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Nelnet NNI Loan Servicing and Systems (LSS) — Operating Expenses

Other segment segments

Education Technology Services and Payments (ETSP)
$62.86M+6.9%
Asset Generation and Management
$12.18M+18.6%
Nelnet Bank
$6.43M+9.2%

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Other financials

Income statement

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Net income$71.1M-13.8%
EPS (diluted)$1.97-12.8%

Balance sheet

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Cash & equivalents$240.0M+8.8%
Total debt$7.7B-11.1%
Total equity$3.7B+9.1%
Total assets$14.2B-0.1%

Cash flow

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Operating cash flow$73.1M-19.8%
CapEx$11.6M+242%
Free cash flow$61.6M-29.9%

Valuation

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Market cap$4.85B+5.9%
Enterprise value$12.31B+0.4%
P/E11.6×-2.3×

Returns & leverage

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Return on equity11.7%+5.9pp
Debt / equity2.1×-0.5×

Where this comes from

Reported directly by Nelnet in its filing.

Tagged under the XBRL concept us-gaap:OperatingExpenses.

The source filing: Nelnet’s 10-Q, filed May 7, 2026.

Filed
May 7, 2026, 4:23 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001258602-26-000033
Line itemReportable Segments / Loan Servicing and Systems (LSS)Reportable Segments / Education Technology Services and Payments (ETSP)Reportable Segments / Asset Generation and ManagementReportable Segments / Nelnet BankTotal Reportable SegmentsReconciling Items / NFS Other Operating SegmentsReconciling Items / Corporate and Other ActivitiesReconciling Items / Eliminations/ ReclassificationsTotal
Servicing fees8,1521,2279,379(9,379)
Other expenses (a)14,19311,7611,0511,27828,2831,26119,10213,19461,840
Intersegment expenses, net16,7196,0341,35265724,762457(25,147)(72)
Total operating expenses111,34062,86012,1836,429192,81226,83519,417(5,078)233,986
Income (loss) before income taxes19,80147,81330,5209,219107,353(742)(30,958)875,661
Income tax (expense) benefit(4,752)(11,475)(7,321)(2,106)(25,654)1625,431(20,061)
Net income (loss)15,04936,33823,1997,11381,699(580)(25,527)855,600
Net (income) loss attributable to noncontrolling interests(18)(18)6915,483(8)15,526

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Nelnet's loan servicing and systems (LSS) — operating expenses?
Nelnet (NNI) reported loan servicing and systems (LSS) — operating expenses of $111.34M in Q1 2026.
How has Nelnet's loan servicing and systems (LSS) — operating expenses changed year-over-year?
Nelnet's loan servicing and systems (LSS) — operating expenses increased by 3.9% year-over-year, from $107.11M to $111.34M.
What is the long-term trend for Nelnet's loan servicing and systems (LSS) — operating expenses?
Over 4 years (2021 to 2025), Nelnet's loan servicing and systems (LSS) — operating expenses has grown at a -1.0% compound annual growth rate (CAGR), from $447.98M to $430.2M.
What does loan servicing and systems (LSS) — operating expenses mean?
This represents the total costs incurred by the Loan Servicing and Systems segment to conduct its primary business activities, including personnel, technology maintenance, and administrative overhead. It is a key indicator of the segment's operational efficiency and cost management discipline. Tracking this metric allows for the assessment of how effectively the segment scales its operations relative to revenue growth.

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