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+12.5% | $67K+24.1% | $70K+16.7% | $65K+16.1% | $64K+30.6% | |
| Loan Servicing and Systems (LSS) | $5.01M-11.9% | $5.56M-8.5% | $5.31M-2.1% | $5.6M-8.2% | $5.68M-17.5% | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Net Income by Business | ||||||
| Asset Generation and Management | $23.2M+2.3% | $24.81M-2.5% | $27.84M+324% | $20.82M+12.7% | $22.68M-11.6% | |
| Education Technology Services and Payments (ETSP) | $36.34M+0.6% | $12.92M-5.1% | $18.97M-7.1% | $17.89M-8.1% | $36.11M-0.3% | |
| Loan Servicing and Systems (LSS) | $15.05M+7.0% | $8.85M-56.6% | $35.17M+1,117% | $15.17M+790% | $14.07M+15.8% | |
| Nelnet Bank | $7.11M+369% | $5.29M— | $4.61M+227% | -$364K+87.0% | $1.52M+70.9% | |
| Other, net by Business | ||||||
| Asset Generation and Management | $26.25M+435% | $15.54M+418% | $195K-96.0% | $7.51M+461% | $4.9M-1.6% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | -$211K-288% | $128K-81.3% | $105K-84.8% | $113K-83.5% | $112K-84.2% | |
| Nelnet Bank | $1.56M+997% | $1.48M+54.4% | $1.31M+55.5% | $392K-49.4% | $142K-62.1% | |
| Noninterest Income (Expense) by Business | ||||||
| Asset Generation and Management | $27.84M+1,547% | $17.66M+27.6% | -$2.14M+36.0% | $5.92M+160% | $1.69M-86.0% | |
| Education Technology Services and Payments (ETSP) | $154.51M+4.8% | $112.38M+3.7% | $129.39M+9.4% | $118.25M+1.1% | $147.39M+2.7% | |
| Loan Servicing and Systems (LSS) | $132.64M+4.8% | $122.26M-15.5% | $156.47M+36.9% | $126.44M+9.1% | $126.54M-6.1% | |
| Nelnet Bank | $2.6M+217% | $2.34M-65.0% | $1.15M+145% | -$1.15M-173% | -$2.22M-178% | |
| Interest and Dividend Income, Operating by Business | ||||||
| Asset Generation and Management | $163.01M-2.5% | $178.87M-0.1% | $158.04M-20.8% | $169.94M-18.1% | $167.24M-27.7% | |
| Education Technology Services and Payments (ETSP) | $6.12M-11.8% | $5.56M-15.5% | $8.56M-12.0% | $5.42M-5.2% | $6.94M-11.8% | |
| Loan Servicing and Systems (LSS) | $1.14M+58.0% | $566K-31.9% | $531K-40.6% | $624K-50.4% | $721K-61.9% | |
| Nelnet Bank | $35.24M+44.0% | $33.92M+30.9% | $31.58M+42.5% | $28.74M+49.4% | $24.47M+43.4% | |
| Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax by Business | ||||||
| Asset Generation and Management | $30.52M+2.3% | —— | —— | —— | $29.83M+58.7% | |
| Education Technology Services and Payments (ETSP) | $47.81M+0.7% | —— | —— | —— | $47.46M+61.0% | |
| Loan Servicing and Systems (LSS) | $19.8M+7.0% | —— | —— | —— | $18.51M+82.8% | |
| Nelnet Bank | $9.22M+372% | —— | —— | —— | $1.95M+502% | |
| Intersegment expenses, net by Business | ||||||
| Asset Generation and Management | $1.35M+8.2% | $1.2M-6.6% | $1.25M-2.2% | $1.26M-0.9% | $1.25M+3.5% | |
| Education Technology Services and Payments (ETSP) | $6.03M+7.7% | $6.32M+35.2% | $6.42M+39.4% | $6.27M+30.4% | $5.61M+16.7% | |
| Loan Servicing and Systems (LSS) | $16.72M+1.5% | $16.83M+8.4% | $17.26M-6.2% | $17.24M-5.4% | $16.48M-14.8% | |
| Nelnet Bank | $657K-7.5% | $723K+14.4% | $726K+25.0% | $652K+10.3% | $710K+27.5% | |
| Total Assets by Business | ||||||
| Asset Generation and Management | $9.49B-8.4% | $9.86B-1.8% | $10.04B-6.2% | $10.04B-11.3% | $10.36B-15.9% | |
| Education Technology Services and Payments (ETSP) | $452.96M-3.6% | $541.31M-9.9% | $525.7M-5.6% | $533.32M+11.6% | $469.71M+20.4% | |
