Nelnet, Inc.NNINYSE

Revenue (LTM)

$2.3B

+22.6% YoY

Net Income (LTM)

$428M

+132.8% YoY

Free Cash Flow

$397M

Revenue CAGR (5Y)

+12.4%

Marginsdeclining

FCF$0.4B

Profitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	1,418	1,817↑28.1%	1,814↓0.1%	1,847↑1.8%	2,263↑22.6%
Gross Profit	1,254	1,352↑7.8%	961↓28.9%	1,112↑15.6%	1,970↑77.2%
Operating Income	502	502↓0.1%	69↓86.3%	229↑232.7%	1,145↑400.9%
Net Income	393	407↑3.5%	90↓77.9%	184↑104.9%	428↑132.8%
EBITDA	634	678↑6.9%	214↓68.4%	361↑68.7%	1,057↑192.7%
EPS Diluted	10.20	10.63↑4.2%	2.39↓77.5%	5.02↑110.0%	11.58↑130.7%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	126	118↓5.9%	168↑42.3%	195↑15.7%	974↑400.5%
Total Current Assets	1,219	1,733↑42.2%	1,356↓21.8%	1,371↑1.1%	1,813↑32.3%
Total Assets	21,678	19,374↓10.6%	16,712↓13.7%	13,778↓17.6%	14,064↑2.1%
Total Current Liabilities	950	2,427↑155.5%	2,409↓0.7%	2,150↓10.7%	5↓99.8%
Total Liabilities	18,725	16,174↓13.6%	13,512↓16.5%	10,479↓22.5%	10,487↑0.1%
Total Equity	2,951	3,199↑8.4%	3,254↑1.7%	3,350↑3.0%	3,686↑10.0%
Total Debt	17,647	14,637↓17.1%	11,828↓19.2%	8,310↓29.7%	7,794↓6.2%
Net Debt	17,521	14,519↓17.1%	11,660↓19.7%	8,115↓30.4%	6,820↓16.0%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	480	684↑42.4%	432↓36.8%	663↑53.4%	423↓36.2%
Capital Expenditure	-59	-59↓0.8%	-74↓24.6%	-21↑71.8%	-26↓25.5%
Free Cash Flow	421	625↑48.2%	359↓42.5%	642↑78.9%	397↓38.2%
Stock-Based Comp	11	14↑32.8%	18↑26.3%	12↓32.7%	0
Net Change in Cash	236	163↓30.7%	-332↓303.2%	-94↑71.6%	43↑145.0%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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