Form 8-K

8-K — NAVIENT CORP

Accession: 0001193125-26-338039

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001593538

SIC: 6211 (SECURITY BROKERS, DEALERS & FLOTATION COMPANIES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — navi-20260806.htm (Primary)

EX-99.1 (navi-ex99_1.htm)

EX-99.2 (navi-ex99_2.htm)

GRAPHIC (img69174783_0.jpg)

GRAPHIC (img70098304_0.jpg)

GRAPHIC (img70098304_1.jpg)

GRAPHIC (img70098304_2.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: navi-20260806.htm · Sequence: 1

8-K

0001593538false00015935382026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 06, 2026

Navient Corporation

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-36228

46-4054283

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

13865 Sunrise Valley Drive

Herndon, Virginia

20171

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 302 283-8000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common stock, par value $.01 per share

NAVI

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 6, 2026, Navient Corporation (the “Company”) issued an informational press release announcing its financial results for the quarter ended June 30, 2026 were available on the “Investor” page of its website located at https://www.Navient.com/investors. Additionally, on August 6, 2026, the Company posted its financial results for the quarter ended June 30, 2026 to its above-referenced web location. A copy of each press release is furnished as Exhibit 99.1 and Exhibit 99.2 hereto.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit

Number

Description

99.1*

Press Release, dated August 6, 2026.

99.2*

Financial Press Release, dated August 6, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

* Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NAVIENT CORPORATION

Date: August 6, 2026

By:

/s/ STEVE HAUBER

Steve Hauber

Chief Financial Officer

EX-99.1

EX-99.1

Filename: navi-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

NEWS RELEASE

For immediate release

Navient posts second quarter 2026 financial results

HERNDON, Va., August 6, 2026— Navient (Nasdaq: NAVI) today posted its 2026 second quarter financial results. Complete financial results are available on the company’s website at Navient.com/investors. The materials will also be available on a Form 8-K on the SEC’s website at www.sec.gov.

Navient will hold a live audio webcast today, August 6, 2026, at 5 p.m. ET, hosted by Edward Bramson, CEO and chair of the board, and Steve Hauber, CFO.

The webcast will be available on Navient.com/investors. Supplemental financial information and presentation slides used during the call will be available no later than the start time. A replay of the webcast will be available shortly after the event's conclusion.

* * *

About Navient

Navient (Nasdaq: NAVI) creates long-term value for customers and investors with responsible lending, flexible refinancing, trusted servicing oversight, and decades of education finance and portfolio management expertise. Through our Earnest business, we help customers confidently achieve financial success through digital financial services. Our employees thrive in a culture of belonging, where they are supported and proud to deliver meaningful outcomes. Learn more on Navient.com.

Contact:

Media: Cate Fitzgerald, 703-831-6347, catherine.fitzgerald@navient.com

Investors: Micah Andrews, 571-415-5413, micah.andrews@navient.com

Roger Yankoupe, 571-592-8569, roger.yankoupe@navient.com

# # #

EX-99.2

EX-99.2

Filename: navi-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

NAVIENT REPORTS SECOND-QUARTER

2026 FINANCIAL RESULTS

HERNDON, Va., August 6, 2026 — Navient (Nasdaq: NAVI) today released its second-quarter 2026 financial results.

OVERALL

RESULTS

•

GAAP net income of $25 million ($0.26 diluted earnings per share).

•

Core Earnings(1) net income of $27 million ($0.29 diluted earnings per share).

CEO COMMENTARY – "Navient is moving forward in a position of strength, with the benefits of our strategic transformation evident in our second-quarter results," said Edward Bramson, Navient’s CEO and chair of the board. "Originations grew more than 60% and operating expenses declined 18% from a year ago, reflecting the progress we made to strengthen the company and sharpen our focus."

SECOND-QUARTER HIGHLIGHTS

CONSUMER LENDING

SEGMENT

•

Net income of $27 million.

•

Net interest margin of 2.26%.

•

Originated $815 million of Private Education Loans, a 63% increase from a year ago.

FEDERAL

EDUCATION

LOANS SEGMENT

•

Net income of $26 million.

•

Net interest margin of 0.68%.

CAPITAL & FUNDING

•

GAAP equity-to-asset ratio of 5.1% and adjusted tangible equity ratio(1) of 9.0%.

•

Repurchased $2 million of common shares.

•

Paid $15 million in common stock dividends.

•

Issued $500 million of unsecured debt and $1.3 billion of asset-backed securities.

OPERATING EXPENSES

•

Incurred operating expenses of $82 million.

(1) Item is a non-GAAP financial measure. For a description and reconciliation, see “Non-GAAP Financial Measures” on pages 17 – 27.

SEGMENT RESULTS — CORE EARNINGS

CONSUMER LENDING

In this segment, Navient owns and manages a portfolio of Private Education Loans. Through our Earnest brand, we also refinance and originate Private Education Loans.

FINANCIAL RESULTS AND KEY PERFORMANCE METRICS

(Dollars in millions)

2Q26

1Q26

2Q25

Net interest income

$

93

$

100

$

95

Provision for loan losses

18

18

29

Other revenue

2

3

3

Total revenue

77

85

69

Expenses

42

39

36

Pre-tax income

35

46

33

Net income

$

27

$

35

$

26

Segment net interest margin

2.26

%

2.48

%

2.32

%

Private Education Loans (including Refinance Loans):

Private Education Loan spread

2.38

%

2.60

%

2.42

%

Provision for loan losses

$

17

$

18

$

29

Net charge-offs

$

71

$

72

$

80

Net charge-off rate (1)

1.84

%

1.91

%

2.08

%

Greater than 30-days delinquency rate (1)

5.4

%

5.5

%

6.4

%

Greater than 90-days delinquency rate (1)

2.4

%

2.5

%

3.0

%

Forbearance rate (1)

1.8

%

1.5

%

1.6

%

Average Private Education Loans

$

15,985

$

15,958

$

15,992

Ending Private Education Loans, net

$

15,674

$

15,649

$

15,530

Private Education Refinance Loans:

Net charge-offs

$

18

$

16

$

18

Greater than 90-day delinquency rate

.8

%

.8

%

.8

%

Average Private Education Refinance Loans

$

9,271

$

9,017

$

8,531

Ending Private Education Refinance Loans, net

$

9,258

$

9,029

$

8,469

Private Education Refinance Loan originations

$

735

$

778

$

443

(1) Second-quarter 2026 excludes $528 million of loans, and the corresponding delinquencies, forbearances and charge-offs, that were

classified as held for sale as of June 30, 2026.

DISCUSSION OF RESULTS — 2Q26 vs. 2Q25

•

Originated $815 million of Private Education Loans, a 63% increase compared to $500 million.

o

Refinance Loan originations were $735 million compared to $443 million.

o

In-school loan originations were $80 million compared to $57 million.

•

Net income was $27 million compared to $26 million.

•

Net interest income decreased $2 million, primarily due to the changing product mix with Refinance Loans increasing as a percentage of the portfolio. The Refinance Loan portfolio earns a lower net interest margin compared to the non-refinance portfolio, due to lower expected credit losses, which reduces the overall net interest margin.

•

Provision for loan losses decreased $11 million. The provision for loan losses of $18 million in the current quarter included $14 million associated with loan originations and $23 million related to a general reserve build primarily as a result of portfolio performance trends. While credit performance improved on a sequential basis during the quarter, delinquency and default levels in the Private Education Loan portfolio remain elevated. This was partially offset by a $19 million decrease as a result of classifying $528 million of loans as held for sale as of June 30, 2026. When loans are classified as held for sale the corresponding allowance for loan losses is reversed and such loans are carried at the lower of fair value or cost basis. These loans are carried at their cost basis as of June 30, 2026. The provision for loan losses of $29 million in the year-ago quarter included $7 million associated with loan originations and $22 million related to a general reserve build primarily as a result of an increase in delinquency balances as well as a weakening in the forecasted macroeconomic metrics used to estimate expected losses.

o

Net charge-offs were $71 million, down $9 million compared to $80 million in the year-ago quarter.

o

Private Education Loan delinquencies greater than 90 days: $349 million, down $110 million from $459 million.

o

Private Education Loan forbearances: $271 million, up $21 million from $250 million.

•

Expenses increased $6 million primarily reflecting marketing and other expenses associated with the growth of our consumer lending businesses.

2

FEDERAL EDUCATION LOANS

In this segment, Navient owns and manages a portfolio of FFELP federally guaranteed student loans.

