NAVIENT CORP Earnings Per Share Disclosure
10. Earnings (Loss) per Common Share
Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows.
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Years Ended December 31, |
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(In millions, except per share data) |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net income (loss) |
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$ |
(80 |
) |
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$ |
131 |
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$ |
228 |
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Denominator: |
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Weighted average shares used to compute basic EPS |
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99 |
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109 |
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122 |
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Effect of dilutive securities: |
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Dilutive effect of restricted stock, restricted |
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— |
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2 |
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1 |
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Dilutive potential common shares(2) |
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— |
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2 |
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1 |
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Weighted average shares used to compute |
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99 |
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111 |
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123 |
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Basic earnings (loss) per common share |
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$ |
(.81 |
) |
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$ |
1.20 |
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$ |
1.87 |
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Diluted earnings (loss) per common share |
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$ |
(.81 |
) |
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$ |
1.18 |
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$ |
1.85 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.