Saturday 17 October 2026 Export NNI’s income statement to Excel — free account

Nelnet, Inc.

Nelnet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 5.49% from fiscal 2024. In the quarter to June 2026, revenue fell 23.0%, EPS fell 62.8%, free cash flow fell 52.3% and total debt fell 10.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.

127.57 0.45 −0.35%

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Market cap: $4.6B
P/E: 15.3×
Fwd P/E: 15.0×
Dividend yield: 1.03%
F-score: 7/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.05

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	—	—	—	—	—	—	—	—	—	—

Insider Ownership 47.89%

Capital & Financial Ratios $m

Market Cap 4,580.00

Revenue 2,106.29

Net Income 240.43

Free Cash Flow 291.66

Net Debt 3,408.10

Current Ratio 836.59

Debt/Equity 1.94

P/E ratio 15.26

Fwd P/E 15.00

P/S ratio 2.18

P/B ratio 1.26

Past 5Y EPS Growth 5.50%

This Y EPS Growth (38.10%)

Next Y EPS Growth 14.64%

Next Y revenue growth (25.97%)

Next 5Y EPS Growth 25.03%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 66.05%

10-year low 10-year high

P/S against its own 10 years 95.87%

10-year low 10-year high

P/B against its own 10 years 86.44%

10-year low 10-year high

Dividends

Payout Ratio 0.16

Annual Dividend Rate 1.32

Annual Dividend Yield 1.03%

	total	individual payouts
2027	Powerpack
2026	1.32	0.33 0.33 0.33
2025	1.19	0.28 0.28 0.30 0.33
2024	1.12	0.28 0.28 0.28 0.28
2023	1.06	0.26 0.26 0.26 0.28
2022	0.98	0.24 0.24 0.24 0.26
2021	0.90	0.22 0.22 0.22 0.24
2020	0.82	0.20 0.20 0.20 0.22
2019	0.74	0.18 0.18 0.18 0.20
2018	0.66	0.16 0.16 0.16 0.18
2017	0.58	0.14 0.14 0.14 0.16
2016	0.50	0.12 0.12 0.12 0.14

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,890	3,132	3,322	3,635
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	16,195	13,284	13,522	13,607

	2023	2024	2025	Q'26
Payables	—	—	—	—
ST’ Debt	—	—	—	—
Other	—	—	—	—
	35	21	20	16

Compound Annual Growth %

	10y	5y	3y
Sales	6.50%	5.45%	4.35%
Cash Flow	0.78%	3.91%	(14.76%)
Earnings	4.81%	3.98%	1.74%
Book Value	6.58%	6.36%	3.79%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	529	519	—	—	—
’25	524	673	548	510	2,256
’24	580	509	507	543	2,138
’23	531	508	527	467	2,034
’22	530	419	522	515	1,985
’21	368	353	337	443	1,501
’20	380	403	365	582	1,730

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	73	78	—	—	—
’25	91	82	112	138	423
’24	212	134	137	181	663
’23	123	76	154	79	432
’22	275	208	173	26	683
’21	49	137	151	144	480
’20	(144)	39	279	176	349

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	62	72	—	—	—
’25	88	151	28	130	397
’24	188	234	21	198	642
’23	98	63	139	58	358
’22	260	190	163	11	624
’21	31	126	137	127	421
’20	(170)	17	245	143	236

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.97	1.85	—	—	—
’25	2.26	4.97	2.94	1.60	11.79
’24	1.97	1.23	0.07	1.73	5.02
’23	0.71	0.75	1.21	(0.23)	2.45
’22	4.91	2.26	2.80	0.83	10.83
’21	3.20	2.16	1.38	3.46	10.20
’20	(1.01)	2.21	1.86	6.10	9.02

