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EX-99.1

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EX-99.1

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Nelnet Reports First Quarter 2026 Results

LINCOLN, Neb., May 7, 2026 - Nelnet (NYSE: NNI) today reported GAAP net income of $71.1 million, or $1.97 per share, for the first quarter of 2026, compared with GAAP net income of $82.6 million, or $2.26 per share, for the same period a year ago.

Net income, excluding derivative market value adjustments1, was $69.9 million, or $1.94 per share, for the first quarter of 2026, compared with $87.4 million, or $2.39 per share, for the same period in 2025.

“We’re off to a strong start in 2026, with every business segment performing at a high level,” said Jeff Noordhoek, chief executive officer of Nelnet. “We completed our Canadian acquisition in February, and integration is proceeding well, expanding our loan servicing reach and supporting our long-term diversification strategy focused on core strengths. This year, our focus is simple: Go. Technology is accelerating, innovation cycles are compressing, and the pace of change continues to increase. Our job is to move with speed - to be decisive and to keep pushing forward for our customers.”

Nelnet operates through three divisions: Nelnet Financial Services (NFS), Loan Servicing and Systems [referred to as Nelnet Diversified Services (NDS)], and Education Technology Services and Payments [referred to as Nelnet Business Services (NBS)]. NFS includes the company's Asset Generation and Management (AGM) and Nelnet Bank reportable operating segments, which earn interest income on loans and investments. NDS and NBS generate primarily fee-based revenue through loan servicing, education technology, and payment services. Business activities not included in these divisions are combined and reported within Corporate Activities.

Nelnet Financial Services

AGM

The AGM operating segment reported loan and investment net interest income of $67.5 million during the first quarter of 2026, compared with $52.9 million for the same period a year ago. The increase in 2026 was due to an increase in loan spread2 and growth in the company's consumer financing receivables. In the third quarter of 2025, the company began to purchase Pay Later receivables. As of March 31, 2026, the balance of Pay Later receivables was $766.2 million. The increase in net interest income was partially offset by the anticipated runoff of the legacy Federal Family Education Loan Program (the "FFEL Program" or FFELP) loan portfolio. The average balance of FFELP loans outstanding decreased from $8.6 billion for the first quarter of 2025 to $7.2 billion for the same period in 2026.

AGM recorded a provision for loan losses of $48.5 million ($36.9 million after tax) in the first quarter of 2026, compared with $13.0 million ($9.9 million after tax) for the same period in 2025. The increase was primarily driven by the establishment of an initial allowance for loans acquired during the quarter. During the first quarter of 2026, AGM acquired $3.34 billion of loans, of which $2.85 billion were Pay Later receivables. The higher provision reflects portfolio growth rather than changes in underlying credit performance. Credit quality metrics, including delinquency rates and charge-offs, remained generally consistent with management's expectations.

AGM holds interests in certain joint ventures engaged in the acquisition and management of loan portfolios. During the three months ended March 31, 2026, AGM recognized $15.4 million ($11.7 million after tax) of income from these joint ventures.

AGM recognized net income after tax of $23.2 million for the three months ended March 31, 2026, compared with $22.7 million for the same period in 2025.

Nelnet Bank

As of March 31, 2026, Nelnet Bank had a $1.26 billion and $1.18 billion loan and investment portfolio, respectively, and total deposits, including intercompany deposits, of $1.96 billion. Nelnet Bank reported loan and investment net interest income of $17.8 million during the first quarter of 2026, compared with $12.4 million for the same period a year ago. The increase in 2026 was due to an increase in the loan and investment portfolio, partially offset by a decrease in net interest margin.

Nelnet Bank recognized net income after tax for the quarter ended March 31, 2026 of $7.1 million, compared with $1.5 million for the same period in 2025.

1 Net income, excluding derivative market value adjustments, is a non-GAAP measure. See "Non-GAAP Performance Measures" at the end of this press release and the "Non-GAAP Disclosures" section below for explanatory information and reconciliations of GAAP to non-GAAP financial information.

2 Loan spread represents the spread between the yield earned on loan assets and the costs of the liabilities used to fund the assets.

