Short answer
NELNET INC (NNI) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $851M (−12.5% year over year) and net income of $428M.
- Top risk flagged: Regulatory risk from Payment Card Industry Data Security Standard (PCI DSS) compliance with ongoing external auditor assessments
FY2025 key financial metrics · XBRL
- Revenue
- $851M
- −12.5% YoY
- Net income
- $428M
- +132.8% YoY
- EPS (diluted)
- $11.79
- +134.9% YoY
- ROE
- 11.6%
- +6.1 pp YoY
- Operating cash flow
- $423M
- −36.2% YoY
Source: XBRL data from the NELNET INC (NNI) FY2025 10-K on SEC EDGAR. USD.
NELNET INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: education-focused consumer lending and loan servicing with technology-enabled services and payments
- New emphasis: expansion of private education and consumer loan portfolios via Nelnet Bank launched in 2020
- Strategic shift: reduced reliance on $7.6B FFELP loan portfolio by broadening services and acquisitions
- Key metric: servicing $486.2B in loans for 13.2M borrowers as of Dec 31, 2025
- Noteworthy fact: continued servicing federally owned student loans since 2009 despite FFELP originations ending in 2010
Management Discussion & Analysis
- Revenue $1.43B ($509M Loan Servicing + $507M Education Tech), up ~3.4% YoY from $969M in 2024 fee-based segments
- Net income $428.5M, up 133% YoY from $184.0M; operating margin ~30.3% ($428.5M/$1.414B total revenue) unchanged from 2024 (approx.)
- Best segment: ALLO investment gain $194.9M in 2025 vs $8.1M in 2024; Worst segment: Nelnet Renewable Energy loss $57.5M vs $36M loss in 2024
- Cash inflow from ALLO redemption $410.9M; Venture capital proceeds $10.1M; sold NRE business; No explicit capex/dividends/buybacks detailed
- 2026 outlook: Acquired Canadian student loan servicing for $95.7M; expects tax rate 22.5%-24.5%; risk from declining FFELP loan portfolio and renewable energy challenges
Risk Factors
- Regulatory risk from Payment Card Industry Data Security Standard (PCI DSS) compliance with ongoing external auditor assessments
- Geopolitical risk exposure via third-party vendor attack surfaces continuously monitored for potential threats impacting operations
- Operational risk from dependency on effective vulnerability management and timely patching by internal teams to prevent security breaches
- Market disruption risk from evolving cybersecurity threats requiring advanced tools and continuous adaptation of security architecture
- Financial risk due to potential audit findings by internal and external cybersecurity auditors affecting compliance and operational costs
Generated from the filing text; verify against the original. How to read a 10-K
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