FINANCIAL RESULTS AND KEY PERFORMANCE METRICS

(Dollars in millions)

2Q26

1Q26

2Q25

Net interest income

$

48

$

46

$

55

Provision for loan losses

8

9

8

Other revenue

8

8

10

Total revenue

48

45

57

Expenses

15

16

17

Pre-tax income

33

29

40

Net income

$

26

$

22

$

30

Segment net interest margin

.68

%

.65

%

.70

%

FFELP Loans:

FFELP Loan spread

.76

%

.72

%

.75

%

Provision for loan losses

$

8

$

9

$

8

Net charge-offs

$

10

$

17

$

8

Net charge-off rate

.18

%

.29

%

.14

%

Greater than 30-days delinquency rate

14.7

%

15.2

%

19.0

%

Greater than 90-days delinquency rate

8.0

%

8.5

%

10.1

%

Forbearance rate

12.8

%

13.0

%

12.8

%

Average FFELP Loans

$

27,045

$

27,898

$

30,327

Ending FFELP Loans, net

$

26,575

$

27,237

$

29,618

DISCUSSION OF RESULTS — 2Q26 vs. 2Q25

•

Net income was $26 million compared to $30 million.

•

Net interest income decreased $7 million primarily due to the paydown of the loan portfolio.

•

Provision for loan losses remained unchanged at $8 million. The provision for loan losses of $8 million in the current period was primarily the result of increased charge-offs due to prior disaster forbearance volume, as well as the continued extension of the portfolio. The $8 million of provision for loan losses in the year-ago quarter was primarily the result of an increase in delinquency balances.

o

Net charge-offs were $10 million compared to $8 million.

o

Delinquencies greater than 90 days were $1.8 billion compared to $2.5 billion.

o

Forbearances were $3.3 billion compared to $3.7 billion.

•

Expenses were $2 million lower primarily as a result of the outsourcing of the loan servicing of our portfolio to a third party in 2024. This created a variable cost structure resulting in a reduction in expenses as the portfolio paid down.

3

Definitions for capitalized terms in this release can be found in Navient’s Annual Report on Form 10-K for the year ended December 31, 2025 (filed with the SEC on February 26, 2026).

Navient will hold a live audio webcast today, August 6, 2026, at 5 p.m. ET, hosted by Edward Bramson, CEO and chair of the board, and Steve Hauber, CFO.

The webcast will be available on Navient.com/investors. Supplemental financial information and presentation slides used during the call will be available no later than the start time. A replay of the webcast will be available shortly after the event’s conclusion.

This news release contains “forward-looking statements,” within the meaning of the federal securities law, about our business and prospectus and other information that is based on management’s current expectations as of the date of this release. Statements that are not historical facts, including statements about our beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements and often contain words such as “expect,” “assume,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “may,” “could,” “should,” “goals,” or “target.” Such statements are based on management’s expectations as of the date of this release and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. For Navient, these factors include, among other things: general economic conditions, including the potential impact of artificial intelligence, inflation and interest rates on Navient and its clients and customers and on the creditworthiness of third parties; increased defaults on education loans held by us; unanticipated repayment trends on education loans including prepayments or deferrals resulting from new interpretations or the timing of the execution and implementation of current laws, rules or regulations or future laws, executive orders or other policy initiatives that operate to encourage or require consolidation, abolish existing or create additional income-based repayment or debt forgiveness programs or establish other policies and programs which may increase or decrease the prepayment rates on education loans and accelerate or slow down the repayment of the bonds in our securitization trusts; a reduction in our credit ratings; changes to applicable laws, rules, regulations and government policies, as well as changing regulatory and governmental oversight; changes in the general interest rate environment, including the availability of any relevant money-market index rate or the relationship between the relevant money-market index rate and the rate at which our assets are priced; the interest rate characteristics of our assets do not always match those of our funding arrangements; adverse market conditions or an inability to effectively manage our liquidity risk or access liquidity could negatively impact us; the cost and availability of funding in the capital markets; our ability to earn Floor Income and our ability to enter into hedges relative to that Floor Income are dependent on the future interest rate environment and therefore are variable; our use of derivatives exposes us to credit and market risk; our ability to continually and effectively align our cost structure with our business operations; a failure or breach of our operating systems, infrastructure or information technology systems; failure by any third party providing us material services or products or a breach or violation of law by one of these third parties; acquisitions, new products, strategic initiatives and investments or divestitures that we pursue; shareholder activism; reputational risk and social factors; and the other factors that are described in the “Risk Factors” section of Navient’s Annual Report on Form 10-K for the year ended December 31, 2025, and in our other reports filed with the Securities and Exchange Commission. The preparation of our consolidated financial statements also requires management to make certain estimates and assumptions including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect and actual results could differ materially. All forward-looking statements contained in this release are qualified by these cautionary statements and are made only as of the date of this release. The company does not undertake any obligation to update or revise these forward-looking statements except as required by law.

* * *

About Navient

Navient (Nasdaq: NAVI) creates long-term value for customers and investors with responsible lending, flexible refinancing, trusted servicing oversight, and decades of education finance and portfolio management expertise. Through our Earnest business, we help customers confidently achieve financial success through digital financial services. Our employees thrive in a culture of belonging, where they are supported and proud to deliver meaningful outcomes. Learn more on Navient.com.

Contact:

Media:

Cate Fitzgerald, 703-831-6347, catherine.fitzgerald@navient.com

Investors:

Micah Andrews, 571-415-5413, micah.andrews@navient.com

Roger Yankoupe, 571-592-8569, roger.yankoupe@navient.com

# # #

4

SELECTED HISTORICAL FINANCIAL INFORMATION AND RATIOS

QUARTERS ENDED

SIX MONTHS ENDED

(In millions, except per share data)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

GAAP Basis

Net income

$

25

$

17

$

14

$

42

$

11

Diluted earnings per common share

$

.26

$

.17

$

.13

$

.44

$

.11

Weighted average shares used to compute

diluted earnings per share

95

96

101

95

102

Return on assets

.22

%

.15

%

.11

%

.18

%

.05

%

Core Earnings Basis(1)

Net income(1)

$

27

$

19

$

21

$

47

$

47

Diluted earnings per common share(1)

$

.29

$

.20

$

.20

$

.49

$

.46

Weighted average shares used to compute

diluted earnings per share

95

96

101

95

102

Net interest margin, Consumer Lending

segment

2.26

%

2.48

%

2.32

%

2.37

%

2.54

%

Net interest margin, Federal Education Loans

segment

.68

%

.65

%

.70

%

.67

%

.66

%

Return on assets

.24

%

.17

%

.17

%

.21

%

.19

%

.

Education Loan Portfolios

Ending Private Education Loans, net

$

15,674

$

15,649

$

15,530

15,674

15,530

Ending FFELP Loans, net

26,575

27,237

29,618

$

26,575

$

29,618

Ending total education loans, net

$

42,249

$

42,886

$

45,148

$

42,249

$

45,148

Average Private Education Loans

$

15,985

$

15,958

$

15,992

15,971

16,075

Average FFELP Loans

27,045

27,898

30,327

$

27,469

$

30,619

Average total education loans

$

43,030

$

43,856

$

46,319

$

43,440

$

46,694

(1) Item is a non-GAAP financial measure. For a description and reconciliation, see “Non-GAAP Financial Measures” on pages 17 – 27.

5

RESULTS OF OPERATIONS

We present the results of operations below first in accordance with GAAP. Following our discussion of earnings results on a GAAP basis, we present our results on a segment basis. We have three reportable operating segments as of June 30, 2026: Consumer Lending, Federal Education Loans and Other. Prior to the divestiture of our healthcare business in third-quarter 2024 and our government services business in first-quarter 2025, we had a fourth reportable operating segment, Business Processing. Our segments operate in distinct business environments and we manage and evaluate the financial performance of our segments using non-GAAP financial measures we call Core Earnings (see “Non-GAAP Financial Measures — Core Earnings” for further discussion).

GAAP INCOME STATEMENTS (UNAUDITED)

June 30, 2026

vs.

March 31, 2026

June 30, 2026

vs.

