Navient Corporation · NASDAQ:NAVI
Navient — Q3 2026 Earnings Presentation
25 slides from Navient's earnings presentation, 2026
Slide 1: 3Q 2026 Earnings Call Presentation
3Q 2026 Earnings Call Presentation Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 1
Slide 2: CEO Overview
CEO Overview • Marketing and Credit Legacy Business • Capital Markets • Portfolio Optimization • Interest Rates Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 2
Slide 3: Key Messages: 3Q 2026
Key Messages: 3Q 2026 Continuing Business Legacy Business • Originated $1.4 billion of loan volume to high • Recognized $162 million gain on the sale of credit quality borrowers legacy Private Education Loans • Completed a successful In-School peak season, • Designated $1.4 billion of additional leg
Slide 4: Significant Items in 3Q 2026
Significant Items in 3Q 2026 • Reported 3Q 2026 core earnings per share of $0.03 • Results include recognition of $23 million positive fair value adjustment Core Earnings per Share 1 $0.03 related to 3Q 2026 In-School Significant Items 3Q26 EPS Impact originations, along with provision expense on ne
Slide 5: 3Q 2026 Results – GAAP
3Q 2026 Results – GAAP 3Q25 3Q26 Revenue (Before Provision) $161 million $317 million Provision for Loan Losses $168 million $227 million Operating Expense $105 million $75 million Net Income (loss) $(86) million $15 million Average Common Stock 98 million 94 million Equivalents Diluted Earnings (lo
Slide 6: 3Q 2026 Results – Core Earnings
3Q 2026 Results – Core Earnings1 3Q25 3Q26 Revenue (Before Provision) $169 million $308 million Provision for Loan Losses $168 million $227 million Operating Expense $105 million $75 million Net Income (loss) $(83) million $3 million • Net income was $3 million compared Average Common Stock 98 milli
Slide 7: Refinance - Originations Increased 65%
Refinance - Originations Increased 65% Originated Refinance Volume ($m) Weighted Avg. FICO +65% • Continued growth in rate check volume and Refinance originations • Credit quality remains strong with an average origination FICO of 775 • Operating leverage improved from higher volume and lower cost t
Slide 8: In-School - Strong Peak Season & Graduate Demand
In-School - Strong Peak Season & Graduate Demand Total Origination Volume ($m) Graduate Origination Volume ($m) • In-School origination volume increased 84% from year-ago $500 $400 quarter • Graduate origination volume $400 +84% increased 173% $300 +173% • Achieved growth while reducing our $300 cos
Slide 9: Consumer Lending – 3Q 2026 Core Earnings Results
Consumer Lending – 3Q 2026 Core Earnings Results • Originated $1.4 billion of Consumer Loans compared to $788 million in the year-ago quarter, an increase of 77% 3Q25 3Q26 • Net income was $2 million compared to net loss of $(76) million Revenue (Before Provision) $101 million $274 million • Expense
Slide 10: 3Q 2026 Allowance for Loan Losses
3Q 2026 Allowance for Loan Losses1 • Total provision expense of $227 million in 3Q26 ($ in millions) • This consists of: $214 $13 - $16 million related to new originations $(70) $625 - Net $13 million provision benefit $589 $1,032 $1,000 $(121) from classifying loans as held for sale - $29 million p
Slide 11: Federal Education Loans – 3Q 2026 Core Earnings Results
Federal Education Loans – 3Q 2026 Core Earnings Results 3Q25 3Q26 • Net income was $22 million compared to Revenue (Before Provision) $75 million $55 million $35 million • Net interest income decreased by $18 million primarily due to an $18 million Provision for Loan Losses $13 million $13 million b
Slide 12: Total Expense – Core Earnings Results
Total Expense – Core Earnings Results1 ($ in millions) Annual Total Expenses Year-over-Year Total Expenses • We are focused on efficiency across $900 $109 all segments of the business $825 $120 $800 $719 $77 • Total expenses for the quarter were $700 $100 $77 million compared to $109 million a year
Slide 13: 3Q 2026 Capital Allocation
3Q 2026 Capital Allocation 10.0% 9.5% 8.9% 9.0% 9.0% 8.0% 7.0% • Adjusted Tangible Equity 1 ratio of 9.5% 6.0% • We distributed $25 million in 3Q26 to shareholders through dividends and 5.0% share repurchases • We ended 3Q26 with 77% of our Total 4.0% Education Loan Portfolio funded to term 3.0% 7.7
Slide 14: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures The following information is current as of September 30, 2026 (unless otherwise noted) and should be read in connection with Navient LLC’s (as successor by merger to Navient Corporation) “Navient” Annual Report on 2025 Form 10-K for the year
Slide 15: Differences Between GAAP and Core Earnings
Differences Between GAAP and Core Earnings • We evaluate our business segments on a basis that differs from GAAP Quarters Ended • We refer to this different basis as Core Earnings adjustments to GAAP: Sep. 30, Sep. 30, Core Earnings 1 (Dollars in Millions) 2025 2026 • The two items we remove to resu
Slide 16: Appendix
Appendix Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 16
Slide 17: Delivering Value to Shareholders
Delivering Value to Shareholders 1 Drive a scalable, lower-cost operating model Maximize the cash flows from our loan portfolios 2 and deploy them to reduce unsecured debt over time; invest or distribute excess Shareholder Maintain a strong balance sheet through Value 3 disciplined capital allocatio
Slide 18: Loan Portfolio Cash Flows Greater than Debt Outstanding
Loan Portfolio Cash Flows Greater than Debt Outstanding • Projected loan portfolio cash flows as of September 30, 2026 - Principally securitization trust distributions • Net interest income • Total projected loan portfolio • Servicing fees undiscounted cash flows after • Return of initial equity rep
Slide 19: Total Education Loan Portfolio – Projected Cash Flows
Total Education Loan Portfolio – • Total Education Loan portfolio of $41 billion, undiscounted projected Projected Cash Flows cash flows are: ($ in millions) - $4.7 billion through end of 2030 $1,500 5-Year Projected Annual Education Portfolio Cash Flows 2 - $11.3 billion generated over 20 years • W
Slide 20: Consumer Lending – Overview
Consumer Lending – Overview • Private Education Loan portfolio of $15 billion - Refinance Education Loan ($ in millions) originations since 2017 $800 5-Year Projected Annual Private Education Cash Flows 2 - In-School Loan originations starting in 2019 and the seasoned loan portfolio • Holding equity
Slide 21: Federal Education Loans – Overview
Federal Education Loans – Overview • FFELP portfolio of $26 billion - no newly originated FFELP loans since 2010 ($ in millions) $600 - 97-100% of principal and interest 5-Year Projected Annual FFELP Cash Flows 2 guaranteed by U.S. government • Holding 50 basis points of equity capital against portf
Slide 22: Responsibility to Our Customers and Communities
Responsibility to Our Customers Empowering talent, encouraging and Communities development and fostering belonging We are committed to creating a workplace where employees are supported and proud Supporting education and economic opportunity to deliver meaningful outcomes Our education finance solut
Slide 23: For More Information
For More Information www.navient.com/investors www.navient.com/abs • Environmental Social Governance (ESG) information - Navient Corporate Social Responsibility report • Student loan asset-backed security (ABS) trust data - Static pool information – detailed portfolio stratifications by trust as of
Slide 24: Footnotes
Footnotes 1. Item is a Non-GAAP Financial Measure. In addition to financial results reported on a GAAP basis, Navient also provides certain performance measures which are non-GAAP financial measures. Definitions for the non-GAAP financial measures and reconciliations are provided below and in the bo
Slide 25: Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved.
Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 25