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

FY2025 annual

Revenue $851.5M -12.5% YoY

Net Income $428.5M +132.8% YoY

EPS (Diluted) $11.79 +134.9% YoY

Free Cash Flow $396.7M -38.2% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Nelnet (NNI) reported $851.5M in revenue for fiscal year 2025, down 12.5% from the prior fiscal year. 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 2026-05-07

Earnings recovery is being driven mainly by deleveraging and a lighter interest load, not by a larger revenue base.

From FY2023 to FY2025, revenue fell from $1.1B to $851.5M, yet net income rebounded sharply as long-term debt and interest expense were reduced at the same time. That combination lifted return on equity back to 11.6% even without top-line expansion, pointing to a funding-structure improvement rather than a sales-led recovery.

Since FY2021, total liabilities fell from $18.7B to $10.5B while equity continued to build, so the company is generating earnings with much less balance-sheet leverage than it used to. That matters because FY2025 return on assets was only 3.1%, a level whose shareholder impact changes materially when financing costs come down.

The business is light on capital spending: FY2025 capital expenditures were just $26.2M against operating cash flow of $423M, so most operating cash remained available after maintenance needs. But cash on hand was only $296M versus $10.5B of liabilities, meaning liquidity depends more on continued cash generation from the asset base than on a large idle cash reserve.

Financial Health Signals

Financial health score not available

Nelnet 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 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 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+1.5%

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

Net Income

$428.5M

YoY+132.8%

5Y CAGR+4.0%

10Y CAGR+4.8%

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.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$396.7M

YoY-38.2%

5Y CAGR+11.0%

10Y CAGR+0.6%

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+16.6%

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

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

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.

Net Margin

50.3%

YoY+31.4pp

5Y CAGR-6.6pp

10Y CAGR+13.8pp

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-2.6pp

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.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$69.3M

YoY-16.7%

5Y CAGR-1.1%

10Y CAGR-3.2%

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+4.6%

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.

R&D Spending

Not reported for fiscal year 2025.

NNI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NNI annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$847.5M	$851.5M-12.5%	$973.4M-12.3%	$1.1B+49.4%	$742.8M+41.8%	$523.8M-15.5%	$619.7M-34.7%	$948.7M+2.6%	$924.3M+20.0%	$770.4M+1.3%	$760.7M+3.6%	$734.1M+3.4%	$709.8M+10.1%	$644.8M+5.0%	$613.9M+3.5%	$592.9M
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+54.9%	$574.4M+38.4%	$415.2M-19.3%	$514.6M-39.2%	$846.7M-0.1%	$847.8M+19.1%	$711.8M+0.3%	$709.6M	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 (Diluted)	—	$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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$204.9M-3.0%	$211.2M-6.3%	$225.4M+9.4%	$206.0M-3.0%	$212.3M+2.1%	$207.8M-6.1%	$221.2M-8.0%	$240.5M
Cost of Revenue	$41.3M-20.7%	$52.0M-1.9%	$53.0M-11.6%	$60.0M+7.6%	$55.7M-3.1%	$57.5M-16.3%	$68.7M-4.9%	$72.3M
Gross Profit	$163.6M+2.8%	$159.2M-7.6%	$172.3M+18.1%	$146.0M-6.8%	$156.6M+4.1%	$150.3M-1.5%	$152.5M-9.3%	$168.2M
SG&A Expenses	$152.7M+9.5%	$139.4M-1.2%	$141.1M-2.6%	$144.8M+7.5%	$134.7M-2.5%	$138.2M-6.1%	$147.2M+0.7%	$146.2M
Interest Expense	$108.9M-0.6%	$109.6M-7.3%	$118.3M-2.0%	$120.7M-9.1%	$132.9M+6.2%	$125.1M-11.4%	$141.2M-16.1%	$168.3M
Income Tax	$19.9M-0.6%	$20.1M+160.8%	$7.7M-78.5%	$35.8M-39.9%	$59.5M+137.9%	$25.0M+66.5%	$15.0M+5425.2%	-$282K
Net Income	$66.7M-6.3%	$71.1M+23.1%	$57.8M-45.8%	$106.7M-41.2%	$181.5M+119.8%	$82.6M+30.7%	$63.2M+2544.8%	$2.4M
EPS (Diluted)	$1.85-6.1%	$1.97	N/A	$2.94-40.8%	$4.97+119.9%	$2.26	N/A	$0.07