June 30, 2025

QUARTERS ENDED

Increase

(Decrease)

Increase

(Decrease)

(In millions, except per share data)

June 30, 2026

March 31, 2026

June 30, 2025

$

%

$

%

Interest income

Private Education Loans

$

273

$

277

$

273

$

(4

)

(1

)%

$

—

—

%

FFELP Loans

391

401

483

(10

)

(2

)

(92

)

(19

)

Cash and investments

18

17

22

1

6

(4

)

(18

)

Total interest income

682

695

778

(13

)

(2

)

(96

)

(12

)

Total interest expense

560

564

650

(4

)

(1

)

(90

)

(14

)

Net interest income

122

131

128

(9

)

(7

)

(6

)

(5

)

Less: provisions for loan losses

26

27

37

(1

)

(4

)

(11

)

(30

)

Net interest income after

provisions for loan losses

96

104

91

(8

)

(8

)

5

5

Other income (loss):

Servicing revenue

10

11

14

(1

)

(9

)

(4

)

(29

)

Other income

17

5

19

12

240

(2

)

(11

)

Gains (losses) on derivative

and hedging activities, net

1

5

(5

)

(4

)

(80

)

6

120

Total other income

28

21

28

7

33

—

—

Expenses:

Operating expenses

82

89

100

(7

)

(8

)

(18

)

(18

)

Goodwill and acquired

intangible asset

impairment and

amortization expense

—

4

1

(4

)

(100

)

(1

)

(100

)

Restructuring/other

reorganization expenses

3

—

—

3

100

3

100

Total expenses

85

93

101

(8

)

(9

)

(16

)

(16

)

Income before income tax

expense

39

32

18

7

22

21

117

Income tax expense

14

15

4

(1

)

(7

)

10

250

Net income

$

25

$

17

$

14

$

8

47

%

$

11

79

%

Basic earnings per

common share

$

.27

$

.18

$

.14

$

.09

50

%

$

.13

93

%

Diluted earnings per

common share

$

.26

$

.17

$

.13

$

.09

53

%

$

.13

100

%

Dividends per common share

$

.16

$

.16

$

.16

$

—

—

%

$

—

—

%

6

SIX MONTHS ENDED

June 30,

Increase

(Decrease)

(In millions, except per share data)

2026

2025

$

%

Interest income

Private Education Loans

$

550

$

562

$

(12

)

(2

)%

FFELP Loans

791

975

(184

)

(19

)

Cash and investments

35

43

(8

)

(19

)

Total interest income

1,376

1,580

(204

)

(13

)

Total interest expense

1,123

1,322

(199

)

(15

)

Net interest income

253

258

(5

)

(2

)

Less: provisions for loan losses

54

67

(13

)

(19

)

Net interest income after

provisions for loan losses

199

191

8

4

Other income (loss):

Servicing revenue

21

27

(6

)

(22

)

Asset recovery and business

processing revenue

—

23

(23

)

(100

)

Other income

22

33

(11

)

(33

)

Gains (losses) on derivative and

hedging activities, net

6

(30

)

36

120

Total other income

49

53

(4

)

(8

)

Expenses:

Operating expenses

171

227

(56

)

(25

)

Goodwill and acquired intangible

assets impairment and

amortization expense

4

2

2

100

Restructuring/other

reorganization expenses

2

3

(1

)

(33

)

Total expenses

177

232

(55

)

(24

)

Income before income tax expense

71

12

59

492

Income tax expense

29

1

28

2,800

Net income

$

42

$

11

$

31

282

%

Basic earnings per

common share

$

.44

$

.11

$

.33

300

%

Diluted earnings per

common share

$

.44

$

.11

$

.33

300

%

Dividends per common share

$

.32

$

.32

$

—

—

%

7

GAAP BALANCE SHEETS (UNAUDITED)

(In millions, except per share data)

June 30, 2026

March 31, 2026

June 30, 2025

Assets

Private Education Loans held for investment, at amortized cost (net of

allowance for loan losses of $263, $314 and $348, respectively)

$

15,146

$

15,649

$

15,530

Private Education Loans held for sale

528

—

—

FFELP Loans held for investment, at amortized cost (net of allowance for

loan losses of $163, $165 and $182, respectively)

26,575

27,237

29,618

Investments

116

148

135

Cash and cash equivalents

770

621

712

Restricted cash and cash equivalents

1,369

1,510

1,365

Goodwill and acquired intangible assets, net

430

430

436

Other assets

2,363

2,409

2,426

Total assets

$

47,297

$

48,004

$

50,222

Liabilities

Short-term borrowings

$

4,214

$

5,870

$

4,752

Long-term borrowings

40,123

39,240

42,345

Other liabilities

562

515

561

Total liabilities

44,899

45,625

47,658

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, 468 million and 467 million shares,

respectively, issued

4

4

4

Additional paid-in capital

3,410

3,407

3,394

Accumulated other comprehensive income, net of tax

14

5

—

Retained earnings

4,562

4,552

4,674

Total stockholders’ equity before treasury stock

7,990

7,968

8,072

Less: Common stock held in treasury at cost: 374 million,

374 million and 367 million shares, respectively

(5,592

)

(5,589

)

(5,508

)

Total equity

2,398

2,379

2,564

Total liabilities and equity

$

47,297

$

48,004

$

50,222

8

GAAP COMPARISON OF 2026 RESULTS WITH 2025

Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025

For the three months ended June 30, 2026, net income was $25 million, or $0.26 diluted earnings per common share, compared with net income of $14 million, or $0.13 diluted earnings per common share, for the year-ago period.

The primary contributors to the change in net income are as follows:

• Net interest income decreased by $6 million primarily due to the paydown of the FFELP portfolio and the Private Education Loan portfolio's changing product mix with Refinance Loans increasing as a percentage of the portfolio. The Refinance Loan portfolio earns a lower net interest margin compared to the non-refinance portfolio, due to lower expected credit losses, which reduces the overall net interest margin.

• Provisions for loan losses decreased $11 million from $37 million to $26 million.

○ The provision for Private Loan losses decreased $11 million from $29 million to $18 million.

○ The provision for FFELP Loan losses remained unchanged at $8 million.

The provision for Private Loan losses of $18 million in the current period included $14 million associated with loan originations and $23 million related to a general reserve build primarily as a result of portfolio performance trends. While credit performance improved on a sequential basis during the quarter, delinquency and default levels in the Private Education Loan portfolio remain elevated. This was partially offset by a $19 million decrease as a result of classifying $528 million of loans as held for sale as of June 30, 2026. When loans are classified as held for sale the corresponding allowance for loan losses is reversed through provision for loan losses and such loans are carried at the lower of fair value or cost basis. These loans are carried at their cost basis as of June 30, 2026. The provision of $29 million in the year-ago quarter included $7 million associated with loan originations and $22 million related to a general reserve build primarily as a result of an increase in delinquency balances as well as a weakening in the forecasted macroeconomic metrics used to estimate expected losses.

The provision for FFELP Loan losses of $8 million in the current period was primarily the result of increased charge-offs due to prior disaster forbearance volume, as well as the continued extension of the portfolio. The provision of $8 million in the year-ago quarter was primarily the result of an increase in delinquency balances.

• Other income decreased $2 million primarily related to a $13 million decrease in transition services revenue we had earned related to our various strategic initiatives. The transition services related to the outsourcing of loan servicing and the sale of our healthcare services business ended in May 2025. The transition services related to the sale of our government services business ended in October 2025. This $13 million decrease was partially offset by a $12 million gain on an investment in the current period.

• Net gains on derivative and hedging activities increased $6 million due primarily to interest rate fluctuations. Valuations of derivative instruments fluctuate based upon many factors including changes in interest rates and other market factors. As a result, net gains and losses on derivative and hedging activities may vary significantly in future periods.

• Operating expenses decreased $18 million, $13 million of which was due to a decline in expenses in connection with providing transition services related to our various strategic initiatives. As of October 2025 we had no further obligations to provide these transition services. There was a $5 million increase in marketing and other expenses associated with the growth of our consumer lending businesses. The remaining $10 million decrease primarily relates to cost saving initiatives implemented, which have reduced our operating costs mostly in connection with our shared service functions and corporate footprint.

• Restructuring and other reorganization expenses increased $3 million primarily due to an increase in severance-related costs incurred in connection with the various strategic initiatives that have been and continue to be implemented to simplify the company, continue to reduce our expense base and enhance our flexibility.

We repurchased 0.3 million and 1.9 million shares of our common stock during the second quarters of 2026 and 2025,

respectively. As a result of repurchases, our average outstanding diluted shares decreased by 6 million common shares

(or 6%) from the year-ago period.

9

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

For the six months ended June 30, 2026, net income was $42 million, or $0.44 diluted earnings per common share, compared with net income of $11 million, or $0.11 diluted earnings per common share, for the year-ago period.

The primary contributors to the change in net income are as follows:

• Net interest income decreased by $5 million primarily due to the paydown of the FFELP portfolio and the Private Education Loan portfolio's changing product mix with Refinance Loans increasing as a percentage of the portfolio. The Refinance Loan portfolio earns a lower net interest margin compared to the non-refinance portfolio, due to lower expected credit losses, which reduces the overall net interest margin. This was partially offset by a $14 million increase in mark-to-market gains on fair value hedges recorded in interest expense.

• Provisions for loan losses decreased $13 million from $67 million to $54 million.

○ The provision for Private Loan losses decreased $14 million from $51 million to $37 million.

○ The provision for FFELP Loan losses increased $1 million from $16 million to $17 million.

