v3.25.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:        
Loan interest $ 172,104 $ 202,129 $ 338,543 $ 418,853
Investment interest 40,185 40,737 81,574 92,814
Total interest income 212,289 242,866 420,117 511,667
Interest expense on bonds and notes payable and bank deposits 132,854 176,459 257,968 371,039
Net interest income 79,435 66,407 162,149 140,628
Less provision for loan losses 17,930 3,611 33,267 14,440
Net interest income after provision for loan losses 61,505 62,796 128,882 126,188
Other income (expense):        
Other, net 22,976 14,020 46,670 18,103
Gain (loss) on sale of loans, net 0 (1,438) 909 (1,579)
Gain on partial redemption of ALLO investment 175,044 0 175,044 0
Derivative market value adjustments and derivative settlements, net (3,122) 3,182 (8,701) 12,903
Total other income (expense), net 461,177 266,270 776,955 577,179
Cost of services and expenses:        
Cost of services 55,739 48,490 113,247 111,328
Operating Expenses        
Salaries and benefits 134,699 139,634 272,922 283,509
Depreciation and amortization 7,624 15,142 16,879 31,911
Reinsurance losses and underwriting expenses 25,662 10,988 47,874 22,305
Other expenses 51,306 48,608 99,532 94,136
Total operating expenses 219,291 214,372 437,207 431,861
Impairment expense and provision for beneficial interests 10,288 7,776 11,879 7,813
Total expenses 285,318 270,638 562,333 551,002
Income before income taxes 237,364 58,428 343,504 152,365
Income tax expense 59,510 14,753 84,521 37,936
Net income 177,854 43,675 258,983 114,429
Net loss attributable to noncontrolling interests 3,605 1,416 5,035 4,069
Net income (loss) attributable to Nelnet, Inc. $ 181,459 $ 45,091 $ 264,018 $ 118,498
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Weighted-average common shares outstanding - basic (in shares) 36,485,605 36,525,482 36,482,035 36,841,227
Weighted-average common shares outstanding - diluted (in shares) 36,485,605 36,525,482 36,482,035 36,841,227
Loan servicing and systems revenue        
Other income (expense):        
Revenue $ 120,724 $ 109,052 $ 241,465 $ 236,252
Cost of services and expenses:        
Cost of services 1,845 196 3,478 196
Education technology services and payments revenue        
Other income (expense):        
Revenue 118,184 116,909 265,515 260,449
Cost of services and expenses:        
Cost of services 39,844 40,222 87,891 88,832
Reinsurance premiums earned        
Other income (expense):        
Revenue 26,112 14,851 50,799 27,631
Solar construction revenue        
Other income (expense):        
Revenue 1,259 9,694 5,254 23,420
Cost of services and expenses:        
Cost of services $ 14,050 $ 8,072 $ 21,878 $ 22,300