Nelnet Inc. (NNI) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $4.5B
P/E (TTM): 14.82
Price / sales: 3.17
EV / EBITDA: —
Price / book: 1.19

Cash flow

FCF yield: 8.1%
SBC-adjusted FCF yield: 7.8%
SBC impact: 4.3%
Stock compensation (TTM): $15.6M

Margins & growth

Profit margin: 21.5%
Operating margin: —
Quarterly revenue (year on year): -31.1%
Quarterly earnings (year on year): -63.3%

Balance sheet

Cash & investments: $213M
Debt: $7B
Net cash / (debt): -$6.8B

Where the revenue comes from

What this company sells, and where it sells it, as the filings break it down.

By product or service

Year to Dec 31, 2025 · $587.2M

Education Technology Services29%
$171.5M+1.4% vs. a year earlier
Tuition Payment Plan Services24%
$141.2M+4.0% vs. a year earlier
Reinsurance Premiums Earned18%
$107.5M
Private Education and Consumer Loan Servicing16%
$94.5M+48.9% vs. a year earlier
Software Services7%
$38.4M+82.7% vs. a year earlier
Solar Construction Revenue2%
$14.4M
FFELP Loan Servicing2%
$8.9M-27.3% vs. a year earlier
Investment Advice1%
$6.4M+7.3% vs. a year earlier
Outsourced Services Revenue and Other1%
$3.4M-30.0% vs. a year earlier
Other Service Offering0.19%
$1.1M-63.2% vs. a year earlier

These lines are the breakdown as filed. We could not reconcile them against the total revenue for the same period.

By customer

Year to Dec 31, 2025 · $14.4M

Solar Construction Revenue Commercial Customers100%
$14.3M-73.1% vs. a year earlier
Solar Construction Revenue Residential Customers0.21%
$30K-99.1% vs. a year earlier

These lines are the breakdown as filed. We could not reconcile them against the total revenue for the same period.

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$1.41BQ1 2023-9.6%

1Y: -3.89%2Y: -5.75%5Y: +56.28%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$302.24MQ2 2026-27.5%

1Y: -8.29%2Y: +95.07%5Y: -41.19%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

17.5%Q1 2023-32.9%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

$364.03MQ2 2026-1.8%

1Y: -26.66%2Y: -28.38%5Y: -33.26%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit per share

$8.37Q2 2026-27.2%

1Y: -7.31%2Y: +100.24%5Y: -36.83%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

36.13MQ2 2026-0.3%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

Price to earnings

11.6xQ2 2026+6.4%

11.6x today · median 13.8x and range 5.8x–36.8x across the points shown, Q3 2021 to Q2 2026

Paid per unit of yearly profit. Periods with a loss, or profits too small for the ratio to mean anything, are left out — the line breaks rather than drawing through them. Each point covers the four quarters ending there — a full year, brought up to today.

Dividends paid

$46.33MQ2 2026+3.7%

1Y: +14.02%2Y: +14.11%5Y: +40.34%

Cash handed to shareholders. A flat line at zero means the company pays none. Each bar sums the four quarters ending there — a full year, brought up to today.

About Nelnet Inc.

Ticker: NNI
SEC classification: Personal Credit Institutions (6141)
Listed on: NYSE
Incorporated in: NE
Financial year ends: December 31
Filer size: Large accelerated filer

About this data

Everything above comes from Nelnet Inc.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Not reported by this filer: Gross Profit, R&D Expense, SG&A Expense, Operating Income, Non-interest Expense, Current Assets, Current Liabilities, Inventory, Receivables, Long-term Debt (current), Short-term Borrowings, Borrowings (total), Operating Lease (current), Operating Lease (noncurrent), Finance Lease (current), Finance Lease Liabilities (total), and Finance Lease (noncurrent). Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.