Revenue has contracted from $802 million in 2025Q1 to $695 million in 2026Q1, reflecting the accelerating depletion of the core loan asset base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 3B | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.87B | 2.96B | 3.49B | 356M | 1.66B | 1.44B | 2.33B | 3.69B | 3.92B | 3.42B | 3.19B | 3.38B | 3.74B | 3.41B | 2.43B |
| Gross Margin % | 95.63% | 95.21% | 91.7% | 30.8% | 100% | 63.42% | 70.77% | 78.94% | 79.95% | 77.96% | 77.06% | 78.63% | 79.13% | 100% | 100% |
| Gross Profit Growth % | - | -15.29% | 881.18% | -78.53% | 15.06% | -38.26% | -36.73% | -5.99% | 14.84% | 6.95% | -5.39% | -9.78% | 9.64% | 40.73% | - |
| Operating Expenses | 383M | 421M | 680M | 401M | 444M | 569M | 964M | 984M | 984M | 966M | 951M | 918M | 987M | 1.33B | 989M |
| OpEx % of Revenue | - | 13.55% | 17.85% | 34.69% | 26.78% | 25.04% | 29.23% | 21.06% | 20.05% | 22.04% | 22.94% | 21.37% | 20.87% | 38.87% | 40.77% |
| Selling, General & Admin | 0 | 0 | 0 | 401M | 444M | 569M | 497M | 488M | 507M | 519M | 500M | 467M | 479M | 504M | 457M |
| SG&A % of Revenue | - | - | - | 34.69% | 26.78% | 25.04% | 15.07% | 10.44% | 10.33% | 11.84% | 12.06% | 10.87% | 10.13% | 14.76% | 18.84% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 2.49B | 2.54B | 2.81B | 755M | 1.21B | 1.7B | 1.37B | 2.71B | 2.94B | 292M | 681M | 996M | 1.15B | 2.36B | 1.42B |
| Operating Margin % | 82.87% | 81.66% | 73.85% | 65.31% | 73.22% | 74.96% | 41.54% | 57.89% | 59.9% | 6.66% | 16.43% | 23.19% | 24.29% | 69.1% | 58.49% |
| Operating Income Growth % | - | -9.78% | 272.58% | -37.81% | -28.71% | 24.31% | -49.35% | -7.99% | 906.85% | -57.12% | -31.63% | -13.32% | -51.29% | 66.24% | - |
| EBITDA | 2.37B | 2.54B | 2.18B | -33M | 345M | 668M | 823M | 1.98B | 2.42B | -504M | -433M | -595M | -782M | 0 | 1.42B |
| EBITDA Margin % | 78.83% | 81.76% | 57.21% | -2.85% | 20.81% | 29.4% | 24.95% | 42.39% | 49.27% | -11.5% | -10.44% | -13.85% | -16.53% | - | 58.49% |
| EBITDA Growth % | -14.44% | 16.61% | 6703.03% | -109.57% | -48.35% | -18.83% | -58.46% | -18.07% | 579.76% | -16.4% | 27.23% | 23.91% | - | -100% | - |
| D&A (Non-Cash Add-back) | 1M | 3M | -634M | -788M | -869M | -1.03B | -547M | -724M | -522M | -796M | -1.11B | -1.59B | -1.93B | -2.36B | 0 |
| EBIT | 1.19B | 0 | 3.45B | 1.51B | 4.14B | 3.41B | 2.41B | 3.96B | 3.99B | 1.56B | 2.27B | 3.05B | 3.6B | 5.27B | 0 |
| Net Interest Income | -1.92B | -2.59B | -3.27B | -3.56B | 1.12B | -1.32B | -2.05B | -3.49B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 3.22B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.48B | 2.59B | 3.27B | 3.56B | 2.1B | 1.32B | 2.05B | 3.49B | 3.67B | 2.97B | 2.44B | 2.07B | 2.06B | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -74M | -111M | 174M | 313M | 827M | 936M | 532M | 763M | 528M | 764M | 1.11B | 1.58B | 1.82B | 2.09B | 1.44B |
| Pretax Margin % | -2.47% | -3.57% | 4.57% | 27.08% | 49.88% | 41.2% | 16.13% | 16.33% | 10.76% | 17.43% | 26.72% | 36.79% | 38.44% | 61.13% | 59.23% |
| Income Tax | -13M | -31M | 43M | 85M | 182M | 219M | 120M | 166M | 133M | 472M | 427M | 597M | 681M | 776M | 498M |
| Effective Tax Rate % | 17.57% | 27.93% | 24.71% | 27.16% | 22.01% | 23.4% | 22.56% | 21.76% | 25.19% | 61.78% | 38.54% | 37.78% | 37.46% | 37.18% | 34.66% |
| Net Income | -60M | -80M | 131M | 228M | 645M | 717M | 412M | 597M | 395M | 292M | 681M | 983M | 1.13B | 1.29B | 921M |
| Net Margin % | -2% | -2.57% | 3.44% | 19.72% | 38.9% | 31.56% | 12.49% | 12.78% | 8.05% | 6.66% | 16.43% | 22.89% | 23.91% | 37.84% | 37.96% |
| Net Income Growth % | -207.14% | -161.07% | -42.54% | -64.65% | -10.04% | 74.03% | -30.99% | 51.14% | 35.27% | -57.12% | -30.72% | -13.09% | -12.46% | 40.28% | - |
| Net Income (Continuing) | -60M | -80M | 131M | 228M | 645M | 717M | 412M | 597M | 395M | 292M | 681M | 983M | 1.14B | 1.31B | 921M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 11M | 14M | 13M | 28M | 31M | 24M | 24M | 0 | 5M | 0 |
| EPS (Diluted) | -0.63 | -0.82 | 1.20 | 1.85 | 4.48 | 4.17 | 2.11 | 2.56 | 1.50 | 1.04 | 2.11 | 2.57 | 2.66 | 2.88 | 1.91 |
