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

Nelnet, Inc. (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, Inc. (NNI) Financials

NNI

Trailing 12 months to June 30, 2026

Revenue $847.5M -3.9% YoY

Net Income $302.2M -8.3% YoY

EPS (Diluted) $8.37 -7.3% YoY

Free Cash Flow $364.0M -21.1% YoY

Market Cap $4.4B as of Oct 7, 2026

Price / Sales 5.2x on $847.5M revenue, trailing 12 months to June 30, 2026

Price / Earnings 14.7x on $302.2M net income, trailing 12 months to June 30, 2026

Price / Book 1.2x on $3.8B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 7, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NNI SEC filings page.

Nelnet, Inc. (NNI) reported $847.5M in revenue over the twelve months to Jun 30, 2026, down 3.9% from the prior twelve months. This page shows its 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).

Rhea AI NNI FY2025 2026-10-04

Nelnet’s reported earnings are increasingly shaped by financing costs, while deleveraging has made profits less dependent on revenue growth alone.

Revenue declined 12.5% from FY2024 to FY2025 while net income more than doubled to $428M, so the earnings rebound was not volume-led. Gross margin was broadly stable in FY2025 while interest expense fell 27.0%, pointing to financing-cost relief rather than core margin expansion.

Deleveraging is the strongest structural change: debt-to-equity fell from 6.0x in FY2021 to 2.1x in FY2025. Liabilities declined from $18.7B to $10.5B, but the large asset base still leaves Nelnet structurally liability-financed rather than asset-light.

In FY2025, operating cash flow of $423M nearly matched net income of $428M, an earnings-quality signal that reported profit converted to cash. Free cash flow was $397M after $26M of capital spending, and this tighter cash-profit alignment than FY2024 suggests the latest result relied less on non-cash or working-capital effects.

Financial Health Signals

Financial health score not available

Nelnet, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

Nelnet, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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, Inc. 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

$204.9M

YoY-3.5%

QoQ-3.0%

5Y CAGR-7.5%

10Y CAGR+3.1%

Nelnet, Inc. generated $204.9M in revenue in Q2 2026. This represents a decrease of 3.5% from the same quarter a year earlier. Against the prior quarter it is down 3.0%.

Net Income

$66.7M

YoY-63.3%

QoQ-6.3%

5Y CAGR-4.5%

10Y CAGR+9.8%

Nelnet, Inc. reported $66.7M in net income in Q2 2026. This represents a decrease of 63.3% from the same quarter a year earlier. Against the prior quarter it is down 6.3%.

EPS (Diluted)

$1.85

YoY-62.8%

QoQ-6.1%

5Y CAGR-3.1%

Nelnet, Inc. earned $1.85 per diluted share (EPS) in Q2 2026. This represents a decrease of 62.8% from the same quarter a year earlier. Against the prior quarter it is down 6.1%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$71.6M

YoY-8.3%

QoQ+16.2%

5Y CAGR-10.7%

10Y CAGR+2.4%

Nelnet, Inc. generated $71.6M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 8.3% from the same quarter a year earlier. Against the prior quarter it is up 16.2%.

Cash & Debt

$172.4M

YoY-23.6%

QoQ-28.2%

5Y CAGR-4.1%

10Y CAGR+11.3%

Nelnet, Inc. held $172.4M in cash against $7.0B in long-term debt as of Q2 2026.

Shares Outstanding

Diluted avg 36M

Nelnet, Inc. had a weighted average of 36M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

79.9%

YoY+6.1pp

QoQ+4.5pp

5Y change-13.0pp

Nelnet, Inc.'s gross margin was 79.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 6.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.5 percentage points.

Net Margin

32.5%

YoY-53.0pp

QoQ-1.1pp

5Y change+4.9pp

10Y change+15.2pp

Nelnet, Inc.'s net profit margin was 32.5% in Q2 2026, showing the share of revenue converted to profit. This is down 53.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.1 percentage points.

