Nelnet, Inc. (NNI) — Financial statements
Income statement, balance sheet, and cash flow for Nelnet, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 2,263↑22.6% | 1,847↑1.8% | 1,814↓0.1% | 1,817↑28.1% | 1,418 | |
| Cost of Revenue | 293↓60.1% | 735↓13.8% | 853↑83.4% | 465↑183.9% | 164 | |
| Gross Profit | 1,970↑77.2% | 1,112↑15.6% | 961↓28.9% | 1,352↑7.8% | 1,254 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 0.00↓100.0% | 632↑3.9% | 608↑3.2% | 590↑16.3% | 507 | |
| Selling & Marketing Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 0.00↓100.0% | 632↑3.9% | 608↑3.2% | 590↑16.3% | 507 | |
| Other Expenses | 822↑227.7% | 251↓11.7% | 284↑9.2% | 260↑6.3% | 245 | |
| Operating Expenses | 822↓6.9% | 883↓1.1% | 892↑5.0% | 850↑13.0% | 752 | |
| Total Costs & Expenses | 1,118↓30.9% | 1,618↓7.3% | 1,746↑32.7% | 1,315↑43.6% | 916 | |
| Operating Results | ||||||
| Operating Income | 1,145↑400.9% | 229↑232.7% | 69↓86.3% | 502↓0.1% | 502 | |
| Depreciation & Amortization | 34↓74.7% | 133↓8.8% | 145↓17.5% | 176↑33.2% | 132 | |
| EBITDA | 1,057↑192.7% | 361↑68.7% | 214↓68.4% | 678↑6.9% | 634 | |
| EBIT | 1,023↑347.7% | 229↑232.7% | 69↓86.3% | 502↓0.1% | 502 | |
| Interest & Other Income | ||||||
| Net Interest Income | 369↑26.0% | 293↑10.6% | 265↓15.3% | 313↓10.0% | 348 | |
| Interest Income | 866↓11.0% | 973↓12.3% | 1,110↑49.4% | 743↑41.8% | 524 | |
| Interest Expense | 497↓27.0% | 681↓19.5% | 845↑96.5% | 430↑144.1% | 176 | |
| Non-Operating Income | 122 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | -619 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Income Before Tax | 526↑130.3% | 229↑232.7% | 69↓86.3% | 502↓0.1% | 502 | |
| Income Tax Expense | 128↑143.0% | 53↑171.7% | 19↓82.9% | 113↓2.4% | 116 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 398↑126.4% | 176↑256.6% | 49↓87.3% | 389↑0.6% | 386 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 428↑132.8% | 184↑104.9% | 90↓77.9% | 407↑3.5% | 393 | |
| Bottom-Line Net Income | 421↑133.1% | 180↑105.3% | 88↓78.0% | 399↑3.2% | 387 | |
| EPS (Basic) | 11.58↑130.7% | 5.02↑110.0% | 2.39↓77.5% | 10.63↑4.2% | 10.20 | |
| EPS (Diluted) | 11.58↑130.7% | 5.02↑110.0% | 2.39↓77.5% | 10.63↑4.2% | 10.20 | |
| Weighted Average Shares | 36↓0.9% | 37↓2.1% | 37↓0.5% | 38↓0.9% | 38 | |
| Weighted Average Diluted Shares | 36↓0.9% | 37↓2.1% | 37↓0.5% | 38↓0.9% | 38 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.