| EPS Growth % | 12.53% | -168.33% | -35.14% | -58.71% | 7.43% | 97.63% | -17.58% | 70.67% | 44.23% | -50.71% | -17.9% | -3.38% | -7.64% | 50.79% | - |
| EPS (Basic) | - | -0.82 | 1.20 | 1.85 | 4.49 | 4.18 | 2.12 | 2.56 | 1.50 | 1.04 | 2.12 | 2.58 | 2.66 | 2.89 | 1.90 |
| Diluted Shares Outstanding | 95M | 98M | 109M | 123M | 144M | 172M | 195M | 233M | 264M | 281M | 322M | 382M | 425.19M | 449M | 483M |
| Basic Shares Outstanding | 95M | 98M | 109M | 123.24M | 143.65M | 171.53M | 194.34M | 233M | 264M | 280.77M | 321.23M | 381.01M | 425M | 447.06M | 484.74M |
| Dividend Payout Ratio | - | - | 53.44% | 34.21% | 14.11% | 14.92% | 29.85% | 24.62% | 42.03% | 60.27% | 29.52% | 24.42% | 22.55% | 21.98% | 27.9% |
Terminal portfolio run-off
As evidenced by the quarterly financial data, Navient's revenue trajectory remains under significant pressure, with the most recent figures showing a decline from $802 million in 2025Q1 to $695 million in 2026Q1, underscoring the accelerating depletion of the legacy FFELP loan portfolio and limited replacement growth.
The consistent downward trend in top-line performance suggests that the company is struggling to offset the natural amortization of its core assets with new business. Investors should monitor whether the pivot toward fee-based processing can eventually stabilize the revenue base, though current data indicates this transition remains insufficient to arrest the decline.
Based on the provided income statements, Navient exhibits extreme margin volatility, with gross margins swinging from a negative 197.7% in 2024Q4 to 95.4% in 2026Q1, a pattern that suggests significant accounting distortions or non-recurring charges rather than stable operational efficiency in the underlying business model.
The wide variance in reported margins implies that the company's core profitability is frequently obscured by non-operating items or restructuring costs. This instability warrants further investigation into whether the high gross margins reported in recent quarters are sustainable or merely a temporary byproduct of the portfolio's liquidation phase.
According to the reported financial statements, Navient's net income has frequently dipped into negative territory, including a loss of $86 million in 2025Q3, which highlights a disconnect between high operating income and the company's inability to consistently translate that performance into positive bottom-line results for shareholders.
The persistent gap between operating income and net income suggests that heavy debt servicing or litigation-related expenses are consistently eroding value. Analysts should be cautious of the quality of earnings, as the reliance on non-operating adjustments makes it difficult to gauge the true underlying profitability of the firm.
As reported in recent filings, the company's reliance on share buybacks and debt retirement while facing negative net margins in multiple periods raises questions about the long-term sustainability of its capital allocation strategy, particularly as the core FFELP asset base continues to shrink at an accelerating rate.
Short-sellers may focus on the potential for a liquidity crunch if the cash-generating capacity of the legacy portfolio fails to keep pace with the company's debt obligations. The current strategy appears to prioritize immediate shareholder returns over the long-term reinvestment required to successfully pivot the business model toward a fee-based structure.
Quick answers to the most common questions about buying JSM stock.
Navient Corporation SR NT 6% 121543 (JSM) reported a net loss of $80.0M for the fiscal year ending 2025.
Navient Corporation SR NT 6% 121543 (JSM) reported an operating income of $2.54B, resulting in an operating profit margin of 81.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Navient Corporation SR NT 6% 121543 (JSM) generated $2.96B in gross profit for the year, representing a gross profit margin of 95.2%. This demonstrates the company's core pricing power and production efficiency.