Loan Servicing and Systems

Revenue from the Loan Servicing and Systems segment was $127.8 million for the first quarter of 2026, compared with $120.7 million for the same period in 2025. The increase was pri

nni-202602260001258602false00012586022026-02-262026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 26, 2026

NELNET, INC.

(Exact name of registrant as specified in its charter) Nebraska001-3192484-0748903 (State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

121 South 13th Street, Suite 100

Lincoln,Nebraska68508 (Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code (402) 458-2370 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading SymbolName of each exchange on which registered Class A Common Stock, Par Value $0.01 per ShareNNINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company    ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                        ☐

Item 2.02 Results of Operations and Financial Condition. On February 26, 2026, Nelnet, Inc. (the “Company”) issued a press release with respect to its financial results for the quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report. In addition, a copy of the supplemental financial information for the quarter ended December 31, 2025, which was made available on the Company's website at www.nelnetinvestors.com on February 26, 2026 in connection with the press release, is furnished as Exhibit 99.2 to this report. A copy of the 2025 letter to the Company's shareholders from the Chief Executive Officer of the Company is also furnished as Exhibit 99.3 to this report. The above information and Exhibits 99.1, 99.2, and 99.3 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall such information and Exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, information on the Company's website is not incorporated by reference into this report and should not be considered part of this report. Certain statements contained in the exhibits furnished with this report may be considered forward looking in nature and are subject to various risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results may vary materially from those anticipated, estimated, or expected. Among the key risks and uncertainties that may have a direct bearing on the Company's future operating results, performance, or financial condition expressed or implied by the forward-looking statements are the matters discussed in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026. Although the Company may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws. Item 9.01 Financial Statements and Exhibits. (d)    Exhibits. The following exhibits are furnished as part of this report:

Exhibit No. Description

99.1Press Release dated February 26, 2026 - "Nelnet Reports Fourth Quarter 2025 Results"

99.2Supplemental Financial Information for the Quarter Ended December 31, 2025

99.32025 Letter to Shareholders from the Chief Executive Officer

104Cover Page Interactive Data File (formatted as Inline XBRL and included as Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: February 26, 2026

NELNET, INC.

By:    /s/ JAMES D. KRUGER Name:    James D. Kruger Title:    Chief Financial Officer

nni-202511060001258602false00012586022025-11-062025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 6, 2025

NELNET, INC.

(Exact name of registrant as specified in its charter) Nebraska001-3192484-0748903 (State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

121 South 13th Street, Suite 100

Lincoln,Nebraska68508 (Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code (402) 458-2370 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading SymbolName of each exchange on which registered Class A Common Stock, Par Value $0.01 per ShareNNINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company    ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                        ☐

Item 2.02 Results of Operations and Financial Condition. On November 6, 2025, Nelnet, Inc. (the “Company”) issued a press release with respect to its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report. In addition, a copy of the supplemental financial information for the quarter ended September 30, 2025, which was made available on the Company's website at www.nelnetinvestors.com on November 6, 2025 in connection with the press release, is furnished as Exhibit 99.2 to this report. The above information and Exhibits 99.1 and 99.2 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall such information and Exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, information on the Company's website is not incorporated by reference into this report and should not be considered part of this report. Certain statements contained in the exhibits furnished with this report may be considered forward looking in nature and are subject to various risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results may vary materially from those anticipated, estimated, or expected. Among the key risks and uncertainties that may have a direct bearing on the Company's future operating results, performance, or financial condition expressed or implied by the forward-looking statements are the matters discussed in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025 and the Company's Quarterly Report on Form 10-Q for the three months ended September 30, 2025 filed with the SEC on November 6, 2025. Although the Company may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws. Item 9.01 Financial Statements and Exhibits. (d)    Exhibits. The following exhibits are furnished as part of this report:

Exhibit No. Description

99.1Press Release dated November 6, 2025 - "Nelnet Reports Third Quarter 2025 Results"

99.2Supplemental Financial Information for the Quarter Ended September 30, 2025

104Cover Page Interactive Data File (formatted as Inline XBRL and included as Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: November 6, 2025

NELNET, INC.

By:    /s/ JAMES D. KRUGER Name:    James D. Kruger Title:    Chief Financial Officer