Return on Equity

1.8%

YoY-3.3pp

QoQ-0.1pp

5Y change-1.2pp

10Y change+0.4pp

Nelnet, Inc.'s ROE was 1.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$24.4M

YoY+14.0%

QoQ+49.6%

5Y CAGR+127.6%

10Y CAGR+50.9%

Nelnet, Inc. spent $24.4M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 14.0% from the same quarter a year earlier. Against the prior quarter it is up 49.6%.

Capital Expenditures

$6.3M

YoY+71.1%

QoQ-45.2%

5Y CAGR-10.3%

10Y CAGR-7.8%

Nelnet, Inc. invested $6.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 71.1% from the same quarter a year earlier. Against the prior quarter it is down 45.2%.

R&D Spending

Not reported for Q2 2026.

NNI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NNI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$847.5M	$851.5M-12.5%	$973.4M-12.3%	$1.1B-28.8%	$1.6B+17.7%	$1.3B-5.4%	$1.4B+29.6%	$1.1B+0.5%	$1.1B+37.1%	$784.3M-12.5%	$896.8M-0.4%	$900.0M-3.4%	$931.5M+2.0%	$913.0M+25.1%	$729.6M-2.8%	$750.7M
Cost of Revenue	$206.3M	$226.3M-10.3%	$252.3M+14.8%	$219.8M+30.5%	$168.4M+55.0%	$108.7M+3.5%	$105.0M+2.9%	$102.0M+33.4%	$76.5M+30.5%	$58.6M+14.5%	$51.2M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$641.1M	$625.2M-13.3%	$721.1M-19.0%	$890.0M-36.0%	$1.4B+14.3%	$1.2B-6.1%	$1.3B+32.3%	$978.6M-2.0%	$998.7M+37.6%	$725.7M-14.2%	$845.6M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$577.9M	$558.8M-3.1%	$576.9M-2.5%	$591.5M+0.3%	$589.6M+16.3%	$507.1M+1.1%	$501.8M+8.3%	$463.5M+6.3%	$436.2M+44.5%	$301.9M+18.0%	$255.9M+3.2%	$247.9M+8.7%	$228.1M+16.3%	$196.2M+1.7%	$192.8M+8.4%	$178.0M
Interest Expense	$457.5M	$496.9M-27.0%	$680.5M-19.5%	$845.1M+96.5%	$430.1M+144.1%	$176.2M-46.6%	$330.1M-52.8%	$699.3M+4.4%	$669.9M+44.0%	$465.2M+19.8%	$388.2M+28.4%	$302.2M+10.6%	$273.2M+18.3%	$230.9M-14.0%	$268.6M+17.6%	$228.3M
Income Tax	$83.5M	$128.0M+143.0%	$52.7M+171.7%	$19.4M-82.9%	$113.1M-2.4%	$115.8M+14.8%	$100.9M+184.5%	$35.5M-39.7%	$58.8M-9.4%	$64.9M-54.1%	$141.3M-7.3%	$152.4M-4.9%	$160.2M-0.6%	$161.2M+67.8%	$96.1M-18.2%	$117.5M