The provision for Private Loan losses of $37 million in the current period included $26 million associated with loan originations and $30 million related to a general reserve build primarily as a result of portfolio performance trends. While credit performance improved on a sequential basis during the period, delinquency and default levels in the Private Education Loan portfolio remain elevated. This was partially offset by a $19 million decrease as a result of classifying $528 million of loans as held for sale as of June 30, 2026. When loans are classified as held for sale the corresponding allowance for loan losses is reversed through provision for loan losses and such loans are carried at the lower of fair value or cost basis. These loans are carried at their cost basis as of June 30, 2026. The provision of $51 million in the year-ago quarter included $14 million associated with loan originations and $37 million related to a general reserve build primarily as a result of an increase in delinquency balances as well as a weakening in the forecasted macroeconomic metrics used to estimate expected losses.

The provision for FFELP Loan losses of $17 million in the current period was primarily the result of increased charge-offs due to prior disaster forbearance volume, as well as the continued extension of the portfolio. The provision of $16 million in the year-ago quarter was primarily the result of an increase in delinquency balances.

• Asset recovery and business processing revenue decreased $23 million as a result of the sale of our government services business in February 2025. With the sale of our government services business, Navient no longer provides business processing segment services.

• Other income decreased $11 million primarily related to a $24 million decrease in transition services revenue we had earned related to our various strategic initiatives. The transition services related to the outsourcing of loan servicing and the sale of our healthcare services business ended in May 2025. The transition services related to the sale of our government services business ended in October 2025. This $24 million decrease was partially offset by a $12 million gain on an investment in the current period.

• Net gains on derivative and hedging activities increased $36 million due primarily to interest rate fluctuations. Valuations of derivative instruments fluctuate based upon many factors including changes in interest rates and other market factors. As a result, net gains and losses on derivative and hedging activities may vary significantly in future periods.

• Operating expenses decreased $56 million, $23 million of which was due to a decline in business processing expenses as a result of the sale of our government services business in February 2025 ($20 million of the reduction is in the Business Processing segment and $3 million of the reduction is in the Other segment). In addition, there was a $23 million decline in expenses in connection with providing transition services related to our various strategic initiatives. As of October 2025, we had no further obligations to provide these transition services. There was an $11 million increase in marketing and other expenses associated with the growth of our consumer lending businesses. The remaining $21 million decrease primarily relates to cost saving initiatives implemented, which have reduced our operating costs mostly in connection with our shared service functions and corporate footprint.

• Restructuring and other reorganization expenses decreased $1 million primarily due to a decrease in severance-related costs incurred in connection with the various strategic initiatives that have been and continue to be implemented to simplify the company, continue to reduce our expense base and enhance our flexibility.

• The effective income tax rates for the current year and year-ago periods were 41% and 9%, respectively. The movement in the effective income tax rate was primarily driven by state tax expense in connection with uncertain tax positions as well as changes in the valuation allowance attributed to disallowed interest expense carryovers.

We repurchased 2.6 million and 4.5 million shares of our common stock during the six months ended June 30, 2026 and June 30, 2025, respectively. As a result of repurchases, our average outstanding diluted shares decreased by 7 million common shares

(or 7%) from the year-ago period.

10

PRIVATE EDUCATION LOANS PORTFOLIO PERFORMANCE

Private Education Loan Delinquencies and Forbearance

June 30,

March 31,

June 30,

2026

2026

2025

(Dollars in millions)

Balance

%

Balance

%

Balance

%

Loans in-school/grace/deferment(1)

$

357

$

393

$

361

Loans in forbearance(2)

271

235

250

Loans in repayment and percentage

of each status:

Loans current

13,985

94.6

%

14,489

94.5

%

14,296

93.6

%

Loans delinquent 31-60 days(3)

279

1.9

294

1.9

335

2.2

Loans delinquent 61-90 days(3)

168

1.1

166

1.1

177

1.2

Loans delinquent greater than

90 days(3)

349

2.4

386

2.5

459

3.0

Total Private Education Loans in

repayment

14,781

100

%

15,335

100

%

15,267

100

%

Total Private Education Loans, gross (5)

15,409

15,963

15,878

Private Education Loan allowance for

loan losses

(263

)

(314

)

(348

)

Private Education Loans, net

$

15,146

$

15,649

$

15,530

Percentage of Private Education

Loans in repayment

95.9

%

96.1

%

96.2

%

Delinquencies as a percentage of

Private Education Loans in

repayment

5.4

%

5.5

%

6.4

%

Loans in forbearance as a percentage

of loans in repayment and

forbearance

1.8

%

1.5

%

1.6

%

Percentage of Private Education

Loans with a cosigner(4)

29

%

31

%

32

%

(1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their

loans, e.g., loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments.

(2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making

full payments due to hardship or other factors such as disaster relief consistent with established loan program servicing policies and procedures.

(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.

(4) Excluding Private Education Refinance Loans, the cosigner rate was 66%, 67% and 66% for second-quarter 2026, first-quarter 2026 and second-quarter 2025, respectively.

(5) June 30, 2026 excludes $528 million of loans classified as held for sale as of June 30, 2026.

11

ALLOWANCE FOR LOAN LOSSES – EDUCATION LOANS

QUARTER ENDED

June 30, 2026

(Dollars in millions)

Private Education Loans

FFELP

Loans

Total

Allowance at beginning of period

$

314

$

165

$

479

Total provision

17

8

25

Charge-offs:

Gross charge-offs

(82

)

(10

)

(92

)

Expected future recoveries on current period gross charge-offs

11

—

11

Net charge-offs(1)

(71

)

(10

)

(81

)

Decrease in expected future recoveries on previously fully charged-off loans(2)

3

—

3

Allowance at end of period (GAAP)

263

163

426

Plus: expected future recoveries on previously fully charged-off loans(2)

163

—

163

Allowance at end of period excluding expected future recoveries on previously fully

charged-off loans (Non-GAAP Financial Measure)(3)

$

426

$

163

$

589

Net charge-offs as a percentage of average loans in repayment (annualized) (4)

1.84

%

.18

%

Allowance coverage of charge-offs (annualized)(3) (4)

1.6

4.0

(Non-GAAP)

Allowance as a percentage of the ending total loan balance(3) (4)

2.8

%

.6

%

(Non-GAAP)

Allowance as a percentage of the ending loans in repayment(3) (4)

2.9

%

.7

%

(Non-GAAP)

Ending total loans(4)

$

15,409

$

26,738

Average loans in repayment(4)

$

14,803

$

22,478

Ending loans in repayment(4)

$

14,781

$

22,324

QUARTER ENDED

March 31, 2026

(Dollars in millions)

Private Education Loans

FFELP

Loans

Total

Allowance at beginning of period

$

364

$

173

$

537

Total provision

18

9

27

Charge-offs:

Gross charge-offs

(83

)

(17

)

(100

)

Expected future recoveries on current period gross charge-offs

11

—

11

Net charge-offs(1)

(72

)

(17

)

(89

)

Decrease in expected future recoveries on previously fully charged-off loans(2)

4

—

4

Allowance at end of period (GAAP)

314

165

479

Plus: expected future recoveries on previously fully charged-off loans(2)

166

—

166

Allowance at end of period excluding expected future recoveries on previously fully

charged-off loans (Non-GAAP Financial Measure)(3)

$

480

$

165

$

645

Net charge-offs as a percentage of average loans in repayment (annualized)

1.91

%

.29

%

Allowance coverage of charge-offs (annualized)(3)

1.7

2.4

(Non-GAAP)

Allowance as a percentage of the ending total loan balance(3)

3.0

%

.6

%

(Non-GAAP)

Allowance as a percentage of the ending loans in repayment(3)

3.1

%

.7

%

(Non-GAAP)

Ending total loans

$

15,963

$

27,402

Average loans in repayment

$

15,326

$

23,226

Ending loans in repayment

$

15,335

$

22,786

12

QUARTER ENDED

June 30, 2025

(Dollars in millions)

Private Education Loans

FFELP

Loans

Total

Allowance at beginning of period

$

397

$

182

$

579

Total provision

29

8

37

Charge-offs:

Gross charge-offs

(93

)

(8

)

(101

)

Expected future recoveries on current period gross charge-offs

13

—

13

Net charge-offs(1)

(80

)

(8

)

(88

)

Decrease in expected future recoveries on previously fully charged-off loans(2)

2

—

2

Allowance at end of period (GAAP)

348

182

530

Plus: expected future recoveries on previously fully charged-off loans(2)

172

—

172

Allowance at end of period excluding expected future recoveries on previously fully

charged-off loans (Non-GAAP Financial Measure)(3)

$

520

$

182

$

702

Net charge-offs as a percentage of average loans in repayment (annualized)

2.08

%

.14

%

Allowance coverage of charge-offs (annualized)(3)

1.6

5.2

(Non-GAAP)

Allowance as a percentage of the ending total loan balance(3)

3.3

%

.6

%

(Non-GAAP)

Allowance as a percentage of the ending loans in repayment(3)

3.4

%

.7

%

(Non-GAAP)

