NELNET INC

For the period ended Feb 26, 2026. Filed Feb 26, 2026.

About this filing

A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Feb 26, 2026 · Filed Feb 26, 2026

Use the contents to explore the available documents and sections.

NNI$130.53+2.8%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

EX-99.2 · Segment Reporting

Segment Reporting

The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:

	Three months ended December 31, 2025
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		167,109		17,716		184,825	—			—			—	184,825
Investment interest	565	5,556		11,763		16,200		34,084	16,680			2,923			(13,128)	40,559
Total interest income	565	5,556		178,872		33,916		218,909	16,680			2,923			(13,128)	225,384
Interest expense	—	—		115,383		16,356		131,739	1,380			(1,718)			(13,128)	118,273
Net interest income	565	5,556		63,489		17,560		87,170	15,300			4,641			—	107,111
Less provision (negative provision) for loan losses	—	—		32,491		5,656		38,147	—			—			—	38,147
Less provision for beneficial interests	—	—		2,679		—		2,679	—			—			—	2,679
Net interest income after provision	565	5,556		28,319		11,904		46,344	15,300			4,641			—	66,285
Other income (expense):
LSS revenue	116,573	—		—		—		116,573	—			—			—	116,573
ETSP revenue	—	112,314		—		—		112,314	—			—			—	112,314
Intersegment revenue	5,559	66		—		—		5,625	—			—			(5,625)	—
Reinsurance premiums earned	—	—		—		—		—	33,539			—			—	33,539
Solar construction revenue	—	—		—		—		—	—			3,379			—	3,379
Other, net	128	—		17,100		1,482		18,710	(3,121)			1,067			93	16,749
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		339		112		451	—			—			—	451
Derivative market value adjustments, net	—	—		225		747		972	—			907			—	1,879
Total other income (expense), net	122,260	112,380		17,664		2,341		254,645	30,418			5,353			(5,532)	284,884
Cost of services and expenses:
Total cost of services	2,056	38,654		—		—		40,710	—			12,326			—	53,036
Salaries and benefits	66,557	43,055		1,702		3,022		114,336	888			25,874			(12)	141,086
Depreciation and amortization	2,769	3,445		—		354		6,568	—			2,797			—	9,365
Reinsurance losses and underwriting expenses	—	—		—		—		—	25,715			—			—	25,715
Postage expense	9,483					9,483				(9,483)			—
Servicing fees			8,566		862		9,428				(9,428)			—
Impairment expense	—	—		—		—		—	3,920			13,300			—	17,220
Other expenses	13,480	9,474		1,888		2,244		27,086	1,024			16,793			13,467	58,369
Intersegment expenses, net	16,831	6,315		1,197		723		25,066	296			(25,192)			(170)	—
Total operating expenses	109,120	62,289		13,353		7,205		191,967	31,843			33,572			(5,626)	251,755
Income (loss) before income taxes	11,649	16,993		32,630		7,040		68,312	13,875			(35,904)			94	46,378
Income tax (expense) benefit	(2,796)	(4,078)		(7,827)		(1,746)		(16,447)	(3,305)			12,061			—	(7,691)
Net income (loss)	8,853	12,915		24,803		5,294		51,865	10,570			(23,843)			94	38,687
Net (income) loss attributable to noncontrolling interests	—	—		(18)		—		(18)	(104)			19,300			(94)	19,084
Net income (loss) attributable to Nelnet, Inc.	$8,853	12,915		24,785		5,294		51,847	10,466			(4,543)			—	57,771