Net Income	$302.2M	$428.5M+132.8%	$184.0M+104.9%	$89.8M-77.9%	$406.9M+3.5%	$393.3M+11.6%	$352.4M+148.5%	$141.8M-37.8%	$227.9M+31.6%	$173.2M-32.6%	$256.8M-4.2%	$268.0M-12.9%	$307.6M+1.6%	$302.7M+70.0%	$178.0M-12.9%	$204.3M
EPS (Basic)	N/A	$11.79+134.9%	$5.02+109.2%	$2.40-77.8%	$10.82+6.1%	$10.20+13.1%	$9.02+154.8%	$3.54	N/A	N/A	N/A	N/A	N/A	N/A	$3.76-11.3%	$4.24
EPS (Diluted)	$8.37	$11.79+134.9%	$5.02+109.2%	$2.40-77.8%	$10.82+6.1%	$10.20+13.1%	$9.02+154.8%	$3.54	N/A	N/A	N/A	N/A	N/A	N/A	$3.74-11.6%	$4.23
Diluted Shares (Avg)	N/A	36M-0.8%	37M-2.1%	37M-0.5%	38M-2.5%	39M-1.2%	39M-2.5%	40M	N/A	N/A	N/A	N/A	N/A	N/A	47M-1.7%	48M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$204.9M-3.5%	$211.2M+1.6%	$225.4M+1.9%	$206.0M-14.4%	$212.3M-12.6%	$207.8M-22.7%	$221.2M+5.6%	$240.5M-15.5%
Cost of Revenue	$41.3M-26.0%	$52.0M-9.5%	$53.0M-22.8%	$60.0M-17.0%	$55.7M+14.9%	$57.5M-8.5%	$68.7M+9.5%	$72.3M+40.4%
Gross Profit	$163.6M+4.5%	$159.2M+5.9%	$172.3M+13.0%	$146.0M-13.2%	$156.6M-19.5%	$150.3M-27.0%	$152.5M+3.9%	$168.2M-27.8%
SG&A Expenses	$152.7M+13.3%	$139.4M+0.8%	$141.1M-4.2%	$144.8M-1.0%	$134.7M-3.5%	$138.2M-3.9%	$147.2M-3.7%	$146.2M+3.5%
Interest Expense	$108.9M-18.0%	$109.6M-12.4%	$118.3M-16.2%	$120.7M-28.3%	$132.9M-24.7%	$125.1M-35.7%	$141.2M-31.2%	$168.3M-18.7%
Income Tax	$19.9M-66.5%	$20.1M-19.8%	$7.7M-48.8%	$35.8M+12785.5%	$59.5M+303.4%	$25.0M+7.9%	$15.0M+257.0%	-$282K-102.7%
Net Income	$66.7M-63.3%	$71.1M-13.8%	$57.8M-8.5%	$106.7M+4367.5%	$181.5M+302.4%	$82.6M+12.5%	$63.2M+848.2%	$2.4M-94.6%
EPS (Basic)	$1.85-62.8%	$1.97-12.8%	$1.61-6.9%	$2.94+4100.0%	$4.97+304.1%	$2.26+14.1%	$1.73+886.4%	$0.07-94.1%
EPS (Diluted)	$1.85-62.8%	$1.97-12.8%	$1.61-6.9%	$2.94+4100.0%	$4.97+304.1%	$2.26+14.1%	$1.73+886.4%	$0.07-94.1%
Diluted Shares (Avg)	36M-1.2%	36M-1.1%	N/A	36M-0.3%	36M-0.1%	36M-1.8%	N/A	36M-2.8%

Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EBITDA.

NNI Balance Sheet

NNI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$14.1B+2.1%	$13.8B-17.6%	$16.7B-13.7%	$19.4B-10.7%	$21.7B-4.3%	$22.6B-4.5%	$23.7B-6.0%	$25.2B+5.2%	$24.0B-11.9%	$27.2B-10.6%	$30.4B+1.3%	$30.0B+8.1%	$27.8B+4.4%	$26.6B+2.9%	$25.9B
Cash & Equivalents	$296.0M+52.2%	$194.5M+15.7%	$168.1M+42.3%	$118.1M-5.9%	$125.6M+3.6%	$121.2M-9.5%	$133.9M+10.3%	$121.3M+81.8%	$66.8M-4.2%	$69.7M+9.6%	$63.5M-51.3%	$130.5M+106.2%	$63.3M-4.2%	$66.0M+55.1%	$42.6M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$193.5M+21.0%	$159.9M-18.5%	$196.2M+0.7%	$194.9M+19.3%	$163.3M+113.6%	$76.5M-33.7%	$115.4M+93.8%	$59.5M+57.2%	$37.9M-13.9%	$44.0M-14.4%	$51.3M+1.6%	$50.6M-9.8%	$56.1M-11.9%	$63.6M0.0%	$63.7M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$158.0M0.0%	$158.0M0.0%	$158.0M-10.7%	$176.9M+24.5%	$142.1M0.0%	$142.1M-9.4%	$156.9M0.0%	$156.9M+13.1%	$138.8M-5.8%	$147.3M+0.9%	$146.0M+15.7%	$126.2M+7.8%	$117.1M0.0%	$117.1M0.0%	$117.1M
Total Liabilities	$10.5B+0.1%	$10.5B-22.5%	$13.5B-16.5%	$16.2B-13.6%	$18.7B-6.5%	$20.0B-6.1%	$21.3B-6.9%	$22.9B+5.1%	$21.8B-13.2%	$25.1B-11.9%	$28.5B+0.5%	$28.4B+7.8%	$26.3B+3.5%	$25.4B+2.6%	$24.8B
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-5.9%	$20.5B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.7B+10.0%	$3.3B+3.0%	$3.3B+1.7%	$3.2B+8.4%	$3.0B+12.1%	$2.6B+10.3%	$2.4B+3.6%	$2.3B+7.2%	$2.1B+4.3%	$2.1B+9.4%	$1.9B+9.2%	$1.7B+19.5%	$1.4B+23.9%	$1.2B+9.3%	$1.1B
Retained Earnings	$3.7B+10.2%	$3.3B+2.1%	$3.3B+1.1%	$3.2B+10.0%	$2.9B+12.2%	$2.6B+10.3%	$2.4B+3.4%	$2.3B+7.3%	$2.1B+4.3%	$2.1B+9.3%	$1.9B+10.5%	$1.7B+20.5%	$1.4B+25.2%	$1.1B+11.0%	$1.0B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$14.3B+4.1%	$14.2B-0.1%	$14.1B+2.1%	$13.9B-1.5%	$13.7B-5.4%	$14.2B-7.7%	$13.8B-17.6%	$14.1B-18.1%
Cash & Equivalents	$172.4M-23.6%	$240.0M+8.8%	$296.0M+52.2%	$216.4M-1.5%	$225.8M+55.2%	$220.5M+22.7%	$194.5M+15.7%	$219.7M+17.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$169.9M+33.3%	$196.9M+51.6%	$193.5M+21.0%	$147.8M-3.8%	$127.5M-20.2%	$129.9M-3.6%	$159.9M-18.5%	$153.6M+18.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$206.8M+30.9%	$203.9M+29.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M-10.7%
Total Liabilities	$10.6B+4.0%	$10.6B-2.4%	$10.5B+0.1%	$10.3B-5.4%	$10.2B-9.3%	$10.8B-10.8%	$10.5B-22.5%	$10.9B-22.1%
Long-Term Debt	$7.0B-10.9%	$7.7B-11.1%	$7.8B-6.4%	$7.8B-12.5%	$7.9B-17.4%	$8.7B-18.2%	$8.3B-29.7%	$8.9B-28.2%
Total Equity	$3.8B+5.5%	$3.7B+9.1%	$3.7B+10.0%	$3.7B+11.0%	$3.6B+8.5%	$3.4B+3.4%	$3.3B+3.0%	$3.3B-0.1%
Retained Earnings	$3.8B+5.4%	$3.7B+9.4%	$3.7B+10.2%	$3.6B+11.0%	$3.6B+8.5%	$3.4B+3.0%	$3.3B+2.1%	$3.3B-0.6%

Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Non-Current Liabilities.

