---
schema_version: "secwatch.filing_event.v1"
accession: "0001258602-23-000047"
form_type: "8-K"
ticker: "NNI"
cik: "0001258602"
company_name: "NELNET INC"
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T12:21:42.007343+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Nelnet Q1 GAAP EPS $0.71 vs $4.91 YoY; adjusted EPS $1.47; new DoEd servicing contract

## Summary
- GAAP net income $26.5M ($0.71/sh) down from $186.6M ($4.91/sh) YoY; adjusted net income $54.9M ($1.47/sh) down from $75.9M ($1.99/sh).
- AGM segment net interest income $45.5M; provision for loan losses $31.9M vs negative provision in prior year.
- Terminated derivative portfolio on March 15 for $183.2M proceeds; post-quarter debt redemption caused $25.9M non-cash expense.
- Loan Servicing revenue $139.2M; awarded five-year USDS contract from Department of Education on April 24.
- Board declared $0.26/sh dividend, payable June 15 to holders of record June 1.

## SEC filing metadata
- accession: 0001258602-23-000047
- form_type: 8-K
- ticker: NNI
- cik: 0001258602
- company_name: NELNET INC
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1258602/000125860223000047/0001258602-23-000047-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1258602/000125860223000047/nni-20230508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001258602-23-000047
- JSON: https://secwatch.observer/filing/0001258602-23-000047.json
- Plain text: https://secwatch.observer/filing/0001258602-23-000047.txt

## Key facts
- Earnings Releases
  NELNET INC reported the first quarter of 2023 results: net income $26.5 million, EPS $0.71 per share.
  - Period: the first quarter of 2023
  - Net income: $26.5 million
  - EPS: $0.71 per share
  - Result: reported results
  source text: Nelnet (NYSE: NNI) today reported GAAP net income of $26.5 million, or $0.71 per share, for the first quarter of 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1258602/000125860223000047/0001258602-23-000047-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.