	Three months ended September 30, 2025
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		145,984		16,733		162,717	—			—			—	162,717
Investment interest	531	8,564		12,051		14,849		35,995	14,985			3,134			(10,872)	43,241
Total interest income	531	8,564		158,035		31,582		198,712	14,985			3,134			(10,872)	205,958
Interest expense	—	—		113,350		16,179		129,529	1,359			692			(10,872)	120,708
Net interest income	531	8,564		44,685		15,403		69,183	13,626			2,442			—	85,250
Less provision (negative provision) for loan losses	—	—		(7,374)		3,811		(3,563)	—			—			—	(3,563)
Less provision for beneficial interests	—	—		2,145		—		2,145	—			—			—	2,145
Net interest income after provision	531	8,564		49,914		11,592		70,601	13,626			2,442			—	86,668
Other income (expense):
LSS revenue	151,052	—		—		—		151,052	—			—			—	151,052
ETSP revenue	—	129,321		—		—		129,321	—			—			—	129,321
Intersegment revenue	5,313	70		—		—		5,383	—			—			(5,383)	—
Reinsurance premiums earned	—	—		—		—		—	23,165			—			—	23,165
Solar construction revenue	—	—		—		—		—	—			5,738			—	5,738
Other, net	105	—		(2,277)		1,308		(864)	5,674			28,336			112	33,258
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		594		167		761	—			—			—	761
Derivative market value adjustments, net	—	—		(461)		(327)		(788)	—			—			—	(788)
Total other income (expense), net	156,470	129,391		(2,144)		1,148		284,865	28,839			34,074			(5,271)	342,507
Cost of services and expenses:
Total cost of services	2,021	50,363		—		—		52,384	—			7,607			—	59,991
Salaries and benefits	70,126	43,029		1,971		2,817		117,943	668			26,193			(26)	144,778
Depreciation and amortization	1,725	2,504		—		355		4,584	—			2,743			—	7,327
Reinsurance losses and underwriting expenses	—	—		—		—		—	19,962			—			—	19,962
Postage expense	8,735					8,735				(8,735)			—
Servicing fees			6,687		838		7,525				(7,525)			—
Impairment expense	—	1,145		—		—		1,145	—			5,855			—	7,000
Other expenses	10,862	9,537		1,243		1,916		23,558	1,103			17,901			11,107	53,669
Intersegment expenses, net	17,262	6,420		1,248		726		25,656	289			(25,741)			(204)	—
Total operating expenses	108,710	62,635		11,149		6,652		189,146	22,022			26,951			(5,383)	232,736
Income (loss) before income taxes	46,270	24,957		36,621		6,088		113,936	20,443			1,958			112	136,448
Income tax (expense) benefit	(11,105)	(5,990)		(8,783)		(1,483)		(27,361)	(4,866)			(3,547)			—	(35,773)
Net income (loss)	35,165	18,967		27,838		4,605		86,575	15,577			(1,589)			112	100,675
Net (income) loss attributable to noncontrolling interests	—	—		(27)		—		(27)	(169)			6,317			(112)	6,009
Net income (loss) attributable to Nelnet, Inc.	$35,165	18,967		27,811		4,605		86,548	15,408			4,728			—	106,684

	Three months ended December 31, 2024
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		165,210		13,224		178,434	—			—			—	178,434
Investment interest	831	6,576		13,789		12,691		33,887	10,447			2,207			(3,726)	42,815
Total interest income	831	6,576		178,999		25,915		212,321	10,447			2,207			(3,726)	221,249
Interest expense	—	—		130,668		12,987		143,655	1,568			(327)			(3,726)	141,170
Net interest income	831	6,576		48,331		12,928		68,666	8,879			2,534			—	80,079
Less provision (negative provision) for loan losses	—	—		13,493		8,564		22,057	—			—			—	22,057
Less provision for beneficial interests	—	—		4,628		—		4,628	—			—			—	4,628
Net interest income after provision	831	6,576		30,210		4,364		41,981	8,879			2,534			—	53,394
Other income (expense):
LSS revenue	137,981	—		—		—		137,981	—			—			—	137,981
ETSP revenue	—	108,335		—		—		108,335	—			—			—	108,335
Intersegment revenue	6,073	55		—		—		6,128	—			—			(6,128)	—
Reinsurance premiums earned	—	—		—		—		—	18,673			—			—	18,673
Solar construction revenue	—	—		—		—		—	—			13,828			—	13,828
Other, net	684	—		4,682		960		6,326	1,549			19,884			77	27,836
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		860		227		1,087	—			—			—	1,087
Derivative market value adjustments, net	—	—		8,297		5,495		13,792	—			—			—	13,792
Total other income (expense), net	144,738	108,390		13,839		6,682		273,649	20,222			33,712			(6,051)	321,532
Cost of services and expenses:
Total cost of services	1,497	38,658		—		—		40,155	—			28,558			—	68,713
Salaries and benefits	76,194	42,760		1,255		2,631		122,840	457			23,989			(57)	147,229
Depreciation and amortization	4,171	2,519		—		338		7,028	—			5,516			—	12,544
Reinsurance losses and underwriting expenses	—	—		—		—		—	16,180			—			—	16,180
Postage expense	8,470					8,470				(8,470)			—
Servicing fees			7,087		662		7,749				(7,749)			—
Impairment expense	736	—		—		—		736	—			400			—	1,136
Other expenses	12,163	8,509		936		1,396		23,004	882			16,220			10,575	50,681
Intersegment expenses, net	15,528	4,669		1,281		632		22,110	188			(21,871)			(427)	—
Total operating expenses	117,262	58,457		10,559		5,659		191,937	17,707			24,254			(6,128)	227,770
Income (loss) before income taxes	26,810	17,851		33,490		5,387		83,538	11,394			(16,566)			77	78,443
Income tax (expense) benefit	(6,434)	(4,298)		(8,038)		(1,222)		(19,992)	(2,711)			7,688			—	(15,016)
Net income (loss)	20,376	13,553		25,452		4,165		63,546	8,683			(8,878)			77	63,427
Net (income) loss attributable to noncontrolling interests	—	57		—		—		57	(97)			(151)			(77)	(268)
Net income (loss) attributable to Nelnet, Inc.	$20,376	13,610		25,452		4,165		63,603	8,586			(9,029)			—	63,159

