Nelnet Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Nelnet's revenue declined 12.3% year-over-year, from $1.1B to $973.4M. This contraction results in a growth score of 0/100.
Nelnet has elevated debt relative to equity (D/E of 2.48), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.
Nelnet converts 66.0% of revenue into free cash flow ($642.0M). This strong cash generation earns a score of 100/100.
Nelnet generates a 5.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 22/100. This is up from 2.8% the prior year.
Nelnet passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Nelnet generates $3.60 in operating cash flow ($662.9M OCF vs $184.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows Nelnet (NNI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Nelnet generated $973.4M in revenue in fiscal year 2024. This represents a decrease of 12.3% from the prior year.
Nelnet generated $642.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 79.3% from the prior year.
Nelnet reported $184.0M in net income in fiscal year 2024. This represents an increase of 104.9% from the prior year.
Nelnet earned $5.02 per diluted share (EPS) in fiscal year 2024. This represents an increase of 109.2% from the prior year.
Nelnet held $194.5M in cash against $8.3B in long-term debt as of fiscal year 2024.
Nelnet's gross margin was 74.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 6.1 percentage points from the prior year.
Nelnet's net profit margin was 18.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 10.8 percentage points from the prior year.
Nelnet's ROE was 5.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 2.7 percentage points from the prior year.
Nelnet spent $83.3M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 197.2% from the prior year.
Nelnet invested $20.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 71.8% from the prior year.
NNI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $206.0M-3.0% | $212.3M+2.1% | $207.8M-6.1% | $221.2M-8.9% | $242.9M-9.6% | $268.8M-2.3% | $275.3M-3.3% | $284.6M |
| Cost of Revenue | $60.0M+7.6% | $55.7M-3.1% | $57.5M-16.3% | $68.7M+41.7% | $48.5M-22.8% | $62.8M+0.1% | $62.8M+21.9% | $51.5M |
| Gross Profit | $146.0M-6.8% | $156.6M+4.1% | $150.3M-1.5% | $152.5M-21.5% | $194.4M-5.6% | $206.0M-3.1% | $212.5M-8.8% | $233.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $120.7M-9.1% | $132.9M+6.2% | $125.1M-11.4% | $141.2M-20.0% | $176.5M-9.3% | $194.6M-5.2% | $205.3M-0.9% | $207.2M |
| Income Tax | $35.8M-39.9% | $59.5M+137.9% | $25.0M+66.5% | $15.0M+1.8% | $14.8M-36.4% | $23.2M+342.4% | -$9.6M-191.0% | $10.5M |
| Net Income | $106.7M-41.2% | $181.5M+119.8% | $82.6M+30.7% | $63.2M+40.1% | $45.1M-38.6% | $73.4M+969.7% | -$8.4M-119.0% | $44.4M |
| EPS (Diluted) | $2.94-40.8% | $4.97+119.9% | $2.26+29.9% | $1.74+41.5% | $1.23-37.9% | $1.98+1000.0% | $-0.22-118.6% | $1.18 |
NNI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.9B+1.2% | $13.7B-3.4% | $14.2B+3.0% | $13.8B-5.0% | $14.5B-5.7% | $15.4B-8.0% | $16.7B-2.8% | $17.2B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $216.4M-4.1% | $225.8M+2.4% | $220.5M+13.4% | $194.5M+33.7% | $145.5M-19.0% | $179.7M+6.9% | $168.1M-10.4% | $187.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $147.8M+15.9% | $127.5M-1.8% | $129.9M-18.8% | $159.9M+0.1% | $159.8M+18.7% | $134.6M-31.4% | $196.2M+50.8% | $130.1M |
| Goodwill | $158.0M0.0% | $158.0M0.0% | $158.0M0.0% | $158.0M0.0% | $158.0M0.0% | $158.0M0.0% | $158.0M-10.7% | $176.9M |
| Total Liabilities | $10.3B+0.6% | $10.2B-5.5% | $10.8B+3.3% | $10.5B-7.1% | $11.3B-7.1% | $12.1B-10.1% | $13.5B-3.2% | $14.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $7.8B-1.0% | $7.9B-8.7% | $8.7B+4.2% | $8.3B-13.1% | $9.6B-9.6% | $10.6B-10.5% | $11.8B-5.0% | $12.4B |
| Total Equity | $3.7B+2.2% | $3.6B+4.5% | $3.4B+2.1% | $3.3B+1.7% | $3.3B-0.4% | $3.3B+1.6% | $3.3B-1.3% | $3.3B |
| Retained Earnings | $3.6B+2.0% | $3.6B+4.8% | $3.4B+2.2% | $3.3B+1.4% | $3.3B-0.5% | $3.3B+1.3% | $3.3B-1.1% | $3.3B |
