Nelnet, Inc. filed its third-quarter 2026 earnings press release on November 5, 2026, reporting GAAP net income of $76.2 million for the three months ended September 30, 2026, alongside segment results, share repurchase activity, and a declared fourth-quarter dividend.

Key Highlights

  • GAAP net income: $76.2 million, or $2.13 per share, for Q3 2026, compared with $106.7 million, or $2.94 per share, for Q3 2025.
  • Non-GAAP net income (excluding derivative market value adjustments): $67.9 million, or $1.89 per share, for Q3 2026, compared with $107.3 million, or $2.95 per share, for Q3 2025.
  • Consumer loan portfolio: grew to $1.30 billion as of September 30, 2026, from $840.7 million as of September 30, 2025, with $3.06 billion of short-duration Pay Later receivables acquired during Q3 2026.
  • Share repurchases: 731,932 Class A common shares repurchased for $93.7 million (average price $128.04 per share) in the first nine months of 2026; an additional 295,990 shares repurchased for $37.0 million (average price $125.04 per share) through November 5, 2026.
  • Fourth-quarter dividend declared: $0.36 per share on Class A and Class B common stock, payable December 15, 2026, to shareholders of record as of December 1, 2026.
  • Loan servicing portfolio: $523.6 billion in loans serviced for 15.4 million borrowers as of September 30, 2026.
  • Nelnet Bank net income: $12.0 million for Q3 2026, compared with $4.6 million for Q3 2025.

Nelnet Q3 2026 Segment and Financial Performance Details

According to the filing, Nelnet (NYSE:NNI) reported Q3 2026 GAAP net income of $76.2 million, down from $106.7 million in Q3 2025. The company attributed part of the year-over-year decline to a $9.3 million unrealized loss ($7.1 million after tax) on marketable equity securities in the current quarter, compared with a $30.2 million gain ($23.0 million after tax) from a venture capital investment in Q3 2025. The company also recorded a provision for loan losses in the AGM segment of $34.5 million ($26.2 million after tax) for Q3 2026, versus a negative provision of $7.4 million ($5.6 million after tax) in Q3 2025, driven in part by initial allowances established under the CECL methodology on newly acquired loans.

The Asset Generation and Management (AGM) segment reported loan and investment net interest income of $65.2 million for Q3 2026, up from $44.7 million in Q3 2025. The filing cited higher loan spreads and growth in the consumer loan portfolio as primary drivers, partially offset by continued runoff of the legacy FFELP portfolio, whose average balance declined to $6.46 billion from $8.25 billion year over year. AGM net income after tax was $33.9 million for Q3 2026, compared with $27.8 million for Q3 2025. Nelnet Bank's loan and investment net interest income rose to $20.4 million from $15.4 million in the prior-year period, and its total deposits, including intercompany deposits, stood at $2.81 billion as of September 30, 2026.

The Loan Servicing and Systems segment reported revenue of $139.8 million for Q3 2026, compared with $151.1 million for Q3 2025. The filing noted that $5.3 million and $32.9 million of revenue were recognized in Q3 2026 and Q3 2025, respectively, related to Department of Education contract modifications for services previously performed. Excluding that revenue, segment revenue increased year over year, in part due to the acquisition of NDS Canada in Q1 2026, which contributed $16.5 million of revenue in Q3 2026. The Education Technology Services and Payments segment reported revenue of $132.9 million, up from $129.3 million in Q3 2025, with net income after tax of $19.4 million versus $19.0 million a year ago.

What Was Disclosed

Nelnet disclosed Q3 2026 GAAP and non-GAAP earnings, segment-level revenue and net income, consumer loan portfolio growth, share repurchase totals through November 5, 2026, and a fourth-quarter cash dividend of $0.36 per share payable December 15, 2026.