Nelnet NNI Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Intersegment revenue by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $274K+17.1% | $266K+21.5% | $253K+15.0% | $243K+2.5% | $234K-4.9% | |
| Loan Servicing and Systems (LSS) | $21.48M-7.8% | $22.16M-9.5% | $22.67M-10.6% | $22.79M-15.2% | $23.29M-16.8% | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Net Income by Business | ||||||
| Asset Generation and Management | $96.67M+78.4% | $96.15M+68.2% | $96.79M+98.1% | $56.53M-38.6% | $54.18M-37.8% | |
| Education Technology Services and Payments (ETSP) | $86.11M-3.9% | $85.88M-4.3% | $86.57M+0.4% | $88.02M+6.5% | $89.61M+16.6% | |
| Loan Servicing and Systems (LSS) | $74.24M+127% | $73.26M+138% | $84.78M+352% | $46.16M+13.1% | $32.69M-37.2% | |
| Nelnet Bank | $16.65M— | $11.05M— | —— | —— | —— | |
| Other, net by Business | ||||||
| Asset Generation and Management | $49.49M+250% | $28.14M+97.7% | $15.6M+845% | $20.33M+580% | $14.16M+433% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $135K-93.8% | $458K-83.5% | $1.01M-63.4% | $1.6M-42.3% | $2.17M-19.3% | |
| Nelnet Bank | $4.74M+74.4% | $3.32M+12.6% | $2.8M— | $2.34M— | $2.72M— | |
| Noninterest Income (Expense) by Business | ||||||
| Asset Generation and Management | $49.29M+241% | $23.13M-7.0% | $19.31M+89.4% | $18.11M+5.8% | $14.46M+25.0% | |
| Education Technology Services and Payments (ETSP) | $514.53M+4.8% | $507.42M+4.2% | $503.42M+3.8% | $492.27M+2.4% | $490.99M+3.7% | |
| Loan Servicing and Systems (LSS) | $537.81M+7.3% | $531.71M+4.3% | $554.19M+10.5% | $512.01M-2.0% | $501.41M-6.6% | |
| Nelnet Bank | $4.94M+40.6% | $120K-98.6% | $4.46M— | $788K— | $3.51M— | |
| Interest and Dividend Income, Operating by Business | ||||||
| Asset Generation and Management | $669.86M-11.1% | $674.09M-17.5% | $674.21M-23.2% | $715.72M-22.8% | $753.19M-22.7% | |
| Education Technology Services and Payments (ETSP) | $25.65M-11.4% | $26.48M-11.4% | $27.5M-8.5% | $28.67M-2.0% | $28.96M+0.6% | |
| Loan Servicing and Systems (LSS) | $2.86M-22.8% | $2.44M-49.9% | $2.71M-52.5% | $3.07M-48.0% | $3.7M-35.0% | |
| Nelnet Bank | $129.47M+41.1% | $118.7M+40.7% | $110.7M+47.2% | $101.28M+48.4% | $91.78M+46.5% | |
| Intersegment expenses, net by Business | ||||||
| Asset Generation and Management | $5.06M-0.5% | $4.95M-1.6% | $5.04M— | $5.07M— | $5.08M— | |
| Education Technology Services and Payments (ETSP) | $25.04M+27.2% | $24.61M+30.3% | $22.97M+15.8% | $21.15M+0.2% | $19.69M-11.2% | |
| Loan Servicing and Systems (LSS) | $68.05M-0.8% | $67.81M-5.1% | $66.51M-13.1% | $67.64M-11.1% | $68.63M-10.8% | |
| Nelnet Bank | $2.76M+9.7% | $2.81M+19.1% | $2.72M+97.1% | $2.58M+177% | $2.51M+486% | |
| Total Assets by Business | ||||||
| Asset Generation and Management | $39.43B-7.1% | $40.3B-9.2% | $40.48B-15.4% | $41.14B-19.7% | $42.42B-22.3% | |
| Education Technology Services and Payments (ETSP) | $2.05B-2.5% | $2.07B+2.2% | $2.13B+11.2% | $2.16B+19.8% | $2.11B+16.5% | |
| Loan Servicing and Systems (LSS) | $1B+18.6% | $706.63M-19.0% | $746.17M-23.4% | $748.33M-26.3% | $844.28M-8.7% | |
| Nelnet Bank | $8.36B+47.8% | $7.53B+48.0% | $6.91B+49.2% | $6.23B+42.0% | $5.65B+34.2% | |
| Other expenses by Business | ||||||
| Asset Generation and Management | $6.65M+69.0% | $6.48M+56.1% | $5.53M— | $5.26M— | $3.93M— | |
