The headline is another month of improving losses, not a fresh inflection. Adjusted net charge-offs declined to 4.9% in July from 5.2% in June and 5.4% in May, while the 30+ delinquency rate stayed at 4.2% for a third straight month. Because the filing contains no single-month published consensus, the cleanest benchmark is the recent trend and the company’s own seasonal framework. (Monthly statistics)
| Metric | Jul. 31, 2026 | Jun. 30, 2026 | Jul. 31, 2025 |
|---|---|---|---|
| Period-end loan receivables | $102.6B | $102.2B | $100.3B |
| 30+ delinquency rate | 4.2% | 4.2% | 4.2% |
| Net charge-off rate | 4.7% | 5.3% | 5.1% |
| Adjusted net charge-off rate | 4.9% | 5.2% | 5.1% |
Credit performance is modestly better than the recent run rate. The 30-basis-point monthly decline in adjusted charge-offs is constructive, and the reported net charge-off rate of 4.7% was also below June’s 5.3%. However, July’s adjusted rate remains only 20 basis points below the year-ago level, so this is normalization rather than a decisive improvement. (Monthly statistics)
Delinquencies provide no incremental upside surprise. The 4.2% 30+ delinquency rate was unchanged from June and exactly matched July 2025, leaving the forward loss signal stable rather than improving. The filing also cautions that monthly charge-offs can move around because the number of charge-off cycle dates varies by month. 〔0〕
Loan balances continued to expand without visible credit deterioration. Period-end loan receivables rose to $102.6 billion from $102.2 billion in June and $100.3 billion a year earlier, while delinquencies remained flat year over year. That combination is supportive, but with no new guidance or quarterly earnings in this filing, the net read is confirmation of an already improving credit trajectory—not a clean beat.
Read the original 8-K on SEC EDGAR ↗