Navient (NAVI) quarterly income statement covering the six quarters from June 2022 to September 2023, as reported to the SEC.
An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.
| Sep'23 | Jun'23 | Mar'23 | Dec'22 | Sep'22 | Jun'22 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Interest income: | |||||||||||||||||||||
Education loans | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Education loans | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash and investments | |||||||||||||||||||||
41,000 | 36,000 | 34,000 | 37,000 | 19,000 | 5,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Cash and investments | 41,000 | 36,000 | 34,000 | 37,000 | 19,000 | 5,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total interest income | |||||||||||||||||||||
1,170,000 | 1,097,000 | 1,071,000 | 1,024,000 | 881,000 | 692,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total interest income | 1,170,000 | 1,097,000 | 1,071,000 | 1,024,000 | 881,000 | 692,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total interest expense | |||||||||||||||||||||
879,000 | 919,000 | 837,000 | 801,000 | 641,000 | 371,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total interest expense | 879,000 | 919,000 | 837,000 | 801,000 | 641,000 | 371,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net interest income | |||||||||||||||||||||
291,000 | 178,000 | 234,000 | 223,000 | 240,000 | 321,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net interest income | 291,000 | 178,000 | 234,000 | 223,000 | 240,000 | 321,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Less: provisions for loan losses | |||||||||||||||||||||
72,000 | 11,000 | -14,000 | 17,000 | 28,000 | 18,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Less: provisions for loan losses | 72,000 | 11,000 | -14,000 | 17,000 | 28,000 | 18,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net interest income after provisions for loan losses | |||||||||||||||||||||
219,000 | 167,000 | 248,000 | 206,000 | 212,000 | 303,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net interest income after provisions for loan losses | 219,000 | 167,000 | 248,000 | 206,000 | 212,000 | 303,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other income (loss): | |||||||||||||||||||||
Servicing revenue | |||||||||||||||||||||
15,000 | 16,000 | 17,000 | 18,000 | 24,000 | 17,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Servicing revenue | 15,000 | 16,000 | 17,000 | 18,000 | 24,000 | 17,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Asset recovery and business processing revenue | |||||||||||||||||||||
85,000 | 83,000 | 72,000 | 71,000 | 80,000 | 88,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Asset recovery and business processing revenue | 85,000 | 83,000 | 72,000 | 71,000 | 80,000 | 88,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other revenue | |||||||||||||||||||||
5,000 | 4,000 | - | - | 6,000 | 7,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other revenue | 5,000 | 4,000 | - | - | 6,000 | 7,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other income | |||||||||||||||||||||
- | - | 7,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other income | - | - | 7,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Gains on sales of loans | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Gains on sales of loans | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Contingency revenue | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Contingency revenue | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Gains (losses) on debt repurchases | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Gains (losses) on debt repurchases | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Gains (losses) on derivative and hedging activities, net | |||||||||||||||||||||
26,000 | 26,000 | -8,000 | 11,000 | 40,000 | 22,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Gains (losses) on derivative and hedging activities, net | 26,000 | 26,000 | -8,000 | 11,000 | 40,000 | 22,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total other income | |||||||||||||||||||||
131,000 | 129,000 | 88,000 | 109,000 | 150,000 | 134,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total other income | 131,000 | 129,000 | 88,000 | 109,000 | 150,000 | 134,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Salaries and benefits | |||||||||||||||||||||
99,000 | 98,000 | 105,000 | 108,000 | 106,000 | 110,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Salaries and benefits | 99,000 | 98,000 | 105,000 | 108,000 | 106,000 | 110,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other operating expenses | |||||||||||||||||||||
134,000 | 84,000 | 80,000 | 79,000 | 88,000 | 80,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other operating expenses | 134,000 | 84,000 | 80,000 | 79,000 | 88,000 | 80,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total operating expenses | |||||||||||||||||||||
233,000 | 182,000 | 185,000 | 187,000 | 194,000 | 190,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total operating expenses | 233,000 | 182,000 | 185,000 | 187,000 | 194,000 | 190,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Goodwill and acquired intangible asset impairment and amortization expense | |||||||||||||||||||||
3,000 | 3,000 | 3,000 | 2,000 | 10,000 | 3,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Goodwill and acquired intangible asset impairment and amortization expense | 3,000 | 3,000 | 3,000 | 2,000 | 10,000 | 3,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Restructuring/other reorganization expenses | |||||||||||||||||||||
4,000 | 15,000 | 4,000 | 12,000 | 21,000 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Restructuring/other reorganization expenses | 4,000 | 15,000 | 4,000 | 12,000 | 21,000 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total expenses | |||||||||||||||||||||