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	27.80	38.72	47.59	51.19	36.70	67.93	72.94	81.67	82.22	98.15	Analyst estimates 2026–2028 Powerpack
	High	55.01	59.68	64.00	69.97	73.92	99.79	99.49	101.60	127.32	140.87
People
People	Employees	3,700	4,300	6,200	6,600	6,199	7,988	8,237	7,550	6,739	5,744
	Revenue/emp, $m	0.35	0.29	0.28	0.27	0.28	0.19	0.24	0.27	0.32	0.39
Income, $m
Income, $m	Revenue	1,285	1,249	1,745	1,780	1,730	1,501	1,985	2,034	2,138	2,256
	Gross margin, %	69.79	62.77	61.61	60.71	80.92	88.26	78.33	58.45	68.18	77.97
	EBT	399	227	286	177	450	502	502	69	229	526
	EBT margin, %	31.04	18.14	16.41	9.93	26.04	33.45	25.28	3.38	10.69	23.33
	Net income	258	162	228	141	350	386	389	49	176	398
	Depreciation	123	138	185	193	198	132	176	145	133	91
Per share, $
Per share, $	Revenue	30.11	29.90	42.66	44.45	44.29	38.91	52.80	54.36	58.36	62.07
	Earnings	6.02	4.14	5.57	3.54	9.02	10.20	10.83	2.45	5.02	11.79
	Cash flow	7.04	7.71	6.62	7.46	8.94	12.45	18.17	11.55	18.09	11.64
	Capex	(1.58)	(3.73)	(3.06)	(2.31)	(2.90)	(1.53)	(1.58)	(1.98)	(0.57)	(0.72)
	Free cash flow	5.45	3.98	3.57	5.15	6.04	10.92	16.58	9.57	17.52	10.92
	Book value	48.53	51.81	56.58	59.71	67.29	76.55	85.10	85.53	90.04	98.43
	Shares, m	43	42	41	40	39	39	38	37	37	36
Valuation, ×
Valuation, ×	P/E	8.56	13.21	9.40	16.50	7.78	9.58	8.33	36.02	21.36	11.30
	P/S	1.71	1.83	1.23	1.31	1.61	2.51	1.70	1.62	1.83	2.14
	P/B	1.06	1.06	0.93	0.98	1.06	1.28	1.06	1.03	1.19	1.35
	EV/Sales	19.80	17.97	13.13	12.02	11.65	12.40	7.33	6.01	4.25	4.12
	EV/FCF	109.39	135.08	157.11	103.63	85.47	44.18	23.33	34.16	14.16	23.42
Cash, $m
Cash, $m	Operating cash flow	300	322	271	299	349	480	683	432	663	423
	Capex	(68)	(156)	(125)	(92)	(113)	(59)	(59)	(74)	(21)	(26)
	Free cash flow	233	166	146	206	236	421	624	358	642	397
Balance, $m
Balance, $m	Working capital	26,718	23,415	24,496	22,941	22,185	21,277	18,872	16,159	13,263	13,501
	Total debt	24,668	21,357	22,219	20,529	19,321	17,631	14,637	11,828	8,310	7,781
	Net debt	23,244	20,174	20,777	19,059	17,369	14,848	11,168	8,938	5,178	4,459
	Shareholders’ equity	2,071	2,165	2,315	2,391	2,628	2,953	3,200	3,200	3,299	3,577
Returns, %
Returns, %	ROA	0.89	0.68	0.93	0.58	1.52	1.77	1.98	0.50	1.21	3.08
	ROIC	0.98	0.63	0.77	0.51	1.41	1.76	2.25	0.52	1.71	4.32
	ROE	12.96	8.18	10.17	6.03	14.04	14.09	13.23	2.81	5.66	12.46

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
OMF OneMain Holdings, Inc.	$6.4B	8.4×	7.6×	+7.19% (above 0%: growing)	−5.71% (below 0%: shrinking)	+3.36% (above 0%: growing)	79.93%	0.00%	Compare
CACC Credit Acceptance Corporation	$5.7B	11.7×	10.5×	+0.62% (above 0%: growing)	+71.79% (above 0%: growing)	+120.88% (above 0%: growing)	100.00%	50.07%	Compare
KLAR Klarna Group plc	$5.1B	— (loss-making)	8.2×	+26.61% (above 0%: growing)	n/m	−129.24% (below 0%: shrinking)	61.23%	2.59%	Compare
NNI Nelnet, Inc.	$4.6B	15.3×	15.0×	−22.95% (below 0%: shrinking)	−62.78% (below 0%: shrinking)	−52.33% (below 0%: shrinking)	79.01%	0.00%
SEZL Sezzle Inc.	$4.5B	27.0×	22.8×	+51.65% (above 0%: growing)	+47.56% (above 0%: growing)	+131.47% (above 0%: growing)	82.87%	36.72%	Compare
ENVA Enova International, Inc.	$4.4B	12.4×	11.3×	+21.58% (above 0%: growing)	+40.20% (above 0%: growing)	+21.85% (above 0%: growing)	61.15%	25.53%	Compare
SLM SLM Corporation	$4.2B	6.0×	7.1×	−1.93% (below 0%: shrinking)	−9.38% (below 0%: shrinking)	+2.81% (above 0%: growing)	59.84%	0.00%	Compare
BFH Bread Financial Holdings, Inc.	$3.9B	7.9×	8.2×	+3.39% (above 0%: growing)	+21.89% (above 0%: growing)	+1.93% (above 0%: growing)	100.00%	76.43%	Compare
UPST Upstart Holdings, Inc.	$2.4B	38.0×	32.5×	+41.75% (above 0%: growing)	+183.33% (above 0%: growing)	−14.74% (below 0%: shrinking)	83.19%	4.01%	Compare
Median of peers	$4.4B	11.7×	9.4×	+14.39%	+40.20%	+3.09%	81.40%	14.77%

All 55 Credit Services stocks →

Nelnet, Inc. (NNI) key facts

Strength: Nelnet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 5.49% from fiscal 2024.
Strength: Net income was $398.3 million, or $11.79 per share (basic), a net margin of 19.0%.
Nelnet, Inc. (NNI) is a Credit Services company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, NNI traded at $127.57, a market capitalization of $4.6 billion.
At that price the stock trades at 15.3× trailing-twelve-month earnings and 2.2× sales; its P/E is higher than 66% of its own readings over the past ten years.
Nelnet, Inc. pays an annual dividend of $1.32 per share, a yield of 1.03%, with a payout ratio of 15.8%.
Return on equity was 12.5% and debt-to-equity 1.94.
Its Piotroski F-score is 7 out of 9 for fiscal 2025.