Nelnet financials
$124.03−0.02%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.26B | $2.14B | $2.03B | $1.99B | $1.50B | $1.66B | $1.79B | $1.69B | $1.27B | $1.28B |
| Gross profit | $1.76B | $1.46B | $1.19B | $1.56B | $1.32B | $1.39B | $1.09B | $1.02B | $802.9M | $896.8M |
| Gross margin | 78.0% | 68.2% | 58.5% | 78.3% | 88.3% | 83.6% | 61.0% | 60.3% | 63.3% | 69.8% |
| Operating income | $526.3M | $228.6M | $68.7M | $501.8M | $502.1M | $417.5M | $190.3M | $215.2M | $245.2M | $398.8M |
| Net income | $428.5M | $184.0M | $89.8M | $406.9M | $393.3M | $352.4M | $141.8M | $227.9M | $173.2M | $256.8M |
| Net margin | 19.0% | 8.6% | 4.4% | 20.5% | 26.2% | 21.2% | 7.9% | 13.5% | 13.7% | 20.0% |
| Diluted EPS | $11.79 | $5.02 | $2.40 | $10.82 | $10.20 | $9.02 | $3.54 | $5.57 | $4.14 | $6.02 |
| EBITDA | $555.9M | $231.7M | $100.6M | $517.4M | $502.1M | $417.5M | $190.3M | $226.9M | $245.2M | $398.8M |
| Operating cash flow | $423.0M | $662.9M | $432.0M | $683.1M | $480.3M | $212.8M | $284.9M | $270.9M | $322.3M | $300.2M |
| Free cash flow | $396.7M | $642.0M | $358.0M | $623.6M | $421.4M | $99.5M | $192.4M | $145.9M | $166.3M | $232.6M |
| Diluted shares | 36.3M | 36.6M | 37.4M | 37.6M | 38.6M | 39.1M | 40.0M | 40.9M | 41.8M | 42.7M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $296.0M | $194.5M | $168.1M | $118.1M | $125.6M | $121.2M |
| Short-term investments | $3.03B | $2.94B | $2.72B | $3.35B | $2.66B | $1.83B |
| Total debt | $7.78B | $8.31B | $11.83B | $14.64B | $17.63B | $19.32B |
| Total assets | $14.06B | $13.78B | $16.71B | $19.37B | $21.68B | $22.65B |
| Total liabilities | $10.49B | $10.48B | $13.51B | $16.17B | $18.73B | $20.02B |
| Shareholders' equity | $3.58B | $3.30B | $3.20B | $3.20B | $2.95B | $2.63B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology