NELNET INC

Personal Credit Institutions·LINCOLN, NE·FY end 12/31·CIK 1258602

CEO Pay Ratio

36:1

Jeffrey R. Noordhoek

CEO Total Comp

$2.2M

Jeffrey R. Noordhoek

Median Employee

$62,738

Revenue

—

FY 2025

Net Income

$428.5M

FY 2025

Free Cash Flow

$396.7M

FY 2025

Net Margin

—

Insider Net (180d)

-$51.6K

0 buys / 1 sales

CEO Pay Accountability

CEO comp as % of net income

0.52%

For every $1,000 of profit, $5.24 flows to the CEO.

CEO comp as % of buybacks

3.24%

CEO comp equals 32.4‰ of cash returned to shareholders via buybacks.

5-year history · USD

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	Trend
Revenue	—	—	—	—	—	—
Gross Profit	—	—	—	—	—	—
Operating Income	—	—	—	—	—	—
Net Income	$428.5M	$184.0M	$91.5M	$407.3M	$393.3M
Operating CF	$423.0M	$662.9M	$433.0M	$684.1M	$544.9M
Capex	$26.2M	$20.9M	$74.1M	$59.4M	$59.0M
Free Cash Flow	$396.7M	$642.0M	$358.9M	$624.6M	$485.9M
Buybacks	$69.3M	$83.3M	$28.0M	$97.7M	$58.1M
Dividends	$43.0M	$40.8M	$39.4M	$36.6M	$34.5M

Gross Margin	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—
Net Margin	—	—	—	—	—	—
FCF Margin	—	—	—	—	—	—
R&D / Revenue	—	—	—	—	—	—
Effective Tax	—	23.0%	26.6%	22.2%	23.1%
Debt / Equity	2.11	2.48	3.63	4.58	5.97
Buybacks / FCF	17.5%	13.0%	7.8%	15.6%	12.0%

FY 2025

Executive	Salary	Stock	Options	Bonus / Inc.	Other	Total
James D. KrugerChief Financial Officer	$906.9K	$275.1K	—	$1.2M	$57.5K	$2.4M
Timothy A. TewesPresident	$906.9K	$275.1K	—	$1.2M	$44.3K	$2.4M
Terry J. HeimesChief Operating Officer	$906.9K	$275.1K	—	$1.1M	$74.0K	$2.4M
Jeffrey R. NoordhoekChief Executive Officer	$906.9K	$275.1K	—	$1.0M	$61.4K	$2.2M
DeeAnn K. WengerPresident, Nelnet Business Services	$500.3K	$500.1K	—	$537.5K	$58.0K	$1.6M