Segment Reporting

6 Months Ended

Jun. 30, 2026

See note 16 of the notes to consolidated financial statements included in the 2025 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:


	Three months ended June 30, 2026
	Reportable Segments						Reconciling Items
	Loan Servicing and Systems (LSS)		Education Technology Services and Payments (ETSP)	Asset Generation and Management	Nelnet Bank	Total Reportable Segments	NFS Other Operating Segments	Corporate and Other Activities	Eliminations/ Reclassifications	Total
Interest income:
Loan interest	$	—	—	140,264	24,334	164,598	—	—	—	164,598



Investment interest	868		4,732	10,327	18,614	34,541	7,809	2,165	(4,200)	40,315
Total interest income	868		4,732	150,591	42,948	199,139	7,809	2,165	(4,200)	204,913



Interest expense	286		—	87,425	23,657	111,368	1,170	564	(4,200)	108,902
Net interest income	582		4,732	63,166	19,291	87,771	6,639	1,601	—	96,011
Less provision (negative provision) for loan losses	—		—	41,326	(249)	41,077	—	—	—	41,077
Less provision for beneficial interests	—		—	2,441	—	2,441	—	—	—	2,441
Net interest income after provision	582		4,732	19,399	19,540	44,253	6,639	1,601	—	52,493
Other income (expense):
LSS revenue	132,244		—	—	—	132,244	—	—	—	132,244
ETSP revenue	—		118,884	—	—	118,884	—	—	—	118,884
Intersegment revenue	4,798		74	—	—	4,872	—	—	(4,872)	—
Reinsurance premiums earned	—		—	—	—	—	40,625	—	—	40,625
Solar construction revenue	—		—	—	—	—	—	—	—	—
Other, net	(57)		1,902	19,765	564	22,174	11,122	(14,913)	16	18,399

Gain on partial redemption of ALLO investment	—		—	—	—	—	—	—	—	—
Derivative settlements, net	—		—	89	77	166	—	—	—	166
Derivative market value adjustments, net	—		—	1,972	1,714	3,686	—	—	—	3,686
Total other income (expense), net	136,985		120,860	21,826	2,355	282,026	51,747	(14,913)	(4,856)	314,004
Cost of services and expenses:



Total cost of services	2,087		39,183	—	—	41,270	—	—	—	41,270
Salaries and benefits	74,924		45,596	1,883	3,589	125,992	1,568	25,110	(6)	152,664
Depreciation and amortization	5,071		2,442	—	306	7,819	—	2,323	—	10,142
Reinsurance losses and underwriting expenses	—		—	—	—	—	32,809	—	—	32,809
Postage expense	8,237					8,237			(8,237)	—
Servicing fees				7,752	1,635	9,387			(9,387)	—

Other expenses (a)	15,193		12,714	1,000	1,842	30,749	1,662	18,954	12,833	64,199
Intersegment expenses, net	17,233		6,293	1,396	695	25,617	486	(26,028)	(75)	—
Total operating expenses	120,658		67,045	12,031	8,067	207,801	36,525	20,359	(4,872)	259,814

Income (loss) before income taxes	14,822		19,364	29,194	13,828	77,208	21,861	(33,671)	16	65,413
Income tax (expense) benefit	(3,557)		(4,648)	(7,005)	(3,310)	(18,520)	(5,247)	3,825	—	(19,942)
Net income (loss)	11,265		14,716	22,189	10,518	58,688	16,614	(29,846)	16	45,471
Net (income) loss attributable to noncontrolling interests	—		—	(9)	—	(9)	3	21,213	(16)	21,191
Net income (loss) attributable to Nelnet, Inc.	$	11,265	14,716	22,180	10,518	58,679	16,617	(8,633)	—	66,662

Total assets as of June 30, 2026	$	704,764	519,834	8,877,882	2,997,294	13,099,774	1,093,814	681,431	(599,955)	14,275,064

(a) Other expenses for each reportable segment consist primarily of the following:

LSS - occupancy, professional fees, software, and computer services and subscriptions.

ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.

AGM - trustee fees, professional fees, and travel.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, travel, and management fee expense.


	Three months ended June 30, 2025
	Reportable Segments						Reconciling Items
	Loan Servicing and Systems (LSS)		Education Technology Services and Payments (ETSP)	Asset Generation and Management	Nelnet Bank	Total Reportable Segments	NFS Other Operating Segments	Corporate and Other Activities	Eliminations/ Reclassifications	Total
Interest income:
Loan interest	$	—	—	157,300	14,804	172,104	—	—	—	172,104



Investment interest	624		5,417	12,641	13,934	32,616	8,870	2,661	(3,963)	40,185
Total interest income	624		5,417	169,941	28,738	204,720	8,870	2,661	(3,963)	212,289



Interest expense	—		—	120,066	14,672	134,738	1,428	651	(3,963)	132,854
Net interest income	624		5,417	49,875	14,066	69,982	7,442	2,010	—	79,435
Less provision (negative provision) for loan losses	—		—	11,133	6,797	17,930	—	—	—	17,930
Less provision for beneficial interests	—		—	4,977	—	4,977	—	—	—	4,977
Net interest income after provision	624		5,417	33,765	7,269	47,075	7,442	2,010	—	56,528
Other income (expense):
LSS revenue	120,724		—	—	—	120,724	—	—	—	120,724
ETSP revenue	—		118,184	—	—	118,184	—	—	—	118,184
Intersegment revenue	5,603		65	—	—	5,668	—	—	(5,668)	—
Reinsurance premiums earned	—		—	—	—	—	26,112	—	—	26,112
Solar construction revenue	—		—	—	—	—	—	1,259	—	1,259
Other, net	113		—	7,507	392	8,012	5,265	9,603	96	22,976

Gain on partial redemption of ALLO investment	—		—	—	—	—	—	175,044	—	175,044
Derivative settlements, net	—		—	581	163	744	—	—	—	744
Derivative market value adjustments, net	—		—	(2,165)	(1,701)	(3,866)	—	—	—	(3,866)
Total other income (expense), net	126,440		118,249	5,923	(1,146)	249,466	31,377	185,906	(5,572)	461,177
Cost of services and expenses:



Total cost of services	1,845		39,844	—	—	41,689	—	14,050	—	55,739
Salaries and benefits	65,549		41,598	1,469	2,791	111,407	539	22,784	(30)	134,699
Depreciation and amortization	1,821		2,505	—	352	4,678	—	2,946	—	7,624
Reinsurance losses and underwriting expenses	—		—	—	—	—	25,662	—	—	25,662
Postage expense	9,551					9,551			(9,551)	—
Servicing fees				7,102	824	7,926			(7,926)	—

Other expenses (a)	11,099		9,904	2,464	1,969	25,436	2,206	17,006	11,969	56,617
Intersegment expenses, net	17,240		6,273	1,260	652	25,425	321	(25,616)	(130)	—
Total operating expenses	105,260		60,280	12,295	6,588	184,423	28,728	17,120	(5,668)	224,602

Income (loss) before income taxes	19,959		23,542	27,393	(465)	70,429	10,091	156,746	96	237,364
Income tax (expense) benefit	(4,790)		(5,650)	(6,569)	101	(16,908)	(2,395)	(40,207)	—	(59,510)
Net income (loss)	15,169		17,892	20,824	(364)	53,521	7,696	116,539	96	177,854
Net (income) loss attributable to noncontrolling interests	—		—	(23)	—	(23)	(114)	3,838	(96)	3,605
Net income (loss) attributable to Nelnet, Inc.	$	15,169	17,892	20,801	(364)	53,498	7,582	120,377	—	181,459

Total assets as of June 30, 2025	$	168,435	533,317	10,036,454	1,767,193	12,505,399	1,077,523	541,471	(413,305)	13,711,088

(a) Other expenses for each reportable segment consist primarily of the following:

LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.

ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.

AGM - trustee fees and professional fees.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.


