Nelnet, Inc. (NNI) Balance Sheet
NNI balance sheet, 2025
December 31, 2025 · U.S. dollars$14.06B assets = $10.49B liabilities + $3.58B equity
Both columns are drawn to the same scale: what NNI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NNI financial health
Descriptive bands, not a rating. Fiscal 2025.
NNI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $27.18B2016 | $14.06B2025 | −7.1%/yr | |
| Total liabilities | $25.11B2016 | $10.49B2025 | −9.2%/yr | |
| Shareholders’ equity | $2.06B2016 | $3.69B2025 | +6.7%/yr | |
| Cash & short-term investments | $176.1M2016 | $973.5M2025 | +20.9%/yr | |
| Total debt | $24.67B2016 | $7.79B2025 | −12.0%/yr | |
| Net cash (debt) | −$24.49B2016 | −$6.82B2025 | +$17.7B | |
| Working capital | −$349.3M2016 | $1.81B2025 | +$2.2B | |
| Book value per share | $48.322016 | $101.462025 | +8.6%/yr | |
| Debt / equity | 11.972016 | 2.112025 | −9.85 | |
| Shares outstanding | 42.7M2016 | 36.3M2025 | −1.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NNI assets
NNI liabilities and equity
NNI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NNI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $973.5M | $1.18B | $1.11B | $2.14B | $2.64B | $1.46B | $433.6M | $192.0M | $147.7M | $176.1M |
| Cash & equivalents | $973.5M | $194.5M | $168.1M | $2.23B | $1.71B | $1.11B | $380.9M | $370.7M | $66.8M | $69.7M |
| Short-term investments | $1.13B | $983.8M | $937.9M | $2.11B | $929.7M | $348.6M | $52.7M | $53.0M | $77.0M | $103.9M |
| Receivables | $839.4M | $192.2M | $249.9M | $15.24B | $171.4M | $98.0M | $876.3M | $755.1M | $501.2M | $452.3M |
| Inventory | $0 | $0 | $0 | $2.40B | $2.15B | $1.88B | $2.10B | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.81B | $1.37B | $1.36B | $17.38B | $2.82B | $1.56B | $1.31B | $180.9M | $121.2M | $113.6M |
| Property, plant & equipment (net) | $85.2M | $95.2M | $127.0M | $122.5M | $133.7M | $141.8M | $381.0M | $344.8M | $248.1M | $123.8M |
| Goodwill & intangible assets | $374.6M | $194.4M | $202.8M | $240.4M | $194.1M | $217.2M | $238.4M | $271.2M | $177.2M | $195.1M |
| Long-term investments | $1.91B | $1.93B | $1.71B | $2.00B | $1.54B | $284.0M | $437.8M | $371.5M | $187.9M | $461.4M |
| Other non-current assets | $9.88B | $10.18B | $13.31B | $0 | $16.99B | $20.44B | $21.34B | $24.05B | $23.23B | $26.29B |
| Total assets | $14.06B | $13.78B | $16.71B | $19.37B | $21.68B | $22.65B | $23.71B | $25.22B | $23.96B | $27.18B |
| Liabilities | ||||||||||
| Accounts payable | $20.4M | $21.0M | $35.4M | $36.0M | $9.7M | $28.7M | $47.3M | $61.7M | $50.0M | $45.7M |
| Short-term debt | $4.7M | $943.2M | $1.63B | $14.64B | $117.1M | $548.4M | $944.7M | $1.30B | $346.0M | $1.68B |
| Deferred revenue | — | — | $72.6M | — | — | — | — | −$986.9M | −$336.0M | −$1.68B |
| Total current liabilities | $4.7M | $2.15B | $2.41B | $14.64B | $126.7M | $577.1M | $991.9M | $697.8M | $458.3M | $462.9M |
| Long-term debt | $7.78B | $8.31B | $11.83B | $14.64B | $17.63B | $19.32B | $20.53B | $22.22B | $7.1M | $77.8M |
| Lease obligations | — | — | — | — | $15.9M | $18.7M | — | — | — | — |
| Other long-term liabilities | $2.70B | $18.5M | $0 | $0 | $0 | $0 | $0 | $0 | $21.35B | $24.59B |
| Total liabilities | $10.49B | $10.48B | $13.51B | $16.17B | $18.73B | $20.02B | $21.32B | $22.91B | $21.80B | $25.11B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $359,000 | $363,000 | $371,000 | $372,000 | $379,000 | $384,000 | $398,000 | $403,000 | $929,000 | $841,000 |
| Retained earnings (deficit) | $3.68B | $3.34B | $3.27B | $3.23B | $2.94B | $2.62B | $2.38B | $2.30B | $2.14B | $2.06B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $2.6M | $1.5M | −$20.1M | −$37.4M | $9.3M | $6.1M | $3.0M | $3.9M | $4.6M | $4.7M |
