Earnings Releases·Nov 5, 2026, 4:17 PM ET

Nelnet — Third Quarter 2026 Earnings Summary

GAAP net income declined to $76.2 million ($2.13/share) from $106.7 million ($2.94/share) in Q3 2025, driven by a $39.4 million loan loss provision versus a $3.6 million negative provision in the prior year; Non-GAAP net income fell to $67.9 million ($1.89/share) from $107.3 million ($2.95/share).
Loan and investment net interest income rose to $101.4 million from $85.3 million, supported by Asset Generation and Management acquiring $3.23 billion in consumer loans and Nelnet Bank net income increasing to $12.0 million from $4.6 million.
Loan Servicing and Systems revenue decreased to $139.8 million from $151.1 million, though excluding contract modifications, revenue grew due to the NDS Canada acquisition; Education Technology Services revenue increased to $132.9 million from $129.3 million.
Capital return activity included $53.1 million in share repurchases during the quarter and a declared Q4 cash dividend of $0.36 per share; the company also expanded internationally via the Entab acquisition and launched FACTS Compass.