	Year ended December 31, 2025
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		624,861		61,224		686,085	—			—			—	686,085
Investment interest	2,441	26,476		49,226		57,478		135,621	49,356			11,029			(30,632)	165,374
Total interest income	2,441	26,476		674,087		118,702		821,706	49,356			11,029			(30,632)	851,459
Interest expense	—	—		463,102		59,284		522,386	4,938			258			(30,632)	496,950
Net interest income	2,441	26,476		210,985		59,418		299,320	44,418			10,771			—	354,509
Less provision (negative provision) for loan losses	—	—		49,261		18,590		67,851	—			—			—	67,851
Less provision for beneficial interests	—	—		11,311		—		11,311	—			—			—	11,311
Net interest income after provision	2,441	26,476		150,413		40,828		220,158	44,418			10,771			—	275,347
Other income (expense):
LSS revenue	509,089	—		—		—		509,089	—			—			—	509,089
ETSP revenue	—	507,150		—		—		507,150	—			—			—	507,150
Intersegment revenue	22,158	265		—		—		22,423	—			—			(22,423)	—
Reinsurance premiums earned	—	—		—		—		—	107,502			—			—	107,502
Solar construction revenue	—	—		—		—		—	—			14,371			—	14,371
Other, net	459	—		27,235		3,324		31,018	8,928			57,244			397	97,587
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			175,044			—	175,044
Derivative settlements, net	—	—		2,094		606		2,700	—			—			—	2,700
Derivative market value adjustments, net	—	—		(6,196)		(3,809)		(10,005)	—			907			—	(9,098)
Total other income (expense), net	531,706	507,415		23,133		121		1,062,375	116,430			247,566			(22,026)	1,404,345
Cost of services and expenses:
Total cost of services	7,555	176,907		—		—		184,462	—			41,810			—	226,272
Salaries and benefits	271,806	169,424		6,363		11,446		459,039	2,573			97,346			(172)	558,786
Depreciation and amortization	8,969	10,884		—		1,400		21,253	—			12,318			—	33,571
Reinsurance losses and underwriting expenses	—	—		—		—		—	93,551			—			—	93,551
Postage expense	35,344					35,344				(35,344)			—
Servicing fees			29,266		3,191		32,457				(32,457)			—
Impairment expense	—	1,145		—		—		1,145	4,001			24,466			—	29,612
Other expenses	46,273	37,962		6,483		7,487		98,205	5,104			61,975			46,284	211,568
Intersegment expenses, net	67,811	24,612		4,954		2,812		100,189	1,149			(100,603)			(735)	—
Total operating expenses	430,203	244,027		47,066		26,336		747,632	106,378			95,502			(22,424)	927,088
Income (loss) before income taxes	96,389	112,957		126,480		14,613		350,439	54,470			121,025			398	526,332
Income tax (expense) benefit	(23,134)	(27,120)		(30,335)		(3,562)		(84,151)	(12,950)			(30,885)			—	(127,986)
Net income (loss)	73,255	85,837		96,145		11,051		266,288	41,520			90,140			398	398,346
Net (income) loss attributable to noncontrolling interests	—	45		(85)		—		(40)	(511)			31,077			(398)	30,128
Net income (loss) attributable to Nelnet, Inc.	$73,255	85,882		96,060		11,051		266,248	41,009			121,217			—	428,474