| Loan Servicing and Systems (LSS) | $479.06M+160% | $153.85M-20.4% | $200.21M-1.1% | $168.44M-36.3% | $184.14M-13.3% | |
| Nelnet Bank | $2.52B+48.9% | $2.07B+42.8% | $2B+50.8% | $1.77B+49.1% | $1.69B+50.2% | |
| Other expenses by Business | ||||||
| Asset Generation and Management | $1.05M+18.4% | $1.89M+102% | $1.24M+28.1% | $2.46M+116% | $888K-19.9% | |
| Education Technology Services and Payments (ETSP) | $11.76M+30.0% | $9.47M+11.3% | $9.54M+25.3% | $9.9M+15.2% | $9.05M+19.7% | |
| Loan Servicing and Systems (LSS) | $14.19M+31.0% | $13.48M+10.8% | $10.86M-1.3% | $11.1M-0.8% | $10.83M+21.3% | |
| Nelnet Bank | $1.28M-5.9% | $2.24M+60.9% | $1.92M-22.2% | $1.97M-1.6% | $1.36M+22.2% | |
| Derivative settlements, net by Business | ||||||
| Asset Generation and Management | $104K-82.1% | $338K-60.7% | $594K-56.3% | $581K-59.7% | $582K-62.6% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $39K-76.2% | $112K-50.7% | $167K-40.6% | $163K-21.3% | $164K-18.8% | |
| Income Tax Expense (Benefit) by Business | ||||||
| Asset Generation and Management | $7.32M+2.3% | $7.83M-2.6% | $8.78M+324% | $6.57M+12.6% | $7.16M-11.6% | |
| Education Technology Services and Payments (ETSP) | $11.48M+0.6% | $4.08M-5.1% | $5.99M-7.1% | $5.65M-8.1% | $11.4M-0.3% | |
| Loan Servicing and Systems (LSS) | $4.75M+7.0% | $2.8M-56.6% | $11.11M+1,117% | $4.79M+790% | $4.44M+15.8% | |
| Nelnet Bank | $2.11M+385% | $1.75M— | $1.48M+230% | -$101K+89.0% | $434K+67.6% | |
| Net loss attributable to noncontrolling interests by Business | ||||||
| Asset Generation and Management | $18K+5.9% | $18K— | $27K— | $23K— | $17K— | |
| Education Technology Services and Payments (ETSP) | $0+100% | $0+100% | $0+100% | $0+100% | -$45K-165% | |
| 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+27.4% | $63.49M+31.4% | $44.69M+16.4% | $49.88M+39.4% | $52.94M+30.5% | |
| Education Technology Services and Payments (ETSP) | $6.12M-11.8% | $5.56M-15.5% | $8.56M-12.0% | $5.42M-5.2% | $6.94M-11.8% | |
| Loan Servicing and Systems (LSS) | $591K-18.0% | $566K-31.9% | $531K-40.6% | $624K-50.4% | $721K-61.9% | |
| Nelnet Bank | $17.83M+43.9% | $17.56M+35.8% | $15.4M+45.9% | $14.07M+66.2% | $12.39M+63.7% | |
| 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-61.3% | —— | —— | —— | $38.41M+60.2% | |
| Education Technology Services and Payments (ETSP) | $6.12M-11.8% | —— | —— | —— | $6.94M-7.1% | |
| Loan Servicing and Systems (LSS) | $591K-18.0% | —— | —— | —— | $721K-40.9% | |
| Nelnet Bank | $13.05M+29.7% | —— | —— | —— | $10.07M+220% | |
| Derivative market value adjustments, net by Business | ||||||
| Asset Generation and Management | $1.49M+139% | $0-100% | -$461K+95.2% | -$2.17M-331% | -$3.8M-167% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $1M+140% | —— | -$327K+91.0% | -$1.7M-385% | -$2.53M-212% | |
| Salaries and benefits by Business | ||||||
| Asset Generation and Management | $1.63M+33.3% | $1.7M+35.6% | $1.97M+61.6% | $1.47M+32.0% | $1.22M+2.2% | |
| Education Technology Services and Payments (ETSP) | $42.7M+2.3% | $43.06M+0.7% | $43.03M+4.8% | $41.6M+2.1% | $41.74M+3.9% | |
| Loan Servicing and Systems (LSS) | $67.62M-2.8% | $66.56M-12.6% | $70.13M-8.7% | $65.55M-7.2% | $69.57M-9.3% | |
| Nelnet Bank | $2.92M+3.5% | $3.02M+14.9% | $2.82M-5.2% | $2.79M-0.3% | $2.82M+3.5% | |
| 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+18.6% | $13.35M+26.5% | $11.15M+6.4% | $12.3M+1.9% | $10.27M-17.6% | |
