NNI
$126.38+1.02%
Nelnet Inc.Stock · FinancialsRussell 2000 · 0.06% of IWMUS Stock Market · 0.002% of VTIRussell 3000 · 0.002% of IWV
NNI financial statements
The full income statement, balance sheet, and cash-flow statement for Nelnet Inc. (NNI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 36.5M2024-09 36.4M2024-12 36.5M2025-03 36.5M2025-06 36.5M2025-09 36.3M2025-12 36.1M2026-03 36.1M2026-06 35.8M-2.0% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| — | — | — | 1.56B+17.7% | 1.32B-5.4% | ||
| Noninterest income | — | — | — | 1.25B+27.5% | 977M-12.0% | |
| Cost of revenue | 226M-10.3% | 252M+14.8% | 220M+30.5% | 168M+55.0% | 109M+3.5% | |
| 927M+5.0% | 883M-1.1% | 892M+7.0% | 834M+14.9% | 726M-7.0% | ||
| Amortization of intangibles | 7.00M-17.6% | 8.50M-50.0% | 17.0M+13.3% | 15.0M-34.8% | 23.0M-25.3% | |
| Interest expense | — | — | 845M+96.5% | 430M+144.1% | 176M-46.6% | |
| Interest & investment income | 851M-12.5% | 973M-12.3% | 1.11B+49.4% | 743M+41.8% | 524M-15.5% | |
| Net interest income | 355M+21.0% | 293M+10.6% | 265M-15.3% | 313M-10.0% | 348M+20.0% | |
| Equity-method income | — | — | -46.7M-391.6% | -9.50M+5.9% | -10.1M | |
| Pre-tax income | 556M+143.4% | 229M+232.7% | 68.7M-86.3% | 502M-0.1% | 502M+11.5% | |
| Income tax | 128M+143.0% | 52.7M+171.7% | 19.4M-82.9% | 113M-2.4% | 116M+14.8% | |
| 428M+132.8% | 184M+104.9% | 89.8M-77.9% | 407M+3.5% | 393M+11.6% | ||
| Net income to non-controlling interest | -30.1M-270.6% | -8.13M+79.9% | -40.5M-123.1% | -18.2M-159.2% | -7.00M-148.6% | |
| Net income to common | 428M+132.8% | 184M+104.9% | 89.8M-77.9% | 407M+3.5% | 393M+11.6% | |
| $11.79+134.9% | $5.02+109.2% | $2.40-77.8% | $10.82+6.1% | $10.20+13.1% | ||
| EPS (basic) | $11.79+134.9% | $5.02+109.2% | $2.40-77.8% | $10.82+6.1% | $10.20+13.1% | |
| Weighted-avg shares (basic) | 36.3M-0.8% | 36.6M-2.1% | 37.4M-0.5% | 37.6M-2.5% | 38.6M-1.2% | |
| Weighted-avg shares (diluted) | 36.3M-0.8% | 36.6M-2.1% | 37.4M-0.5% | 37.6M-2.5% | 38.6M-1.2% | |
| Dividends per share | $1.18+6.2% | $1.11+5.8% | $1.05+8.2% | $0.97+9.0% | $0.89+9.8% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 296M+52.2% | 195M+15.7% | 168M+42.3% | 118M-5.9% | 126M+3.6% | |
| 14.1B+2.1% | 13.8B-17.6% | 16.7B-13.7% | 19.4B-10.7% | 21.7B-4.3% | ||
| Property, plant & equipment | 75.5M-20.6% | 95.2M-25.1% | 127M+3.7% | 123M+2.6% | 119M-3.3% | |
| Operating lease right-of-use | 9.68M-12.2% | 11.0M-18.8% | 13.6M-8.7% | 14.9M+3.8% | 14.3M-21.8% | |
| Goodwill | 158M+0.0% | 158M+0.0% | 158M-10.7% | 177M+24.5% | 142M+0.0% | |
| Intangible assets | 29.3M-19.4% | 36.3M-18.9% | 44.8M-29.4% | 63.5M+22.0% | 52.0M-30.7% | |
| 10.5B+0.1% | 10.5B-22.5% | 13.5B-16.5% | 16.2B-13.6% | 18.7B-6.5% | ||
| Long-term debt | 7.78B-6.4% | 8.31B-29.7% | 11.8B-19.2% | 14.6B-17.0% | 17.6B-8.7% | |
| Operating lease liability (total) | 13.0M+13.2% | 11.5M-19.4% | 14.3M-12.9% | 16.4M+3.2% | 15.9M-15.1% | |
| 3.69B+10.0% | 3.35B+3.0% | 3.25B+1.7% | 3.20B+8.4% | 2.95B+12.1% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Additional paid-in capital | 1.48M-80.0% | 7.39M+138.7% | 3.10M+179.2% | 1.11M+10.9% | 1.00M-73.6% | |