	Year ended December 31, 2024
Reportable Segments · Reconciling Items
Loan Servicing and Systems (LSS) · Education Technology Services and Payments (ETSP) · AssetGeneration andManagement · Nelnet Bank · Total Reportable Segments · NFS Other Operating Segments · Corporate and Other Activities · Eliminations/ Reclassifications · Total
Interest income:
Loan interest	$—	—		749,117		38,381		787,498	—			—			—	787,498
Investment interest	4,877	29,891		68,302		45,992		149,062	54,357			11,773			(29,291)	185,901
Total interest income	4,877	29,891		817,419		84,373		936,560	54,357			11,773			(29,291)	973,399
Interest expense	—	—		654,346		44,859		699,205	8,837			1,787			(29,291)	680,537
Net interest income	4,877	29,891		163,073		39,514		237,355	45,520			9,986			—	292,862
Less provision (negative provision) for loan losses	—	—		27,691		26,916		54,607	—			—			—	54,607
Less provision for beneficial interests	—	—		39,491		—		39,491	—			—			—	39,491
Net interest income after provision	4,877	29,891		95,891		12,598		143,257	45,520			9,986			—	198,764
Other income (expense):
LSS revenue	482,408	—		—		—		482,408	—			—			—	482,408
ETSP revenue	—	486,962		—		—		486,962	—			—			—	486,962
Intersegment revenue	24,493	220		—		—		24,713	—			—			(24,713)	—
Reinsurance premiums earned	—	—		—		—		—	62,923			—			—	62,923
Solar construction revenue	—	—		—		—		—	—			56,569			—	56,569
Other, net	2,769	—		14,236		2,951		19,956	8,313			31,613			77	59,959
Gain on partial redemption of ALLO investment	—	—		—		—		—	—			—			—	—
Derivative settlements, net	—	—		5,217		917		6,134	—			—			—	6,134
Derivative market value adjustments, net	—	—		5,422		4,702		10,124	—			—			—	10,124
Total other income (expense), net	509,670	487,182		24,875		8,570		1,030,297	71,236			88,182			(24,636)	1,165,079
Cost of services and expenses:
Total cost of services	1,889	172,763		—		—		174,652	—			77,673			—	252,325
Salaries and benefits	300,366	164,716		4,784		11,122		480,988	1,587			96,148			(1,792)	576,931
Depreciation and amortization	19,475	10,531		—		1,282		31,288	—			26,828			—	58,116
Reinsurance losses and underwriting expenses	—	—		—		—		—	55,246			—			—	55,246
Postage expense	36,820					36,820				(36,820)			—
Servicing fees			31,591		1,373		32,964				(32,964)			—
Impairment expense	736	—		—		—		736	—			2,402			—	3,138
Other expenses	43,282	32,281		4,152		6,972		86,687	3,352			53,581			45,883	189,503
Intersegment expenses, net	71,482	18,886		5,037		2,361		97,766	853			(99,599)			980	—
Total operating expenses	472,161	226,414		45,564		23,110		767,249	61,038			79,360			(24,713)	882,934
Income (loss) before income taxes	40,497	117,896		75,202		(1,942)		231,653	55,718			(58,865)			77	228,584
Income tax (expense) benefit	(9,719)	(28,333)		(18,048)		579		(55,521)	(13,261)			16,114			—	(52,669)
Net income (loss)	30,778	89,563		57,154		(1,363)		176,132	42,457			(42,751)			77	175,915
Net (income) loss attributable to noncontrolling interests	—	158		—		—		158	(463)			8,512			(77)	8,130
Net income (loss) attributable to Nelnet, Inc.	$30,778	89,721		57,154		(1,363)		176,290	41,994			(34,239)			—	184,045

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.