NNI earnings analysis
What we found in NNI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Nelnet, Inc. reported Q1 2026 earnings with revenues of $510 million, showing a sequential revenue drop of 2.8% and a year-over-year decline from $524 million. Diluted EPS was $1.97, a decrease from $2.26 in the same quarter last year, but inline with the consensus estimate. Management highlighted growth in asset generation and management but also mentioned challenges such as an increase in the provision for loan losses that influenced net income negatively.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Holds Steady at $510 Million
- Revenue was reported at $510 million for Q1 2026, a sequential decrease of 2.8% from $524 million in Q1 2025.
- EPS at $1.97 Matches Estimates
- Diluted EPS of $1.97 slightly beat the consensus estimate of $2.66, showing resilience amidst revenue decline.
- Growth in AGM Segment
- The Asset Generation and Management segment reported a net income of $30.5 million, reflecting positive growth from acquired receivables.
- Loan Servicing Revenue Increases
- Loan Servicing and Systems generated $127.8 million in revenue, up from $120.7 million in the prior year due to increased servicing volumes.
- Improved Operating Margins in ETSP
- Operating margins for Education Technology Services and Payments improved to 45.8%, up from 47.8% year-over-year despite rising operational costs.
- Increased Borrower Late Fees
- Borrower late fee income rose 433% to $8.5 million from $1.6 million year-over-year, indicating a rise in borrower activity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Provision for Loan Losses
- Provisions for loan losses rose sharply to $53.2 million, up from $15.3 million in Q1 2025, reflecting potential risk in the loan portfolio.
- Unrealized Losses on Equity Securities
- Recognized $10.8 million in unrealized loss on equity securities, highlighting market volatility risks impacting long-term investments.
- Declining Servicing Volumes for FFELP Loans
- Servicing volumes for FFELP loans have seen a substantial decline, decreasing from $12.8 billion to $11.2 billion in recent quarters.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.97
- Segment
- Loan Servicing and Systems: $127.8M
- Segment
- Education Technology Services: $154.4M
- Segment
- Asset Generation and Management: Net Income of $30.5M
- Segment
- Nelnet Bank: Net Income of $9.2M
What they said about what is next.
Q1 2026 guidance remained unchanged with no specific numeric updates provided.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 26, 2026
- Nelnet’s 2025 10-K emphasizes a strategy of scaling its loan servicing platforms while diversifying into education technology, banking (Nelnet Bank), asset management, and other non-core initiatives. The company…
- 10-Q · November 7, 2024
- Nelnet reported third-quarter results with revenue of $309,471,000 and diluted EPS of $0.07. Revenue was modestly lower versus the prior-year quarter while profitability deteriorated into an operating loss; however, the…
- 10-Q · August 8, 2024
- Nelnet reported sequentially and year-over-year stronger operating results for the quarter ended June 30, 2024, driven by higher other income and growth in education technology and solar construction revenue. Revenue…
- 10-Q · May 9, 2024
- Nelnet reported a strong quarter ended March 31, 2024 with net income attributable to Nelnet, Inc. of $73,210,000 versus $26,487,000 a year ago and diluted EPS of $1.97 versus $0.71 a year ago. Total period revenues…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing NNI makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever