Nelnet, Inc. engages in loan servicing, education technology services, and payment businesses worldwide. The company operates through four segments: Loan Servicing and Systems, Education Technology Services and Payments, Asset Generation and Management, and Nelnet Bank. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer, payment processing, due diligence procedures, funds management reconciliation, and claim processing services. This segment also offers student loan servicing software; and business process outsourcing services primarily in contact center management, such as inbound calls, outreach campaigns and sales, and interacting with customers through multi-channels, and processing and administrative services. The Education Technology Services and Payments segment provides financial management services; school information system software; a donation platform; education technology solutions; and customized professional development and coaching, and advanced learning and educational instruction services. This segment also offers tuition payment plans, and service and technology for student billings, payments, and refunds; solutions for in-person, online, and mobile payment experiences on campus; payment processing services, such as credit card and electronic transfer; learning management system; an integrated commerce payment platform; and a school management platform that provides administrative, information and financial management, and communication functions for K-12 schools. The Asset Generation and Management segment invest, allocates an manages loan assts. The Nelnet Bank segment operates as an internet industrial bank. It also offers investment advisory, investment, and reinsurance services, as well as engages in the real estate investment; and solar engineering, procurement, and construction businesses. The company was founded in 1977 and is headquartered in Lincoln, Nebraska.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.4B | - | $428M | $397M | 12.0% | 15.9% | 132.8% |
| 2024 | $1.2B | - | $184M | $642M | 5.6% | 20.4% | 104.9% |
| 2023 | $968M | - | $90M | $358M | 2.8% | -30.2% | -77.9% |
| 2022 | $1.4B | - | $407M | $624M | 12.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,386.78 | 968.45 | 1,166.07 | 1,351.08 |
| Pretax Income | 501.85 | 68.72 | 228.58 | 526.33 |
| Tax Provision | 113.10 | 19.39 | 52.67 | 127.99 |
| Net Income | 406.90 | 89.83 | 184.04 | 428.47 |
| Net Income Common Stockholders | 399.12 | 87.94 | 180.50 | 420.68 |
| Interest Expense | 430.14 | 845.09 | 680.54 | 496.95 |
| Interest Income | 742.81 | 1,109.80 | 973.40 | 851.46 |
| Selling General And Administration | 589.73 | 608.32 | 632.18 | 652.34 |
| Normalized Income | 418.92 | 115.40 | 186.44 | 320.23 |
| Basic EPS | 10.83 | 2.40 | 5.02 | 0 |
| Diluted EPS | 10.83 | 2.40 | 5.02 | 0 |
| Tax Effect Of Unusual Items | -3.50 | -5.54 | -0.69 | 32.33 |
| Tax Rate For Calcs | 0.23 | 0.18 | 0.22 | 0.23 |
| Total Unusual Items | -15.52 | -31.11 | -3.08 | 140.58 |
| Total Unusual Items Excluding Goodwill | -15.52 | -31.11 | -3.08 | 140.58 |
| Net Income From Continuing Operation Net Minority Interest | 406.90 | 89.83 | 184.04 | 428.47 |
| Reconciled Depreciation | 176.25 | 145.39 | 132.53 | 90.62 |
| Net Interest Income | 312.67 | 264.71 | 292.86 | 354.51 |
| Net Income From Continuing And Discontinued Operation | 406.90 | 89.83 | 184.04 | 428.47 |
| Diluted Average Shares | 37.60 | 37.42 | 36.64 | 0 |
| Basic Average Shares | 37.60 | 37.42 | 36.64 | 0 |
| Diluted NI Availto Com Stockholders | 399.12 | 87.94 | 180.50 | 420.68 |
| Otherunder Preferred Stock Dividend | 7.78 | 1.89 | 3.55 | 7.79 |
| Minority Interests | 18.15 | 40.50 | 8.13 | 30.13 |
| Net Income Including Noncontrolling Interests | 388.75 | 49.33 | 175.91 | 398.35 |
| Net Income Continuous Operations | 388.75 | 49.33 | 175.91 | 398.35 |
| Special Income Charges | -15.52 | -31.11 | -3.08 | 140.58 |
| Gain On Sale Of Business | 0 | 0 | 0 | 175.04 |
| Write Off | 6.56 | 2.06 | 1.23 | 13.34 |
| Impairment Of Capital Assets | 8.96 | 29.86 | 1.91 | 16.27 |
| Gain On Sale Of Security | 240.04 | -141.09 | -10.48 | 28.88 |
| Depreciation Amortization Depletion Income Statement | 74.08 | 79.12 | 58.12 | 33.57 |
| Depreciation And Amortization In Income Statement | 74.08 | 79.12 | 58.12 | 33.57 |
| General And Administrative Expense | 589.73 | 608.32 | 632.18 | 652.34 |
| Insurance And Claims | 0.15 | 16.78 | 55.25 | 93.55 |
| Salaries And Wages | 589.58 | 591.54 | 576.93 | 558.79 |
| Operating Revenue | 1,386.78 | 968.45 | 1,166.07 | 1,351.08 |
| Other Non Interest Expense | 170.62 | 173.07 | 189.50 | 211.57 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Nelnet, Inc.this co. | NNI | $5.1B | 12.10 | 1.39 | 12.0% | - |
| Flagstar Bank, National Association | FLG | $5.8B | - | 0.76 | -2.2% | - |
| Hancock Whitney Corporation | HWC | $5.4B | 13.68 | 1.22 | 10.9% | - |
| Home BancShares, Inc. | HOMB | $5.4B | 10.91 | 1.20 | 11.1% | - |
| Associated Banc-Corp | ASB | $5.3B | 9.67 |
| 0.95 |
| 9.5% |
| - |
| Selective Insurance Group, Inc. | SIGI | $5.1B | 11.58 | 1.50 | 12.9% | 8.65 |
| PennyMac Financial Services, Inc. | PFSI | $4.6B | 9.59 | 1.08 | 11.6% | - |
| First Financial Bankshares, Inc. | FFIN | $4.6B | 17.30 | 2.36 | 13.2% | - |
| Miami International Holdings, Inc. | MIAX | $4.5B | - | 4.63 | -7.9% | 28.06 |
| Peer Median | - | 11.25 | 1.21 | 11.0% | 18.36 | |