How Nelnet makes money

Period

FY2022

How does Nelnet make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Nelnet Inc. · FY2022 · year ended 2022-12-31

Revenue$1.6BGross profit$1.4B · 89%Cost of revenue$168M · 11%Operating income$556M · 36%Operating expenses$834M · 54%Other opex$834M · 54%Pre-tax income$520M · 33%Other expense$36M · 2%Net income$407M · 26%Income tax$113M · 7%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.