NELNET INC
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Operating expenses | $927.1M | $882.9M | $892.4M | $834.4M | $726.3M |
| Interest expense | — | — | $845.1M | $430.1M | $176.2M |
| Pretax income | $556.5M | $228.6M | $68.7M | $501.8M | $502.1M |
| Income tax expense | $128.0M | $52.7M | $19.4M | $113.1M | $115.8M |
| Net income | $428.5M | $184.0M | $89.8M | $406.9M | $393.3M |
| Balance Sheet | |||||
| Cash and equivalents | $296.0M | $194.5M | $168.1M | $118.1M | $125.6M |
| Total assets | $14.1B | $13.8B | $16.7B | $19.4B | $21.7B |
| Total liabilities | $10.5B | $10.5B | $13.5B | $16.2B | $18.7B |
| Total debt | $7.8B | $8.4B | $11.9B | $14.8B | $17.8B |
| Stockholders' equity | $3.7B | $3.3B | $3.3B | $3.2B | $3.0B |
| Cash Flow Statement | |||||
| Cash from operations | $423.0M | $662.9M | $432.0M | $683.1M | $480.3M |
| Depreciation and amortization | $90.6M | $132.5M | $145.4M | $176.2M | $132.3M |
| Stock-based compensation | $13.3M | $12.0M | $16.5M | $14.2M | $10.7M |
| Capital expenditure | $26.2M | $20.9M | $74.1M | $59.4M | $59.0M |
| Free cash flow | $396.7M | $642.0M | $358.0M | $623.6M | $421.4M |
| Dividends paid | $43.0M | $40.8M | $39.4M | $36.6M | $34.5M |
| Share repurchases | $69.3M | $83.3M | $28.0M | $97.7M | $58.1M |
| Impairments | $29.6M | $3.1M | $31.9M | $15.5M | $16.4M |
Shares outstanding 35.9M
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.