Nelnet (NNI) Q4 2025 earnings summary

Executive summary

• Reported GAAP net income of $57.8 million ($1.60/share) for Q4 2025, down from $63.2 million ($1.73/share) year-over-year.

• Net income excluding derivative market value adjustments was $56.3 million ($1.56/share), up from $52.7 million ($1.44/share) year-over-year.

• Full-year 2025 GAAP net income was $428.5 million ($11.79/share), up from $184.0 million ($5.02/share) in 2024.

• All core business segments—consumer lending, loan servicing, payments, and technology—reported solid performance.

Financial highlights

• Q4 2025 net interest income was $107.1 million, up from $80.1 million in Q4 2024.

• Q4 2025 total revenue from loan servicing and systems was $116.6 million, down from $138.0 million year-over-year.

• Education Technology Services and Payments revenue for Q4 2025 was $112.3 million, up from $108.3 million year-over-year.

• Q4 2025 provision for loan losses increased to $38.1 million from $22.1 million year-over-year.

• Q4 2025 net income after tax for AGM was $24.8 million (down from $25.5 million), and for Nelnet Bank was $5.3 million (up from $4.2 million).

Outlook and guidance

• Management sees opportunities ahead in 2026, driven by continued investments in technology and new/existing products and services.