$3.2B	$3.0B	$2.6B	$2.4B	$2.3B	$2.1B	$2.1B	$1.9B	$1.7B	$1.4B	$1.2B	$1.1B	$907M	$785M	$643M	$609M	$672M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NNI viewer.

Other Companies in CREDIT SERVICES

OMF · OneMain Holdings Inc — $7 billion
CACC · Credit Acceptance Corporation — $6 billion
KLAR · Klarna Group plc — $5 billion
SLM · SLM Corp — $5 billion
ENVA · Enova International Inc — $4 billion
BFH · Bread Financial Holdings, Inc. — $4 billion
SEZL · Sezzle Inc. — $4 billion
UPST · Upstart Holdings Inc — $2 billion

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