Nelnet NNI Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Intersegment revenue by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $72K+7.5% | $67K-4.3% | $70K+7.7% | $65K+1.6% | $64K+18.5% | |
| Loan Servicing and Systems (LSS) | $5.01M-9.9% | $5.56M+4.6% | $5.31M-5.2% | $5.6M-1.4% | $5.68M-6.4% | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Net Income by Business | ||||||
| Asset Generation and Management | $23.2M-6.5% | $24.81M-10.9% | $27.84M+33.7% | $20.82M-8.2% | $22.68M-10.9% | |
| Education Technology Services and Payments (ETSP) | $36.34M+181% | $12.92M-31.9% | $18.97M+6.0% | $17.89M-50.4% | $36.11M+165% | |
| Loan Servicing and Systems (LSS) | $15.05M+70.0% | $8.85M-74.8% | $35.17M+132% | $15.17M+7.8% | $14.07M-31.0% | |
| Nelnet Bank | $7.11M+34.4% | $5.29M+15.0% | $4.61M+1,365% | -$364K-124% | $1.52M— | |
| Other, net by Business | ||||||
| Asset Generation and Management | $26.25M+68.9% | $15.54M+7,868% | $195K-97.4% | $7.51M+53.1% | $4.9M+63.6% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | -$211K-265% | $128K+21.9% | $105K-7.1% | $113K+0.9% | $112K-83.6% | |
| Nelnet Bank | $1.56M+5.1% | $1.48M+13.3% | $1.31M+234% | $392K+176% | $142K-85.2% | |
| Noninterest Income (Expense) by Business | ||||||
| Asset Generation and Management | $27.84M+57.6% | $17.66M+924% | -$2.14M-136% | $5.92M+250% | $1.69M-87.8% | |
| Education Technology Services and Payments (ETSP) | $154.51M+37.5% | $112.38M-13.1% | $129.39M+9.4% | $118.25M-19.8% | $147.39M+36.0% | |
| Loan Servicing and Systems (LSS) | $132.64M+8.5% | $122.26M-21.9% | $156.47M+23.8% | $126.44M-0.1% | $126.54M-12.6% | |
| Nelnet Bank | $2.6M+10.9% | $2.34M+104% | $1.15M+200% | -$1.15M+48.4% | -$2.22M-133% | |
| Interest and Dividend Income, Operating by Business | ||||||
| Asset Generation and Management | $163.01M-8.9% | $178.87M+13.2% | $158.04M-7.0% | $169.94M+1.6% | $167.24M-6.6% | |
| Education Technology Services and Payments (ETSP) | $6.12M+10.1% | $5.56M-35.1% | $8.56M+58.1% | $5.42M-21.9% | $6.94M+5.5% | |
| Loan Servicing and Systems (LSS) | $1.14M+101% | $566K+6.6% | $531K-14.9% | $624K-13.5% | $721K-13.2% | |
| Nelnet Bank | $35.24M+3.9% | $33.92M+7.4% | $31.58M+9.9% | $28.74M+17.5% | $24.47M-5.6% | |
| Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax by Business | ||||||
| Asset Generation and Management | $30.52M— | —— | —— | —— | $29.83M+58.7% | |
| Education Technology Services and Payments (ETSP) | $47.81M— | —— | —— | —— | $47.46M+61.0% | |
| Loan Servicing and Systems (LSS) | $19.8M— | —— | —— | —— | $18.51M+82.8% | |
| Nelnet Bank | $9.22M— | —— | —— | —— | $1.95M+502% | |
| Intersegment expenses, net by Business | ||||||
| Asset Generation and Management | $1.35M+13.0% | $1.2M-4.2% | $1.25M-1.0% | $1.26M+0.8% | $1.25M-2.4% | |
| Education Technology Services and Payments (ETSP) | $6.03M-4.4% | $6.32M-1.6% | $6.42M+2.3% | $6.27M+11.9% | $5.61M+20.0% | |
| Loan Servicing and Systems (LSS) | $16.72M-0.7% | $16.83M-2.5% | $17.26M+0.1% | $17.24M+4.6% | $16.48M+6.1% | |
