Nelnet Inc cash flow statement

In fiscal 2022, Nelnet Inc's operations generated $683m of cash; it spent $59.4m on capital projects, leaving free cash flow of $624m. It returned $36.6m in dividends and $97.7m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Nelnet Inc: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	LTMMar 2023
Cash from operations	325	195	311	299	387	357	391	300	322	271	299	349	480	683	531
Depreciation and amortisation	38	101	103	117	79	108	124	123	138	185	193	198	132	176	134
Stock-based pay	3	2	2	3	3	5	5	4	4	7	7	17	11	14	15
Capital spending	1	13	14	10	17	26	17	68	156	125	92	113	59	59	68
Free cash flow	324	182	297	289	370	331	375	233	166	146	206	236	421	624	462
Free cash flow after stock pay	321	180	295	286	367	326	369	228	162	139	200	219	411	609	448
Dividends paid	3	34	18	66	19	19	19	21	24	27	29	32	34	37	37
Share buybacks	0	40	27	23	13	16	96	69	69	45	40	73	58	98	68
Shares issued	0	1	1	0	1	1	1	1	1	1	2	2	1	2	2

US$ millions unless shown otherwise. Fiscal quarters.

Nelnet Inc: cash flow statement, quarterly
Quarter	2021 Q2Jun 2021	2021 Q3Sept 2021	2021 Q4Dec 2021	2022 Q1Mar 2022	2022 Q2Jun 2022	2022 Q3Sept 2022	2022 Q4Dec 2022	2023 Q1Mar 2023
Cash from operations	137	151	144	275	208	173	26	123
Depreciation and amortisation	20	16	19	36	18	19	63	34
Stock-based pay	3	3	3	3	3	4	4	4
Capital spending	11	14	16	16	18	10	15	24
Free cash flow	126	137	127	260	190	163	11	98
Free cash flow after stock pay	123	134	125	257	187	159	7	95
Shares issued	0	0	0	0	0	0	0	0

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Nelnet Inc's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Nelnet Inc.