	Six months ended June 30, 2026
	Reportable Segments						Reconciling Items
	Loan Servicing and Systems (LSS)		Education Technology Services and Payments (ETSP)	Asset Generation and Management	Nelnet Bank	Total Reportable Segments	NFS Other Operating Segments	Corporate and Other Activities	Eliminations/ Reclassifications	Total
Interest income:
Loan interest	$	—	—	292,616	43,006	335,622	—	—	—	335,622



Investment interest	2,008		10,851	20,987	35,178	69,024	16,326	5,300	(10,133)	80,517
Total interest income	2,008		10,851	313,603	78,184	404,646	16,326	5,300	(10,133)	416,139



Interest expense	834		—	182,981	41,064	224,879	2,544	1,195	(10,133)	218,485
Net interest income	1,174		10,851	130,622	37,120	179,767	13,782	4,105	—	197,654
Less provision (negative provision) for loan losses	—		—	89,792	4,529	94,321	—	—	—	94,321
Less provision for beneficial interests	—		—	6,571	—	6,571	—	—	—	6,571
Net interest income after provision	1,174		10,851	34,259	32,591	78,875	13,782	4,105	—	96,762
Other income (expense):
LSS revenue	260,086		—	—	—	260,086	—	—	—	260,086
ETSP revenue	—		273,319	—	—	273,319	—	—	—	273,319
Intersegment revenue	9,804		145	—	—	9,949	—	—	(9,949)	—
Reinsurance premiums earned	—		—	—	—	—	63,161	—	—	63,161
Solar construction revenue	—		—	—	—	—	—	—	—	—
Other, net	(267)		1,902	46,012	2,122	49,769	7,536	(28,493)	24	28,836

Gain on partial redemption of ALLO investment	—		—	—	—	—	—	—	—	—
Derivative settlements, net	—		—	193	116	309	—	437	—	746
Derivative market value adjustments, net	—		—	3,466	2,714	6,180	—	(907)	—	5,273
Total other income (expense), net	269,623		275,366	49,671	4,952	599,612	70,697	(28,963)	(9,925)	631,421
Cost of services and expenses:



Total cost of services	4,174		89,136	—	—	93,310	—	—	—	93,310
Salaries and benefits	142,545		88,292	3,511	6,504	240,852	3,081	48,125	(23)	292,035
Depreciation and amortization	9,073		4,811	—	658	14,542	—	4,770	—	19,312
Reinsurance losses and underwriting expenses	—		—	—	—	—	56,414	—	—	56,414
Postage expense	17,043					17,043			(17,043)	—
Servicing fees				15,904	2,862	18,766			(18,766)	—

Other expenses (a)	29,386		24,474	2,051	3,120	59,031	2,923	38,056	26,028	126,038
Intersegment expenses, net	33,952		12,326	2,748	1,352	50,378	943	(51,176)	(145)	—
Total operating expenses	231,999		129,903	24,214	14,496	400,612	63,361	39,775	(9,949)	493,799

Income (loss) before income taxes	34,624		67,178	59,716	23,047	184,565	21,118	(64,633)	24	141,074
Income tax (expense) benefit	(8,309)		(16,123)	(14,325)	(5,416)	(44,173)	(5,086)	9,256	—	(40,003)
Net income (loss)	26,315		51,055	45,391	17,631	140,392	16,032	(55,377)	24	101,071
Net (income) loss attributable to noncontrolling interests	—		—	(27)	—	(27)	72	36,696	(24)	36,717
Net income (loss) attributable to Nelnet, Inc.	$	26,315	51,055	45,364	17,631	140,365	16,104	(18,681)	—	137,788

Total assets as of June 30, 2026	$	704,764	519,834	8,877,882	2,997,294	13,099,774	1,093,814	681,431	(599,955)	14,275,064

(a) Other expenses for each reportable segment consist primarily of the following:

LSS - occupancy, professional fees, software, and computer services and subscriptions.

ETSP - advertising, professional fees, computer services and subscriptions, travel, and customer bad debt expense.

