What is Nelnet's earnings per share (EPS)?

Nelnet (NNI) reported diluted earnings per share of $11.79 for fiscal year 2025. This represents a 134.9% 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.

Nelnet Financials

NNI

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Nelnet (NNI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Financial Health Signals

Financial Profile 52/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Nelnet's revenue declined 12.5% year-over-year, from $973.4M to $851.5M. This contraction results in a growth score of 12/100.

Leverage

Nelnet has a moderate D/E ratio of 2.11. This balance of debt and equity financing earns a leverage score of 59/100.

Cash Flow

100

Nelnet converts 46.6% of revenue into free cash flow ($396.7M). This strong cash generation earns a score of 100/100.

Returns

Nelnet's ROE of 11.6% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 5.5% the prior year.

Piotroski F-Score Neutral

4/9

Nelnet passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

0.99x

For every $1 of reported earnings, Nelnet generates $0.99 in operating cash flow ($423.0M OCF vs $428.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$851.5M

YoY-12.5%

5Y CAGR+6.6%

10Y CAGR+2.8%

Nelnet generated $851.5M in revenue in fiscal year 2025. This represents a decrease of 12.5% from the prior year.

EBITDA

N/A

Net Income

$428.5M

YoY+132.8%

5Y CAGR+4.0%

10Y CAGR+3.5%

Nelnet reported $428.5M in net income in fiscal year 2025. This represents an increase of 132.8% from the prior year.

EPS (Diluted)

$11.79

YoY+134.9%

5Y CAGR+5.5%

Nelnet earned $11.79 per diluted share (EPS) in fiscal year 2025. This represents an increase of 134.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$396.7M

YoY-38.2%

5Y CAGR+11.0%

10Y CAGR+0.7%

Nelnet generated $396.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 38.2% from the prior year.

Cash & Debt

$296.0M

YoY+52.2%

5Y CAGR+19.5%

10Y CAGR+16.7%

Nelnet held $296.0M in cash against $7.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

73.4%

YoY-0.7pp

5Y CAGR-9.6pp

Nelnet's gross margin was 73.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.

Operating Margin

N/A

Net Margin

50.3%

YoY+31.4pp

5Y CAGR-6.6pp

10Y CAGR+3.4pp

Nelnet's net profit margin was 50.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 31.4 percentage points from the prior year.

Return on Equity

11.6%

YoY+6.1pp

5Y CAGR-1.8pp

10Y CAGR-9.3pp

Nelnet's ROE was 11.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$69.3M

YoY-16.7%

5Y CAGR-1.1%

10Y CAGR+18.1%

Nelnet spent $69.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 16.7% from the prior year.

Capital Expenditures

$26.2M

YoY+25.5%

5Y CAGR-25.4%

10Y CAGR+4.4%

Nelnet invested $26.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 25.5% from the prior year.

NNI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$851.5M-12.5%	$973.4M-12.3%	$1.1B+49.4%	$742.8M+41.8%	$523.8M-15.5%	$619.7M
Cost of Revenue	$226.3M-10.3%	$252.3M+14.8%	$219.8M+30.5%	$168.4M+55.0%	$108.7M+3.5%	$105.0M
Gross Profit	$625.2M-13.3%	$721.1M-19.0%	$890.0M+54.9%	$574.4M+38.4%	$415.2M-19.3%	$514.6M
R&D Expenses	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
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$496.9M-27.0%	$680.5M-19.5%	$845.1M+96.5%	$430.1M+144.1%	$176.2M-46.6%	$330.1M
Income Tax	$128.0M+143.0%	$52.7M+171.7%	$19.4M-82.9%	$113.1M-2.4%	$115.8M+14.8%	$100.9M
Net Income	$428.5M+132.8%	$184.0M+104.9%	$89.8M-77.9%	$406.9M+3.5%	$393.3M+11.6%	$352.4M
EPS (Diluted)	$11.79+134.9%	$5.02+109.2%	$2.40-77.8%	$10.82+6.1%	$10.20+13.1%	$9.02

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$225.4M+9.4%	$206.0M-3.0%	$212.3M+2.1%	$207.8M-6.1%	$221.2M-8.0%	$240.5M-1.0%	$242.9M-9.6%	$268.8M
Cost of Revenue	$53.0M-11.6%	$60.0M+7.6%	$55.7M-3.1%	$57.5M-16.3%	$68.7M-4.9%	$72.3M+49.1%	$48.5M-22.8%	$62.8M
Gross Profit	$172.3M+18.1%	$146.0M-6.8%	$156.6M+4.1%	$150.3M-1.5%	$152.5M-9.3%	$168.2M-13.5%	$194.4M-5.6%	$206.0M
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	$118.3M-2.0%	$120.7M-9.1%	$132.9M+6.2%	$125.1M-11.4%	$141.2M-16.1%	$168.3M-4.6%	$176.5M-9.3%	$194.6M
Income Tax	$7.7M-78.5%	$35.8M-39.9%	$59.5M+137.9%	$25.0M+66.5%	$15.0M+5425.2%	-$282K-101.9%	$14.8M-36.4%	$23.2M
Net Income	$57.8M-45.8%	$106.7M-41.2%	$181.5M+119.8%	$82.6M+30.7%	$63.2M+2544.8%	$2.4M-94.7%	$45.1M-38.6%	$73.4M
EPS (Diluted)	N/A	$2.94-40.8%	$4.97+119.9%	$2.26	N/A	$0.07-94.3%	$1.23-37.9%	$1.98