Ending total loans

$

15,878

$

29,800

Average loans in repayment

$

15,375

$

25,133

Ending loans in repayment

$

15,267

$

24,867

SIX MONTHS ENDED

June 30, 2026

(Dollars in millions)

Private Education Loans

FFELP

Loans

Total

Allowance at beginning of period

$

364

$

173

$

537

Total provision

35

17

52

Charge-offs:

Gross charge-offs

(165

)

(27

)

(192

)

Expected future recoveries on current period gross charge-offs

22

—

22

Net charge-offs(1)

(143

)

(27

)

(170

)

Decrease in expected future recoveries on previously fully charged-off loans(2)

7

—

7

Allowance at end of period (GAAP)

263

163

426

Plus: expected future recoveries on previously fully charged-off loans(2)

163

—

163

Allowance at end of period excluding expected future recoveries on previously fully

charged-off loans (Non-GAAP Financial Measure)(3)

$

426

$

163

$

589

Net charge-offs as a percentage of average loans in repayment (annualized) (4)

1.87

%

.24

%

Allowance coverage of charge-offs (annualized)(3) (4)

1.5

3.0

(Non-GAAP)

Allowance as a percentage of the ending total loan balance(3) (4)

2.8

%

.6

%

(Non-GAAP)

Allowance as a percentage of the ending loans in repayment(3) (4)

2.9

%

.7

%

(Non-GAAP)

Ending total loans(4)

$

15,409

$

26,738

Average loans in repayment(4)

$

14,792

$

22,850

Ending loans in repayment(4)

$

14,781

$

22,324

13

SIX MONTHS ENDED

June 30, 2025

(Dollars in millions)

Private Education Loans

FFELP

Loans

Total

Allowance at beginning of period

$

441

$

180

$

621

Total provision

51

16

67

Charge-offs:

Gross charge-offs

(175

)

(14

)

(189

)

Expected future recoveries on current period gross charge-offs

23

—

23

Net charge-offs(1)

(152

)

(14

)

(166

)

Decrease in expected future recoveries on previously fully charged-off loans(2)

8

—

8

Allowance at end of period (GAAP)

348

182

530

Plus: expected future recoveries on previously fully charged-off loans(2)

172

—

172

Allowance at end of period excluding expected future recoveries on previously fully

charged-off loans (Non-GAAP Financial Measure)(3)

$

520

$

182

$

702

Net charge-offs as a percentage of average loans in repayment (annualized)

1.98

%

.12

%

Allowance coverage of charge-offs(3)

1.7

6.1

(Non-GAAP)

Allowance as a percentage of the ending total loan balance(3)

3.3

%

.6

%

(Non-GAAP)

Allowance as a percentage of the ending loans in repayment(3)

3.4

%

.7

%

(Non-GAAP)

Ending total loans

$

15,878

$

29,800

Average loans in repayment

$

15,423

$

25,295

Ending loans in repayment

$

15,267

$

24,867

(1) Charge-offs are reported net of expected recoveries. For Private Education Loans, we charge off the estimated loss of a defaulted loan balance by charging off the entire defaulted loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” For FFELP Loans, the recovery is received at the time of charge-off.

(2) At the end of each month, for Private Education Loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on previously fully charged-off loans:

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Beginning of period expected future recoveries on previously fully charged-off loans

$

166

$

170

$

174

$

170

$

179

Expected future recoveries of current period defaults

11

11

13

22

23

Recoveries (cash collected)

(10

)

(11

)

(11

)

(20

)

(21

)

Charge-offs (as a result of lower recovery expectations)

(4

)

(4

)

(4

)

(9

)

(10

)

End of period expected future recoveries on previously fully charged-off loans

$

163

$

166

$

172

$

163

$

172

Change in balance during period

$

(3

)

$

(4

)

$

(2

)

$

(7

)

$

(8

)

(3) For Private Education Loans, the item is a non-GAAP financial measure. For a description and reconciliation, see “Non-GAAP Financial Measures.”

(4) Quarter and six months ended June 30, 2026 excludes $528 million of loans, and the corresponding charge-offs, that were classified as held for sale as of June 30, 2026.

14

LIQUIDITY AND CAPITAL RESOURCES

We expect to fund our ongoing liquidity needs, including the repayment of $0.7 billion of senior unsecured notes that mature in the short term (i.e., over the next 12 months) and the remaining $4.6 billion of senior unsecured notes that mature in the long term (from 2027 to 2043 with 79% maturing by 2032), through a number of sources. These sources include our cash on hand, unencumbered FFELP Loan and Private Education Refinance Loan portfolios (see “Sources of Primary Liquidity” below), the predictable operating cash flows provided by operating activities, the repayment of principal on unencumbered education loan assets, and the distribution of overcollateralization from our securitization trusts. We may also, depending on market conditions and availability, draw down on our secured FFELP Loan and Private Education Loan asset-backed commercial paper (ABCP) facilities, issue term asset-backed securities (ABS), enter into additional Private Education Loan and FFELP Loan ABS repurchase facilities, or issue additional unsecured debt.

We originate Private Education Loans (a portion of which is obtained through a forward purchase agreement). We also have purchased and may purchase, in future periods, Private Education Loan portfolios from third parties. Those originations and purchases are part of our ongoing liquidity needs. We repurchased 0.3 million shares of common stock for $2 million in the second quarter of 2026.

SOURCES OF LIQUIDITY

Sources of Primary Liquidity

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Ending Balances:

Unrestricted cash

$

770

$

621

$

712

Unencumbered Private Education Refinance Loans

314

442

510

Unencumbered FFELP Loans

42

44

51

Total

$

1,126

$

1,107

$

1,273

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Average Balances:

Unrestricted cash

$

686

$

553

$

743

$

620

$

658

Unencumbered Private Education

Refinance Loans

665

689

629

677

517

Unencumbered FFELP Loans

56

55

73

55

123

Total

$

1,407

$

1,297

$

1,445

$

1,352

$

1,298

15

Sources of Additional Liquidity

Liquidity may also be available under our secured credit facilities. Maximum borrowing capacity under the FFELP Loan and Private Education Loan ABCP facilities will vary and be subject to each agreement’s borrowing conditions, including, among others, facility size, current usage and availability of qualifying collateral from unencumbered loans. The following tables detail the additional borrowing capacity of these facilities with maturity dates ranging from October 2026 to April 2029.

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Ending Balances:

Private Education Loan ABCP facilities

$

1,841

$

1,461

$

1,754

FFELP Loan ABCP facilities

—

143

190

Total

$

1,841

$

1,604

$

1,944

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Average Balances:

Private Education Loan ABCP facilities

$

1,678

$

1,661

$

1,613

$

1,669

$

1,530

FFELP Loan ABCP facilities

134

163

219

149

284

Total

$

1,812

$

1,824

$

1,832

$

1,818

$

1,814

At June 30, 2026, we had a total of $2.7 billion of unencumbered tangible assets inclusive of those listed in the table above as sources of primary liquidity. Total unencumbered education loans comprised $1.0 billion of our unencumbered tangible assets of which $1.0 billion and $42 million related to Private Education Loans and FFELP Loans, respectively. In addition, as of June 30, 2026, we had $4.9 billion of encumbered net assets (i.e., overcollateralization) in our various financing facilities (consolidated variable interest entities). We enter into repurchase facilities at times to borrow against the encumbered net assets of these financing vehicles. As of June 30, 2026, $0.5 billion of repurchase facility borrowings were outstanding.

The following table reconciles encumbered and unencumbered assets and their net impact on total Tangible Equity.

(Dollars in billions)

June 30, 2026

March 31, 2026

June 30, 2025

Net assets of consolidated variable interest entities

(encumbered assets) — Private Education Loans

$

2.3

$

2.2

$

2.0

Net assets of consolidated variable interest entities

(encumbered assets) — FFELP Loans

2.6

2.6

2.8

Tangible unencumbered assets(1)

2.7

2.8

2.9

Senior unsecured debt

(5.3

)

(5.3

)

(5.3

)

Mark-to-market on unsecured hedged debt(2)

—

—

—

Other liabilities, net

(.3

)

(.4

)

(.3

)

Total Tangible Equity (3)

$

2.0

$

1.9

$

2.1

(1) Excludes goodwill and acquired intangible assets.

(2) At June 30, 2026, March 31, 2026, and June 30, 2025, there were $(78) million, $(60) million and $(72) million, respectively, of net gains (losses) on derivatives hedging this debt in unencumbered assets, which partially offset these gains (losses).

(3) Item is a non-GAAP financial measure. For a description and reconciliation, see “Non-GAAP Financial Measures.”

16

NON-GAAP FINANCIAL MEASURES

In addition to financial results reported on a GAAP basis, Navient also provides certain performance measures which are non-GAAP financial measures. We present the following non-GAAP financial measures: (1) Core Earnings, (2) Tangible Equity (as well as the Adjusted Tangible Equity Ratio) and (3) Allowance for Loan Losses Excluding Expected Future Recoveries on Previously Fully Charged-off Loans. Definitions for the non-GAAP financial measures and reconciliations are provided below, except that reconciliations of forward-looking non-GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain items, including, but not limited to, the impact of any mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks.

