Nelnet, Inc. (NNI) Income Statement
NNI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNNI revenue and net income
Where NNI's revenue goes
2025Each bar shows an amount and its share of revenue. NNI kept 18.9% of revenue as net income.
NNI profit margins
NNI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +22.6% | +7.6% | +10.5% | +7.4% |
| Gross profit | +77.2% | +13.4% | +15.0% | +9.5% |
| Operating income | +400.9% | +31.6% | +20.5% | +10.5% |
| Net income | +132.8% | +1.7% | +4.0% | +4.8% |
| EPS (diluted) | +149.5% | +24.2% | +4.6% | +8.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NNI quarterly EPS vs estimates
Nelnet beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.93).
NNI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.26B | $1.85B | $1.81B | $1.82B | $1.42B | $1.37B | $1.68B | $1.68B | $1.18B | $1.19B |
| Cost of revenue | $293.4M | $735.1M | $853.2M | $465.1M | $163.8M | $393.4M | $738.3M | $692.9M | $479.6M | $401.7M |
| Gross profit | $1.97B | $1.11B | $961.1M | $1.35B | $1.25B | $979.2M | $939.4M | $987.4M | $698.6M | $792.1M |
| Research & development | — | — | $0 | $3.7M | $0 | $0 | $0 | $3.9M | $0 | $0 |
| Sales, general & admin | $652.3M | $632.2M | $625.1M | $589.7M | $507.1M | $501.8M | $463.5M | $436.2M | $301.9M | $255.9M |
| Total operating expenses | $821.7M | $882.9M | $892.4M | $850.0M | $751.9M | $528.7M | $762.7M | $701.1M | $472.0M | $393.3M |
| Operating income | $1.14B | $228.6M | $68.7M | $501.8M | $502.1M | $450.5M | $176.7M | $286.3M | $226.7M | $398.8M |
| Interest income | $851.5M | $973.4M | $1.10B | $742.8M | $523.8M | $619.7M | $948.7M | $924.3M | $770.4M | $760.7M |
| Interest expense | $496.9M | $680.5M | $845.1M | $430.1M | $176.2M | $330.1M | $699.3M | $669.9M | $465.2M | $388.2M |
| Income before taxes | $526.3M | $228.6M | $68.7M | $501.8M | $502.1M | $450.5M | $176.7M | $286.3M | $226.7M | $398.8M |
| Income taxes | $128.0M | $52.7M | $19.4M | $113.1M | $115.8M | $100.9M | $35.5M | $58.8M | $64.9M | $141.3M |
| Net income | $428.5M | $184.0M | $89.8M | $406.9M | $393.3M | $352.4M | $141.8M | $227.9M | $173.2M | $256.8M |
| EBITDA | $1.11B | $361.1M | $214.1M | $678.1M | $634.4M | $649.0M | $369.4M | $471.0M | $364.5M | $521.4M |
| EPS (diluted) | $11.95 | $4.79 | $3.29 | $6.23 | $8.37 | $9.55 | $4.99 | $5.55 | $4.42 | $4.99 |
| Gross margin | 87.0% | 60.2% | 53.0% | 74.4% | 88.4% | 71.3% | 56.0% | 58.8% | 59.3% | 66.4% |
| Operating margin | 50.6% | 12.4% | 3.8% | 27.6% | 35.4% | 32.8% | 10.5% | 17.0% | 19.2% | 33.4% |
| Net margin | 18.9% | 10.0% | 5.0% | 22.4% | 27.7% | 25.7% | 8.5% | 13.6% | 14.7% | 21.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $333.6M | $525.5M | $503.9M | $494.6M | $612.8M | $466.1M | $434.2M | $434.8M | $454.7M | $516.9M | $429.4M | $480.9M |
| Cost of revenue | $61.6M | $70.4M | $71.8M | $117.1M | $150.8M | $140.5M | $163.2M | $186.4M | $180.1M | $205.4M | $216.3M | $211.4M |
| Gross profit | $272.1M | $455.1M | $432.2M | $377.5M | $462.0M | $325.6M | $271.0M | $248.3M | $274.7M | $311.5M | $213.1M | $269.5M |