| Minority interest | −$108.6M | −$50.6M | −$53.6M | $943,000 | $1.6M | −$3.7M | $4.4M | $10.3M | $15.9M | $9.3M |
| Total shareholders' equity | $3.69B | $3.35B | $3.25B | $3.20B | $2.95B | $2.63B | $2.39B | $2.31B | $2.15B | $2.06B |
| Key figures | ||||||||||
| Total debt | $7.79B | $8.31B | $11.83B | $14.64B | $17.75B | $19.87B | $21.47B | $23.52B | $21.36B | $24.67B |
| Net cash (debt) | −$6.82B | −$7.13B | −$10.72B | −$12.50B | −$15.10B | −$18.41B | −$21.04B | −$23.32B | −$21.21B | −$24.49B |
| Working capital | $1.81B | −$779.8M | −$1.05B | $2.74B | $2.69B | $983.7M | $317.9M | −$516.9M | −$337.2M | −$349.3M |
| Tangible book value | $3.31B | $3.16B | $3.05B | $2.96B | $2.76B | $2.41B | $2.15B | $2.04B | $1.97B | $1.87B |
| Book value per share | $101.46 | $91.42 | $86.96 | $85.10 | $77.82 | $68.26 | $60.50 | $56.58 | $51.43 | $48.32 |
| Shares outstanding | 36.3M | 36.6M | 37.4M | 37.6M | 37.9M | 38.5M | 39.5M | 40.9M | 41.8M | 42.7M |
| Current ratio | 382.15 | 0.64 | 0.56 | 1.19 | 22.22 | 2.70 | 1.32 | 0.26 | 0.26 | 0.25 |
| Quick ratio | 382.15 | 0.64 | 0.56 | 1.19 | 22.22 | 2.70 | 1.32 | 1.36 | 1.42 | 1.36 |
| Debt / equity | 2.11 | 2.48 | 3.64 | 4.57 | 6.01 | 7.56 | 8.98 | 10.16 | 9.94 | 11.97 |
| Equity / assets | 26.2% | 24.3% | 19.5% | 16.5% | 13.6% | 11.6% | 10.1% | 9.2% | 9.0% | 7.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.56B | $118.7M | $973.5M | $1.37B | $1.31B | $1.26B | $1.18B | $1.15B | $1.03B | $1.16B | $1.11B | $23.7M |
| Cash & equivalents | $172.4M | $118.7M | $973.5M | $216.4M | $225.8M | $220.5M | $194.5M | $219.7M | $145.5M | $179.7M | $168.1M | $187.7M |
| Short-term investments | $1.38B | $1.22B | $1.13B | $1.16B | $1.08B | $1.03B | $983.8M | $926.0M | $889.2M | $982.6M | $937.9M | $1.06B |
| Receivables | $211.7M | $18.66B | $839.4M | $181.2M | $182.1M | $194.1M | $192.2M | $181.4M | $188.4M | $187.8M | $249.9M | $184.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $28.71B |
| Other current assets | $793.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $2.56B | $1.60B | $1.81B | $1.55B | $1.49B | $1.45B | $1.37B | $1.33B | $1.22B | $1.35B | $1.36B | $27.14B |
| Property, plant & equipment (net) | $80.7M | $84.6M | $85.2M | $93.2M | $85.0M | $89.6M | $95.2M | $124.6M | $131.7M | $149.2M | $127.0M | $126.7M |
| Goodwill & intangible assets | $302.8M | $301.5M | $374.6M | $189.8M | $191.3M | $192.8M | $194.4M | $196.4M | $198.6M | $200.7M | $202.8M | $228.8M |
| Long-term investments | $2.16B | $1.99B | $1.91B | $1.88B | $1.75B | $1.98B | $1.93B | $1.75B | $1.74B | $1.76B | $1.71B | $1.79B |
| Other non-current assets | $9.17B | $10.20B | $9.88B | $10.16B | $10.19B | $10.48B | $10.18B | $10.69B | $11.21B | $11.94B | $13.31B | $0 |
| Total assets | $14.28B | $14.18B | $14.06B | $13.88B | $13.71B | $14.19B | $13.78B | $14.08B | $14.50B | $15.40B | $16.71B | $17.22B |
| Liabilities | ||||||||||||
| Accounts payable | $16.3M | $16.9M | $20.4M | $19.0M | $19.3M | $22.4M | $21.0M | $25.4M | $27.1M | $32.0M | $35.4M | $36.4M |
| Short-term debt | $1.22B | — | $4.7M | $1.16B | $621.3M | $890.7M | $943.2M | $1.09B | $1.08B | $1.22B | $1.63B | $1.55B |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | $72.6M | — |
| Total current liabilities | $3.46B | — | $4.7M | $2.66B | $2.02B | $2.23B | $2.15B | $2.18B | $2.00B | $2.06B | $2.41B | $1.59B |
| Long-term debt | $5.82B | $6.46B | $7.78B | $7.82B | $7.90B | $8.66B | $8.31B | $8.94B | $8.49B | $9.36B | $10.20B | $12.45B |
| Other long-term liabilities | $1.36B | $4.11B | $2.70B | $0 | $302.2M | $0 | $18.5M | $0 | $795.9M | $724.3M | $904.9M | $0 |