| Education Technology Services and Payments (ETSP) | $62.86M+6.9% | $63.43M+8.5% | $61.49M+10.0% | $60.28M+6.0% | $58.82M+6.5% | |
| Loan Servicing and Systems (LSS) | $111.34M+3.9% | $109.12M-6.9% | $108.71M-9.1% | $105.26M-8.2% | $107.11M-11.3% | |
| Nelnet Bank | $6.43M+9.2% | $7.21M+27.3% | $6.65M+0.1% | $6.59M+11.2% | $5.89M+20.6% | |
| Servicing fees by Business | ||||||
| Asset Generation and Management | $8.15M+18.0% | $8.57M+20.9% | $6.69M-4.6% | $7.1M-16.8% | $6.91M-22.8% | |
| Nelnet Bank | $1.23M+84.0% | $862K+30.2% | $838K+194% | $824K+327% | $667K+186% | |
| Interest expense on bonds and notes payable and bank deposits by Business | ||||||
| Asset Generation and Management | $95.56M-16.4% | $115.38M-11.7% | $113.35M-29.7% | $120.07M-30.0% | $114.3M-40.1% | |
| 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+44.1% | $16.36M+25.9% | $16.18M+39.4% | $14.67M+36.2% | $12.08M+27.2% | |
| D&A by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $2.37M-2.5% | $3.45M+36.8% | $2.5M-4.3% | $2.51M-7.6% | $2.43M-9.4% | |
| Loan Servicing and Systems (LSS) | $4M+50.8% | $2.77M-33.6% | $1.73M-64.5% | $1.82M-65.9% | $2.65M-48.1% | |
| Nelnet Bank | $352K+3.8% | $354K+4.7% | $355K+3.5% | $352K+3.2% | $339K+30.4% | |
| Cost of Services by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $49.95M+4.0% | $38.65M0.0% | $50.36M+11.2% | $39.84M-0.9% | $48.05M-1.2% | |
| Loan Servicing and Systems (LSS) | $2.09M+27.8% | $2.06M+37.3% | $2.02M+931% | $1.85M+841% | $1.63M— | |
| 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+174% | —— | —— | —— | $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+272% | $32.49M+141% | -$7.37M-162% | $11.13M+364% | $13.01M+102% | |
| 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+106% | $5.66M-34.0% | $3.81M-38.0% | $6.8M-13.3% | $2.33M-46.8% | |
| Revenue by Product | ||||||
| Canada Student Loan Program loan servicing | $11.33M— | —— | —— | —— | $0— | |
| Department of Education loan servicing | $76.12M-12.9% | —— | —— | —— | $87.36M— | |
| Education technology services | $56.11M+0.8% | $34.98M-2.2% | $36.32M+20.8% | $44.48M-5.8% | $55.7M-0.6% | |
| FFELP loan servicing | $2.25M-14.4% | $1.97M-25.5% | $2.04M-30.9% | $2.24M-30.9% | $2.63M-22.1% | |
| Other | $580K+2,048% | $361K+16.5% | $543K-13.4% | $175K-85.6% | $27K-96.8% | |
| Outsourced services | $713K-32.9% | $389K-56.2% | $1.34M-23.8% | $561K-41.3% | $1.06M-10.5% | |
| Payment processing | $55.89M+8.4% | $44.78M+8.9% | $59.48M+6.6% | $37.52M+9.3% | $51.54M+7.8% | |
| Private education and consumer loan servicing | $25.66M+13.1% | $24.75M-0.3% | $24.29M+86.1% | $22.73M+75.4% | $22.7M+79.8% | |
| Software services | $11.76M+68.2% | $11.39M+77.5% | $10.58M+104% | $9.45M+93.7% | $6.99M+54.0% | |
| Tuition payment plan services | $41.86M+4.4% | $32.19M+3.3% | $32.97M+4.1% | $36.01M+5.4% | $40.07M+3.1% | |
| Cost of Services by Product | ||||||
| Education technology services and payments revenue | $49.95M+4.0% | $38.65M0.0% | $50.36M+11.2% | $39.84M-0.9% | $48.05M-1.2% | |
| Loan servicing and systems revenue | $2.09M+27.8% | $2.06M+37.3% | $2.02M+931% | $1.85M+841% | $1.63M— | |
| Solar construction revenue | $0-100% | $12.33M-56.8% | $7.61M-71.6% | $14.05M+74.1% | $7.83M-45.0% |
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.