SLM Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), SLM Corp reported net income of $744.8M (+22.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Loans | $2.4B | $2.3B | $2.3B | $1.9B |
| Investments | $58.8M | $61.4M | $50.8M | $35.3M |
| Cash and cash equivalents | $176.0M | $243.2M | $213.8M | $81.7M |
| Total interest income | $2.6B | $2.6B | $2.6B | $2.0B |
| Deposits | $808.8M | $881.5M | $808.1M | $368.9M |
| Interest expense on short-term borrowings | $11.4M | $13.8M | $13.5M | $12.0M |
| Interest expense on long-term borrowings | $305.2M | $243.0M | $208.5M | $161.9M |
| Total interest expense | $1.1B | $1.1B | $1.0B | $542.8M |
| Net interest income | $1.5B | $1.5B | $1.6B | $1.5B |
| Less: provisions for credit losses | $332.7M | $408.5M | $345.5M | $633.5M |
| Net interest income after provisions for credit losses | $1.2B | $1.1B | $1.2B | $855.3M |
| Gains on sales of loans, net | $368.9M | $254.9M | $160.3M | $327.8M |
| Gains (losses) on securities, net | ($9.8M) | $467.0K | $2.7M | ($60.3M) |
| Other income | $123.5M | $112.9M | $84.1M | $67.2M |
| Total non-interest income | $482.6M | $368.3M | $247.1M | $334.6M |
| Compensation and benefits | $345.8M | $349.4M | $326.6M | $270.4M |
| FDIC assessment fees | $34.3M | $51.6M | $45.8M | $20.9M |
| Other operating expenses | $275.5M | $235.6M | $246.9M | $260.2M |
| Total operating expenses | $655.6M | $636.6M | $619.2M | $551.5M |
| Acquired intangible assets impairment and amortization expense | $3.6M | $5.3M | $66.4M | — |
| Total non-interest expenses | $659.1M | $641.9M | $685.6M | $559.2M |
| Income before income tax expense | $992.6M | $798.6M | $778.3M | $630.7M |
| Income tax expense | $247.7M | $190.3M | $196.9M | $161.7M |
| Net income | $744.8M | $608.3M | $581.4M | $469.0M |
| Preferred stock dividends | $15.7M | $18.3M | $17.7M | $9.0M |
| Net income attributable to SLM Corporation common stock | $729.1M | $590.0M | $563.7M | $460.0M |
| Basic earnings per common share (in usd per share) | $3.52 | $2.73 | $2.44 | $1.78 |
| Average common shares outstanding (in shares) | 207.2M | 216.2M | 231.4M | 258.4M |
| Diluted earnings per common share (in usd per share) | $3.46 | $2.68 | $2.41 | $1.76 |
| Average common and common equivalent shares outstanding (in shares) | 210.9M | 219.9M | 234.1M | 261.5M |
| Declared dividends per common share (in dollars per share) | $0.52 | $0.46 | $0.44 | $0.44 |
| Line item | Sep 30, 2026 · Q3 | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 |
|---|---|---|---|---|
| Loans | $559.2M | $539.9M | $602.3M | $593.7M |
| Investments | $31.9M | $17.1M | $15.0M | $15.0M |
| Cash and cash equivalents | $25.4M | $45.0M | $32.1M | $48.9M |
| Total interest income | $616.5M | $602.1M | $649.3M | $657.6M |
| Deposits | $199.1M | $191.1M | $200.6M | $203.6M |
| Interest expense on short-term borrowings | $570.0K | $2.7M | $5.1M | $717.0K |
| Interest expense on long-term borrowings | $77.5M | $75.4M | $68.2M | $80.3M |
| Total interest expense | $277.2M | $269.2M | $273.9M | $284.6M |
| Net interest income | $339.3M | $332.8M | $375.4M | $373.0M |
| Less: provisions for credit losses | $213.7M | $125.7M | ($11.5M) | $179.5M |
| Net interest income after provisions for credit losses | $125.6M | $207.2M | $386.9M | $193.5M |
| Gains on sales of loans, net | $3.6M | $14.9M | $146.3M | $136.0M |
| Gains (losses) on securities, net | ($14.0M) | $8.0M | ($2.4M) | $4.9M |
| Other income | $46.5M | $45.3M | $40.7M | $31.9M |
| Total non-interest income | $36.1M | $68.3M | $184.6M | $172.7M |
| Compensation and benefits | $98.4M | $100.3M | $103.4M | $83.7M |
| FDIC assessment fees | $5.5M | $5.1M | $4.4M | $6.5M |
| Other operating expenses | $116.2M | $88.9M | $62.5M | $89.4M |
| Total operating expenses | $220.1M | $194.3M | $170.4M | $179.6M |
| Acquired intangible assets amortization expense | $635.0K | $687.0K | $740.0K | $846.0K |
| Total non-interest expenses | $220.7M | $195.0M | $171.1M | $180.4M |
| Income (loss) before income tax (benefit) expense | ($58.9M) | $80.5M | $400.4M | $185.8M |
| Income tax (benefit) expense | ($26.6M) | $21.9M | $92.4M | $50.0M |
| Net income (loss) | ($32.3M) | $58.5M | $308.0M | $135.8M |
| Preferred stock dividends | $3.6M | $3.6M | $3.6M | $4.0M |
| Net income (loss) attributable to SLM Corporation common stock | ($35.9M) | $54.9M | $304.4M | $131.9M |
| Basic earnings (loss) per common share (in dollars per share) | -$0.19 | $0.29 | $1.56 | $0.64 |
| Average common shares outstanding (in shares) | 185.6M | 188.6M | 195.5M | 207.1M |
| Diluted earnings (loss) per common share (in dollars per share) | -$0.19 | $0.29 | $1.54 | $0.63 |
| Average common and common equivalent shares outstanding (in shares) | 185.6M | 190.4M | 197.9M | 210.6M |
| Declared dividends per common share (in dollars per share) | $0.13 | $0.13 | $0.13 | $0.13 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $4.2B | $4.7B | $4.1B | $4.6B |
| Trading investments at fair value (cost of $37,606 and $41,715, respectively) | $49.3M | $53.3M | $54.5M | $55.9M |
| Available-for-sale investments | $1.8B | $1.9B | $2.4B | $2.3B |
| Other investments | $115.4M | $112.4M | $91.6M | $94.7M |
| Total investments | $1.9B | $2.1B | $2.6B | $2.5B |
| Loans held for investment (net of allowance for losses of $1,430,318 and $1,435,920, respectively) | $20.3B | $20.9B | $20.3B | $19.6B |
| Loans held for sale | $933.3M | — | $0 | $29.4M |
| Restricted cash | $177.3M | $173.9M | $149.7M | $156.7M |
| Other interest-earning assets | $120.0K | $4.9M | $9.2M | $11.2M |
| Accrued interest receivable | $1.6B | $1.5B | $1.4B | $1.2B |
| Premises and equipment, net | $122.2M | $119.4M | $129.5M | $140.7M |
| Goodwill and acquired intangible assets, net | $60.0M | $63.5M | $68.7M | $118.3M |
| Income taxes receivable, net | $347.3M | $425.6M | $366.2M | $380.1M |
| Other assets | $47.3M | $36.8M | $52.3M | $34.1M |
| Total assets | $29.7B | $30.1B | $29.2B | $28.8B |
| Deposits | $21.1B | $21.1B | $21.7B | $21.4B |
| Short-term borrowings | $498.4M | — | — | — |
| Long-term borrowings | $5.4B | $6.4B | $5.2B | $5.2B |
| Other liabilities | $373.9M | $403.3M | $408.0M | $400.9M |
| Total liabilities | $27.3B | $27.9B | $27.3B | $27.1B |
| Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share | $251070000.00 | $251070000.00 | $251070000.00 | $251070000.00 |
| Common stock, par value $0.20 per share, 1.125 billion shares authorized: 443.2 million and 440.6 million shares issued, respectively | $88650000.00 | $88121000.00 | $87647000.00 | $87025000.00 |
| Additional paid-in capital | $1.2B | $1.2B | $1.1B | $1.1B |
| Accumulated other comprehensive loss (net of tax benefit of $(13,446) and $(21,209), respectively) | ($40.1M) | ($65.9M) | ($75.1M) | ($93.9M) |
| Retained earnings | $4.7B | $4.1B | $3.6B | $3.2B |
