NNI

MKT CAP:$5B

Nelnet, Inc.

Market Cap

$5B

Financial Services·Financial - Credit Services·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$138.32+$9.33 (+7.23%)

Apr 22, 2026

Company Details

Nelnet, Inc. engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, ...

CEO

Jeffrey R. Noordhoek

IPO Date

Dec 12, 2003

Website

nelnetinc.com

Key Metrics TTM

Revenue

$1.6B

-4.9% YoY

Net Income

$254M

EPS (Diluted)

$6.63

Free Cash Flow

$597M

Revenue / Share

$43.26

Gross Margin

69.2%

Operating Margin

20.2%

Net Margin

16.1%

FCF Margin

37.8%

P/S

3.2x

P/E

19.9x

Earnings Reports

Q1 2025

May 14, 2026

PENDING

Q4 2024

Feb 27, 2025

$434MEPS $1.73

Q3 2020

Nov 5, 2020

$334M-21.8%EPS $1.86

Q2 2020

Aug 6, 2020

$382M-6.3%EPS $2.21

FY 2019

Feb 27, 2020

$1.7B-0.2%EPS $3.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$261M	$168M	$72M
Q2 16	$233M	$136M	$41M
Q3 16	$329M	$227M	$132M
Q2 18	$411M	$236M	$63M
Q3 18	$430M	$239M	$57M
Q4 18	$390M	$202M	$17M
Q1 19	$431M	$232M	$53M
Q2 19	$408M	$212M	$31M
Q3 19	$427M	$245M	$42M
Q2 20	$382M	$294M	$108M
Q3 20	$334M	$281M	$90M
Q4 24	$434M	$271M	$78M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q2 16	—	—
Q3 16	—	—
Q2 18	4.1x	24.4x
Q3 18	3.6x	25.0x
Q4 18	3.2x	25.5x
Q1 19	3.0x	32.6x
Q2 19	3.1x	38.7x
Q3 19	3.1x	41.9x
Q2 20	3.1x	27.3x
Q3 20	3.3x	23.5x
Q4 24	3.2x	19.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	$104M	$89M
Q2 16	$71M	$56M
Q3 16	$84M	$66M
Q2 18	$14M	-$23M
Q3 18	$122M	$90M
Q4 18	$77M	$49M
Q1 19	-$140M	-$164M
Q2 19	$122M	$103M
Q3 19	$161M	$137M
Q2 20	$39M	$17M
Q3 20	$279M	$245M
Q4 24	$181M	$198M

Capital Expenditures

Quarter	CapEx
Q1 16	$15M
Q2 16	$14M
Q3 16	$17M
Q2 18	$37M
Q3 18	$31M
Q4 18	$29M
Q1 19	$25M
Q2 19	$19M
Q3 19	$24M
Q2 20	$21M
Q3 20	$34M
Q4 24	$17M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+64.5%	+97.5%
Q4 18	+67.7%	+94.9%
Q1 19	+30.8%	+91.4%
Q2 19	-0.7%	+8.4%
Q3 19	-0.7%	+3.3%
Q2 20	-2.0%	-26.4%
Q3 20	-22.5%	-35.5%
Q4 24	+6.4%	-5.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$0	0.0%
Q2 16	$1M	0.5%
Q3 16	$1M	0.4%
Q2 18	$2M	0.4%
Q3 18	$2M	0.5%
Q4 18	$2M	0.5%
Q1 19	$1M	0.3%
Q2 19	$2M	0.4%
Q3 19	$2M	0.4%
Q2 20	$2M	0.5%
Q3 20	$2M	0.6%
Q4 24	$3M	0.7%

OpEx Breakdown

Quarter	G&A
Q1 16	$63M
Q2 16	$61M
Q3 16	$64M
Q2 18	$111M
Q3 18	$114M
Q4 18	$114M
Q1 19	$111M
Q2 19	$111M
Q3 19	$117M
Q2 20	$119M
Q3 20	$126M
Q4 24	$202M

Revenue Segments

Quarter	Loan Servicing And Systems Revenue	Other Service Offering	Payment Processing	Private Education And Consumer Loan Servicing	Software Services	Tuition Payment Plan Services
Q4 24	$247M	$2M	$75M	$38M	$11M	$65M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$163M	$938M	$1.1B
Q2 22	$128M	$1.3B	$1.4B
Q3 22	$63M	$1.4B	$1.4B
Q4 22	$118M	$1.4B	$1.5B
Q1 23	$188M	$1.1B	$1.3B
Q2 23	$122M	$1.0B	$1.2B
Q3 23	$188M	$1.1B	$1.2B
Q4 23	$168M	$938M	$1.1B
Q1 24	$180M	$983M	$1.2B
Q2 24	$145M	$889M	$1.0B
Q3 24	$220M	$926M	$1.1B
Q4 24	$195M	$984M	$1.2B
Q1 25	$221M	$1.0B	$1.3B
Q2 25	$226M	$1.1B	$1.3B
Q3 25	$216M	$1.2B	$1.4B
Q4 25	$974M	$0	$974M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	43M	—	—
Q2 16	43M	-1.0%	—
Q3 16	43M	+0.0%	—
Q2 18	40M	-5.2%	—
Q3 18	41M	+1.4%	-4.9%
Q4 18	41M	-0.4%	-4.3%
Q1 19	40M	-1.1%	-5.3%
Q2 19	40M	-0.8%	-0.9%
Q3 19	40M	-0.4%	-2.7%
Q2 20	39M	-1.7%	-3.9%
Q3 20	39M	-1.7%	-4.5%
Q4 24	36M	-5.4%	-9.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	$76.9K	3K
Q2 16	$68.4K	3K
Q3 16	$96.9K	3K
Q2 18	$228.3K	2K
Q3 18	$238.9K	2K
Q4 18	$62.9K	6K
Q1 19	$69.5K	6K
Q2 19	$65.8K	6K
Q3 19	$68.9K	6K
Q2 20	$57.9K	7K
Q3 20	$50.6K	7K
Q4 24	$2M	220

Revenue / Employee