240,000 | 200,000 | 192,000 | 201,000 | 225,000 | 193,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total expenses | 240,000 | 200,000 | 192,000 | 201,000 | 225,000 | 193,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Income before income tax expense | |||||||||||||||||||||
110,000 | 96,000 | 144,000 | 114,000 | 137,000 | 244,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Income before income tax expense | 110,000 | 96,000 | 144,000 | 114,000 | 137,000 | 244,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Income tax expense | |||||||||||||||||||||
31,000 | 30,000 | 33,000 | 9,000 | 32,000 | 64,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Income tax expense | 31,000 | 30,000 | 33,000 | 9,000 | 32,000 | 64,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net income from continuing operations | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net income from continuing operations | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Income from discontinued operations, net of tax expense | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Income from discontinued operations, net of tax expense | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net income | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net income | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Less: net income (loss) attributable to noncontrolling interest | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Less: net income (loss) attributable to noncontrolling interest | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net income | |||||||||||||||||||||
79,000 | 66,000 | 111,000 | 105,000 | 105,000 | 180,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net income | 79,000 | 66,000 | 111,000 | 105,000 | 105,000 | 180,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Preferred stock dividends | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Preferred stock dividends | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net income attributable to Navient Corporation common stock | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net income attributable to Navient Corporation common stock | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Basic earnings per common share attributable to Navient Corporation: | |||||||||||||||||||||
Continuing operations | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Continuing operations | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Discontinued operations | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Discontinued operations | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Basic earnings per common share | |||||||||||||||||||||
0.66 | 0.53 | 0.87 | 0.87 | 0.75 | 1.23 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Basic earnings per common share | 0.66 | 0.53 | 0.87 | 0.87 | 0.75 | 1.23 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Average common shares outstanding | |||||||||||||||||||||
120,000 | 124,000 | 129,000 | 132,000 | 139,000 | 146,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Average common shares outstanding | 120,000 | 124,000 | 129,000 | 132,000 | 139,000 | 146,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Diluted earnings per common share attributable to Navient Corporation: | |||||||||||||||||||||
Continuing operations | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Continuing operations | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Discontinued operations | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Discontinued operations | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Diluted earnings per common share | |||||||||||||||||||||
0.65 | 0.52 | 0.86 | 0.85 | 0.75 | 1.22 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Diluted earnings per common share | 0.65 | 0.52 | 0.86 | 0.85 | 0.75 | 1.22 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Average common and common equivalent shares outstanding | |||||||||||||||||||||
121,000 | 125,000 | 130,000 | 135,000 | 141,000 | 147,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Average common and common equivalent shares outstanding | 121,000 | 125,000 | 130,000 | 135,000 | 141,000 | 147,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Dividends per common share | |||||||||||||||||||||
0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Dividends per common share | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Private Education Loans [Member] | |||||||||||||||||||||
Total interest income | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total interest income | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total interest income | |||||||||||||||||||||
351,000 | 341,000 | 344,000 | 333,000 | 309,000 | 277,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total interest income | 351,000 | 341,000 | 344,000 | 333,000 | 309,000 | 277,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Less: provisions for loan losses | |||||||||||||||||||||
36,000 | -6,000 | -24,000 | 17,000 | 28,000 | 18,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Less: provisions for loan losses | 36,000 | -6,000 | -24,000 | 17,000 | 28,000 | 18,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other Loans [Member] | |||||||||||||||||||||
Total interest income | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total interest income | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
FFELP Loans [Member] | |||||||||||||||||||||
Total interest income | |||||||||||||||||||||
778,000 | 720,000 | 693,000 | 654,000 | 553,000 | 410,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total interest income | 778,000 | 720,000 | 693,000 | 654,000 | 553,000 | 410,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Less: provisions for loan losses | |||||||||||||||||||||
36,000 | 5,000 | 10,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Less: provisions for loan losses | 36,000 | 5,000 | 10,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||