v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 137,788 $ 264,018
Net loss attributable to noncontrolling interests (36,717) (5,035)
Net income 101,071 258,983
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 42,933 52,406
Loan discount and deferred lender fees accretion (86,264) (42,502)
Provision for loan losses 94,321 33,267
Provision for beneficial interests 6,571 6,487
Derivative market value adjustments (5,273) 10,190
Gain on partial redemption of ALLO investment 0 (175,044)
Loss (gain) on sale of loans, net 132 (909)
Loss (gain) on investments, net 25,060 (19,650)
Deferred income tax benefit (12,192) (88,924)
Non-cash compensation expense 8,868 6,513
Impairment expense 0 5,392
Other (1,692) (3,019)
Changes in operating assets and liabilities:    
(Increase) decrease in loan and investment accrued interest receivable (23,468) 15,218
Decrease in accounts receivable 41,565 32,523
(Increase) decrease in other assets (50,126) 23,510
Decrease in the carrying amount of ROU asset 2,152 1,958
Decrease in accrued interest payable (4,161) (6,072)
Increase in other liabilities 13,951 65,986
Decrease in the carrying amount of lease liability (2,439) (3,384)
Total adjustments 49,938 (86,054)
Net cash provided by operating activities 151,009 172,929
Cash flows from investing activities, net of acquisitions:    
Proceeds from loan repayments, claims, and capitalized interest, net 6,596,556 881,096
Purchases of available-for-sale securities (408,618) (240,476)
Proceeds from sales of available-for-sale securities 148,021 109,609
Proceeds from beneficial interest in loan securitizations 42,193 38,235
Purchases of other investments and issuance of notes receivable (271,653) (161,828)
Proceeds from other investments and repayments of notes receivable 83,476 454,829
Purchases of held-to-maturity debt securities (2,279) 0
Redemption of held-to-maturity debt securities 3,190 7,796
Purchases of property and equipment (17,875) (7,074)
Business acquisitions, net of cash and restricted cash acquired 189,286 0
Net cash (used in) provided by investing activities (34,859) 709,828
Cash flows from financing activities, net of acquisitions:    
Payments on bonds and notes payable (995,241) (1,117,852)
Proceeds from issuance of bonds and notes payable 255,059 25
Payments of debt issuance costs (2,181) (3,999)
Increase in bank deposits, net 550,076 195,911
Increase (decrease) in due to customers 94,491 (49,489)
Dividends paid (23,655) (20,322)
Repurchases of common stock (40,633) (25,818)
Proceeds from issuance of common stock 952 920
Redemption of noncontrolling interest (1,500) (3,944)
Issuance of noncontrolling interests 56,249 15,580
Distribution to noncontrolling interests (3,276) (3,351)
Net cash used in financing activities (109,659) (1,012,339)
Effect of exchange rate changes on cash and restricted cash (13,723) 338
Net decrease in cash, cash equivalents, and restricted cash (7,232) (129,244)
Cash, cash equivalents, and restricted cash, beginning of period 973,546 931,020
Cash, cash equivalents, and restricted cash, end of period 966,314 801,776
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 215,947 244,109
Cash disbursements made for income taxes, net of refunds and credits received [1] 3,900 26,886
Cash disbursements made for operating leases 2,901 2,604
Non-cash operating, investing and financing activity:    
ROU assets obtained in exchange for lease obligations 5,525 6,495
Student loans and other assets acquired 0 672,601
Borrowings and other liabilities assumed in acquisition of student loans 0 705,439
Distribution to noncontrolling interests 10,907 34,055
Issuance of noncontrolling interests 31,854 9,401
Nonrelated Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (6,140,240) (368,499)
Proceeds from sale of loans 262 72,626
Related Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (415,039) (136,667)
Proceeds from sale of loans $ 157,861 $ 60,181
[1] The Company utilized $33.1 million and $36.6 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2026 and 2025, respectively.