Nelnet Inc (NNI)
Operating cash flow minus capital spending left $396.7M of free cash flow in fiscal 2025. At September 30, 2026 it held $211M in cash against $6.8B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 5, 2026.
Key facts about Nelnet Inc
- Net worth
- Nelnet Inc has a market value (market cap) of $4.7B at the latest share price, and shareholders' equity of $3.8B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Cash flow
- In fiscal 2025 operations brought in $423M of cash; after $26.2M of capital spending, free cash flow was $396.7M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 5, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Nelnet Inc's next report is expected around February 25, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Nelnet Inc does
Nelnet Inc is registered with the SEC under industry code SIC 6141 (Personal Credit Institutions). Its shares trade on NYSE under the ticker NNI.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | n/a | $428.5M | $11.79 | $396.7M |
| 2024 | n/a | $184M | $5.02 | $642M |
| 2023 | n/a | $89.8M | $2.40 | $358M |
| 2022 | n/a | $406.9M | $10.82 | $623.6M |
| 2021 | n/a | $393.3M | $10.20 | $421.4M |
| 2020 | n/a | $352.4M | $9.02 | $235.8M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Dividends
It paid out $43M in cash dividends, 10% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | n/a | $43M | 10% |
| 2024 | n/a | $40.8M | 22% |
| 2023 | n/a | $39.4M | 44% |
| 2022 | n/a | $36.6M | 9% |
| 2021 | n/a | $34.5M | 9% |
| 2020 | n/a | $31.8M | 9% |
Latest SEC filings
What Nelnet Inc has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 5, 2026
- November 5, 2026
- October 30, 2026
- September 16, 2026Executive or director change8-KNelnet expanded its board of directors from eight to ten members and appointed Angela Klein and Edward Pallesen as independent directors.
- August 6, 2026
- August 6, 2026
- July 30, 2026
- June 5, 2026Activist stake changed SCHEDULE 13D/A
- June 5, 2026Passive stake (5% or more) SCHEDULE 13G
- May 18, 2026
Insider trades
What the people running Nelnet Inc did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider bought or sold shares on the open market in the last 90 days. The 12 reported changes were pay in shares, option exercises, shares withheld for tax or gifts.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 5, 2026 | Kruger James DChief Financial Officer | Gave as a giftindirect | 4,080 | - |
| October 5, 2026 | Kruger James DChief Financial Officer | Gave as a giftindirect | 1,360 | - |
| October 5, 2026 | Kruger James DChief Financial Officer | Gave as a giftindirect | 1,360 | - |
| October 5, 2026 | Kruger James DChief Financial Officer | Gave as a giftindirect | 1,360 | - |
| October 5, 2026 | Kruger James DChief Financial Officer | Gave as a giftindirect | 4,080 | - |
| October 5, 2026 | Kruger James DChief Financial Officer | Gave as a giftindirect | 1,360 | - |
| October 5, 2026 | Kruger James DChief Financial Officer | Gave as a giftindirect | 1,360 | - |
| October 5, 2026 | Kruger James DChief Financial Officer | Gave as a giftindirect | 1,360 | - |
Who owns NNI
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Dunlap, Michael S.13D, may seek influence with 2 related filers | 37.8% | November 13, 2025 |
| Whitetail Rock Capital Management, LLC13G, passive | 21.6% | May 13, 2026 |
| Muhleisen, Angela L.13G, passive | 18.1% | November 13, 2025 |
| Union Bank & Trust Co / Trustee13G, passive | 7.9% | November 13, 2025 |
| Adam K. Peterson13D, may seek influence with 2 related filers | 5.9% | June 5, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 213 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Dimensional Fund Advisors LP | 1,852,273 | +4,574 |
| Magnolia Group, LLC | 1,269,723 | -399,253 |
| Farmers & Merchants Investments Inc | 1,179,351 | -5,000 |
| BlackRock, Inc. | 1,162,288 | +184,254 |
| Vanguard Portfolio Management LLC | 695,621 | +16,226 |
| Vanguard Capital Management LLC | 584,970 | +7,030 |
| American Century Companies Inc | 420,692 | +84,990 |
| Geode Capital Management, LLC | 389,595 | +42,907 |
| State Street Corp | 365,440 | +50,462 |
| Bragg Financial Advisors, Inc | 248,493 | +21,711 |
| QVT Financial LP | 231,414 | 0 |
| Empyrean Capital Partners, LP | 231,000 | 0 |
| General American Investors Co Inc | 230,998 | -3,028 |
| Northern Trust Corp | 189,609 | +16,204 |
| Charles Schwab Investment Management Inc | 167,793 | +5,701 |
| Jpmorgan Chase & Co | 152,759 | +18,824 |
| Bar Harbor Wealth Management | 108,589 | -119 |
| Morgan Stanley | 94,412 | +17,227 |
| Vanguard Fiduciary Trust Co | 91,686 | +3,199 |
| Bank of New York Mellon Corp | 88,973 | +7,538 |
Insiders
16 insiders reported holding 3,908,412 shares in total, about $517.9M at the last price.
| Holder | Shares |
|---|---|
| Peterson Adam KSee below | 1,678,520 |
| Dunlap Michael SExecutive Chairman of Board, Director, 10% owner | 1,536,862153,880 held indirectly |
| Dunlap Matthew WPresident, NFS, Director | 243,251 |
| Noordhoek Jeffrey RChief Executive Officer | 109,583 |
| Tewes TimothyPresident | 94,048 |
| Kruger James DChief Financial Officer | 82,09812,720 held indirectly |
| Graff David SDirector | 31,953 |
| Wenger DeeAnnPres, Nelnet Business Services | 31,025 |
| Heimes Terry JChief Operating Officer | 27,923 |
| Farrell Kathleen AnneDirector | 22,755 |
Questions about NNI
What does Nelnet Inc do?
Nelnet Inc is a company in the Finance sector, listed on NYSE as NNI. Its shares trade on NYSE under the ticker NNI.
What is Nelnet Inc's net worth?
Nelnet Inc has a market value (market cap) of $4.7B at the latest share price, and shareholders' equity of $3.8B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Nelnet Inc profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $271.8M.
When did Nelnet Inc last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 5, 2026. It covers the period to September 30, 2026.
When is Nelnet Inc's next earnings report?
Nelnet Inc's next report is expected around February 25, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Nelnet Inc tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.