Current Report · Items 2.02, 9.01 · 8-K

Nelnet, Inc.

NNINYSEEQUITYCurrent

Results of Operations and Financial Condition

Filed Nov 6, 2025Accepted Nov 6, 2025, 4:21 PM ESTCIK 1258602Accession 0001258602-25-000062

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Items 2.02, 9.01

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Item 2.02Item 2.02 - Results of Operations

Item 2.02 Results of Operations and Financial Condition. On November 6, 2025, Nelnet, Inc. (the “Company”) issued a press release with respect to its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report. In addition, a copy of the supplemental financial information for the quarter ended September 30, 2025, which was made available on the Company's website at www.nelnetinvestors.com on November 6, 2025 in connection with the press release, is furnished as Exhibit 99.2 to this report. The above information and Exhibits 99.1 and 99.2 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall such information and Exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, information on the Company's website is not incorporated by reference into this report and should not be considered part of this report. Certain statements contained in the exhibits furnished with this report may be considered forward looking in nature and are subject to various risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results may vary materially from those anticipated, estimated, or expected. Among the key risks and uncertainties that may have a direct bearing on the Company's future operating results, performance, or financial condition expressed or implied by the forward-looking statements are the matters discussed in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025 and the Company's Quarterly Report on Form 10-Q for the three months ended September 30, 2025 filed with the SEC on November 6, 2025. Although the Company may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.

Filed exhibits (2)

EX-99.1 (by filename) aex991-110625xearningsrele.htm

EX-99.1 2 aex991-110625xearningsrele.htm EX-99.1 Document Nelnet Reports Third Quarter 2025 Results LINCOLN, Neb., November 6, 2025 - Nelnet (NYSE: NNI) today reported GAAP net income of $106.7 million, or $2.94 per share, for the third quarter of 2025, compared with GAAP net income of $2.4 million, or $0.07 per share, for the same period a year ago. Net income, excluding derivative market value adjustments1, was $107.3 million, or $2.95 per share, for the third quarter of 2025, compared with $12.4 million, or $0.34 per share, for the same period in 2024. The third quarter 2025 operating results included the following items: • Non-recurring revenue of $32.9 million ($25.0 million after tax or $0.69 per share) from the company's government servicing contract. Upon reaching a final agreement with the Department of Education, the company recognized revenue on a contract modification for services previously performed. • A gain of $30.2 million ($23.0 million after tax or $0.63 per share) related to a partial redemption and increase in the remaining carrying value on a venture capital investment. • The recognition of $28.9 million ($22.0 million after tax or $0.60 per share) …

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EX-99.2 (by filename) aex992-110625xsupplement.htm

EX-99.2 3 aex992-110625xsupplement.htm EX-99.2 Document For Release: November 6, 2025 Investor Contact: Phil Morgan, 402.458.3038 Nelnet, Inc. supplemental financial information for the third quarter 2025 (All dollars are in thousands, except per share amounts, unless otherwise noted) The following information should be read in connection with Nelnet, Inc.'s (the “Company's”) press release for third quarter 2025 earnings, dated November 6, 2025, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Q3 2025 10-Q Quarterly Report"). Forward-looking and cautionary statements This report contains forward-looking statements and information that are based on management's current expectations as of the date of this document. Statements that are not historical facts, including statements about the Company's plans and expectations for future financial condition, results of operations or economic performance, or that address management's plans and objectives for future operations, and statements that assume or are dependent upon future events, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “could,” …