| Nelnet Bank | $657K-9.1% | $723K-0.4% | $726K+11.3% | $652K-8.2% | $710K+12.3% | |
| Total Assets by Business | ||||||
| Asset Generation and Management | $9.49B-3.8% | $9.86B-1.8% | $10.04B+0.1% | $10.04B-3.1% | $10.36B+3.2% | |
| Education Technology Services and Payments (ETSP) | $452.96M-16.3% | $541.31M+3.0% | $525.7M-1.4% | $533.32M+13.5% | $469.71M-21.8% | |
| Loan Servicing and Systems (LSS) | $479.06M+211% | $153.85M-23.2% | $200.21M+18.9% | $168.44M-8.5% | $184.14M-4.8% | |
| Nelnet Bank | $2.52B+21.5% | $2.07B+3.3% | $2B+13.4% | $1.77B+4.6% | $1.69B+16.6% | |
| Other expenses by Business | ||||||
| Asset Generation and Management | $1.05M-44.3% | $1.89M+51.9% | $1.24M-49.6% | $2.46M+177% | $888K-5.0% | |
| Education Technology Services and Payments (ETSP) | $11.76M+24.2% | $9.47M-0.7% | $9.54M-3.7% | $9.9M+9.5% | $9.05M+6.3% | |
| Loan Servicing and Systems (LSS) | $14.19M+5.3% | $13.48M+24.1% | $10.86M-2.1% | $11.1M+2.5% | $10.83M-10.9% | |
| Nelnet Bank | $1.28M-43.0% | $2.24M+17.1% | $1.92M-2.7% | $1.97M+45.0% | $1.36M-2.7% | |
| Derivative settlements, net by Business | ||||||
| Asset Generation and Management | $104K-69.2% | $338K-43.1% | $594K+2.2% | $581K-0.2% | $582K-32.4% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $39K-65.2% | $112K-32.9% | $167K+2.5% | $163K-0.6% | $164K-27.8% | |
| Income Tax Expense (Benefit) by Business | ||||||
| Asset Generation and Management | $7.32M-6.5% | $7.83M-10.9% | $8.78M+33.7% | $6.57M-8.2% | $7.16M-11.0% | |
| Education Technology Services and Payments (ETSP) | $11.48M+181% | $4.08M-31.9% | $5.99M+6.0% | $5.65M-50.4% | $11.4M+165% | |
| Loan Servicing and Systems (LSS) | $4.75M+70.0% | $2.8M-74.8% | $11.11M+132% | $4.79M+7.8% | $4.44M-31.0% | |
| Nelnet Bank | $2.11M+20.6% | $1.75M+17.7% | $1.48M+1,568% | -$101K-123% | $434K— | |
| Net loss attributable to noncontrolling interests by Business | ||||||
| Asset Generation and Management | $18K0.0% | $18K-33.3% | $27K+17.4% | $23K+35.3% | $17K— | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0+100% | -$45K+21.1% | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Interest Income (Expense), Operating by Business | ||||||
| Asset Generation and Management | $67.46M+6.2% | $63.49M+42.1% | $44.69M-10.4% | $49.88M-5.8% | $52.94M+9.5% | |
| Education Technology Services and Payments (ETSP) | $6.12M+10.1% | $5.56M-35.1% | $8.56M+58.1% | $5.42M-21.9% | $6.94M+5.5% | |
| Loan Servicing and Systems (LSS) | $591K+4.4% | $566K+6.6% | $531K-14.9% | $624K-13.5% | $721K-13.2% | |
| Nelnet Bank | $17.83M+1.5% | $17.56M+14.0% | $15.4M+9.5% | $14.07M+13.5% | $12.39M-4.2% | |
| Reinsurance losses and underwriting expenses by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Interest Income (Expense), after Provision by Business | ||||||
| Asset Generation and Management | $14.86M— | —— | —— | —— | $38.41M+60.2% | |
| Education Technology Services and Payments (ETSP) | $6.12M— | —— | —— | —— | $6.94M-7.1% | |
| Loan Servicing and Systems (LSS) | $591K— | —— | —— | —— | $721K-40.9% | |
| Nelnet Bank | $13.05M— | —— | —— | —— | $10.07M+220% | |
