NASDAQ: NAVI
NAVIENT CORPCIK 0001593538 · SIC 6211 · Security Brokers & Dealers
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Q2 2026 net income rises 79% to $25.0M; originations up 63%; legacy loans held for sale
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Navient reports Q2 2026: $25M net income, 63% loan origination growth, 18% expense cut
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Navient discloses material data breach at third-party law firm exposing borrower SSNs
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Navient files routine annual meeting results; all directors elected, auditor ratified
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Navient raises $500M through 9.375% senior notes offering due 2031
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Navient offering senior notes due 2031; size and interest rate to be determined at pricing
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Navient reports Q1 2026 earnings, posts results to investor website
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net income $17.0M. Navient Q1 income swings positive; loan originations surge 61% on federal program shift
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Navient appoints activist investor Edward Bramson as CEO, current CEO Yowan steps down
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Latest financial statements
From 10-Q filed Aug 7, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(In millions, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Interest income: | ||||
| Private Education Loans | 273 | 273 | 550 | 562 |
| FFELP Loans | 391 | 483 | 791 | 975 |
| Cash and investments | 18 | 22 | 35 | 43 |
| Total interest income | 682 | 778 | 1,376 | 1,580 |
| Total interest expense | 560 | 650 | 1,123 | 1,322 |
| Net interest income | 122 | 128 | 253 | 258 |
| Less: provisions for loan losses | 26 | 37 | 54 | 67 |
| Net interest income after provisions for loan losses | 96 | 91 | 199 | 191 |
| Other income (loss): | ||||
| Servicing revenue | 10 | 14 | 21 | 27 |
| Asset recovery and business processing revenue | — | — | — | 23 |
| Other income | 17 | 19 | 22 | 33 |
| Gains (losses) on derivative and hedging activities, net | 1 | (5) | 6 | (30) |
| Total other income | 28 | 28 | 49 | 53 |
| Expenses: | ||||
| Salaries and benefits | 27 | 35 | 59 | 84 |
| Other operating expenses | 55 | 65 | 112 | 143 |
| Total operating expenses | 82 | 100 | 171 | 227 |
| Goodwill and acquired intangible asset impairment and amortization expense | — | 1 | 4 | 2 |
| Restructuring/other reorganization expenses | 3 | — | 2 | 3 |
| Total expenses | 85 | 101 | 177 | 232 |
| Income before income tax expense | 39 | 18 | 71 | 12 |
| Income tax expense | 14 | 4 | 29 | 1 |
| Net income | 25 | 14 | 42 | 11 |
| Basic earnings per common share | .27 | .14 | .44 | .11 |
| Average common shares outstanding | 94 | 100 | 94 | 101 |
| Diluted earnings per common share | .26 | .13 | .44 | .11 |
| Average common and common equivalent shares outstanding | 95 | 101 | 95 | 102 |
| Dividends per common share | .16 | .16 | .32 | .32 |
Consolidated Balance Sheets (Unaudited)
(In millions, except per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Private Education Loans held for investment, at amortized cost net of allowance for losses of $263 and $364, respectively) | 15,146 | 15,451 |
| Private Education Loans held for sale | 528 | — |
| FFELP Loans held for investment, at amortized cost (net of allowance for losses of $163 and $173, respectively) | 26,575 | 28,141 |
| Investments | 116 | 166 |
| Cash and cash equivalents | 770 | 637 |
| Restricted cash and cash equivalents | 1,369 | 1,467 |
| Goodwill and acquired intangible assets, net | 430 | 434 |
| Other assets | 2,363 | 2,385 |
| Total assets | 47,297 | 48,681 |
| Liabilities | ||
| Short-term borrowings | 4,214 | 5,073 |
| Long-term borrowings | 40,123 | 40,633 |
| Other liabilities | 562 | 576 |
| Total liabilities | 44,899 | 46,282 |
| Commitments and contingencies | ||
| Equity | ||
| Series A Junior Participating Preferred Stock, par value $0.20 per share; 2 million shares authorized at December 31, 2021; no shares issued or outstanding | — | — |
| Common stock, par value $0.01 per share, 1.125 billion shares authorized: 468 million and 467 million shares issued, respectively | 4 | 4 |
| Additional paid-in capital | 3,410 | 3,403 |
| Accumulated other comprehensive income (net of tax expense of $4 and $1, respectively) | 14 | 2 |
| Retained earnings | 4,562 | 4,552 |
| Total stockholders’ equity before treasury stock | 7,990 | 7,961 |
| Less: Common stock held in treasury at cost: 374 million and 371 million shares, respectively | (5,592) | (5,562) |
| Total equity | 2,398 | 2,399 |
| Total liabilities and equity | 47,297 | 48,681 |
Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 42 | 11 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Goodwill and acquired intangible asset impairment and amortization expense | 4 | 2 |
| Stock-based compensation expense | 6 | 12 |
| Mark-to-market (gains) losses on derivative and hedging activities, net | (28) | 93 |
| Provisions for loan losses | 54 | 67 |
| Decrease in accrued interest receivable | 20 | 72 |
| Increase (decrease) in accrued interest payable | 2 | (4) |
| Decrease (increase) in other assets | 27 | (3) |
| (Decrease) in other liabilities | (31) | (53) |
| Total adjustments | 54 | 186 |
| Net cash provided by operating activities | 96 | 197 |
| Cash flows from investing activities | ||
| Education loans originated and acquired | (1,719) | (1,103) |
| Proceeds from payments on education loans | 3,006 | 2,460 |
| Other investing activities, net | 43 | 24 |
| Disposal of subsidiaries, net of cash and restricted cash disposed of | — | 25 |
| Net cash provided by investing activities | 1,330 | 1,406 |
| Cash flows from financing activities | ||
| Borrowings collateralized by loans in trust issued | 1,949 | 1,081 |
| Borrowings collateralized by loans in trust repaid | (3,179) | (2,430) |
| Asset-backed commercial paper conduits, net | (127) | (160) |
| Long-term unsecured notes issued | 496 | 495 |
| Long-term unsecured notes repaid | (506) | (554) |
| Other financing activities, net | 32 | 30 |
| Common stock repurchased | (26) | (59) |
| Common dividends paid | (30) | (32) |
| Net cash used in financing activities | (1,391) | (1,629) |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 35 | (26) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 2,104 | 2,103 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 2,139 | 2,077 |
| Supplemental disclosure of cash flow information: | ||
| Cash disbursements made (refunds received) for: | ||
| Interest paid | 1,103 | 1,314 |
| Income taxes paid (1) | 30 | 1 |
| Income taxes refunded | (6) | — |
| Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets: | ||
| Cash and cash equivalents | 770 | 712 |
| Restricted cash and restricted cash equivalents | 1,369 | 1,365 |
| Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 2,139 | 2,077 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share amounts); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