1. Core Earnings

We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this different basis of presentation as Core Earnings. We provide this Core Earnings basis of presentation on a consolidated basis and for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also refer to this information in our presentations with credit rating agencies, lenders and investors. Because our Core Earnings basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide certain Core Earnings disclosures in the notes to our consolidated financial statements for our business segments.

Core Earnings are not a substitute for reported results under GAAP. We use Core Earnings to manage our business segments because Core Earnings reflect adjustments to GAAP financial results for two items, discussed below, that can create significant volatility mostly due to timing factors generally beyond the control of management. Accordingly, we believe that Core Earnings provide management with a useful basis from which to better evaluate results from ongoing operations against the business plan or against results from prior periods. Consequently, we disclose this information because we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. When compared to GAAP results, the two items we remove to result in our Core Earnings presentations are:

(1) Mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks that do not qualify for hedge accounting treatment or do qualify for hedge accounting treatment but result in ineffectiveness; and

(2) The accounting for goodwill and acquired intangible assets.

While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, our Core Earnings basis of presentation does not. Core Earnings are subject to certain general and specific limitations that investors should carefully consider. For example, there is no comprehensive, authoritative guidance for management reporting. Our Core Earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Accordingly, our Core Earnings presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon Core Earnings. Core Earnings results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our Board of Directors, credit rating agencies, lenders and investors to assess performance.

17

The following tables show our consolidated GAAP results, Core Earnings results (including for each reportable segment) along with the adjustments made to the income/expense items to reconcile the consolidated GAAP results to the Core Earnings results as required by GAAP.

QUARTER ENDED JUNE 30, 2026

Adjustments

Reportable Segments

(Dollars in millions)

Total

GAAP

Reclassi-

fications

Additions/

(Subtractions)

Total

Adjustments (1)

Total

Core

Earnings

Consumer Lending

Federal Education Loans

Business Processing

Other

Interest income:

Education loans

$

664

$

273

$

391

$

—

$

—

Cash and investments

18

5

8

—

5

Total interest income

682

278

399

—

5

Total interest expense

560

185

351

—

26

Net interest income

(loss)

122

$

1

$

(3

)

$

(2

)

$

120

93

48

—

(21

)

Less: provisions for loan

losses

26

26

18

8

—

—

Net interest income

(loss) after provisions

for loan losses

96

75

40

—

(21

)

Other income (loss):

Servicing revenue

10

2

8

—

—

Asset recovery and

business processing

revenue

—

—

—

—

—

Other revenue

18

—

—

—

17

Total other income

28

(1

)

—

(1

)

27

2

8

—

17

Expenses:

Direct operating

expenses

57

42

15

—

—

Unallocated shared

services expenses

25

—

—

—

25

Operating expenses

82

—

—

—

82

42

15

—

25

Goodwill and acquired

intangible asset

impairment and

amortization

—

—

—

—

—

—

—

—

—

Restructuring/other

reorganization

expenses

3

—

—

—

3

—

—

—

3

Total expenses

85

—

—

—

85

42

15

—

28

Income (loss) before

income tax expense

(benefit)

39

—

(3

)

(3

)

36

35

33

—

(32

)

Income tax expense

(benefit)(2)

14

—

(5

)

(5

)

9

8

7

—

(6

)

Net income (loss)

$

25

$

—

$

2

$

2

$

27

$

27

$

26

$

—

$

(26

)

(1) Core Earnings adjustments to GAAP:

QUARTER ENDED JUNE 30, 2026

(Dollars in millions)

Net Impact of

Derivative

Accounting

Net Impact of

Goodwill and

Acquired

Intangibles

Total

Net interest income (loss) after provisions for loan losses

$

(2

)

$

—

$

(2

)

Total other income

(1

)

—

(1

)

Goodwill and acquired intangible asset impairment and amortization

—

—

—

Total Core Earnings adjustments to GAAP

$

(3

)

$

—

(3

)

Income tax expense (benefit)

(5

)

Net income (loss)

$

2

(2) Income taxes are based on a percentage of net income before tax for the individual reportable segment.

18

QUARTER ENDED MARCH 31, 2026

Adjustments

Reportable Segments

(Dollars in millions)

Total

GAAP

Reclassi-

fications

Additions/

(Subtractions)

Total

Adjustments(1)

Total

Core

Earnings

Consumer Lending

Federal Education Loans

Business Processing

Other

Interest income:

Education loans

$

678

$

277

$

401

$

—

$

—

Cash and investments

17

4

8

—

5

Total interest income

695

281

409

—

5

Total interest expense

564

181

363

—

25

Net interest income

(loss)

131

$

2

$

(7

)

$

(5

)

$

126

100

46

—

(20

)

Less: provisions for loan

losses

27

27

18

9

—

—

Net interest income

(loss) after provisions

for loan losses

104

82

37

—

(20

)

Other income (loss):

Servicing revenue

11

3

8

—

—

Asset recovery and

business processing

revenue

—

—

—

—

—

Other revenue

10

—

—

—

5

Total other income

21

(2

)

(3

)

(5

)

16

3

8

—

5

Expenses:

Direct operating

expenses

55

39

16

—

—

Unallocated shared

services expenses

34

—

—

—

34

Operating expenses

89

—

—

—

89

39

16

—

34

Goodwill and acquired

intangible asset

impairment and

amortization

4

—

(4

)

(4

)

—

—

—

—

—

Restructuring/other

reorganization

expenses

—

—

—

—

—

—

—

—

—

Total expenses

93

—

(4

)

(4

)

89

39

16

—

34

Income (loss) before

income tax expense

(benefit)

32

—

(6

)

(6

)

26

46

29

—

(49

)

Income tax expense

(benefit)(2)

15

—

(8

)

(8

)

7

11

7

—

(11

)

Net income (loss)

$

17

$

—

$

2

$

2

$

19

$

35

$

22

$

—

$

(38

)

(1) Core Earnings adjustments to GAAP:

QUARTER ENDED MARCH 31, 2026

(Dollars in millions)

Net Impact of

Derivative

Accounting

Net Impact of

Goodwill and

Acquired

Intangibles

Total

Net interest income (loss) after provisions for loan losses

$

(5

)

$

—

$

(5

)

Total other income

(5

)

—

(5

)

Goodwill and acquired intangible asset impairment and amortization

—

(4

)

(4

)

Total Core Earnings adjustments to GAAP

$

(10

)

$

4

(6

)

Income tax expense (benefit)

(8

)

Net income (loss)

$

2

(2) Income taxes are based on a percentage of net income before tax for the individual reportable segment.

19

QUARTER ENDED JUNE 30, 2025

Adjustments

Reportable Segments

(Dollars in millions)

Total

GAAP

Reclassi-

fications

Additions/

(Subtractions)

Total

Adjustments (1)

Total

Core

Earnings

Consumer Lending

Federal Education Loans

Business Processing

Other

Interest income:

Education loans

$

756

$

273

$

483

$

—

$

—

Cash and investments

22

5

10

—

7

Total interest income

778

278

493

—

7

Total interest expense

650

183

438

—

26

Net interest income

(loss)

128

$

5

$

(2

)

$

3

$

131

95

55

—

(19

)

Less: provisions for loan

losses

37

37

29

8

—

—

Net interest income

(loss) after provisions

for loan losses

91

66

47

—

(19

)

Other income (loss):

Servicing revenue

14

3

11

—

—

Asset recovery and

business processing

revenue

—

—

—

—

—

Other revenue (loss)

14

—

(1

)

—

20

Total other income

28

(5

)

10

5

33

3

10

—

20

Expenses:

Direct operating

expenses

53

36

17

—

—

Unallocated shared

services expenses

47

—

—

—

47

Operating expenses

100

—

—

—

100

36

17

—

47

Goodwill and acquired

intangible asset

impairment and

amortization

1

—

(1

)

(1

)

—

—

—

—

—

Restructuring/other

reorganization

expenses

—

—

—

—

—

—

—

—

—

Total expenses

101

—

(1

)

(1

)

100

36

17

—

47

Income (loss) before

income tax expense

(benefit)

18

—

9

9

27

33

40

—

(46

)

Income tax expense

(benefit)(2)

4

—

2

2

6

7

10

—

(11

)

Net income (loss)

$

14

$

—

$

7

$

7

$

21

$

26

$

30

$

—

$

(35

)

(1) Core Earnings adjustments to GAAP:

QUARTER ENDED JUNE 30, 2025

(Dollars in millions)

Net Impact of

Derivative

Accounting

Net Impact of

Goodwill and

Acquired

Intangibles

Total

Net interest income (loss) after provisions for loan losses

$

3

$

—

$

3

Total other income

5

—

5

Goodwill and acquired intangible asset impairment and amortization

—

(1

)

(1

)

Total Core Earnings adjustments to GAAP

$

8

$

1

9

Income tax expense (benefit)

2

Net income (loss)

$

7

(2) Income taxes are based on a percentage of net income before tax for the individual reportable segment.