| Total SLM Corporation stockholders’ equity before treasury stock | $6.3B | $5.6B | $5.0B | $4.5B |
| Less: Common stock held in treasury at cost: 244.0 million and 230.2 million shares, respectively | -3.8B | -3.4B | -3.2B | -2.8B |
| Total equity | $2.5B | $2.2B | $1.9B | $1.7B |
| Total liabilities and equity | $29.7B | $30.1B | $29.2B | $28.8B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $2.2B | $4.6B | $5.2B | $3.5B |
| Trading investments at fair value (cost of $37,326 and $37,606, respectively) | $41.3M | $55.9M | $45.8M | $52.0M |
| Available-for-sale investments at fair value (cost of $2,956,353 and $1,812,408, respectively) | $2.8B | $1.7B | $1.7B | $1.8B |
| Other investments | $104.1M | $107.1M | $112.4M | $117.2M |
| Total investments | $3.0B | $1.9B | $1.9B | $1.9B |
| Loans held for investment (net of allowance for losses of $1,449,614 and $1,430,318, respectively) | $20.6B | $19.5B | $19.9B | $21.6B |
| Loans held for sale | $1.4B | $172.5M | $236.0M | — |
| Restricted cash | $273.8M | $206.9M | $223.9M | $193.1M |
| Other interest-earning assets | $65.0K | $77.0K | $101.0K | $838.0K |
| Accrued interest receivable | $1.7B | $1.6B | $1.5B | $1.7B |
| Premises and equipment, net | $122.9M | $123.4M | $121.5M | $119.3M |
| Goodwill and acquired intangible assets, net | $57.9M | $58.5M | $59.2M | $60.8M |
| Income taxes receivable, net | $420.5M | $373.1M | $261.3M | $405.1M |
| Other assets | $59.2M | $43.3M | $28.7M | $36.8M |
| Total assets | $29.8B | $28.6B | $29.4B | $29.6B |
| Deposits | $20.8B | $19.9B | $20.5B | $20.0B |
| Short-term borrowings | $898.7M | $0 | $498.9M | — |
| Long-term borrowings | $5.5B | $5.8B | $5.7B | $6.8B |
| Other liabilities | $389.9M | $366.1M | $277.3M | $413.0M |
| Total liabilities | $27.6B | $26.1B | $27.0B | $27.3B |
| Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share | $251070000.00 | $251070000.00 | $251070000.00 | $251070000.00 |
| Common stock, par value $0.20 per share, 1.125 billion shares authorized: 445.7 million and 443.2 million shares issued, respectively | $89142000.00 | $89136000.00 | $89086000.00 | $88637000.00 |
| Additional paid-in capital | $1.3B | $1.3B | $1.2B | $1.2B |
| Accumulated other comprehensive loss (net of tax benefit of ($27,386) and ($13,446), respectively) | ($81.8M) | ($43.8M) | ($38.0M) | ($45.2M) |
| Retained earnings | $5.0B | $5.0B | $5.0B | $4.5B |
| Total SLM Corporation stockholders’ equity before treasury stock | $6.5B | $6.6B | $6.5B | $6.1B |
| Less: Common stock held in treasury at cost: 262.9 million and 244.0 million shares, respectively | -4.3B | -4.1B | -4.1B | -3.7B |
| Total equity | $2.3B | $2.5B | $2.4B | $2.3B |
| Total liabilities and equity | $29.8B | $28.6B | $29.4B | $29.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $744.8M | $608.3M | $581.4M | $469.0M |
| Provisions for credit losses | $332.7M | $408.5M | $345.5M | $633.5M |
| Deferred tax provision (benefit) | $50.3M | ($34.3M) | ($23.2M) | ($93.7M) |
| Amortization of brokered deposit placement fee | $8.0M | $10.5M | $11.7M | $12.9M |
| Amortization of fees for Secured Borrowing Facility | $2.7M | — | — | — |
| Amortization of deferred loan origination costs and loan premium/(discounts), net | $15.4M | $12.9M | $12.6M | $14.8M |
| Net amortization of discount on investments | ($604.0K) | ($1.8M) | ($2.7M) | $103.0K |
| Reduction of tax indemnification receivable | $0 | $0 | $2.8M | $5.2M |
