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Side-by-side financial comparison of LendingClub Corp (LC) and NELNET INC (NNI). Click either name above to swap in a different company.
LendingClub Corp is the larger business by last-quarter revenue ($266.5M vs $107.1M, roughly 2.5× NELNET INC). On growth, NELNET INC posted the faster year-over-year revenue change (33.8% vs 22.7%). NELNET INC produced more free cash flow last quarter ($130.1M vs $-919.3M). Over the past eight quarters, LendingClub Corp's revenue compounded faster (21.4% CAGR vs 20.1%).
LendingClub Corporation is an American financial services company headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. At its height, LendingClub was the world's largest peer-to-peer lending platform. The company reported that $15.98 billion in loans had been originated through its platform up to December 31, 2015.
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.
LC vs NNI — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $266.5M | $107.1M |
| Net Profit | — | $57.8M |
| Gross Margin | — | 50.5% |
| Operating Margin | 18.8% | — |
| Net Margin | — | 53.9% |
| Revenue YoY | 22.7% | 33.8% |
| Net Profit YoY | — | -8.8% |
| EPS (diluted) | $0.36 | $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 | $266.5M | $107.1M | ||
| Q3 25 | $266.2M | $85.3M | ||
| Q2 25 | $248.4M | $79.4M | ||
| Q1 25 | $217.7M | $82.7M | ||
| Q4 24 | $217.2M | $80.1M | ||
| Q3 24 | $201.9M | $72.2M | ||
| Q2 24 | $187.2M | $66.4M | ||
| Q1 24 | $180.7M | $74.2M |
| Q4 25 | — | $57.8M | ||
| Q3 25 | $44.3M | $106.7M | ||
| Q2 25 | $38.2M | $181.5M | ||
| Q1 25 | $11.7M | $82.6M | ||
| Q4 24 | — | $63.4M | ||
| Q3 24 | $14.5M | $2.4M | ||
| Q2 24 | $14.9M | $45.1M | ||
| Q1 24 | $12.3M | $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 | 18.8% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 5.1% | 97.7% | ||
| Q3 24 | 8.9% | -3.1% | ||
| Q2 24 | 10.4% | 88.0% | ||
| Q1 24 | 9.1% | — |
| Q4 25 | — | 53.9% | ||
| Q3 25 | 16.6% | 125.1% | ||
| Q2 25 | 15.4% | 228.4% | ||
| Q1 25 | 5.4% | 99.8% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | 7.2% | 3.3% | ||
| Q2 24 | 8.0% | 67.9% | ||
| Q1 24 | 6.8% | 98.6% |
| Q4 25 | $0.36 | $1.62 | ||
| Q3 25 | $0.37 | $2.94 | ||
| Q2 25 | $0.33 | $4.97 | ||
| Q1 25 | $0.10 | $2.26 | ||
| Q4 24 | $0.08 | $1.75 | ||
| Q3 24 | $0.13 | $0.07 | ||
| Q2 24 | $0.13 | $1.23 | ||
| Q1 24 | $0.11 | $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 | — | $296.0M |
| Total DebtLower is stronger | $0 | $7.8B |
| Stockholders' EquityBook value | $1.5B | $3.7B |
| Total Assets | $11.6B | $14.1B |
| Debt / EquityLower = less leverage | 0.00× | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $296.0M | ||
| Q3 25 | — | $216.4M | ||
| Q2 25 | — | $225.8M | ||