20

SIX MONTHS ENDED JUNE 30, 2026

Adjustments

Reportable Segments

(Dollars in millions)

Total

GAAP

Reclassi-

fications

Additions/

(Subtractions)

Total

Adjustments(1)

Total

Core

Earnings

Consumer Lending

Federal Education Loans

Business Processing

Other

Interest income:

Education loans

$

1,341

$

550

$

791

$

—

$

—

Cash and investments

35

9

17

—

9

Total interest income

1,376

559

808

—

9

Total interest expense

1,123

365

714

—

51

Net interest income

(loss)

253

$

3

$

(10

)

$

(7

)

$

246

194

94

—

(42

)

Less: provisions for loan

losses

54

54

37

17

—

—

Net interest income

(loss) after provisions

for loan losses

199

157

77

—

(42

)

Other income (loss):

Servicing revenue

21

4

17

—

—

Asset recovery and

business processing

revenue

—

—

—

—

—

Other revenue

28

—

—

—

22

Total other income

49

(3

)

(3

)

(6

)

43

4

17

—

22

Expenses:

Direct operating

expenses

112

81

31

—

—

Unallocated shared

services expenses

59

—

—

—

59

Operating expenses

171

—

—

—

171

81

31

—

59

Goodwill and acquired

intangible asset

impairment and

amortization

4

—

(4

)

(4

)

—

—

—

—

—

Restructuring/other

reorganization

expenses

2

—

—

—

2

—

—

—

2

Total expenses

177

—

(4

)

(4

)

173

81

31

—

61

Income (loss) before

income tax expense

(benefit)

71

(9

)

(9

)

62

80

63

—

(81

)

Income tax expense

(benefit)(2)

29

—

(14

)

(14

)

15

18

15

—

(18

)

Net income (loss)

$

42

$

—

$

5

$

5

$

47

$

62

$

48

$

—

$

(63

)

(1) Core Earnings adjustments to GAAP:

SIX MONTHS ENDED JUNE 30, 2026

(Dollars in millions)

Net Impact of

Derivative

Accounting

Net Impact of

Goodwill and

Acquired

Intangibles

Total

Net interest income (loss) after provisions for loan losses

$

(7

)

$

—

$

(7

)

Total other income

(6

)

—

(6

)

Goodwill and acquired intangible asset impairment and amortization

—

(4

)

(4

)

Total Core Earnings adjustments to GAAP

$

(13

)

$

4

(9

)

Income tax expense (benefit)

(14

)

Net income (loss)

$

5

(2) Income taxes are based on a percentage of net income before tax for the individual reportable segment.

21

SIX MONTHS ENDED JUNE 30, 2025

Adjustments

Reportable Segments

(Dollars in millions)

Total

GAAP

Reclassi-

fications

Additions/

(Subtractions)

Total

Adjustments (1)

Total

Core

Earnings

Consumer Lending

Federal Education Loans

Business Processing

Other

Interest income:

Education loans

$

1,537

$

562

$

975

$

—

$

—

Cash and investments

43

10

20

—

13

Total interest income

1,580

572

995

—

13

Total interest expense

1,322

364

892

—

49

Net interest income

(loss)

258

$

11

$

6

$

17

$

275

208

103

—

(36

)

Less: provisions for loan

losses

67

67

51

16

—

—

Net interest income

(loss) after provisions

for loan losses

191

157

87

—

(36

)

Other income (loss):

Servicing revenue

27

6

21

—

—

Asset recovery and

business processing

revenue

23

—

—

23

—

Other revenue (loss)

3

—

(1

)

—

34

Total other income

53

(11

)

41

30

83

6

20

23

34

Expenses:

Direct operating

expenses

127

70

37

20

—

Unallocated shared

services expenses

100

—

—

—

100

Operating expenses

227

—

—

—

227

70

37

20

100

Goodwill and acquired

intangible asset

impairment and

amortization

2

—

(2

)

(2

)

—

—

—

—

—

Restructuring/other

reorganization

expenses

3

—

—

—

3

—

—

—

3

Total expenses

232

—

(2

)

(2

)

230

70

37

20

103

Income (loss) before

income tax expense

(benefit)

12

—

49

49

61

93

70

3

(105

)

Income tax expense

(benefit)(2)

1

—

13

13

14

21

16

1

(24

)

Net income (loss)

$

11

$

—

$

36

$

36

$

47

$

72

$

54

$

2

$

(81

)

(1) Core Earnings adjustments to GAAP:

SIX MONTHS ENDED JUNE 30, 2025

(Dollars in millions)

Net Impact of

Derivative

Accounting

Net Impact of

Goodwill and

Acquired

Intangibles

Total

Net interest income (loss) after provisions for loan losses

$

17

$

—

$

17

Total other income

30

—

30

Goodwill and acquired intangible asset impairment and amortization

—

(2

)

(2

)

Total Core Earnings adjustments to GAAP

$

47

$

2

49

Income tax expense (benefit)

13

Net income (loss)

$

36

(2) Income taxes are based on a percentage of net income before tax for the individual reportable segment.

22

The following discussion summarizes the differences between GAAP and Core Earnings net income and details each specific adjustment required to reconcile our GAAP earnings to our Core Earnings segment presentation.

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

GAAP net income

$

25

$

17

$

14

$

42

$

11

Core Earnings adjustments to GAAP:

Net impact of derivative accounting

(3

)

(10

)

8

(13

)

47

Net impact of goodwill and acquired

intangible assets

—

4

1

4

2

Net tax effect

5

8

(2

)

14

(13

)

Total Core Earnings adjustments to GAAP

2

2

7

5

36

Core Earnings net income

$

27

$

19

$

21

$

47

$

47

(1) Derivative Accounting: Core Earnings exclude periodic gains and losses that are caused by the mark-to-market valuations on derivatives that do not qualify for hedge accounting treatment under GAAP, as well as the periodic mark-to-market gains and losses that are a result of ineffectiveness recognized related to effective hedges under GAAP. Under GAAP, for our derivatives that are held to maturity, the mark-to-market gain or loss over the life of the contract will equal $0. In our Core Earnings presentation, we recognize the economic effect of these hedges, which generally results in any net settlement cash paid or received being recognized ratably as an interest expense or revenue over the hedged item’s life.

23

The table below quantifies the adjustments for derivative accounting between GAAP and Core Earnings net income.

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Core Earnings derivative adjustments:

(Gains) losses on derivative and hedging

activities, net, included in other income

$

(1

)

$

(5

)

$

5

$

(6

)

$

30

Plus: (Gains) losses on fair value hedging

activity included in interest expense

(4

)

(8

)

(4

)

(12

)

2

Total (gains) losses in GAAP net income

(5

)

(13

)

1

(18

)

32

Plus: Reclassification of settlement income

(expense) on derivative and hedging

activities, net(1)

1

2

5

3

11

Mark-to-market (gains) losses on derivative

and hedging activities, net(2)

(4

)

(11

)

6

(15

)

43

Other derivative accounting adjustments(3)

1

1

2

2

4

Total net impact of derivative accounting

$

(3

)

$

(10

)

$

8

$

(13

)

$

47

(1)

Derivative accounting requires net settlement income/expense on derivatives that do not qualify as hedges to be recorded in a separate income

statement line item below net interest income. Under our Core Earnings presentation, these settlements are reclassified to the income statement line item of the economically hedged item. For our Core Earnings net interest income, this would primarily include reclassifying the net settlement

amounts related to certain of our interest rate swaps to debt interest expense. The table below summarizes these net settlements on derivative and

hedging activities and the associated reclassification on a Core Earnings basis.

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Reclassification of settlements

on derivative and hedging

activities:

Net settlement income (expense)

on interest rate swaps

reclassified to net interest income

$

1

$

2

$

5

$

3

$

11

Total reclassifications of settlement

income (expense) on derivative

and hedging activities

$

1

$

2

$

5

$

3

$

11

(2) “Mark-to-market (gains) on derivative and hedging activities, net” is comprised of the following:

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Fair value hedges

$

(1

)

$

(2

)

$

4

$

(3

)

$

7

Foreign currency hedges

(3

)

(6

)

(8

)

(9

)

(5

)

Other (a)

—

(3

)

10

(3

)

41

Total mark-to-market (gains)

losses on derivative and

hedging activities, net

$

(4

)

$

(11

)

$

6

$

(15

)

$

43

(a) Primarily derivatives that are used to economically hedge the origination of fixed rate Private Education Loans that don’t qualify for hedge accounting. We believe that these derivatives are effective economic hedges,and as such, are a critical element of our interest rate risk management strategy.