NNI Cash Flow Statement

NNI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$401.1M	$423.0M-36.2%	$662.9M+53.4%	$432.0M-36.8%	$683.1M+42.2%	$480.3M+37.6%	$349.1M+16.8%	$298.9M+10.3%	$270.9M-15.9%	$322.3M+7.4%	$300.2M-23.3%	$391.4M+9.5%	$357.4M-7.7%	$387.2M+29.4%	$299.3M-3.7%	$310.9M
Depreciation & Amortization	N/A	$90.6M-31.6%	$132.5M-8.8%	$145.4M-17.5%	$176.2M+33.2%	$132.3M-33.3%	$198.5M+3.0%	$192.7M+4.3%	$184.7M+34.0%	$137.8M+12.5%	$122.5M-1.0%	$123.7M+14.6%	$108.0M+35.8%	$79.5M-31.9%	$116.8M+12.9%	$103.5M
Stock-Based Compensation	N/A	$13.3M+10.2%	$12.0M-26.9%	$16.5M+16.2%	$14.2M+32.8%	$10.7M-36.2%	$16.7M+146.9%	$6.8M+3.7%	$6.5M+48.1%	$4.4M+1.6%	$4.3M-18.7%	$5.3M+13.8%	$4.7M+41.2%	$3.3M+10.2%	$3.0M+48.8%	$2.0M
Capital Expenditures	$37.0M	$26.2M+25.5%	$20.9M-71.8%	$74.1M+24.6%	$59.4M+0.8%	$59.0M-48.0%	$113.3M+22.5%	$92.5M-26.0%	$125.0M-19.9%	$156.0M+130.8%	$67.6M+303.3%	$16.8M-36.7%	$26.5M+55.7%	$17.0M+71.1%	$9.9M-29.8%	$14.2M
Free Cash Flow	$364.0M	$396.7M-38.2%	$642.0M+79.3%	$358.0M-42.6%	$623.6M+48.0%	$421.4M+78.7%	$235.8M+14.2%	$206.4M+41.5%	$145.9M-12.3%	$166.3M-28.5%	$232.6M-37.9%	$374.6M+13.2%	$331.0M-10.6%	$370.2M+27.9%	$289.4M-2.5%	$296.7M
Investing Cash Flow	-$388.3M	$356.4M-85.2%	$2.4B+24.4%	$1.9B-14.7%	$2.3B+91.7%	$1.2B+90.9%	$621.2M-59.3%	$1.5B+308.2%	-$732.4M-124.8%	$2.9B-13.4%	$3.4B+140.4%	$1.4B+1394.3%	-$109.5M-122.1%	$496.6M+162.6%	-$792.7M-155.1%	$1.4B
Financing Cash Flow	$165.5M	-$737.1M+76.7%	-$3.2B-17.3%	-$2.7B+3.2%	-$2.8B-95.2%	-$1.4B-15.9%	-$1.2B+31.2%	-$1.8B-351.9%	$711.8M+120.3%	-$3.5B+2.2%	-$3.6B-90.8%	-$1.9B-937.9%	-$180.7M+79.6%	-$886.5M-271.5%	$516.8M+125.9%	-$2.0B
Dividends Paid	$46.3M	$43.0M+5.3%	$40.8M+3.6%	$39.4M+7.7%	$36.6M+6.2%	$34.5M+8.4%	$31.8M+7.8%	$29.5M+9.9%	$26.8M+11.4%	$24.1M+13.7%	$21.2M+11.4%	$19.0M+2.6%	$18.5M-0.1%	$18.6M-72.0%	$66.2M+272.9%	$17.8M
Share Buybacks	$84.2M	$69.3M-16.7%	$83.3M+197.2%	$28.0M-71.3%	$97.7M+68.1%	$58.1M-20.8%	$73.4M+81.5%	$40.4M-10.9%	$45.3M-34.2%	$68.9M-0.3%	$69.1M-28.2%	$96.2M+512.0%	$15.7M+19.6%	$13.1M-42.4%	$22.8M-15.9%	$27.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$77.9M-4.7%	$73.1M-19.8%	$137.6M-23.8%	$112.4M-17.9%	$81.8M-38.9%	$91.2M-56.9%	$180.5M+127.2%	$137.0M-11.1%
Depreciation & Amortization	$10.1M+33.0%	$21.2M-8.5%	$22.4M-15.6%	$7.3M-46.4%	$7.6M-49.6%	$23.1M-31.9%	$26.5M+58.4%	$13.7M-37.4%
Stock-Based Compensation	N/A	$3.6M+16.5%	N/A	N/A	N/A	$3.1M-1.6%	N/A	N/A
Capital Expenditures	$6.3M+71.1%	$11.6M+241.9%	$7.5M-56.9%	$11.7M+163.0%	$3.7M-65.2%	$3.4M-85.5%	-$17.4M-19.0%	$4.4M-71.1%
Free Cash Flow	$71.6M-8.3%	$61.6M-29.9%	$130.1M-20.2%	$100.8M-24.0%	$78.1M-36.6%	$87.8M-53.4%	$163.2M+181.2%	$132.6M-4.5%
Investing Cash Flow	-$65.9M-111.5%	$31.1M-77.2%	-$162.6M-148.6%	-$190.8M-175.0%	$573.5M-22.2%	$136.4M-87.4%	$334.9M-47.0%	$254.2M-38.9%
Financing Cash Flow	$134.5M+119.6%	-$244.2M+25.2%	$231.8M+148.0%	$43.4M+110.0%	-$685.9M+21.0%	-$326.4M+76.4%	-$482.8M-0.9%	-$436.0M+26.3%
Dividends Paid	$11.8M+16.3%	$11.8M+16.5%	$11.8M+16.5%	$10.8M+6.8%	$10.2M0.0%	$10.2M-2.0%	$10.2M-2.0%	$10.1M+4.6%
Share Buybacks	$24.4M+14.0%	$16.3M+265.2%	$16.3M+3933.5%	$27.3M+4634.9%	$21.4M-54.4%	$4.5M-87.4%	$403K-98.3%	$576K+6.1%

NNI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NNI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	73.4%-0.7pp	74.1%-6.1pp	80.2%-9.0pp	89.2%-2.6pp	91.8%-0.7pp	92.5%+1.9pp	90.6%-2.3pp	92.9%+0.4pp	92.5%-1.8pp	94.3%	N/A	N/A	N/A	N/A	N/A
Net Margin	50.3%+31.4pp	18.9%+10.8pp	8.1%-18.0pp	26.1%-3.6pp	29.7%+4.5pp	25.2%+12.1pp	13.1%-8.1pp	21.2%-0.9pp	22.1%-6.6pp	28.6%-1.2pp	29.8%-3.2pp	33.0%-0.1pp	33.1%+8.8pp	24.4%-2.8pp	27.2%
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%+7.4pp	5.9%-4.0pp	9.9%+1.8pp	8.1%-4.4pp	12.4%-1.8pp	14.2%-3.6pp	17.8%-3.1pp	21.0%+5.7pp	15.3%-3.9pp	19.2%
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%+1.0pp	0.6%-0.3pp	0.9%+0.2pp	0.7%-0.2pp	0.9%+0.1pp	0.9%-0.1pp	1.0%-0.1pp	1.1%+0.4pp	0.7%-0.1pp	0.8%
Debt-to-Equity	2.11-0.4x	2.48-1.2x	3.64-0.9x	4.58-1.4x	5.97-1.4x	7.34-1.3x	8.60-1.3x	9.94-0.2x	10.14-2.0x	12.19-3.0x	15.14-1.3x	16.44-1.8x	18.24-3.6x	21.84-1.4x	23.25
Asset Turnover	0.060.0x	0.070.0x	0.070.0x	0.080.0x	0.060.0x	0.060.0x	0.050.0x	0.040.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.03
FCF Margin	46.6%-19.3pp	66.0%+33.7pp	32.3%-7.8pp	40.0%+8.2pp	31.8%+15.0pp	16.8%-2.3pp	19.1%+5.5pp	13.6%-7.6pp	21.2%-4.7pp	25.9%-15.7pp	41.6%+6.1pp	35.5%-5.0pp	40.5%+0.9pp	39.7%+0.1pp	39.5%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	79.9%+6.1pp	75.4%+3.0pp	76.5%+7.5pp	70.9%+0.9pp	73.7%-6.3pp	72.3%-4.3pp	68.9%-1.1pp	69.9%-12.0pp
Net Margin	32.5%-53.0pp	33.7%-6.1pp	25.6%-2.9pp	51.8%+50.8pp	85.5%+66.9pp	39.7%+12.4pp	28.5%+32.6pp	1.0%-14.6pp
Return on Equity	1.8%-3.3pp	1.9%-0.5pp	1.6%-0.3pp	2.9%+2.9pp	5.1%+3.7pp	2.4%+0.2pp	1.9%+2.1pp	0.1%-1.3pp
Return on Assets	0.5%-0.9pp	0.5%-0.1pp	0.4%0.0pp	0.8%+0.8pp	1.3%+1.0pp	0.6%+0.1pp	0.5%+0.5pp	0.0%-0.2pp
Debt-to-Equity	1.87-0.3x	2.06-0.5x	2.11-0.4x	2.14-0.6x	2.21-0.7x	2.53-0.7x	2.48-1.2x	2.72-1.1x
Asset Turnover	0.010.0x	0.010.0x	0.020.0x	0.010.0x	0.020.0x	0.010.0x	0.020.0x	0.020.0x
FCF Margin	34.9%-1.8pp	29.1%-13.1pp	57.7%-16.0pp	48.9%-6.2pp	36.8%-13.9pp	42.2%-27.8pp	73.7%+46.1pp	55.1%+6.4pp