| Derivative market value adjustments, net by Business | ||||||
| Asset Generation and Management | $1.49M— | $0+100% | -$461K+78.7% | -$2.17M+43.0% | -$3.8M-146% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $1M— | —— | -$327K+80.8% | -$1.7M+32.7% | -$2.53M-146% | |
| Salaries and benefits by Business | ||||||
| Asset Generation and Management | $1.63M-4.3% | $1.7M-13.6% | $1.97M+34.2% | $1.47M+20.3% | $1.22M-2.7% | |
| Education Technology Services and Payments (ETSP) | $42.7M-0.8% | $43.06M+0.1% | $43.03M+3.4% | $41.6M-0.3% | $41.74M-2.4% | |
| Loan Servicing and Systems (LSS) | $67.62M+1.6% | $66.56M-5.1% | $70.13M+7.0% | $65.55M-5.8% | $69.57M-8.7% | |
| Nelnet Bank | $2.92M-3.5% | $3.02M+7.3% | $2.82M+0.9% | $2.79M-0.9% | $2.82M+7.0% | |
| Goodwill acquired during the period by Business | ||||||
| Asset Generation and Management | $0— | —— | —— | —— | —— | |
| Education Technology Services and Payments (ETSP) | $0— | —— | —— | —— | —— | |
| Loan Servicing and Systems (LSS) | $46.97M— | —— | —— | —— | —— | |
| Nelnet Bank | $0— | —— | —— | —— | —— | |
| Operating Expenses by Business | ||||||
| Asset Generation and Management | $12.18M-8.8% | $13.35M+19.8% | $11.15M-9.3% | $12.3M+19.7% | $10.27M-2.7% | |
| Education Technology Services and Payments (ETSP) | $62.86M-0.9% | $63.43M+3.2% | $61.49M+2.0% | $60.28M+2.5% | $58.82M+0.6% | |
| Loan Servicing and Systems (LSS) | $111.34M+2.0% | $109.12M+0.4% | $108.71M+3.3% | $105.26M-1.7% | $107.11M-8.7% | |
| Nelnet Bank | $6.43M-10.8% | $7.21M+8.3% | $6.65M+1.0% | $6.59M+11.9% | $5.89M+4.1% | |
| Servicing fees by Business | ||||||
| Asset Generation and Management | $8.15M-4.8% | $8.57M+28.1% | $6.69M-5.8% | $7.1M+2.8% | $6.91M-2.5% | |
| Nelnet Bank | $1.23M+42.3% | $862K+2.9% | $838K+1.7% | $824K+23.5% | $667K+0.8% | |
| Interest expense on bonds and notes payable and bank deposits by Business | ||||||
| Asset Generation and Management | $95.56M-17.2% | $115.38M+1.8% | $113.35M-5.6% | $120.07M+5.0% | $114.3M-12.5% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $548K— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $17.41M+6.4% | $16.36M+1.1% | $16.18M+10.3% | $14.67M+21.5% | $12.08M-7.0% | |
| D&A by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $2.37M-31.2% | $3.45M+37.6% | $2.5M0.0% | $2.51M+3.1% | $2.43M-3.5% | |
| Loan Servicing and Systems (LSS) | $4M+44.5% | $2.77M+60.6% | $1.73M-5.3% | $1.82M-31.4% | $2.65M-36.4% | |
| Nelnet Bank | $352K-0.6% | $354K-0.3% | $355K+0.9% | $352K+3.8% | $339K+0.3% | |
| Cost of Services by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $49.95M+29.2% | $38.65M-23.3% | $50.36M+26.4% | $39.84M-17.1% | $48.05M+24.3% | |
| Loan Servicing and Systems (LSS) | $2.09M+1.6% | $2.06M+1.7% | $2.02M+9.5% | $1.85M+13.0% | $1.63M+9.1% | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Goodwill by Business | ||||||
| Asset Generation and Management | $41.88M0.0% | $41.88M0.0% | $41.88M0.0% | $41.88M0.0% | $41.88M0.0% | |
| Education Technology Services and Payments (ETSP) | $92.51M0.0% | $92.51M0.0% | $92.51M0.0% | $92.51M0.0% | $92.51M0.0% | |