| Sales, general & admin | $185.5M | $163.0M | $166.8M | $164.7M | $160.4M | $160.4M | $202.5M | $146.2M | $150.6M | $155.2M | $152.9M | $141.2M |
| Total operating expenses | $246.6M | $247.8M | $237.7M | $241.0M | $224.6M | $219.5M | $192.5M | $250.5M | $216.2M | $217.5M | $252.8M | $219.4M |
| Operating income | $25.5M | $207.3M | $194.5M | $136.4M | $237.4M | $106.1M | $78.4M | −$2.2M | $58.4M | $93.9M | −$39.6M | $50.1M |
| Interest income | $204.9M | $211.2M | $225.4M | $206.0M | $212.3M | $207.8M | $221.2M | $240.5M | $242.9M | $268.8M | $275.3M | $284.6M |
| Interest expense | $108.9M | $109.6M | $118.3M | $120.7M | $132.9M | $125.1M | $141.2M | $168.3M | $176.5M | $194.6M | $205.3M | $207.2M |
| Income before taxes | $65.4M | $75.7M | $46.4M | $136.4M | $237.4M | $106.1M | $78.4M | −$2.2M | $58.4M | $93.9M | −$39.6M | $50.1M |
| Income taxes | $19.9M | $20.1M | $7.7M | $35.8M | $59.5M | $25.0M | $15.0M | −$282,000 | $14.8M | $23.2M | −$9.7M | $10.5M |
| Net income | $66.7M | $71.1M | $57.8M | $106.7M | $181.5M | $82.6M | $63.2M | $2.4M | $45.1M | $73.4M | −$8.6M | $44.4M |
| EBITDA | $16.1M | $206.4M | $187.0M | $152.3M | $266.6M | $129.3M | $104.9M | $34.2M | $94.1M | $127.9M | −$22.9M | $85.2M |
| EPS (diluted) | $1.77 | $1.94 | $1.56 | $2.95 | $5.05 | $2.39 | $1.44 | $0.34 | $1.20 | $1.81 | −$0.04 | $1.15 |
| Gross margin | 81.6% | 86.6% | 85.8% | 76.3% | 75.4% | 69.9% | 62.4% | 57.1% | 60.4% | 60.3% | 49.6% | 56.0% |
| Operating margin | 7.7% | 39.4% | 38.6% | 27.6% | 38.7% | 22.8% | 18.1% | −0.5% | 12.8% | 18.2% | −9.2% | 10.4% |
| Net margin | 20.0% | 13.5% | 11.5% | 21.6% | 29.6% | 17.7% | 14.5% | 0.5% | 9.9% | 14.2% | −2.0% | 9.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NNI's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NNI financial results
In fiscal year 2025 (ended December 31, 2025), Nelnet reported revenue of $2.3 billion, up 22.6% from the year before. It had net income of $428.5 million (up 132.8%), a net profit margin of 18.9%. Diluted earnings per share came to $11.95. Over five years revenue grew at an average rate of 10.5% a year.
See the NNI stock overview for the latest quote and news, or the NNI chart for price history and technical indicators.
NNI income statement FAQ
What is Nelnet's annual revenue?
Nelnet reported total revenue of $2.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 22.6% from $1.8 billion the previous year.
Is Nelnet profitable?
Yes. Nelnet reported net income of $428.5 million in fiscal 2025, a net profit margin of 18.9%; its operating margin was 50.6%.
What is Nelnet's gross margin?
Nelnet's gross margin was 87.0% in fiscal 2025: for every $100 of revenue, Nelnet kept $87 after the direct cost of its products and services.
How fast is Nelnet growing?
Revenue grew 10.5% a year on average over the last five fiscal years, from $1.4 billion to $2.3 billion.
What are Nelnet's earnings per share?
Nelnet earned $11.95 per diluted share in fiscal 2025, compared with $4.79 a year earlier.
When will Nelnet report its next earnings?
Nelnet is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Nelnet's fiscal year end?
Nelnet's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.