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…
Earnings analysis · 10-Q
NNI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.97
What stood out
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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.
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EPS at $1.97 Matches Estimates
Diluted EPS of $1.97 slightly beat the consensus estimate of $2.66, showing resilience amidst revenue decline.
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Growth in AGM Segment
The Asset Generation and Management segment reported a net income of $30.5 million, reflecting positive growth from acquired receivables.
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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.
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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.
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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.
What to watch
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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.
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Unrealized Losses on Equity Securities
Recognized $10.8 million in unrealized loss on equity securities, highlighting market volatility risks impacting long-term investments.
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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.
Management's outlook
Q1 2026 guidance remained unchanged with no specific numeric updates provided.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.