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

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

NNI Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NNI annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$14.3B+0.7%	$14.2B+0.8%	$14.1B+1.3%	$13.9B+1.2%	$13.7B-3.4%	$14.2B+3.0%	$13.8B-2.2%	$14.1B
Cash & Equivalents	$172.4M-28.2%	$240.0M-18.9%	$296.0M+36.8%	$216.4M-4.1%	$225.8M+2.4%	$220.5M+13.4%	$194.5M-11.5%	$219.7M
Accounts Receivable	$169.9M-13.7%	$196.9M+1.8%	$193.5M+30.9%	$147.8M+15.9%	$127.5M-1.8%	$129.9M-18.8%	$159.9M+4.1%	$153.6M
Goodwill	$206.8M+1.4%	$203.9M+29.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M0.0%	$158.0M
Total Liabilities	$10.6B+0.6%	$10.6B+0.8%	$10.5B+1.9%	$10.3B+0.6%	$10.2B-5.5%	$10.8B+3.3%	$10.5B-3.6%	$10.9B
Long-Term Debt	$7.0B-8.5%	$7.7B-1.0%	$7.8B-0.5%	$7.8B-1.0%	$7.9B-8.7%	$8.7B+4.2%	$8.3B-7.0%	$8.9B
Total Equity	$3.8B+1.1%	$3.7B+1.2%	$3.7B+0.9%	$3.7B+2.2%	$3.6B+4.5%	$3.4B+2.1%	$3.3B+1.8%	$3.3B
Retained Earnings	$3.8B+1.0%	$3.7B+1.4%	$3.7B+0.9%	$3.6B+2.0%	$3.6B+4.8%	$3.4B+2.2%	$3.3B+1.6%	$3.3B

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

NNI Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NNI annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$77.9M+6.5%	$73.1M-46.9%	$137.6M+22.4%	$112.4M+37.5%	$81.8M-10.3%	$91.2M-49.5%	$180.5M+31.7%	$137.0M
Capital Expenditures	$6.3M-45.2%	$11.6M+54.1%	$7.5M-35.8%	$11.7M+215.7%	$3.7M+9.4%	$3.4M-80.6%	-$17.4M+291.6%	$4.4M
Free Cash Flow	$71.6M+16.2%	$61.6M-52.7%	$130.1M+29.1%	$100.8M+29.1%	$78.1M-11.1%	$87.8M-46.2%	$163.2M+23.0%	$132.6M
Investing Cash Flow	-$65.9M-312.1%	$31.1M+119.1%	-$162.6M+14.7%	-$190.8M-133.3%	$573.5M+320.6%	$136.4M-59.3%	$334.9M+31.7%	$254.2M
Financing Cash Flow	$134.5M+155.1%	-$244.2M-205.3%	$231.8M+434.0%	$43.4M+106.3%	-$685.9M-110.1%	-$326.4M+32.4%	-$482.8M-10.7%	-$436.0M
Dividends Paid	$11.8M-0.1%	$11.8M0.0%	$11.8M+9.2%	$10.8M+6.6%	$10.2M0.0%	$10.2M0.0%	$10.2M+0.1%	$10.1M
Share Buybacks	$24.4M+49.6%	$16.3M+0.2%	$16.3M-40.4%	$27.3M+27.7%	$21.4M+379.1%	$4.5M+1006.2%	$403K-30.0%	$576K

NNI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

NNI annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	73.4%-0.7pp	74.1%-6.1pp	80.2%+2.9pp	77.3%-1.9pp	79.3%-3.8pp	83.0%-6.2pp	89.3%-2.5pp	91.7%-0.7pp	92.4%-0.9pp	93.3%	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%+41.9pp	14.9%-9.7pp	24.7%+2.2pp	22.5%-11.3pp	33.8%-2.7pp	36.5%-6.8pp	43.3%-3.6pp	46.9%+17.9pp	29.0%-5.5pp	34.5%
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
FCF Margin	46.6%-19.3pp	66.0%+33.7pp	32.3%-51.7pp	84.0%+3.5pp	80.4%+42.4pp	38.0%+16.3pp	21.8%+6.0pp	15.8%-5.8pp	21.6%-9.0pp	30.6%-20.5pp	51.0%+4.4pp	46.6%-10.8pp	57.4%+10.3pp	47.1%-2.9pp	50.0%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	79.9%+4.5pp	75.4%-1.1pp	76.5%+5.6pp	70.9%-2.9pp	73.7%+1.4pp	72.3%+3.4pp	68.9%-1.0pp	69.9%
Net Margin	32.5%-1.1pp	33.7%+8.0pp	25.6%-26.2pp	51.8%-33.7pp	85.5%+45.8pp	39.7%+11.2pp	28.5%+27.6pp	1.0%
Return on Equity	1.8%-0.1pp	1.9%+0.3pp	1.6%-1.4pp	2.9%-2.2pp	5.1%+2.7pp	2.4%+0.5pp	1.9%+1.8pp	0.1%
Return on Assets	0.5%0.0pp	0.5%+0.1pp	0.4%-0.4pp	0.8%-0.5pp	1.3%+0.7pp	0.6%+0.1pp	0.5%+0.4pp	0.0%
Debt-to-Equity	1.87-0.2x	2.060.0x	2.110.0x	2.14-0.1x	2.21-0.3x	2.53+0.1x	2.48-0.2x	2.72
FCF Margin	34.9%+5.8pp	29.1%-28.6pp	57.7%+8.8pp	48.9%+12.2pp	36.8%-5.5pp	42.2%-31.5pp	73.7%+18.6pp	55.1%

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

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Where Nelnet Ranks

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 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'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.