Welcome to our dedicated page for Nelnet SEC filings (Ticker: NNI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to Nelnet, Inc. (NYSE: NNI) SEC filings, giving investors and researchers a primary source for the company’s regulatory disclosures. As a Nebraska-incorporated public company, Nelnet files current reports on Form 8-K, periodic reports, and other documents under the Securities Exchange Act of 1934.
Recent 8-K filings referenced in company communications include earnings releases for quarters ended June 30 and September 30, 2025, which present GAAP and non-GAAP results and segment performance for Asset Generation and Management, Nelnet Bank, Loan Servicing and Systems, and Education Technology Services and Payments. Other 8-Ks describe material events such as gains on equity investments and the agreement, through Nelnet Canada, Inc., to acquire Finastra’s Canadian student loan servicing business.
Nelnet also uses 8-K filings to note when Nelnet Bank submits its Consolidated Reports of Condition and Income (Call Reports) to the FDIC, directing readers to the FDIC’s public website for those banking regulatory documents. These filings help users understand Nelnet Bank’s asset, loan, and deposit profiles and how they relate to the broader Nelnet Financial Services division.
On Stock Titan, SEC documents for NNI are paired with AI-powered summaries that explain the key points of lengthy filings, such as earnings releases and other current reports. Users can quickly see what changed, which segments drove results, and how specific transactions or provisions affected reported figures, while still having access to the full original filings for detailed review.
For those tracking Nelnet’s governance, capital allocation, or risk disclosures, this page is a central location to review the company’s official SEC-reported information alongside concise AI-generated highlights.
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.
Nelnet, Inc. completed its previously announced acquisition of Finastra Holdings Limited’s Canadian student loan servicing business. The transaction closed on February 2, 2026 for total consideration of CAD $130.5 million, described as approximately USD $95 million, paid in cash and subject to customary adjustments.
The acquisition was executed through Nelnet Canada, Inc., a wholly owned subsidiary of Nelnet, under a definitive and binding purchase agreement dated October 22, 2025 with DH Corporation, a wholly owned subsidiary of Finastra Holdings Limited. This expands Nelnet’s presence in the Canadian student loan servicing market.
Nelnet, Inc. reported that its wholly owned subsidiary, Nelnet Bank, has filed its quarterly Call Report with the Federal Deposit Insurance Corporation. This Consolidated Report of Condition and Income on Form FFIEC 051 covers the quarter ended December 31, 2025 for a bank with domestic offices and total assets under $5 billion.
The filing notes that the publicly available portions of this Call Report can be accessed on the FDIC’s website. Nelnet also clarifies that this information is being furnished under Regulation FD and is not deemed filed under the securities laws unless specifically incorporated by reference in another filing.
Nelnet, Inc. reported that Tim Tewes, its President and the Chief Executive Officer of subsidiary Nelnet Business Services, has informed the company he plans to retire effective June 30, 2026. The company states that after retiring from his executive roles, Mr. Tewes will remain involved as a member of the Nelnet Bank Board of Directors, providing continued leadership at the bank level. Nelnet also furnished a press release announcing his planned retirement as Exhibit 99.1, noting that this information is being provided for disclosure purposes and is not deemed filed under certain Exchange Act provisions.
Nelnet, Inc. director Jona M. Van Deun reported a small open-market sale of company stock. On 12/09/2025, she sold 400 shares of Nelnet Class A common stock at a price of $128.95 per share, coded as a sale transaction.
After this trade, she beneficially owns 704 shares of Class A common stock in direct form. The filing notes that this transaction was carried out under a pre-arranged Rule 10b5-1 trading plan that she entered into on September 9, 2025, which is designed to allow insiders to sell shares according to a set schedule.
Navigant? (symbol NNI) has an insider filing a notice on Form 144 to sell common stock under Rule 144. The filer plans to sell 400 shares of common stock through Fidelity Brokerage Services LLC on the NYSE, with an aggregate market value of $51,580.00 based on the price at the time of the notice. The issuer has 25,316,448 shares of common stock outstanding, which provides context for the size of this proposed sale.
The 400 shares being sold were acquired on June 16, 2025 through restricted stock unit (RSU) vesting from the issuer, with the same date listed for payment and the nature of payment shown as “N/A,” indicating no separate cash purchase. The form also includes a standard representation that the selling person does not know of any material adverse, non-public information about the issuer's operations.
Nelnet Inc. insider activity shows a significant share transfer. Reporting person Matthew W. Dunlap, a director and President of NFS at Nelnet Inc. (NNI), reported a transaction dated 12/01/2025 involving Class B common stock with transaction code G, indicating a bona fide gift. He acquired 63,126 shares of Class B common stock at a reported price of $0, bringing his direct beneficial ownership of Class B shares to 226,197. He also directly holds 13,374 shares of Class A common stock, which includes 27 Class A shares acquired through the company’s dividend reinvestment plan since July 30, 2025. The report notes that certain shares held in estate planning trusts and a family limited liability company are excluded because he is not deemed to beneficially own them for Section 16(a) purposes.
Nelnet Inc’s executive chairman Michael S. Dunlap, who is also a director and 10% owner, reports his indirect holdings of the company’s Class B Common Stock as of a December 1, 2025 transaction date. The report shows 1,586,691 Class B shares held through Union Financial Services, Inc., where he is president and a 50% stockholder, and 1,600,000 Class B shares held by Dunlap Holdings, LLC, a family-controlled entity. Additional Class B shares are held through multiple 2011 grantor retained annuity trusts and dynasty trusts for the benefit of his adult sons and family members. For each entity, Dunlap states that he continues to report beneficial ownership of all shares but disclaims beneficial ownership except to the extent of his pecuniary interest. This filing is the second of two submitted to cover all December 1, 2025 transfers.
Nelnet Inc. insider Michael S. Dunlap, Executive Chairman and a 10% owner, reported several internal transfers of Class B Common Stock on December 1, 2025. The filing shows gifts and trust-related movements at a reported price of $0 per share, reflecting estate and trust planning rather than open‑market trades.
According to the footnotes, one Grantor Retained Annuity Trust that terminated on October 13, 2015 transferred 268,480 Class B shares to multiple 2015 post‑annuity irrevocable trusts and 33,560 shares to an adult son. A separate terminating Grantor Retained Annuity Trust dated the same day transferred 236,526 Class B shares to additional 2015 post‑annuity irrevocable trusts and 29,566 shares to an adult son.
Dunlap continues to report beneficial ownership of shares held by the various trusts and Grantor Retained Annuity Trusts, but in each case disclaims beneficial ownership except to the extent of his pecuniary interest. This Form 4 is the first of two related filings, with the second covering additional holdings not accommodated in this table.