| Retained earnings | 3.68B+10.2% | 3.34B+2.1% | 3.27B+1.1% | 3.23B+10.0% | 2.94B+12.2% | |
| Accumulated other comprehensive income | 2.62M+78.2% | 1.47M+107.3% | -20.1M+46.2% | -37.4M-501.6% | 9.30M+52.5% | |
| Non-controlling interest | -109M-114.4% | -50.6M+5.6% | -53.6M-5788.7% | 943K-42.2% | 1.63M+144.2% | |
| Total equity incl. non-controlling | 3.58B+8.4% | 3.30B+3.1% | 3.20B+0.5% | 3.18B+8.1% | 2.94B+12.0% | |
| Total liabilities & equity | 14.1B+2.1% | 13.8B-17.6% | 16.7B-13.7% | 19.4B-10.6% | 21.7B-4.3% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 423M-36.2% | 663M+53.4% | 432M-36.8% | 683M+42.2% | 480M+37.6% | ||
| Depreciation & amortization | 90.6M-31.6% | 133M-8.8% | 145M-17.5% | 176M+33.2% | 132M-33.3% | |
| Intangible amortization | 7.00M-17.6% | 8.50M-50.0% | 17.0M+13.3% | 15.0M-34.8% | 23.0M-25.3% | |
| Share-based compensation | 13.3M+10.2% | 12.0M-26.9% | 16.5M+16.2% | 14.2M+32.8% | 10.7M-36.2% | |
| Deferred income taxes | -4.31M+80.1% | -21.6M+58.7% | -52.3M-251.6% | 34.5M-37.9% | 55.6M+597.5% | |
| Change in receivables | 33.4M+192.4% | -36.1M-2762.7% | 1.36M-94.9% | 26.4M-69.7% | 87.0M+312.8% | |
| 356M-85.2% | 2.41B+24.4% | 1.94B-14.7% | 2.27B+91.7% | 1.19B+90.9% | ||
| Capital expenditure | 26.2M+25.5% | 20.9M-71.8% | 74.1M+24.6% | 59.4M+0.8% | 59.0M-48.0% | |
| Free cash flow | 397M-38.2% | 642M+79.3% | 358M-42.6% | 624M+48.0% | 421M+78.7% | |
| Acquisitions | 0.00 | 0.00 | 0.00-100.0% | 34.0M | 0.00-100.0% | |
| -737M+76.7% | -3.17B-17.3% | -2.70B+3.2% | -2.79B-95.2% | -1.43B-15.9% | ||
| Long-term debt issued | 1.39B+4445.2% | 30.7M-96.0% | 761M-41.5% | 1.30B-33.2% | 1.95B+3.3% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 1.88M-3.3% | 1.95M+9.3% | 1.78M+9.0% | 1.63M+11.5% | 1.47M-11.4% | |
| Common stock repurchased | 69.3M-16.7% | 83.3M+197.2% | 28.0M-71.3% | 97.7M+68.1% | 58.1M-20.8% | |
| Dividends paid | 43.0M+5.3% | 40.8M+3.6% | 39.4M+7.7% | 36.6M+6.2% | 34.5M+8.4% | |
| FX effect on cash | 275K+162.9% | -437K-2831.3% | 16.0K+110.0% | -160K-32.2% | -121K | |
| Net change in cash | 42.5M+145.0% | -94.5M+71.6% | -332M-303.2% | 163M-30.7% | 236M+189.2% | |
| Interest paid | 472M-27.5% | 651M-16.6% | 781M+122.8% | 351M+130.4% | 152M-49.5% | |
| Income taxes paid | 68.9M+351.9% | 15.2M-68.0% | 47.6M-17.5% | 57.7M+209.3% | 18.7M-37.1% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 4.80B+23.2% | 3.89B+17.7% | 3.31B-2.5% | 3.39B-9.4% | 3.75B+36.4% | |
| P/E | 11.2×-47.1% | 21.2×-17.7% | 25.7×+286.2% | 6.7×-30.1% | 9.5×+22.2% | |
| P/S | 3.4×+23.2% | 2.8×+17.7% | 2.3×+11.9% | 2.1×-25.8% | 2.8×+44.2% | |
| P/B | 1.3×+12.0% | 1.2×+15.8% | 1.0×-5.9% | 1.1×-16.0% | 1.3×+21.7% | |
| P/FCF | 12.1×+99.4% | 6.1×-42.9% | 10.6×+131.9% | 4.6×-48.4% | 8.9×-23.7% | |
| Earnings yield | 8.9%+89.0% | 4.7%+21.6% | 3.9%-74.1% | 15.0%+43.0% | 10.5%-18.2% | |
| FCF yield | 8.3%-49.8% | 16.5%+75.3% | 9.4%-56.9% | 21.8%+93.9% | 11.2%+31.0% | |
| Dividend yield | 0.89%-14.7% | 1.0%-12.6% | 1.2%+11.3% | 1.1%+17.3% | 0.91%-19.9% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: NNI’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NNI filings on SEC EDGAR → Not investment advice.