NELNET INC

Nelnet, Inc. held its 2026 annual meeting of shareholders on May 14, 2026, where shareholders voted on several key proposals. Shareholders elected three Class III directors to serve until the 2029 annual meeting. They also ratified the appointment of KPMG LLP as the independent registered public accounting firm for 2026. Additionally, amendments to the Directors Stock Compensation Plan were approved, allowing Nelnet Bank Inc. directors to participate, and an advisory vote on executive compensation was passed.

Nelnet reported a net income attributable to Nelnet, Inc. of $71.1 million for the first quarter of 2026, a decrease from $82.6 million in the prior year. Diluted earnings per share also fell to $1.97 from $2.26. The company saw increased net interest income and growth in loan servicing and education technology revenues, but a significant rise in the provision for loan losses, primarily due to the expansion of its Pay Later receivables portfolio. Total assets and shareholders' equity increased, and the company raised its cash dividend to $0.33 per share.

Nelnet reported Q1 2026 GAAP net income of $71.1 million ($1.97 per share), a decrease from $82.6 million ($2.26 per share) in Q1 2025. Non-GAAP net income also declined to $69.9 million ($1.94 per share). The company completed its Canadian acquisition, expanding loan servicing, and its Board declared a $0.33 per share quarterly cash dividend. Despite a higher provision for loan losses due to portfolio growth, several segments showed revenue increases.