Not reported in any period shown, so not listed: Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Nelnet, Inc. NNI	FY2025	$851.5M	$428.5M	50.3%	$4.4B	—
Credit Acceptance Corp CACC	FY2025	$2.3B	$424	0.0%	$5.5B	30/100
Qfin Holdings, Inc. QFIN	FY2025	$2.7B	$854.5M	31.1%	$797.0M	75/100
FirstCash Holdings, Inc. FCFS	FY2025	$3.7B	$330.4M	9.0%	$9.2B	45/100
SLM Corporation SLM	FY2025	$2.0B	$744.8M	37.5%	$4.3B	13/100
Upstart Holdings, Inc. UPST	FY2025	$1.0B	$53.6M	5.1%	$2.4B	26/100

Where Nelnet, Inc. Ranks

Frequently Asked Questions

What is Nelnet, Inc.'s annual revenue?

Nelnet, Inc. (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, Inc.'s revenue growing?

Nelnet, Inc. (NNI) revenue declined by 12.5% year-over-year, from $973.4M to $851.5M in fiscal year 2025.

Is Nelnet, Inc. profitable?

Yes, Nelnet, Inc. (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, Inc. have?

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

What is Nelnet, Inc.'s gross margin?

Nelnet, Inc. (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, Inc.'s net profit margin?

Nelnet, Inc. (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, Inc.'s return on equity (ROE)?

Nelnet, Inc. (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, Inc.'s free cash flow?

Nelnet, Inc. (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, Inc.'s operating cash flow?

Nelnet, Inc. (NNI) generated $423.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nelnet, Inc.'s total assets?

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

What are Nelnet, Inc.'s capital expenditures?

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

Does Nelnet, Inc. buy back shares?

Yes, Nelnet, Inc. (NNI) spent $69.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Nelnet, Inc.'s debt-to-equity ratio?

Nelnet, Inc. (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, Inc.'s return on assets (ROA)?

Nelnet, Inc. (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, Inc.'s P/E ratio?

Nelnet, Inc. (NNI) trades at 14.7x earnings, its market capitalization divided by net income of $302.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.4B as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Nelnet, Inc.'s price-to-sales ratio?

Nelnet, Inc. (NNI) trades at 5.2x sales, its market capitalization divided by revenue of $847.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.4B as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Nelnet, Inc.'s Piotroski F-Score?

Nelnet, Inc. (NNI) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nelnet, Inc.'s earnings high quality?

Nelnet, Inc. (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.