(3) Other derivative accounting adjustments consist of adjustments related to certain terminated derivatives that did not receive hedge accounting treatment under GAAP but were economic hedges under Core Earnings and, as a result, such gains or losses are amortized into Core Earnings over the life of the hedged item:

24

Cumulative Impact of Derivative Accounting under GAAP compared to Core Earnings

As of June 30, 2026, derivative accounting has decreased GAAP equity by approximately $17 million as a result of cumulative net mark-to-market losses (after tax) recognized under GAAP, but not in Core Earnings. The following table rolls forward the cumulative impact to GAAP equity due to these after-tax mark-to-market net gains and losses related to derivative accounting.

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Beginning impact of derivative

accounting on GAAP equity

$

(28

)

$

(39

)

$

(22

)

$

(39

)

$

8

Net impact of net mark-to-market

gains (losses) under derivative

accounting(1)

11

11

(8

)

22

(38

)

Ending impact of derivative

accounting on GAAP equity

$

(17

)

$

(28

)

$

(30

)

$

(17

)

$

(30

)

(1)

Net impact of net mark-to-market gains (losses) under derivative accounting is composed of the following:

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Total pre-tax net impact of derivative

accounting recognized in net

income(2)

$

3

$

10

$

(8

)

$

13

$

(47

)

Tax and other impacts of derivative

accounting adjustments

(1

)

(2

)

2

(3

)

12

Change in mark-to-market gains

(losses) on derivatives, net of tax

recognized in other comprehensive

income

9

3

(2

)

12

(3

)

Net impact of net mark-to-market

gains (losses) under derivative

accounting

$

11

$

11

$

(8

)

$

22

$

(38

)

(a) See “Core Earnings derivative adjustments” table above.

Hedging Embedded Floor Income

We use pay-fixed swaps and fixed rate debt to economically hedge embedded Floor Income in our FFELP loans. Historically, we have used these instruments on a periodic basis and depending upon market conditions and pricing, we may enter into additional hedges in the future. Under GAAP, the pay-fixed swaps are accounted for as cash flow hedges. The table below shows the amount of Hedged Floor Income that will be recognized in Core Earnings in future periods based on these hedge strategies.

June 30,

March 31,

June 30,

(Dollars in millions)

2026

2026

2025

Total hedged Floor Income, net of tax(1)(2)

$

20

$

23

$

35

(1) $26 million, $31 million and $46 million on a pre-tax basis as of June 30, 2026, March 31, 2026, and June 30, 2025, respectively.

(2) Of the $20 million as of June 30, 2026, approximately $7 million, $7 million and $6 million will be recognized as part of Core

Earnings net income in the remainder of 2026, 2027 and 2028, respectively.

(2) Goodwill and Acquired Intangible Assets: Our Core Earnings exclude goodwill and intangible asset impairment and the amortization of acquired intangible assets. The following table summarizes the goodwill and acquired intangible asset adjustments.

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Core Earnings goodwill and acquired

intangible asset adjustments

$

—

$

4

$

1

$

4

$

2

25

2. Tangible Equity and Adjusted Tangible Equity Ratio

Adjusted Tangible Equity measures the ratio of Navient’s Tangible Equity to its tangible assets. We adjust this ratio to exclude the assets and equity associated with our FFELP Loan portfolio because FFELP Loans are no longer originated and the FFELP Loan portfolio bears a 3% maximum loss exposure under the terms of the federal guaranty. Management believes that excluding this portfolio from the ratio enhances its usefulness to investors. Management uses this ratio, in addition to other metrics, for analysis and decision making related to capital allocation decisions. The Adjusted Tangible Equity Ratio is calculated as:

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Navient Corporation's stockholders' equity

$

2,398

$

2,379

$

2,564

Less: Goodwill and acquired intangible assets

430

430

436

Tangible Equity

1,968

1,949

2,128

Less: Equity held for FFELP Loans

133

136

148

Adjusted Tangible Equity

$

1,835

$

1,813

$

1,980

Divided by:

Total assets

$

47,297

$

48,004

$

50,222

Less:

Goodwill and acquired intangible assets

430

430

436

FFELP Loans

26,575

27,237

29,618

Adjusted tangible assets

$

20,292

$

20,337

$

20,168

Adjusted Tangible Equity Ratio

9.0

%

8.9

%

9.8

%

26

3. Allowance for Loan Losses Excluding Expected Future Recoveries on Previously Fully Charged-off Loans

The allowance for loan losses on the Private Education Loan portfolio used for the three credit metrics below excludes the expected future recoveries on previously fully charged-off loans to better reflect the current expected credit losses remaining in connection with the loans on balance sheet that have not charged off. As of June 30, 2026, the $426 million Private Education Loan allowance for loan losses excluding expected future recoveries on previously fully charged-off loans represents the current expected credit losses that remain in connection with the $15,409 million Private Education Loan portfolio. The $163 million of expected future recoveries on previously fully charged-off loans, which is collected over an average 15-year period, mechanically is a reduction to the overall allowance for loan losses. However, it is not related to the $15,409 million Private Education Loan portfolio on our balance sheet and, as a result, management excludes this impact to the allowance to better evaluate and assess our overall credit loss coverage on the Private Education Loan portfolio. We believe this provides a more meaningful and holistic view of the available credit loss coverage on our non-charged-off Private Education Loan portfolio. We believe this information is useful to our investors, lenders and rating agencies.

Allowance for Loan Losses Metrics – Private Education Loans

QUARTERS ENDED

SIX MONTHS ENDED

(Dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Allowance at end of period (GAAP)

$

263

$

314

$

348

$

263

$

348

Plus: expected future recoveries on previously fully

charged-off loans

163

166

172

163

172

Allowance at end of period excluding expected

future recoveries on previously fully

charged-off loans (Non-GAAP Financial

Measure)

$

426

$

480

$

520

$

426

$

520

Ending total loans(1)

$

15,409

$

15,963

$

15,878

$

15,409

$

15,878

Ending loans in repayment(1)

$

14,781

$

15,335

$

15,267

$

14,781

$

15,267

Net charge-offs

$

71

$

72

$

80

$

143

$

152

Allowance coverage of charge-offs (annualized)(1):

GAAP

1.0

1.1

1.1

.9

1.1

Adjustment(2)

.6

.6

.5

.6

.6

Non-GAAP Financial Measure(2)

1.6

1.7

1.6

1.5

1.7

Allowance as a percentage of the ending total loan

balance(1):

GAAP

1.7

%

2.0

%

2.2

%

1.7

%

2.2

%

Adjustment(2)

1.1

1.0

1.1

1.1

1.1

Non-GAAP Financial Measure(2)

2.8

%

3.0

%

3.3

%

2.8

%

3.3

%

Allowance as a percentage of the ending loans in

repayment(1):

GAAP

1.8

%

2.0

%

2.3

%

1.8

%

2.3

%

Adjustment(2)

1.1

1.1

1.1

1.1

1.1

Non-GAAP Financial Measure(2)

2.9

%

3.1

%

3.4

%

2.9

%

3.4

%

(1) Second-quarter 2026 excludes $528 million of loans, and the corresponding charge-offs, that were classified as held for sale as of June 30, 2026.

(2) The allowance used for these credit metrics excludes the expected future recoveries on previously fully charged-off loans. See discussion above.

27

GRAPHIC

GRAPHIC

Filename: img69174783_0.jpg · Sequence: 4

Binary file (16737 bytes)

Download img69174783_0.jpg

GRAPHIC

GRAPHIC

Filename: img70098304_0.jpg · Sequence: 5

Binary file (16737 bytes)

Download img70098304_0.jpg

GRAPHIC

GRAPHIC

Filename: img70098304_1.jpg · Sequence: 6

Binary file (11451 bytes)

Download img70098304_1.jpg

GRAPHIC

GRAPHIC

Filename: img70098304_2.jpg · Sequence: 7

Binary file (16737 bytes)

Download img70098304_2.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 10

v3.26.1

Document And Entity Information

Aug. 06, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Aug. 06, 2026

Entity Registrant Name

Navient Corporation

Entity Central Index Key

0001593538

Entity Emerging Growth Company

false

Entity File Number

001-36228

Entity Incorporation, State or Country Code

DE

Entity Tax Identification Number

46-4054283

Entity Address, Address Line One

13865 Sunrise Valley Drive

Entity Address, City or Town

Herndon

Entity Address, State or Province

VA

Entity Address, Postal Zip Code

20171

City Area Code

302

Local Phone Number

283-8000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common stock, par value $.01 per share

Trading Symbol

NAVI

Security Exchange Name

NASDAQ

X

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

na

Period Type:

duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration