v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 42 $ 11
Adjustments to reconcile net income to net cash provided by operating activities:    
Goodwill and acquired intangible asset impairment and amortization expense 4 2
Stock-based compensation expense 6 12
Mark-to-market (gains) losses on derivative and hedging activities, net (28) 93
Provisions for loan losses 54 67
Decrease in accrued interest receivable 20 72
Increase (decrease) in accrued interest payable 2 (4)
Decrease (increase) in other assets 27 (3)
(Decrease) in other liabilities (31) (53)
Total adjustments 54 186
Net cash provided by operating activities 96 197
Cash flows from investing activities    
Education loans originated and acquired (1,719) (1,103)
Proceeds from payments on education loans 3,006 2,460
Other investing activities, net 43 24
Disposal of subsidiaries, net of cash and restricted cash disposed of 0 25
Net cash provided by investing activities 1,330 1,406
Cash flows from financing activities    
Borrowings collateralized by loans in trust - issued 1,949 1,081
Borrowings collateralized by loans in trust - repaid (3,179) (2,430)
Long-term unsecured notes issued 496 495
Long-term unsecured notes repaid (506) (554)
Other financing activities, net 32 30
Common stock repurchased (26) (59)
Common dividends paid (30) (32)
Net cash used in financing activities (1,391) (1,629)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 35 (26)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 2,104 2,103
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 2,139 2,077
Supplemental disclosure of cash flow information:    
Interest paid 1,103 1,314
Income taxes paid [1] 30 1
Income taxes refunded (6) 0
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:    
Cash and cash equivalents 770 712
Restricted cash and restricted cash equivalents 1,369 1,365
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 2,139 2,077
Asset-backed Securities, Securitized Loans and Receivables [Member]    
Cash flows from financing activities    
Asset-backed commercial paper conduits, net $ (127) $ (160)
[1] For the six months ended June 30, 2026 and 2025, the income taxes paid include $29 million and $0 million, respectively, for transferable tax credits purchased, net of discount. In the current period, the $29 million paid was for $31 million of transferable credits at a $2 million discount. The credit was used to reduce income tax liabilities from prior tax years in the current year provision.