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	Q2 2026
Revenue	$339.47M	$304.85M	$373.93M	$333.26M	$362.89M	$366.30M
Selling, General & Admin	$160.44M	$160.36M	$164.74M	$166.80M	$162.98M	$185.47M
Pretax Income	$106.14M	$237.36M	$136.45M	$46.38M	$75.66M	$65.41M
Income Tax	$25.01M	$59.51M	$35.77M	$7.69M	$20.06M	$19.94M
Net Income	$82.56M	$181.46M	$106.68M	$57.77M	$71.13M	$66.66M
Diluted EPS	2.26	4.97	2.94	1.60	1.97	1.85
Diluted Shares	36.48M	36.49M	36.32M	36.09M	36.08M	36.04M

NNI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$220.52M	$225.75M	$216.43M	$295.98M	$240.01M	$172.43M
Receivables	$194.15M	$182.09M	$181.20M	$225.54M	$229.00M	$211.69M
Total Assets	$14.19B	$13.71B	$13.88B	$14.06B	$14.18B	$14.28B
Long-Term Debt	$7.77B	$7.28B	$6.66B	$6.80B	$6.46B	$5.82B
Total Debt	$8.66B	$7.90B	$7.82B	$7.78B	$7.70B	$7.04B
Total Liabilities	$10.83B	$10.23B	$10.29B	$10.49B	$10.57B	$10.64B
Retained Earnings	$3.41B	$3.58B	$3.65B	$3.68B	$3.73B	$3.77B
Shareholders' Equity	$3.42B	$3.57B	$3.65B	$3.69B	$3.73B	$3.77B
Net Debt	$8.44B	$7.68B	$7.61B	$7.48B	$7.46B	$6.87B

NNI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$91.17M	$81.76M	$112.44M	$137.62M	$73.11M	$77.89M
Capital Expenditure	-$3.38M	-$3.70M	-$11.67M	-$7.49M	-$11.55M	-$6.33M
Free Cash Flow	$87.79M	$78.06M	$100.77M	$130.12M	$61.56M	$71.57M
Depreciation & Amortisation	$23.12M	$29.28M	$15.86M	$22.36M	$21.16M	$21.77M
Investing Cash Flow	$136.36M	$573.47M	-$190.78M	-$162.64M	$31.09M	-$65.95M
Financing Cash Flow	-$326.44M	-$685.89M	$43.41M	$231.79M	-$244.18M	$134.52M
Dividends Paid	-$10.16M	-$10.16M	-$10.84M	-$11.84M	-$11.83M	-$11.82M
Share Repurchases	-$4.46M	-$21.36M	-$27.27M	-$16.25M	-$16.28M	-$24.35M
Net Change in Cash	-$98.92M	-$30.66M	-$34.93M	$206.76M	-$139.97M	$146.46M

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