| Education Technology Services and Payments (ETSP) | $40.68M+20.4% | $37.96M+17.6% | $37M+16.2% | $35.08M+7.8% | $33.77M+0.4% | |
| Loan Servicing and Systems (LSS) | $49.63M+9.9% | $46.27M+6.9% | $44.96M+44.5% | $45.09M+26.1% | $45.18M+17.7% | |
| Nelnet Bank | $7.41M+2.6% | $7.49M+7.4% | $6.64M-3.4% | $7.19M+26.0% | $7.22M+35.6% | |
| Derivative settlements, net by Business | ||||||
| Asset Generation and Management | $1.62M-61.9% | $2.1M-59.8% | $2.62M-47.7% | $3.38M-20.7% | $4.24M+51.2% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $481K-45.3% | $606K-33.9% | $721K-19.4% | $835K+3.1% | $879K+28.1% | |
| Income Tax Expense (Benefit) by Business | ||||||
| Asset Generation and Management | $30.5M+78.3% | $30.34M+68.1% | $30.55M+97.9% | $17.84M-38.7% | $17.11M-37.8% | |
| Education Technology Services and Payments (ETSP) | $27.19M-3.9% | $27.12M-4.3% | $27.34M+0.4% | $27.8M+6.6% | $28.3M+16.7% | |
| Loan Servicing and Systems (LSS) | $23.44M+127% | $23.13M+138% | $26.77M+352% | $14.58M+13.1% | $10.32M-37.2% | |
| Nelnet Bank | $5.23M— | $3.56M— | —— | —— | —— | |
| Net loss attributable to noncontrolling interests by Business | ||||||
| Asset Generation and Management | $86K+406% | $85K— | $67K— | $40K— | $17K— | |
| Education Technology Services and Payments (ETSP) | $0+100% | -$45K+71.3% | -$102K-2.0% | -$156K-290% | -$185K-2,413% | |
| 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 | $225.51M+28.5% | $210.99M+29.4% | $195.83M+30.2% | $189.54M+16.0% | $175.45M+17.7% | |
| Education Technology Services and Payments (ETSP) | $25.65M-11.4% | $26.48M-11.4% | $27.5M-8.5% | $28.67M-2.0% | $28.96M+0.6% | |
| Loan Servicing and Systems (LSS) | $2.31M-37.6% | $2.44M-49.9% | $2.71M-52.5% | $3.07M-48.0% | $3.7M-35.0% | |
| Nelnet Bank | $64.86M+46.3% | $59.42M+50.4% | $54.79M+63.6% | $49.94M+74.3% | $44.34M+72.7% | |
| 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— | |
| Derivative market value adjustments, net by Business | ||||||
| Asset Generation and Management | -$1.13M+72.3% | -$6.42M-218% | $1.88M+124% | -$7.18M-347% | -$4.08M-242% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Salaries and benefits by Business | ||||||
| Asset Generation and Management | $6.77M+40.8% | $6.36M+33.0% | $5.92M+27.9% | $5.17M+11.1% | $4.81M+3.8% | |
| Education Technology Services and Payments (ETSP) | $170.38M+2.5% | $169.42M+2.9% | $169.13M+4.9% | $167.15M+4.5% | $166.29M+5.5% | |
| Loan Servicing and Systems (LSS) | $269.85M-8.0% | $271.81M-9.5% | $281.44M-8.6% | $288.14M-5.4% | $293.22M-5.4% | |
| Nelnet Bank | $11.55M+2.9% | $11.45M+2.9% | $11.06M+3.5% | $11.21M+9.6% | $11.22M+15.3% | |
| Operating Expenses by Business | ||||||
| Asset Generation and Management | $48.98M+12.9% | $47.07M+3.3% | $44.27M-5.4% | $43.6M-10.0% | $43.37M-12.8% | |
| Education Technology Services and Payments (ETSP) | $248.06M+7.8% | $244.03M+7.8% | $239.05M+4.8% | $233.45M+1.8% | $230.03M+0.4% | |
| Loan Servicing and Systems (LSS) | $434.43M-5.3% | $430.2M-8.9% | $438.34M-9.1% | $449.17M-5.4% | $458.58M-3.2% | |
| Nelnet Bank | $26.87M+11.4% | $26.34M+14.0% | $24.79M+16.0% | $24.78M+31.0% | $24.12M+41.4% | |
| Servicing fees by Business | ||||||
| Asset Generation and Management | $30.51M+3.2% | $29.27M-7.4% | $27.79M-17.9% | $28.11M-22.3% | $29.55M-20.1% | |
| Nelnet Bank | $3.75M+108% | $3.19M+132% | $2.99M+257% | $2.44M+258% | $1.81M+194% | |
