NELNET INC (NNI) FY2025 10-K Annual Report
NELNET INC (NNI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
NELNET INC FY2025 10-K Analysis
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
NELNET INC FY2025 Key Financial MetricsXBRL
Revenue
$851M
▼ -12.5% YoY
Net Income
$428M
▲ +132.8% YoY
Net Margin
50.3%
▲ +3141bp YoY
ROE
11.6%
▲ +613bp YoY
Total Assets
$14.1B
▲ +2.1% YoY
EPS (Diluted)
$11.79
▲ +134.9% YoY
Operating Cash Flow
$423M
▼ -36.2% YoY
Source: XBRL data from NELNET INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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