| Loan Servicing and Systems (LSS) | $69.54M+194% | $23.64M0.0% | $23.64M0.0% | $23.64M0.0% | $23.64M0.0% | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Less provision for beneficial interests by Business | ||||||
| Asset Generation and Management | $4.13M— | —— | —— | —— | $1.51M-84.7% | |
| Education Technology Services and Payments (ETSP) | $0— | —— | —— | —— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | —— | —— | —— | $0— | |
| Nelnet Bank | $0— | —— | —— | —— | $0— | |
| Effect of foreign currency fluctuations by Business | ||||||
| Asset Generation and Management | $0— | —— | —— | —— | —— | |
| Education Technology Services and Payments (ETSP) | $0— | —— | —— | —— | —— | |
| Loan Servicing and Systems (LSS) | -$1.07M— | —— | —— | —— | —— | |
| Nelnet Bank | $0— | —— | —— | —— | —— | |
| Provision for loan losses by Business | ||||||
| Asset Generation and Management | $48.47M+49.2% | $32.49M+541% | -$7.37M-166% | $11.13M-14.4% | $13.01M-3.6% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $4.78M-15.5% | $5.66M+48.4% | $3.81M-43.9% | $6.8M+192% | $2.33M-72.9% | |
| Revenue by Product | ||||||
| Canada Student Loan Program loan servicing | $11.33M— | —— | —— | —— | $0— | |
| Department of Education loan servicing | $76.12M— | —— | —— | —— | $87.36M— | |
| Education technology services | $56.11M+60.4% | $34.98M-3.7% | $36.32M-18.3% | $44.48M-20.1% | $55.7M+55.8% | |
| FFELP loan servicing | $2.25M+14.5% | $1.97M-3.2% | $2.04M-9.2% | $2.24M-14.9% | $2.63M-0.3% | |
| Other | $580K+60.7% | $361K-33.5% | $543K+210% | $175K+548% | $27K-91.3% | |
| Outsourced services | $713K+83.3% | $389K-71.0% | $1.34M+139% | $561K-47.2% | $1.06M+19.6% | |
| Payment processing | $55.89M+24.8% | $44.78M-24.7% | $59.48M+58.6% | $37.52M-27.2% | $51.54M+25.3% | |
| Private education and consumer loan servicing | $25.66M+3.7% | $24.75M+1.9% | $24.29M+6.9% | $22.73M+0.2% | $22.7M-8.6% | |
| Software services | $11.76M+3.3% | $11.39M+7.6% | $10.58M+12.0% | $9.45M+35.2% | $6.99M+9.0% | |
| Tuition payment plan services | $41.86M+30.0% | $32.19M-2.4% | $32.97M-8.4% | $36.01M-10.1% | $40.07M+28.6% | |
| Cost of Services by Product | ||||||
| Education technology services and payments revenue | $49.95M+29.2% | $38.65M-23.3% | $50.36M+26.4% | $39.84M-17.1% | $48.05M+24.3% | |
| Loan servicing and systems revenue | $2.09M+1.6% | $2.06M+1.7% | $2.02M+9.5% | $1.85M+13.0% | $1.63M+9.1% | |
| Solar construction revenue | $0-100% | $12.33M+62.0% | $7.61M-45.9% | $14.05M+79.5% | $7.83M-72.6% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Nelnet break its business down?
- Nelnet (NNI) reports intersegment revenue by business across 4 parts — Asset Generation and Management, Education Technology Services and Payments (ETSP), Loan Servicing and Systems (LSS) and Nelnet Bank. Each is extracted from the segment footnotes and tracked over time.
- Where does Nelnet's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Nelnet's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.