| Interest expense on bonds and notes payable and bank deposits by Business | ||||||
| Asset Generation and Management | $444.36M-23.1% | $463.1M-29.2% | $478.39M-34.3% | $526.18M-31.1% | $577.75M-30.0% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $548K— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $64.61M+36.2% | $59.28M+32.2% | $55.92M+34.0% | $51.34M+29.7% | $47.44M+28.3% | |
| D&A by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $10.82M+5.3% | $10.88M+3.4% | $9.96M-8.7% | $10.07M-11.0% | $10.28M-10.0% | |
| Loan Servicing and Systems (LSS) | $10.32M-39.4% | $8.97M-53.9% | $10.37M-48.6% | $13.5M-33.6% | $17.02M-14.3% | |
| Nelnet Bank | $1.41M+3.8% | $1.4M+9.2% | $1.38M+15.0% | $1.37M+22.6% | $1.36M+64.2% | |
| Cost of Services by Business | ||||||
| Asset Generation and Management | $0— | $0— | $0— | $0— | $0— | |
| Education Technology Services and Payments (ETSP) | $178.81M+3.8% | $176.91M+2.4% | $176.91M+2.0% | $171.82M0.0% | $172.2M+0.1% | |
| Loan Servicing and Systems (LSS) | $8.01M+127% | $7.55M+300% | $7M+1,685% | $5.17M+2,538% | $3.52M— | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Goodwill by Business | ||||||
| Asset Generation and Management | $167.53M0.0% | $167.53M0.0% | $167.53M0.0% | $167.53M0.0% | $167.53M0.0% | |
| Education Technology Services and Payments (ETSP) | $370.03M0.0% | $370.03M0.0% | $370.03M0.0% | $370.03M— | $370.03M— | |
| Loan Servicing and Systems (LSS) | $140.46M+48.5% | $94.56M0.0% | $94.56M0.0% | $94.56M0.0% | $94.56M0.0% | |
| Nelnet Bank | $0— | $0— | $0— | $0— | $0— | |
| Provision for loan losses by Business | ||||||
| Asset Generation and Management | $84.72M+147% | $49.26M+77.9% | $30.26M+504% | $49.61M+390% | $34.25M+233% | |
| Education Technology Services and Payments (ETSP) | $0— | $0— | $0— | $0— | $0— | |
| Loan Servicing and Systems (LSS) | $0— | $0— | $0— | $0— | $0— | |
| Nelnet Bank | $21.04M-15.4% | $18.59M-30.9% | $21.5M+2.4% | $23.83M+42.1% | $24.87M+138% | |
| Revenue by Product | ||||||
| Education technology services | $171.9M+1.9% | $171.48M+1.4% | $172.26M+0.6% | $166.02M-4.0% | $168.74M-1.9% | |
| FFELP loan servicing | $8.5M-25.9% | $8.88M-27.3% | $9.55M-26.8% | $10.46M-22.0% | $11.47M-16.4% | |
| Other | $1.66M-23.8% | $1.11M-63.2% | $1.06M-70.3% | $1.14M-70.5% | $2.18M-40.1% | |
| Outsourced services | $3.01M-35.6% | $3.35M-30.0% | $3.85M-22.5% | $4.27M-27.6% | $4.67M-51.6% | |
| Payment processing | $197.67M+8.1% | $193.32M+8.0% | $189.65M+8.3% | $185.98M+9.3% | $182.79M+9.1% | |
| Private education and consumer loan servicing | $97.44M+32.5% | $94.47M+48.9% | $94.54M+85.1% | $83.31M+65.5% | $73.53M+48.7% | |
| Software services | $43.19M+83.9% | $38.42M+82.7% | $33.44M+78.4% | $28.06M+22.2% | $23.48M-2.4% | |
| Tuition payment plan services | $143.03M+4.4% | $141.25M+4.0% | $140.21M+4.0% | $138.89M+4.2% | $137.04M+5.4% | |
| Cost of Services by Product | ||||||
| Education technology services and payments revenue | $178.81M+3.8% | $176.91M+2.4% | $176.91M+2.0% | $171.82M0.0% | $172.2M+0.1% | |
| Loan servicing and systems revenue | $8.01M+127% | $7.55M+300% | $7M+1,685% | $5.17M+2,538% | $3.52M— | |
| Solar construction revenue | $33.98M-52.3% | $41.81M-46.2% | $58.04M-19.9% | $77.25M+44.5% | $71.27M+30.8% |
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.