Nelnet SEC Filings

Nelnet Inc Chief People Services Officer Emily Olinger reported routine equity compensation activity in Class A Common Stock. On March 10, 2026, she received a total of 3,990 shares as restricted and performance-based stock awards, while 670 shares were withheld by the company to cover tax obligations. After these transactions, she directly holds 7,859 shares.

Nelnet Inc. Chief Financial Officer James D. Kruger reported stock-based compensation and related tax withholding in Class A Common Stock. On March 10, 2026, he received two share awards totaling 16,183 shares under the company’s restricted stock and bonus plans. The company withheld 5,310 shares, valued at per-share amounts including $131.23 and $132.87, to cover his tax obligations rather than selling shares on the open market. Following these transactions, he continues to hold a substantial direct position in Nelnet stock and also reports indirect beneficial ownership through GRATs, revocable trusts, and family trusts, while disclaiming beneficial ownership beyond his pecuniary interest.

Nelnet Inc. Chief Operating Officer Terry J. Heimes reported compensation-related stock activity in Class A Common Stock. He received 7,527 restricted shares that vest in equal installments over five years and 6,492 shares as his 2025 performance-based bonus, both under the company’s Restricted Stock Plan. The issuer withheld 5,274 shares at assigned per-share values of 131.23 and 132.87 to satisfy related tax obligations, a non-market disposition. Following these transactions, Heimes holds 27,923 shares directly, and also reports additional indirect holdings through revocable trusts, a spouse account, and children’s trusts.

NELNET INC executive DeeAnn Wenger, President of Nelnet Business Services, reported stock-based compensation activity in Class A Common Stock on March 10, 2026. She received 3,764 restricted shares under the Restricted Stock Plan that vest equally over five years starting each March 10, and 2,164 shares as her 2025 performance-based bonus paid in stock. To cover related tax obligations, the issuer withheld a total of 1,278 shares at per-share values based on closing market prices, leaving her with 31,025 shares held directly after these routine, non–open-market transactions.

NELNET INC President Timothy Tewes reported equity compensation awards and related tax-withholding transactions in Class A Common Stock. On March 10, 2026, he received 7,527 restricted shares under the Restricted Stock Plan that vest in equal installments over five years, and 8,656 shares as his 2025 performance-based bonus paid in stock. To cover associated tax obligations, 5,307 shares were withheld by the issuer at per-share values of $131.23 and $132.87 assigned under the tax arrangements. Following these awards and tax withholdings, Tewes directly holds 94,048 shares of Class A Common Stock, reflecting routine compensation activity rather than open-market buying or selling.

NELNET INC director and NFS President Matthew W. Dunlap reported routine equity compensation activity involving Class A common stock. On March 10, he received a grant of 3,764 restricted Class A shares at a stated price of $0.00 per share, increasing his direct Class A holdings to 17,069 shares, which include 28 shares acquired through the company’s dividend reinvestment plan since December 3, 2025.

On the same date, 97 Class A shares (two entries of 30 and 67 shares) were withheld by the issuer at a per-share value of $131.23 to cover tax obligations arising from the vesting of a previously reported share grant. These tax-withholding dispositions are not open‑market sales. He also directly holds 226,197 shares of Class B common stock as of this filing.

Nelnet Inc. Chief Executive Officer Jeffrey R. Noordhoek reported compensation-related share movements in Class A Common Stock. On March 10, 2026, he received 7,527 restricted shares as an award with no purchase price. These shares vest in five equal installments each year on March 10 under the company’s Restricted Stock Plan.

On the same date, a total of 2,422 shares were withheld by the issuer at $131.23 per share to cover his tax obligations from the vesting of a previously reported grant, a non-market "F" tax-withholding disposition under Rule 16b-3(d). After these transactions, he directly holds 109,583 shares, which include 5,148 shares from the Employee Share Purchase Plan, and also reports indirect holdings through two trusts as disclosed.

Nelnet, Inc. provides a detailed look at its diversified education-focused and financial services businesses and key risks for the year ended December 31, 2025. The company services $486.2 billion of loans for 13.2 million borrowers and holds a $7.6 billion FFELP loan portfolio, with 78.8% of total loans federally guaranteed. In February 2026, Nelnet expanded internationally by acquiring a Canadian student loan servicer for CAD $130.5 million (USD $95.7 million). The Department of Education remains its largest customer, contributing 21% of total revenue and 68% of Loan Servicing and Systems revenue in 2025. Nelnet also emphasizes growth in education technology and payments, private education and consumer lending through Nelnet Bank, and renewable energy tax equity investments, while highlighting substantial risks from interest rates, credit performance, regulation, and reduced solar tax incentives.

Nelnet, Inc. reported GAAP net income of $57.8 million, or $1.60 per share, for the fourth quarter of 2025, down from $63.2 million, or $1.73 per share, a year earlier. On a non‑GAAP basis excluding derivative market value adjustments, net income was $56.3 million, or $1.56 per share, up from $52.7 million, or $1.44 per share.

For full‑year 2025, GAAP net income jumped to $428.5 million, or $11.79 per share, versus $184.0 million, or $5.02 per share, with non‑GAAP net income of $435.4 million, or $11.98 per share. Results were helped by a $175.0 million gain from partial redemption of the ALLO investment and stronger contributions from Nelnet Financial Services, including higher loan spreads and growth in consumer and Nelnet Bank portfolios.

Loan Servicing and Systems revenue declined to $116.6 million in the quarter and segment net income fell to $8.9 million, reflecting lower per‑borrower pricing under the USDS contract and prior one‑time items. Education Technology Services and Payments grew revenue to $112.3 million but saw slightly lower net income. The solar construction business produced a fourth‑quarter pre‑tax loss of $27.3 million and a full‑year pre‑tax loss of $57.5 million before being sold in November 2025.

Nelnet ended 2025 with total assets of $14.06 billion, shareholders’ equity of $3.69 billion, and loans and accrued interest receivable, net, of $10.01 billion. During the fourth quarter the company repurchased 126,680 Class A shares for $16.1 million. In February 2026, it acquired a Canadian student loan servicing business for CAD 130.5 million (approximately USD 95.7 million), adding 2.7 million borrowers to its servicing platforms.