NNI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $112.4M+37.5% | $81.8M-10.3% | $91.2M-49.5% | $180.5M+35.0% | $133.8M-36.8% | $211.6M+166.2% | $79.5M-48.5% | $154.2M |
| Capital Expenditures | $11.7M+215.7% | $3.7M+9.4% | $3.4M+119.4% | -$17.4M-263.7% | $10.6M-54.3% | $23.2M+8.3% | $21.4M+39.7% | $15.4M |
| Free Cash Flow | $100.8M+29.1% | $78.1M-11.1% | $87.8M-46.2% | $163.2M+32.5% | $123.1M-34.6% | $188.3M+224.6% | $58.0M-58.2% | $138.8M |
| Investing Cash Flow | -$190.8M-133.3% | $573.5M+320.6% | $136.4M-59.3% | $334.9M-54.6% | $737.2M-32.1% | $1.1B+71.9% | $631.9M+51.8% | $416.2M |
| Financing Cash Flow | $43.4M+106.3% | -$685.9M-110.1% | -$326.4M+32.4% | -$482.8M+44.4% | -$868.4M+37.2% | -$1.4B-188.8% | -$478.6M+19.1% | -$591.7M |
| Dividends Paid | $10.8M+6.6% | $10.2M0.0% | $10.2M0.0% | $10.2M0.0% | $10.2M-2.0% | $10.4M0.0% | $10.4M+6.9% | $9.7M |
| Share Buybacks | $27.3M+27.7% | $21.4M+379.1% | $4.5M+1006.2% | $403K-99.1% | $46.8M+32.1% | $35.5M+49.5% | $23.7M+4268.0% | $543K |
NNI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.9%-2.9pp | 73.7%+1.4pp | 72.3%+3.4pp | 68.9%-11.1pp | 80.0%+3.4pp | 76.6%-0.6pp | 77.2%-4.7pp | 81.9% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 51.8%-33.7pp | 85.5%+45.8pp | 39.7%+11.2pp | 28.5%+10.0pp | 18.6%-8.7pp | 27.3%+30.4pp | -3.1%-18.7pp | 15.6% |
| Return on Equity | 2.9%-2.2pp | 5.1%+2.7pp | 2.4%+0.5pp | 1.9%+0.5pp | 1.4%-0.9pp | 2.2% | N/A | 1.4% |
| Return on Assets | 0.8%-0.5pp | 1.3%+0.7pp | 0.6%+0.1pp | 0.5%+0.1pp | 0.3%-0.2pp | 0.5%+0.5pp | -0.1%-0.3pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 2.14-0.1 | 2.21-0.3 | 2.53+0.1 | 2.48-0.4 | 2.90-0.3 | 3.20-0.4 | 3.64-0.1 | 3.78 |
| FCF Margin | 48.9%+12.2pp | 36.8%-5.5pp | 42.2%-31.5pp | 73.7%+23.0pp | 50.7%-19.4pp | 70.1%+49.0pp | 21.1%-27.7pp | 48.8% |
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Frequently Asked Questions
What is Nelnet's annual revenue?
Nelnet (NNI) reported $973.4M in total revenue for fiscal year 2024. This represents a -12.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nelnet's revenue growing?
Nelnet (NNI) revenue declined by 12.3% year-over-year, from $1.1B to $973.4M in fiscal year 2024.
Is Nelnet profitable?
Yes, Nelnet (NNI) reported a net income of $184.0M in fiscal year 2024, with a net profit margin of 18.9%.
What is Nelnet's earnings per share (EPS)?
Nelnet (NNI) reported diluted earnings per share of $5.02 for fiscal year 2024. This represents a 109.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does Nelnet have?
As of fiscal year 2024, Nelnet (NNI) had $194.5M in cash and equivalents against $8.3B in long-term debt.
What is Nelnet's gross margin?
Nelnet (NNI) had a gross margin of 74.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nelnet's net profit margin?
Nelnet (NNI) had a net profit margin of 18.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Nelnet's return on equity (ROE)?
Nelnet (NNI) has a return on equity of 5.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Nelnet's free cash flow?
Nelnet (NNI) generated $642.0M in free cash flow during fiscal year 2024. This represents a 79.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nelnet's operating cash flow?
Nelnet (NNI) generated $662.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Nelnet's total assets?
Nelnet (NNI) had $13.8B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Nelnet's capital expenditures?
Nelnet (NNI) invested $20.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Nelnet buy back shares?
Yes, Nelnet (NNI) spent $83.3M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
What is Nelnet's debt-to-equity ratio?
Nelnet (NNI) had a debt-to-equity ratio of 2.48 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nelnet's return on assets (ROA)?
Nelnet (NNI) had a return on assets of 1.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Nelnet's Piotroski F-Score?
Nelnet (NNI) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nelnet's earnings high quality?
Nelnet (NNI) has an earnings quality ratio of 3.60x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Nelnet?
Nelnet (NNI) scores 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.