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Side-by-side financial comparison of BREAD FINANCIAL HOLDINGS, INC. (BFH) and NELNET INC (NNI). Click either name above to swap in a different company.
BREAD FINANCIAL HOLDINGS, INC. is the larger business by last-quarter revenue ($975.0M vs $107.1M, roughly 9.1× NELNET INC). On growth, NELNET INC posted the faster year-over-year revenue change (33.8% vs 5.4%). Over the past eight quarters, NELNET INC's revenue compounded faster (20.1% CAGR vs -0.8%).
Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.
Nelnet, Inc. is a United States–based conglomerate that primarily focuses on financial services including student and consumer loan origination and servicing. Additionally, the company operates an investing arm, an internet bank and has a 26% stake in Allo Fiber, a cable and internet provider. The company is headquartered in Lincoln, Nebraska.
BFH vs NNI — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $975.0M | $107.1M |
| Net Profit | — | $57.8M |
| Gross Margin | — | 50.5% |
| Operating Margin | 4.9% | — |
| Net Margin | — | 53.9% |
| Revenue YoY | 5.4% | 33.8% |
| Net Profit YoY | — | -8.8% |
| EPS (diluted) | $1.21 | $1.62 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $975.0M | $107.1M | ||
| Q3 25 | $971.0M | $85.3M | ||
| Q2 25 | $929.0M | $79.4M | ||
| Q1 25 | $970.0M | $82.7M | ||
| Q4 24 | $925.0M | $80.1M | ||
| Q3 24 | $983.0M | $72.2M | ||
| Q2 24 | $939.0M | $66.4M | ||
| Q1 24 | $991.0M | $74.2M |
| Q4 25 | — | $57.8M | ||
| Q3 25 | $188.0M | $106.7M | ||
| Q2 25 | $139.0M | $181.5M | ||
| Q1 25 | $138.0M | $82.6M | ||
| Q4 24 | — | $63.4M | ||
| Q3 24 | $2.0M | $2.4M | ||
| Q2 24 | $133.0M | $45.1M | ||
| Q1 24 | $134.0M | $73.2M |
| Q4 25 | — | 50.5% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 27.3% | ||
| Q1 24 | — | 15.3% |
| Q4 25 | 4.9% | — | ||
| Q3 25 | 20.2% | — | ||
| Q2 25 | 18.7% | — | ||
| Q1 25 | 20.3% | — | ||
| Q4 24 | -2.9% | 97.7% | ||
| Q3 24 | 4.1% | -3.1% | ||
| Q2 24 | 19.2% | 88.0% | ||
| Q1 24 | 19.0% | — |
| Q4 25 | — | 53.9% | ||
| Q3 25 | 19.4% | 125.1% | ||
| Q2 25 | 15.0% | 228.4% | ||
| Q1 25 | 14.2% | 99.8% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | 0.2% | 3.3% | ||
| Q2 24 | 14.2% | 67.9% | ||
| Q1 24 | 13.5% | 98.6% |
| Q4 25 | $1.21 | $1.62 | ||
| Q3 25 | $3.96 | $2.94 | ||
| Q2 25 | $2.94 | $4.97 | ||
| Q1 25 | $2.78 | $2.26 | ||
| Q4 24 | $0.08 | $1.75 | ||
| Q3 24 | $0.05 | $0.07 | ||
| Q2 24 | $2.66 | $1.23 | ||
| Q1 24 | $2.70 | $1.97 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.6B | $296.0M |
| Total DebtLower is stronger | $4.3B | $7.8B |
| Stockholders' EquityBook value | $3.3B | $3.7B |
| Total Assets | $22.7B | $14.1B |
| Debt / EquityLower = less leverage | 1.29× | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.6B | $296.0M | ||
| Q3 25 | $3.8B | $216.4M | ||