| Q1 25 | — | $220.5M | ||
| Q4 24 | — | $194.5M | ||
| Q3 24 | — | $219.7M | ||
| Q2 24 | — | $145.5M | ||
| Q1 24 | — | $179.7M |
| Q4 25 | $0 | $7.8B | ||
| Q3 25 | $0 | $7.8B | ||
| Q2 25 | $0 | $7.9B | ||
| Q1 25 | $0 | $8.7B | ||
| Q4 24 | $0 | $8.3B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $10.6B |
| Q4 25 | $1.5B | $3.7B | ||
| Q3 25 | $1.5B | $3.7B | ||
| Q2 25 | $1.4B | $3.6B | ||
| Q1 25 | $1.4B | $3.4B | ||
| Q4 24 | $1.3B | $3.3B | ||
| Q3 24 | $1.3B | $3.3B | ||
| Q2 24 | $1.3B | $3.3B | ||
| Q1 24 | $1.3B | $3.3B |
| Q4 25 | $11.6B | $14.1B | ||
| Q3 25 | $11.1B | $13.9B | ||
| Q2 25 | $10.8B | $13.7B | ||
| Q1 25 | $10.5B | $14.2B | ||
| Q4 24 | $10.6B | $13.8B | ||
| Q3 24 | $11.0B | $14.1B | ||
| Q2 24 | $9.6B | $14.5B | ||
| Q1 24 | $9.2B | $15.4B |
| Q4 25 | 0.00× | 2.11× | ||
| Q3 25 | 0.00× | 2.14× | ||
| Q2 25 | 0.00× | 2.21× | ||
| Q1 25 | 0.00× | 2.53× | ||
| Q4 24 | 0.00× | 2.48× | ||
| Q3 24 | — | 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 | $-903.8M | $137.6M |
| Free Cash FlowOCF − Capex | $-919.3M | $130.1M |
| FCF MarginFCF / Revenue | -345.0% | 121.5% |
| Capex IntensityCapex / Revenue | 5.8% | 7.0% |
| Cash ConversionOCF / Net Profit | — | 2.38× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.9B | $396.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-903.8M | $137.6M | ||
| Q3 25 | $-770.8M | $112.4M | ||
| Q2 25 | $-713.1M | $81.8M | ||
| Q1 25 | $-339.3M | $91.2M | ||
| Q4 24 | $-185.4M | $180.5M | ||
| Q3 24 | $-669.8M | $137.0M | ||
| Q2 24 | $-932.5M | $133.4M | ||
| Q1 24 | $-846.5M | $211.9M |
| Q4 25 | $-919.3M | $130.1M | ||
| Q3 25 | $-791.8M | $100.8M | ||
| Q2 25 | $-803.8M | $78.1M | ||
| Q1 25 | $-352.3M | $87.8M | ||
| Q4 24 | $-202.6M | $163.2M | ||
| Q3 24 | $-682.3M | $132.6M | ||
| Q2 24 | $-945.3M | $122.8M | ||
| Q1 24 | $-858.3M | $188.7M |
| Q4 25 | -345.0% | 121.5% | ||
| Q3 25 | -297.4% | 118.2% | ||
| Q2 25 | -323.5% | 98.3% | ||
| Q1 25 | -161.8% | 106.1% | ||
| Q4 24 | -93.3% | 203.7% | ||
| Q3 24 | -338.0% | 183.8% | ||
| Q2 24 | -504.9% | 184.9% | ||
| Q1 24 | -475.0% | 254.2% |
| Q4 25 | 5.8% | 7.0% | ||
| Q3 25 | 7.9% | 13.7% | ||
| Q2 25 | 36.5% | 4.7% | ||
| Q1 25 | 6.0% | 4.1% | ||
| Q4 24 | 7.9% | 21.7% | ||
| Q3 24 | 6.2% | 6.2% | ||
| Q2 24 | 6.9% | 16.0% | ||
| Q1 24 | 6.5% | 31.3% |
| Q4 25 | — | 2.38× | ||
| Q3 25 | -17.41× | 1.05× | ||
| Q2 25 | -18.68× | 0.45× | ||
| Q1 25 | -29.07× | 1.10× | ||
| Q4 24 | — | 2.85× | ||
| Q3 24 | -46.33× | 57.39× | ||
| Q2 24 | -62.57× | 2.96× | ||
| Q1 24 | -69.10× | 2.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LC
| Lending Club Bank | $162.8M | 61% |
| Other | $82.3M | 31% |
| Servicing Fees | $12.8M | 5% |
| Lending Club Corporation | $8.5M | 3% |
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% |