NNI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$14.1B+2.1%	$13.8B-17.6%	$16.7B-13.7%	$19.4B-10.7%	$21.7B-4.3%	$22.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$296.0M+52.2%	$194.5M+15.7%	$168.1M+42.3%	$118.1M-5.9%	$125.6M+3.6%	$121.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$193.5M+21.0%	$159.9M-18.5%	$196.2M+0.7%	$194.9M+19.3%	$163.3M+113.6%	$76.5M
Goodwill	$158.0M0.0%	$158.0M0.0%	$158.0M-10.7%	$176.9M+24.5%	$142.1M0.0%	$142.1M
Total Liabilities	$10.5B+0.1%	$10.5B-22.5%	$13.5B-16.5%	$16.2B-13.6%	$18.7B-6.5%	$20.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$7.8B-6.4%	$8.3B-29.7%	$11.8B-19.2%	$14.6B-17.0%	$17.6B-8.7%	$19.3B
Total Equity	$3.7B+10.0%	$3.3B+3.0%	$3.3B+1.7%	$3.2B+8.4%	$3.0B+12.1%	$2.6B
Retained Earnings	$3.7B+10.2%	$3.3B+2.1%	$3.3B+1.1%	$3.2B+10.0%	$2.9B+12.2%	$2.6B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$14.1B+1.3%	$13.9B+1.2%	$13.7B-3.4%	$14.2B+3.0%	$13.8B-2.2%	$14.1B-2.9%	$14.5B-5.7%	$15.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$296.0M+36.8%	$216.4M-4.1%	$225.8M+2.4%	$220.5M+13.4%	$194.5M-11.5%	$219.7M+51.0%	$145.5M-19.0%	$179.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$193.5M+30.9%	$147.8M+15.9%	$127.5M-1.8%	$129.9M-18.8%	$159.9M+4.1%	$153.6M-3.9%	$159.8M+18.7%	$134.6M
Goodwill	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M
Total Liabilities	$10.5B+1.9%	$10.3B+0.6%	$10.2B-5.5%	$10.8B+3.3%	$10.5B-3.6%	$10.9B-3.6%	$11.3B-7.1%	$12.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$7.8B-0.5%	$7.8B-1.0%	$7.9B-8.7%	$8.7B+4.2%	$8.3B-7.0%	$8.9B-6.6%	$9.6B-9.6%	$10.6B
Total Equity	$3.7B+0.9%	$3.7B+2.2%	$3.6B+4.5%	$3.4B+2.1%	$3.3B+1.8%	$3.3B-0.1%	$3.3B-0.4%	$3.3B
Retained Earnings	$3.7B+0.9%	$3.6B+2.0%	$3.6B+4.8%	$3.4B+2.2%	$3.3B+1.6%	$3.3B-0.2%	$3.3B-0.5%	$3.3B

NNI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$423.0M-36.2%	$662.9M+53.4%	$432.0M-36.8%	$683.1M+42.2%	$480.3M+37.6%	$349.1M
Capital Expenditures	$26.2M+25.5%	$20.9M-71.8%	$74.1M+24.6%	$59.4M+0.8%	$59.0M-48.0%	$113.3M
Free Cash Flow	$396.7M-38.2%	$642.0M+79.3%	$358.0M-42.6%	$623.6M+48.0%	$421.4M+78.7%	$235.8M
Investing Cash Flow	$356.4M-85.2%	$2.4B+24.4%	$1.9B-14.7%	$2.3B+91.7%	$1.2B+90.9%	$621.2M
Financing Cash Flow	-$737.1M+76.7%	-$3.2B-17.3%	-$2.7B+3.2%	-$2.8B-95.2%	-$1.4B-15.9%	-$1.2B
Dividends Paid	$43.0M+5.3%	$40.8M+3.6%	$39.4M+7.7%	$36.6M+6.2%	$34.5M+8.4%	$31.8M
Share Buybacks	$69.3M-16.7%	$83.3M+197.2%	$28.0M-71.3%	$97.7M+68.1%	$58.1M-20.8%	$73.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$137.6M+22.4%	$112.4M+37.5%	$81.8M-10.3%	$91.2M-49.5%	$180.5M+31.7%	$137.0M+2.5%	$133.8M-36.8%	$211.6M
Capital Expenditures	$7.5M-35.8%	$11.7M+215.7%	$3.7M+9.4%	$3.4M+119.4%	-$17.4M-491.6%	$4.4M-58.2%	$10.6M-54.3%	$23.2M
Free Cash Flow	$130.1M+29.1%	$100.8M+29.1%	$78.1M-11.1%	$87.8M-46.2%	$163.2M+23.0%	$132.6M+7.7%	$123.1M-34.6%	$188.3M
Investing Cash Flow	-$162.6M+14.7%	-$190.8M-133.3%	$573.5M+320.6%	$136.4M-59.3%	$334.9M+31.7%	$254.2M-65.5%	$737.2M-32.1%	$1.1B
Financing Cash Flow	$231.8M+434.0%	$43.4M+106.3%	-$685.9M-110.1%	-$326.4M+32.4%	-$482.8M-10.7%	-$436.0M+49.8%	-$868.4M+37.2%	-$1.4B
Dividends Paid	$11.8M+9.2%	$10.8M+6.6%	$10.2M0.0%	$10.2M0.0%	$10.2M+0.1%	$10.1M-0.1%	$10.2M-2.0%	$10.4M
Share Buybacks	$16.3M-40.4%	$27.3M+27.7%	$21.4M+379.1%	$4.5M+1006.2%	$403K-30.0%	$576K-98.8%	$46.8M+32.1%	$35.5M

