Nelnet Q4 GAAP EPS $1.60 vs $1.73 YoY; record annual net income of $428.5M

NELNET INC

2025-FY EPS reported $11.79

Q4 GAAP net income $57.8M ($1.60/diluted share) vs $63.2M ($1.73); adjusted EPS $1.56.
Full-year 2025 GAAP net income $428.5M ($11.79/share), up from $184.0M ($5.02) in 2024.
AGM net interest income rose to $63.5M, aided by $744.2M in Klarna Pay Later receivables.
Loan Servicing and Systems revenue fell to $116.6M; segment net income dropped to $8.9M.
Solar construction business sold in Nov 2025; Q4 loss of $27.3M ($20.7M after tax).

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