| Q2 25 | $3.8B | $225.8M | ||
| Q1 25 | $4.2B | $220.5M | ||
| Q4 24 | $4.0B | $194.5M | ||
| Q3 24 | $3.5B | $219.7M | ||
| Q2 24 | $4.1B | $145.5M | ||
| Q1 24 | $3.8B | $179.7M |
| Q4 25 | $4.3B | $7.8B | ||
| Q3 25 | $3.8B | $7.8B | ||
| Q2 25 | $4.2B | $7.9B | ||
| Q1 25 | $5.1B | $8.7B | ||
| Q4 24 | $5.6B | $8.3B | ||
| Q3 24 | $4.6B | $8.9B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $10.6B |
| Q4 25 | $3.3B | $3.7B | ||
| Q3 25 | $3.3B | $3.7B | ||
| Q2 25 | $3.2B | $3.6B | ||
| Q1 25 | $3.1B | $3.4B | ||
| Q4 24 | $3.1B | $3.3B | ||
| Q3 24 | $3.1B | $3.3B | ||
| Q2 24 | $3.2B | $3.3B | ||
| Q1 24 | $3.0B | $3.3B |
| Q4 25 | $22.7B | $14.1B | ||
| Q3 25 | $21.7B | $13.9B | ||
| Q2 25 | $21.8B | $13.7B | ||
| Q1 25 | $22.4B | $14.2B | ||
| Q4 24 | $22.9B | $13.8B | ||
| Q3 24 | $21.7B | $14.1B | ||
| Q2 24 | $22.1B | $14.5B | ||
| Q1 24 | $22.3B | $15.4B |
| Q4 25 | 1.29× | 2.11× | ||
| Q3 25 | 1.14× | 2.14× | ||
| Q2 25 | 1.34× | 2.21× | ||
| Q1 25 | 1.67× | 2.53× | ||
| Q4 24 | 1.82× | 2.48× | ||
| Q3 24 | 1.47× | 2.72× | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | 3.20× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $568.0M | $137.6M |
| Free Cash FlowOCF − Capex | — | $130.1M |
| FCF MarginFCF / Revenue | — | 121.5% |
| Capex IntensityCapex / Revenue | — | 7.0% |
| Cash ConversionOCF / Net Profit | — | 2.38× |
| TTM Free Cash FlowTrailing 4 quarters | — | $396.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $568.0M | $137.6M | ||
| Q3 25 | $605.0M | $112.4M | ||
| Q2 25 | $526.0M | $81.8M | ||
| Q1 25 | $393.0M | $91.2M | ||
| Q4 24 | $479.0M | $180.5M | ||
| Q3 24 | $456.0M | $137.0M | ||
| Q2 24 | $477.0M | $133.4M | ||
| Q1 24 | $447.0M | $211.9M |
| Q4 25 | — | $130.1M | ||
| Q3 25 | — | $100.8M | ||
| Q2 25 | — | $78.1M | ||
| Q1 25 | — | $87.8M | ||
| Q4 24 | — | $163.2M | ||
| Q3 24 | — | $132.6M | ||
| Q2 24 | — | $122.8M | ||
| Q1 24 | — | $188.7M |
| Q4 25 | — | 121.5% | ||
| Q3 25 | — | 118.2% | ||
| Q2 25 | — | 98.3% | ||
| Q1 25 | — | 106.1% | ||
| Q4 24 | — | 203.7% | ||
| Q3 24 | — | 183.8% | ||
| Q2 24 | — | 184.9% | ||
| Q1 24 | — | 254.2% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 13.7% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 16.0% | ||
| Q1 24 | — | 31.3% |
| Q4 25 | — | 2.38× | ||
| Q3 25 | 3.22× | 1.05× | ||
| Q2 25 | 3.78× | 0.45× | ||
| Q1 25 | 2.85× | 1.10× | ||
| Q4 24 | — | 2.85× | ||
| Q3 24 | 228.00× | 57.39× | ||
| Q2 24 | 3.59× | 2.96× | ||
| Q1 24 | 3.34× | 2.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFH
Segment breakdown not available.
NNI
| Reinsurance Premiums Earned | $33.5M | 31% |
| Tuition Payment Plan Services | $32.2M | 30% |
| Private Education And Consumer Loan Servicing | $24.8M | 23% |
| Software Services | $11.4M | 11% |
| Solar Construction Revenue | $3.4M | 3% |
| Investment Advice | $1.4M | 1% |
