Navient
Earnest private lending and legacy student-loan portfolios after the Sallie Mae spin-off.
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Profile
Originated as Sallie Mae's 2014 education-loan management spin-off, centered on Earnest private lending/refinancing and FFELP/private loan portfolios. Recent simplification moved direct servicing to MOHELA and divested Business Processing, leaving a U.S.-focused balance-sheet model shaped by student-loan regulation.
Originated as Sallie Mae's education-loan management spin-off in 2014 and now operates as a smaller U.S.-focused education-finance balance-sheet company.
Consumer Lending owns and manages private education loan portfolios and uses the Earnest brand for in-school private loans and refinancing. Federal Education Loans owns and manages FFELP loans, with revenue tied mainly to net interest income on those portfolios.
Recent simplification shifted direct loan servicing to MOHELA and removed Business Processing through divestitures. The remaining model depends on private-loan credit performance, FFELP portfolio runoff, third-party servicing execution, and student-loan regulatory orders that limit federal servicing activity.
Company facts
Categories
Key statistics
Year to date −26.0% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Apr 30, 2026 | Barclays | Reiterate | Underweight | $9 | $8 | |
| Apr 16, 2026 | Morgan Stanley | Reiterate | Equal Weight | $12 | $9 | |
| Jan 29, 2026 | Deutsche Bank | Reiterate | Hold | $9 | ||
| Jan 29, 2026 | Barclays | Target | $11 | $9 | ||
| Jan 28, 2026 | Morgan Stanley | Target | $16 | $12 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.20 | $0.29 | +43.9% | $141.9M | $150.0M | +5.7% | −4.32% |
| Apr 29, 2026Q1 FY26 | $0.17 | $0.20 | +17.6% | $141.5M | $152.0M | +7.4% | −2.84% |
| Jan 28, 2026Q4 FY25 | $0.31 | $0.02 | −93.6% | $159.8M | $144.0M | −9.9% | +0.71% |
| Oct 29, 2025Q3 FY25 | $0.18 | $0.29 | +61.1% | $136.8M | $800.0M | +485.0% | +2.74% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $828.0M | $806.0M | $800.0M | $761.0M | $695.0M | $682.0M | |
| Gross profit | $126.0M | $119.0M | −$7.0M | $673.0M | $131.0M | $655.0M | |
| Operating income | −$5.0M | $18.0M | −$117.0M | $626.0M | $11.0M | $573.0M | |
| Net income | −$2.0M | $14.0M | −$86.0M | −$5.0M | $17.0M | $25.0M | |
| Diluted EPS | −$0.02 | $0.14 | −$0.87 | −$0.06 | $0.17 | $0.26 | |
| Gross margin | 15.2% | 14.8% | -0.9% | 88.4% | 18.8% | 96.0% | |
| Operating margin | -0.6% | 2.2% | -14.6% | 82.3% | 1.6% | 84.0% |
Fiscal years (4-quarter sums)FY21 $3.53B · FY22 $3.84B · FY23 $4.84B · FY24 $4.23B · FY25 $3.20B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.14B · Total debt $44.34B · Total assets $47.30B · Shareholders' equity $2.40B
Dividends
Raised for 10 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 19 | $0.16 | |
| Mar 6, 2026 | Mar 6 | Mar 20 | $0.16 | |
| Dec 5, 2025 | Dec 5 | Dec 19 | $0.16 | |
| Sep 5, 2025 | Sep 5 | Sep 19 | $0.16 | |
| Jun 6, 2025 | Jun 6 | Jun 20 | $0.16 | |
| Mar 7, 2025 | Mar 7 | Mar 21 | $0.16 | |
| Dec 6, 2024 | Dec 6 | Dec 20 | $0.16 | |
| Sep 6, 2024 | Sep 6 | Sep 20 | $0.16 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 93.99M · Float 92.35M · 98.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Sherborne Investors Management LP | 29.45M | 31.33% | 13F | Jul 31, 2026 |
| Sherborne Strategic Fund F, LLC | 29.45M | 31.30% | 13D | Apr 17, 2026 |
| BlackRock, Inc. | 12.95M | 13.78% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 5.31M | 5.60% | 13G | Jul 14, 2026 |
| Vanguard Capital Management LLC | 2.80M | 2.98% | 13F | Aug 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Sallie Mae
Dominant private education lender and portfolio owner
- SoFi
Digital lender overlapping in student-loan refinancing and loan sales
- Nelnet
Loan servicer and student-loan asset owner with bank origination
- Citizens Financial Group
Bank-backed private student lender and refinance provider
- KeyCorp
KeyBank-based student-loan refinancing provider
- Maximus
Federal student-loan servicing infrastructure peer through Aidvantage
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Navient | $9.47 | +0.16% | $889.1M | — | 11.1 | 0.3 | −81.4% |
| Sallie Mae | $26.41 | −0.02% | $4.97B | 7.4 | 8.7 | 1.6 | −41.3% |
| SoFi | $18.08 | +0.22% | $23.17B | 37.6 | 24.5 | 4.1 | +41.0% |
| Nelnet | $127.37 | +0.08% | $4.58B | 15.3 | 15.3 | 2.5 | −33.6% |
| Citizens Financial Group | $71.05 | +1.96% | $29.48B | 15.2 | 11.9 | 2.6 | +12.1% |
| KeyCorp | $21.91 | +0.07% | $23.65B | 12.7 | 11.2 | 2.3 | +7.3% |
| Maximus | $59.75 | +0.02% | $3.14B | 8.8 | 7.2 | 0.6 | −5.2% |
| Median | 13.9 | 11.5 | 2.4 | +1.1% |