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Dec 31, 2025
Nelnet Q4 2025 Earnings Report
Nelnet reported GAAP net income of $57771000 for the fourth quarter of 2025 and non-GAAP net income (excluding derivative market value adjustments) of $56343000.
Key Takeaways
Nelnet delivered solid fourth-quarter profitability with GAAP EPS of 1.60 and non-GAAP EPS of 1.56. Loan Servicing and Systems revenue declined year over year, while Education Technology Services and Payments revenue increased. The company reported a loss in its solar construction business and exited that business in November 2025.
GAAP net income attributable to Nelnet was 57771000 (EPS 1.60) for Q4 2025
Non-GAAP net income (excluding derivative market value adjustments) was 56343000 (EPS 1.56) for Q4 2025
Loan Servicing and Systems revenue was 116573000, down from 137981000 in Q4 2024
Education Technology Services and Payments revenue was 112314000, up from 108335000 in Q4 2024
Revenue by Segment
Forward Guidance
Management emphasized continued investment in technology and products and stated it sees opportunities ahead in 2026, while noting risks tied to servicing contracts, portfolio runoff, and market and regulatory factors.
Positive Outlook
- Management highlighted meaningful revenue diversification across core businesses
- Stated continued investments in technology and new/existing products and services
- Indicated momentum across consumer lending, loan servicing, payments, and technology
- Noted opportunities ahead in 2026
- Exited the solar construction business in November 2025, reducing future exposure to that operation
Challenges Ahead
- Revenue under the USDS contract is lower on a per-borrower blended basis than the legacy contract
- Legacy FFELP portfolio continues to run off, reducing average balances year over year
- Solar construction business generated losses in Q4 2025 and faced adverse legislative and cost pressures
Historical Earnings Impact
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Avg. Return Before/After Earnings
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