NNI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	73.4%-0.7pp	74.1%-6.1pp	80.2%+2.9pp	77.3%-1.9pp	79.3%-3.8pp	83.0%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	50.3%+31.4pp	18.9%+10.8pp	8.1%-46.7pp	54.8%-20.3pp	75.1%+18.2pp	56.9%
Return on Equity	11.6%+6.1pp	5.5%+2.7pp	2.8%-10.0pp	12.7%-0.6pp	13.3%-0.1pp	13.4%
Return on Assets	3.0%+1.7pp	1.3%+0.8pp	0.5%-1.6pp	2.1%+0.3pp	1.8%+0.3pp	1.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.11-0.4	2.48-1.2	3.64-0.9	4.58-1.4	5.97-1.4	7.34
FCF Margin	46.6%-19.3pp	66.0%+33.7pp	32.3%-51.7pp	84.0%+3.5pp	80.4%+42.4pp	38.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	76.5%+5.6pp	70.9%-2.9pp	73.7%+1.4pp	72.3%+3.4pp	68.9%-1.0pp	69.9%-10.1pp	80.0%+3.4pp	76.6%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	25.6%-26.2pp	51.8%-33.7pp	85.5%+45.8pp	39.7%+11.2pp	28.5%+27.6pp	1.0%-17.6pp	18.6%-8.7pp	27.3%
Return on Equity	1.6%-1.4pp	2.9%-2.2pp	5.1%+2.7pp	2.4%+0.5pp	1.9%+1.8pp	0.1%-1.3pp	1.4%-0.9pp	2.2%
Return on Assets	0.4%-0.4pp	0.8%-0.5pp	1.3%+0.7pp	0.6%+0.1pp	0.5%+0.4pp	0.0%-0.3pp	0.3%-0.2pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.11-0.0	2.14-0.1	2.21-0.3	2.53+0.1	2.48-0.2	2.72-0.2	2.90-0.3	3.20
FCF Margin	57.7%+8.8pp	48.9%+12.2pp	36.8%-5.5pp	42.2%-31.5pp	73.7%+18.6pp	55.1%+4.4pp	50.7%-19.4pp	70.1%

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Frequently Asked Questions

What is Nelnet's annual revenue?

Nelnet (NNI) reported $851.5M in total revenue for fiscal year 2025. This represents a -12.5% 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 12.5% year-over-year, from $973.4M to $851.5M in fiscal year 2025.

Is Nelnet profitable?

Yes, Nelnet (NNI) reported a net income of $428.5M in fiscal year 2025, with a net profit margin of 50.3%.

How much debt does Nelnet have?

As of fiscal year 2025, Nelnet (NNI) had $296.0M in cash and equivalents against $7.8B in long-term debt.

What is Nelnet's gross margin?

Nelnet (NNI) had a gross margin of 73.4% in fiscal year 2025, 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 50.3% in fiscal year 2025, 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 11.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nelnet's free cash flow?

Nelnet (NNI) generated $396.7M in free cash flow during fiscal year 2025. This represents a -38.2% 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 $423.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nelnet's total assets?

Nelnet (NNI) had $14.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Nelnet's capital expenditures?

Nelnet (NNI) invested $26.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Nelnet buy back shares?

Yes, Nelnet (NNI) spent $69.3M on share buybacks during fiscal year 2025, 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 2.11 as of fiscal year 2025, 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 3.0% for fiscal year 2025, 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 4 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 0.99x, considered mixed 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 52 out of 100 on our Financial Profile, indicating moderate 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.