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Nelnet (NNI) investor relations material
Nelnet Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Net income attributable to shareholders rose to $181.5M for Q2 2025, up from $45.1M in Q2 2024, driven by a $175M gain from partial redemption of an investment in ALLO and improved loan servicing and investment results.
Revenue for Q2 2025 was $461.2M, up from $266.3M in Q2 2024, reflecting higher loan servicing, education technology, and reinsurance revenues.
Operating expenses increased slightly to $219.3M in Q2 2025, with cost-saving measures offset by higher costs in solar construction and technology investments.
Non-GAAP net income excluding derivative market value adjustments was $184.4M for Q2 2025, or $5.05 per share.
Results include a $175M pre-tax gain ($133M after tax, $3.65 per share) from partial redemption of ALLO Holdings investment.
Financial highlights
Net interest income for Q2 2025 was $79.4M, up from $66.4M in Q2 2024, due to higher loan spreads and increased loans funded with operating cash.
Earnings per share (EPS) for Q2 2025 was $4.97, compared to $1.23 in Q2 2024.
Cash flow from operations was $172.9M for the first half of 2025, down from $345.3M in the prior year period, mainly due to non-cash adjustments and changes in working capital.
Total assets as of June 30, 2025 were $13.7B, with $8.9B in loans and $1.3B in investments.
Total operating expenses were $217.9M, nearly flat compared to $214.4M in Q2 2024.
Outlook and guidance
The company expects continued pressure on government loan servicing revenue due to lower per-borrower rates under the new USDS contract and a declining number of borrowers.
The One Big Beautiful Bill, enacted July 2025, is expected to boost private education loan opportunities but will reduce solar tax equity investment incentives and adversely impact solar construction revenue.
Management anticipates a tax rate between 23% and 25% for the remainder of 2025.
How will ALLO redemption proceeds be used?
Is NDS margin improvement sustainable?
What is the outlook for solar EPC losses?
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Q3 20256 Nov, 2025
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Frequently asked questions
Nelnet, Inc. is a U.S.-based diversified financial services and education technology company. The company provides loan servicing, payment processing, and education-related technology solutions to students, families, schools, and financial institutions. Nelnet also engages in community development and asset management, including investments in renewable energy and real estate. The company is headquartered in Lincoln, Nebraska, and its shares are listed on the New York Stock Exchange.
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