Nelnet, Inc.
Financial ServicesNYSE:NNI · New York Stock Exchange
+$1.70 today
Vol 0.11M · Avg 0.15M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$2.1B of revenue converted into $417.0M of net income for the selected period. Gross margin is 81.0% and net margin is 19.0%, showing how much revenue survives after costs and taxes. EPS is $11.45, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B +22.6% | $1.8B +1.8% | $1.8B -0.1% | $1.8B +28.1% | $1.4B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $293.4M -60.1% | $735.1M -13.8% | $853.2M +83.4% | $465.1M +183.9% | $163.8M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $2.0B +77.2% | $1.1B +15.6% | $961.1M -28.9% | $1.4B +7.8% | $1.3B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 87.0% +26.8pp | 60.2% +7.2pp | 53.0% -21.4pp | 74.4% -14.0pp | 88.4% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $0 -100.0% | $632.2M +3.9% | $608.3M +3.2% | $589.7M +16.3% | $507.1M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $821.7M -6.9% | $882.9M -1.1% | $892.4M +5.0% | $850.0M +13.0% | $751.9M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $33.6M -74.7% | $132.5M -8.8% | $145.4M -17.5% | $176.2M +33.2% | $132.3M | $374.2M | $1.2B | $631.8M |
| EBITDA | $1.1B +192.7% | $361.1M +68.7% | $214.1M -68.4% | $678.1M +6.9% | $634.4M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 46.7% +27.1pp | 19.6% +7.8pp | 11.8% -25.5pp | 37.3% -7.4pp | 44.7% | 5.6% | 46.3% | 42.0% |
| Operating Income | $1.1B +400.9% | $228.6M +232.7% | $68.7M -86.3% | $501.8M -0.1% | $502.1M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 50.6% +38.2pp | 12.4% +8.6pp | 3.8% -23.8pp | 27.6% -7.8pp | 35.4% | 16.6% | 24.1% | 22.0% |
| Interest Income | $866.0M -11.0% | $973.4M -12.3% | $1.1B +49.4% | $742.8M +41.8% | $523.8M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $496.9M -27.0% | $680.5M -19.5% | $845.1M +96.5% | $430.1M +144.1% | $176.2M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$618.6M | $0 | $0 | $0 | $0 | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $526.3M +130.3% | $228.6M +232.7% | $68.7M -86.3% | $501.8M -0.1% | $502.1M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 23.3% +10.9pp | 12.4% +8.6pp | 3.8% -23.8pp | 27.6% -7.8pp | 35.4% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $128.0M +143.0% | $52.7M +171.7% | $19.4M -82.9% | $113.1M -2.4% | $115.8M | $1.3B | -$1.6B | $745.2M |
| Net Income | $428.5M +132.8% | $184.0M +104.9% | $89.8M -77.9% | $406.9M +3.5% | $393.3M | $4.9B | $4.8B | $4.7B |
| Net Margin | 18.9% +9.0pp | 10.0% +5.0pp | 5.0% -17.4pp | 22.4% -5.3pp | 27.7% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $12 +130.7% | $5 +110.0% | $2 -77.5% | $11 +4.2% | $10 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $12 +130.7% | $5 +110.0% | $2 -77.5% | $11 +4.2% | $10 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $36.3M -0.9% | $36.6M -2.1% | $37.4M -0.5% | $37.6M -0.9% | $37.9M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $36.3M -0.9% | $36.6M -2.1% | $37.4M -0.5% | $37.6M -0.9% | $37.9M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
StoneX Group Inc.
NASDAQ:SNEX
$10.36B
Atlantic Union Bankshares Corporation
NYSE:AUB
$5.77B
Credit Acceptance Corporation
NASDAQ:CACC
$5.73B
Axos Financial, Inc.
NYSE:AX
$5.14B
Moelis & Company
NYSE:MC
$5.04B
Navient Corporation SR NT 6% 121543
NASDAQ:JSM
$4.92B
Radian Group Inc.
NYSE:RDN
$4.61B
Lazard Ltd
NYSE:LAZ
$4.31B
SLM Corporation
NASDAQ:SLM
$4.22B
Upstart Holdings, Inc.
NASDAQ:UPST
$2.92B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does NNI generate?
Nelnet, Inc. (NNI) reported $2.26B of revenue in fiscal 2025.
Is NNI profitable?
Nelnet, Inc. (NNI) reported $428.47M of net income, with a net margin of 18.9%.
Explore More
Continue the stock analysis
Jump to another research area for this company.