NNI

Nelnet, Inc.

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NNI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.39B	$968.45M	$1.17B	$1.35B
Selling, General & Admin	$589.73M	$608.32M	$632.18M	$652.34M
Pretax Income	$501.85M	$68.72M	$228.58M	$526.33M
Income Tax	$113.10M	$19.39M	$52.67M	$127.99M
Net Income	$406.90M	$89.83M	$184.04M	$428.47M
Diluted EPS	10.83	2.40	5.02	11.79
Diluted Shares	37.60M	37.42M	36.64M	36.34M

NNI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$118.15M	$168.11M	$194.52M	$295.98M
Receivables	$225.96M	$249.95M	$192.19M	$225.54M
Total Assets	$19.37B	$16.71B	$13.78B	$14.06B
Long-Term Debt	$12.94B	$10.20B	$7.37B	$6.80B
Total Debt	$14.07B	$11.62B	$8.31B	$7.78B
Total Liabilities	$16.17B	$13.51B	$10.48B	$10.49B
Retained Earnings	$3.23B	$3.27B	$3.34B	$3.68B
Shareholders' Equity	$3.20B	$3.25B	$3.35B	$3.69B
Net Debt	$13.95B	$11.45B	$8.12B	$7.48B

NNI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$683.06M	$432.03M	$662.89M	$422.99M
Capital Expenditure	-$59.42M	-$74.05M	-$20.90M	-$26.24M
Free Cash Flow	$623.64M	$357.98M	$641.99M	$396.75M
Depreciation & Amortisation	$176.25M	$145.39M	$132.53M	$90.62M
Stock-Based Compensation	$14.18M	$16.48M	$12.04M	—
Investing Cash Flow	$2.27B	$1.94B	$2.41B	$356.40M
Financing Cash Flow	-$2.79B	-$2.70B	-$3.17B	-$737.14M
Dividends Paid	-$36.61M	-$39.42M	-$40.84M	-$42.99M
Share Repurchases	-$97.69M	-$28.03M	-$83.29M	-$69.35M
Net Change in Cash	$163.59M	-$332.14M	-$94.03M	$42.25M

NNI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$339.47M	$304.85M	$373.93M	$333.26M	$362.89M
Selling, General & Admin	$160.44M	$160.36M	$164.74M	$166.80M	$162.98M
Pretax Income	$106.14M	$237.36M	$136.45M	$46.38M	$75.66M
Income Tax	$25.01M	$59.51M	$35.77M	$7.69M	$20.06M
Net Income	$82.56M	$181.46M	$106.68M	$57.77M	$71.13M
Diluted EPS	2.26	4.97	2.94	1.60	1.97
Diluted Shares	36.48M	36.49M	36.32M	36.09M	36.08M

NNI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$220.52M	$225.75M	$216.43M	$295.98M	$240.01M
Receivables	$194.15M	$182.09M	$181.20M	$225.54M	$229.00M
Total Assets	$14.19B	$13.71B	$13.88B	$14.06B	$14.18B
Long-Term Debt	$7.77B	$7.28B	$6.66B	$6.80B	$6.46B
Total Debt	$8.66B	$7.90B	$7.82B	$7.78B	$7.70B
Total Liabilities	$10.83B	$10.23B	$10.29B	$10.49B	$10.57B
Retained Earnings	$3.41B	$3.58B	$3.65B	$3.68B	$3.73B
Shareholders' Equity	$3.42B	$3.57B	$3.65B	$3.69B	$3.73B
Net Debt	$8.44B	$7.68B	$7.61B	$7.48B	$7.46B

NNI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$91.17M	$81.76M	$112.44M	$137.62M	$73.11M
Capital Expenditure	-$3.38M	-$3.70M	-$11.67M	-$7.49M	-$11.55M
Free Cash Flow	$87.79M	$78.06M	$100.77M	$130.12M	$61.56M
Depreciation & Amortisation	$23.12M	$29.28M	$15.86M	$22.36M	$21.16M
Investing Cash Flow	$136.36M	$573.47M	-$190.78M	-$162.64M	$31.09M
Financing Cash Flow	-$326.44M	-$685.89M	$43.41M	$231.79M	-$244.18M
Dividends Paid	-$10.16M	-$10.16M	-$10.84M	-$11.84M	-$11.83M
Share Repurchases	-$4.46M	-$21.36M	-$27.27M	-$16.25M	-$16.28M
Net Change in Cash	-$98.92M	-$30.66M	-$34.93M	$206.76M	-$139.97M

Nelnet, Inc. provides student loan servicing, education technology solutions, and financial services to educational institutions and borrowers.