NNI (Nelnet, Inc.) Stock Financials & Earnings | Market Cap Arena

NNINelnet, Inc.

Mkt Cap$5B

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

Revenue (TTM)$2.1B

Net Income (TTM)$428M

EPS (TTM)$11.74

Free Cash Flow (TTM)$397M

Gross Margin76.9%

Op. Margin32.5%

Net Margin20.6%

FCF Margin19.1%

P/S Ratio (TTM)2.3x

P/E Ratio (TTM)11.0x

YoY Rev Growth+12.9%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$475M	$241M	$31M
Q2 23	$459M	$237M	$27M
Q3 23	$481M	$270M	$50M
Q4 23	$429M	$213M	-$40M
Q1 24	$517M	$311M	$94M
Q2 24	$455M	$275M	$58M
Q3 24	$435M	$248M	-$2M
Q4 24	$434M	$271M	$78M
Q1 25	$466M	$326M	$106M
Q2 25	$613M	$462M	$237M
Q3 25	$495M	$377M	$136M
Q4 25	$504M	$432M	$195M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	2.6x	19.0x
Q2 23	2.5x	24.8x
Q3 23	2.5x	36.4x
Q4 23	2.5x	52.4x
Q1 24	2.5x	34.4x
Q2 24	2.5x	30.4x
Q3 24	2.6x	41.8x
Q4 24	2.6x	25.5x
Q1 25	2.6x	24.3x
Q2 25	2.4x	14.3x
Q3 25	2.3x	10.8x
Q4 25	2.3x	11.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$123M	$98M
Q2 23	$76M	$63M
Q3 23	$154M	$139M
Q4 23	$80M	$58M
Q1 24	$212M	$188M
Q2 24	$133M	$123M
Q3 24	$137M	$133M
Q4 24	$181M	$198M
Q1 25	$91M	$88M
Q2 25	$82M	$78M
Q3 25	$112M	$101M
Q4 25	$138M	$130M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$24M
Q2 23	$13M
Q3 23	$15M
Q4 23	$21M
Q1 24	$23M
Q2 24	$11M
Q3 24	$4M
Q4 24	$17M
Q1 25	$3M
Q2 25	$4M
Q3 25	$12M
Q4 25	$7M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-3.8%	+75.1%
Q2 23	+16.3%	+50.8%
Q3 23	+1.7%	+24.5%
Q4 23	-9.3%	+6.6%
Q1 24	+8.8%	-4.7%
Q2 24	-0.8%	-8.1%
Q3 24	-9.6%	+1.4%
Q4 24	+1.1%	-24.2%
Q1 25	-9.8%	-14.9%
Q2 25	+34.7%	-5.3%
Q3 25	+13.8%	-18.0%
Q4 25	+16.1%	-13.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$4M	0.8%
Q2 23	$4M	0.9%
Q3 23	$4M	0.9%
Q4 23	$4M	1.0%
Q1 24	$3M	0.6%
Q2 24	$3M	0.6%
Q3 24	$3M	0.7%
Q4 24	$3M	0.7%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 23	$153M
Q2 23	$145M
Q3 23	$141M
Q4 23	$153M
Q1 24	$155M
Q2 24	$151M
Q3 24	$146M
Q4 24	$202M
Q1 25	$160M
Q2 25	$160M
Q3 25	$165M

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	Education Technology And Services	Education Technology Services And Payment Processing Services	FFELP Servicing	Outsourced Services Revenue And Other
Q4 24	$247M	$2M	$75M	$38M	$11M	$65M	—	—	—	—
Q1 25	$121M	$27K	$52M	$23M	$7M	$40M	$56M	$147M	$3M	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
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	$2.6B	$0	$2.6B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	37M	+0.1%
Q2 23	37M	+0.3%
Q3 23	37M	+0.1%
Q4 23	37M	-0.4%
Q1 24	37M	-0.5%
Q2 24	37M	-1.7%
Q3 24	36M	-0.3%
Q4 24	36M	+0.1%
Q1 25	36M	+0.0%
Q2 25	36M	+0.0%
Q3 25	36M	-0.5%
Q4 25	36M	+0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$357K	3K
FY 15	$327K	3K
FY 16	$323K	4K
FY 17	$655K	2K
FY 18	$271K	6K
FY 19	$254K	7K
FY 20	$208K	7K
FY 21	$215K	7K
FY 22	$275K	7K
FY 23	$5M	350
FY 24	$8M	220
FY 25	$10M	220

NNI (Nelnet, Inc.) Stock Financials & Earnings | Market Cap Arena