AGM - trustee fees, professional fees, and travel.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.


	Six months ended June 30, 2025
	Reportable Segments						Reconciling Items
	Loan Servicing and Systems (LSS)		Education Technology Services and Payments (ETSP)	Asset Generation and Management	Nelnet Bank	Total Reportable Segments	NFS Other Operating Segments	Corporate and Other Activities	Eliminations/ Reclassifications	Total
Interest income:
Loan interest	$	—	—	311,768	26,775	338,543	—	—	—	338,543



Investment interest	1,345		12,356	25,411	26,430	65,542	17,690	4,973	(6,632)	81,574
Total interest income	1,345		12,356	337,179	53,205	404,085	17,690	4,973	(6,632)	420,117



Interest expense	—		—	234,369	26,749	261,118	2,198	1,284	(6,632)	257,968
Net interest income	1,345		12,356	102,810	26,456	142,967	15,492	3,689	—	162,149
Less provision (negative provision) for loan losses	—		—	24,144	9,123	33,267	—	—	—	33,267
Less provision for beneficial interests	—		—	6,487	—	6,487	—	—	—	6,487
Net interest income after provision	1,345		12,356	72,179	17,333	103,213	15,492	3,689	—	122,395
Other income (expense):
LSS revenue	241,465		—	—	—	241,465	—	—	—	241,465
ETSP revenue	—		265,515	—	—	265,515	—	—	—	265,515
Intersegment revenue	11,287		129	—	—	11,416	—	—	(11,416)	—
Reinsurance premiums earned	—		—	—	—	—	50,799	—	—	50,799
Solar construction revenue	—		—	—	—	—	—	5,254	—	5,254
Other, net	225		—	12,411	534	13,170	6,376	27,840	193	47,579

Gain on partial redemption of ALLO investment	—		—	—	—	—	—	175,044	—	175,044
Derivative settlements, net	—		—	1,162	327	1,489	—	—	—	1,489
Derivative market value adjustments, net	—		—	(5,961)	(4,229)	(10,190)	—	—	—	(10,190)
Total other income (expense), net	252,977		265,644	7,612	(3,368)	522,865	57,175	208,138	(11,223)	776,955
Cost of services and expenses:



Total cost of services	3,478		87,891	—	—	91,369	—	21,878	—	113,247
Salaries and benefits	135,123		83,339	2,690	5,607	226,759	1,017	45,279	(134)	272,922
Depreciation and amortization	4,474		4,936	—	691	10,101	—	6,778	—	16,879
Reinsurance losses and underwriting expenses	—		—	—	—	—	47,874	—	—	47,874
Postage expense	17,127					17,127			(17,127)	—
Servicing fees				14,013	1,491	15,504			(15,504)	—

Other expenses (a)	21,931		18,952	3,352	3,327	47,562	3,059	32,592	21,711	104,924
Intersegment expenses, net	33,718		11,877	2,510	1,362	49,467	565	(49,670)	(362)	—
Total operating expenses	212,373		119,104	22,565	12,478	366,520	52,515	34,979	(11,416)	442,599

Income (loss) before income taxes	38,471		71,005	57,226	1,487	168,189	20,152	154,970	193	343,504
Income tax (expense) benefit	(9,233)		(17,052)	(13,725)	(333)	(40,343)	(4,779)	(39,398)	—	(84,521)
Net income (loss)	29,238		53,953	43,501	1,154	127,846	15,373	115,572	193	258,983
Net (income) loss attributable to noncontrolling interests	—		45	(40)	—	5	(238)	5,461	(193)	5,035
Net income (loss) attributable to Nelnet, Inc.	$	29,238	53,998	43,461	1,154	127,851	15,135	121,033	—	264,018

Total assets as of June 30, 2025	$	168,435	533,317	10,036,454	1,767,193	12,505,399	1,077,523	541,471	(413,305)	13,711,088

(a) Other expenses for each reportable segment consist primarily of the following:

LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.

ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.

AGM - trustee fees and professional fees.

Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details