| Total liabilities | $10.64B | $10.57B | $10.49B | $10.29B | $10.23B | $10.83B | $10.48B | $10.87B | $11.28B | $12.14B | $13.51B | $13.96B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $358,000 | $359,000 | $359,000 | $360,000 | $362,000 | $364,000 | $363,000 | $363,000 | $363,000 | $368,000 | $371,000 | $374,000 |
| Retained earnings (deficit) | $3.77B | $3.73B | $3.68B | $3.65B | $3.58B | $3.41B | $3.34B | $3.29B | $3.30B | $3.31B | $3.27B | $3.31B |
| Accumulated other comprehensive income | −$1.8M | −$3.5M | $2.6M | $3.5M | −$2.2M | −$429,000 | $1.5M | −$1.4M | −$2.3M | −$8.5M | −$20.1M | −$25.4M |
| Minority interest | −$135.1M | −$125.3M | −$108.6M | −$66.6M | −$92.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $3.77B | $3.73B | $3.69B | $3.65B | $3.57B | $3.42B | $3.35B | $3.29B | $3.29B | $3.31B | $3.25B | $3.29B |
| Key figures | ||||||||||||
| Total debt | $7.04B | $7.70B | $7.79B | $7.82B | $7.90B | $8.66B | $8.31B | $8.94B | $9.57B | $10.58B | $11.83B | $14.00B |
| Net cash (debt) | −$5.49B | −$7.58B | −$6.82B | −$6.45B | −$6.60B | −$7.40B | −$7.13B | −$7.79B | −$8.53B | −$9.42B | −$10.72B | −$13.98B |
| Working capital | −$895.4M | — | $1.81B | −$1.10B | −$533.8M | −$777.3M | −$779.8M | −$856.6M | −$776.7M | −$706.4M | −$1.05B | $25.55B |
| Tangible book value | $3.47B | $3.43B | $3.31B | $3.46B | $3.38B | $3.23B | $3.16B | $3.09B | $3.10B | $3.11B | $3.05B | $3.07B |
| Book value per share | $104.63 | $103.43 | $101.42 | $100.60 | $97.98 | $93.74 | $91.87 | $90.33 | $90.19 | $88.97 | $87.11 | $87.87 |
| Shares outstanding | 36.0M | 36.1M | 36.3M | 36.3M | 36.5M | 36.5M | 36.5M | 36.4M | 36.5M | 37.2M | 37.4M | 37.5M |
| Current ratio | 0.74 | — | 382.15 | 0.58 | 0.74 | 0.65 | 0.64 | 0.61 | 0.61 | 0.66 | 0.56 | 17.06 |
| Quick ratio | 0.51 | — | 382.15 | 0.58 | 0.74 | 0.65 | 0.64 | 0.61 | 0.61 | 0.66 | 0.56 | 0.13 |
| Debt / equity | 1.87 | 2.06 | 2.11 | 2.14 | 2.21 | 2.53 | 2.48 | 2.72 | 2.90 | 3.20 | 3.64 | 4.25 |
| Equity / assets | 26.4% | 26.3% | 26.2% | 26.3% | 26.1% | 24.1% | 24.3% | 23.4% | 22.7% | 21.5% | 19.5% | 19.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
NNI financial position
At the end of fiscal 2025 (December 31, 2025), Nelnet had total assets of $14.1 billion (up 2.1% from a year earlier), total liabilities of $10.5 billion and shareholders' equity of $3.7 billion. It held $973.5 million in cash and short-term investments against $7.8 billion of debt, net debt of $6.8 billion. Its current ratio was 382.15. In the latest quarter (ended June 30, 2026) total assets were $14.3 billion and equity $3.8 billion.
Related: NNI income statement, NNI cash flow statement, NNI key metrics. See the NNI stock overview for the latest quote and news.
NNI balance sheet FAQ
What are Nelnet's total assets?
Nelnet reported total assets of $14.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.8 billion a year earlier.
How much debt does Nelnet have?
Nelnet had $7.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.11.
How much cash does Nelnet have?
Nelnet held $973.5 million in cash and short-term investments at the end of fiscal 2025; with $7.8 billion of debt that is net debt of $6.8 billion.
What is Nelnet's book value?
Nelnet's shareholders' equity (book value) was $3.7 billion at the end of fiscal 2025, or $101.46 per share.
What is Nelnet's current ratio?
Nelnet had current assets of $1.8 billion and current liabilities of $4.7 million, a current ratio of 382.15 (it can cover its short-term obligations).
How much goodwill does Nelnet have?
Nelnet carried $374.6 million of goodwill and intangible assets, 2.7% of total assets, at the end of fiscal 2025.