Nelnet

Q2 FY2026 EarningsQ2 FY26 results missed consensus across all primary financial metrics. Revenue of $410.0M was 2.38% below the $420.0M expected, while GAAP EPS of $1.85 missed the consensus of $2.13 by 13.15%. The bottom-line miss was driven largely by a significantly higher provision for loan losses ($41.1M), reflecting aggressive consumer loan portfolio expansion under CECL accounting rather than credit deterioration. While the Canada servicing acquisition bolstered NDS revenue, compressed margins in Education Technology (NBS) and the absence of prior-year one-time gains further weighed on the YoY comparison.