Navient Corporation · NASDAQ:NAVI
Navient — Q1 2026 Earnings Presentation
22 slides from Navient's earnings presentation, Apr 29, 2026
Slide 1: 1Q 2026 Earnings Call Presentation
1Q 2026 Earnings Call Presentation Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 1
Slide 2: Key Messages: 1Q 2026
Key Messages: 1Q 2026 Continued strong momentum in high-quality loan growth Strategic expense reduction complete, providing opportunity to grow while demonstrating operating leverage Disciplined capital allocation includes opportunistic share repurchases Monitoring macroeconomic environment and have
Slide 3: 1Q 2026 Results
1Q 2026 Results GAAP Core Earnings 1 Revenue (Before Provision) $131 million $126 million “Our first quarter results reflect strong Provision for Loan Losses $27 million $27 million momentum in high quality loan growth, with originations more than 60% higher than the year ago period. The successful
Slide 4: Refinance Growth with Improving Credit Quality
Refinance Growth with Improving Credit Quality 10th consecutive quarter of originations growth, driven by strong demand generation and capture Refi Rate Check Volumes ($b) 1 Originated Refi Volume ($m) Originations Avg. FICO 2 +3 pts +65% +62% 1 Rate Check represents a potential customer who complet
Slide 5: Positioned to Capture Growing Graduate Demand
Positioned to Capture Growing Graduate Demand Private In-School Estimated In-School Originated Volume ($m) Graduate TAM ($b) +5% 3x Performance Highlights: • Graduate market expected to grow ~3x in 2026 • Originations on track; peak season readiness initiatives underway to capture on-strategy share
Slide 6: Consumer Lending – 1Q 2026 Core Earnings Results
Consumer Lending – • Originated $818 million of Private Education Loans compared to 1Q 2026 Core Earnings Results $508 million in the year-ago quarter, an increase of 61% - Refinance Loan originations were $778 million compared to $470 million 1Q25 1Q26 - In-school Loan originations were $40 million
Slide 7: Federal Education Loans – 1Q 2026 Core Earnings Results
Federal Education Loans – 1Q 2026 Core Earnings Results 1Q25 1Q26 • Net income was $22 million compared to Revenue (Before Provision) $59 million $54 million $24 million • Net interest income decreased by Provision for Loan Losses $8 million $9 million $3 million primarily due to the paydown of the
Slide 8: 1Q 2026 Allowance for Loan Losses
1Q 2026 Allowance for Loan Losses ($ in millions) $707 $18 $9 $650 $645 $588 $(89) • Our total provision expense was $27 million in 1Q26 • This consists of: - $18 million of provision related to the Private Education portfolio, $11 million of which related to new originations - $9 million for our FF
Slide 9: Total Expense – Core Earnings Results
Total Expense – Core Earnings Results1 ($ in millions) Annual Total Expenses $900 $825 Year-over-Year Total Expenses • We are focused on becoming more $800 $719 efficient across all segments $700 $140 $130 $600 • Total expenses for the quarter were $120 $89 $89 million compared to $500 $438 $100 $13
Slide 10: 1Q 2026 Capital Allocation
1Q 2026 Capital Allocation 11% • Adjusted Tangible Equity 1 ratio of 10% 8.9% • We distributed $38 million in 1Q26 to 9.1% 0.1% 0.0% 8.9% shareholders through dividends and 9% -0.1% -0.1% -0.1% share repurchases • We expect to continue our 8% opportunistic approach to share repurchases in 2026 7% •
Slide 11: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures The following information is current as of March 31, 2026 (unless otherwise noted) and should be read in connection with Navient Corporation’s “Navient” Annual Report on 2025 Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-
Slide 12: 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: Mar. 31, Mar. 31, Core Earnings 1 (Dollars in Millions) 2025 2026 • The two items we remove to resu
Slide 13: Appendix
Appendix Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 13
Slide 14: 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 15: Loan Portfolio Cash Flows Greater than Debt Outstanding
Loan Portfolio Cash Flows Greater than Debt Outstanding • Projected loan portfolio cash flows as of March 31, 2026 - Principally securitization trust distributions • Net interest income • Total projected loan portfolio • Servicing fees undiscounted cash flows after • Return of initial equity repayme
Slide 16: Consumer Lending – Overview
Consumer Lending – Overview • Private Education Loan portfolio of $16 billion - Refinance education loan ($ in millions) originations since 2017 $1,000 5-Year Projected Annual Private Education Cash Flows 2 - In-school loan originations starting in 2019 and the seasoned loan portfolio • Holding equi
Slide 17: Federal Education Loans – Overview
Federal Education Loans – Overview • FFELP portfolio of $27 billion - no newly originated FFELP loans ($ in millions) since 2010 $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 18: Total Education Loan Portfolio – Projected Cash Flows
Total Education Loan Portfolio – • Total Education Loan portfolio of Projected Cash Flows $43 billion, undiscounted projected cash flows are: ($ in millions) - $5.5 billion through end of 2030 $1,500 5-Year Projected Annual Education Portfolio Cash Flows 2 - $11.8 billion generated over 20 years • W
Slide 19: 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 20: 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 21: 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 22: Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved.
Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 22