Nelnet Q3 GAAP EPS $2.94 vs $0.07 YoY; adjusted $2.95; one-time items boost

NELNET INC

2025-Q3 EPS reported $10.18

GAAP net income $106.7M ($2.94/sh) vs $2.4M ($0.07/share) YoY; adjusted net income $107.3M ($2.95/sh) vs $12.4M ($0.34/sh).
Includes $32.9M non-recurring govt contract revenue, $30.2M venture capital gain, $28.9M loan-loss reversal on loan sale.
Loan Servicing & Systems rev $151.1M (+40% YoY); net income $35.2M vs loss $3.5M; servicing $508.7B for 14.2M borrowers.
Agreed to acquire Finastra's Canadian student loan servicing for ~$93M cash; expected close Q1 2026.
Dividend raised to $0.33/sh (payable Dec 15, record Dec 1); repurchased 217,850 shares for $27.3M in Q3.

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