| Depreciation of premises and equipment | $16.2M | $17.7M | $17.8M | $17.3M |
| Acquired intangible assets impairment and amortization expense | $3.6M | $5.3M | $66.4M | — |
| Stock-based compensation expense | $40.6M | $40.0M | $36.4M | $34.5M |
| Unrealized (gains) losses on derivative and hedging activities, net | ($5.0K) | $65.0K | ($341.0K) | $269.0K |
| Gains on sale of loans, net | ($368.9M) | ($254.9M) | ($160.3M) | ($327.8M) |
| (Gains) losses on securities, net | $9.8M | ($467.0K) | ($2.7M) | $60.3M |
| Acquisition transaction costs, net | $0 | $0 | $952.0K | $2.6M |
| Other adjustments to net income, net | $7.1M | $12.6M | $16.2M | $14.2M |
| Increase in accrued interest receivable | ($1.2B) | ($1.1B) | ($1.1B) | ($820.0M) |
| Decrease in trading investments | $1.6M | $0 | $0 | $5.1M |
| Increase in non-marketable securities | ($740.0K) | ($11.3M) | ($1.3M) | ($2.0M) |
| Decrease in other interest-earning assets | $4.8M | $4.3M | $1.9M | ($1.5M) |
| Increase in other assets | ($50.2M) | ($6.5M) | ($38.9M) | ($23.5M) |
| Increase (decrease) in income tax payable, net | $30.3M | ($20.4M) | $36.7M | ($15.1M) |
| Increase (decrease) in accrued interest payable | ($11.0M) | $3.4M | $33.5M | $25.0M |
| Decrease in other liabilities | ($54.6M) | ($15.2M) | ($27.8M) | ($6.5M) |
| Total adjustments | ($1.1B) | ($937.7M) | ($726.0M) | ($464.0M) |
| Total net cash used in operating activities | ($398.6M) | ($329.4M) | ($144.6M) | $5.0M |
| Loans acquired and originated | ($7.5B) | ($7.1B) | ($6.5B) | ($6.1B) |
| Net proceeds from sales of loans held for investment and loans held for sale | $5.2B | $4.2B | $3.2B | — |
| Proceeds from FFELP Loan claim payments | $0 | $27.6M | $50.1M | — |
| Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales) | $2.9B | $2.7B | $3.0B | — |
| Purchases of available-for-sale securities | ($81.3M) | ($91.9M) | ($106.0M) | ($753.1M) |
| Proceeds from sales and maturities of available-for-sale securities | $448.9M | $832.5M | $265.7M | $960.0M |
| Purchase of subsidiary, net of cash acquired | $0 | $0 | ($14.7M) | ($127.7M) |
| Total net cash provided by (used in) investing activities | $1.0B | $676.0M | ($12.5M) | $1.1B |
| Brokered deposit placement fee | ($8.3M) | ($8.0M) | ($7.8M) | ($11.2M) |
| Net (decrease) increase in certificates of deposit | ($662.4M) | — | — | — |
| Net increase (decrease) in other deposits | $652.9M | ($687.1M) | ($770.5M) | — |
| Issuance costs for Borrowings | ($2.0M) | $0 | ($15.0K) | ($415.0K) |
| Secured Borrowings - issued, net of discount and deferred fees | $536.6M | — | — | — |
| Secured Borrowings - repaid | ($1.1B) | — | — | — |
| Fees paid on Secured Borrowing Facility | ($3.0M) | ($2.4M) | ($2.9M) | — |
| Unsecured Borrowings - issued, net of discount and underwriting fees | $493.9M | — | $0 | $0 |
| Unsecured Borrowings - repaid | ($500.0M) | — | $0 | $0 |
| Borrowings under Secured Borrowing Facility | $700.0M | — | — | — |
| Repayments of borrowings under Secured Borrowing Facility | ($700.0M) | — | — | — |
| Line item | Sep 30, 2026 · YTD | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $334.2M | $366.5M | $308.0M | $511.7M |
| Provisions for credit losses | $327.9M | $114.2M | ($11.5M) | $351.5M |
| Income tax expense | $87.7M | $114.3M | $92.4M | $164.9M |
| Amortization of brokered deposit placement fee | $5.9M | $3.9M | $1.9M | $6.2M |
| Amortization of Secured Borrowing Facility upfront fee | $1.2M | $1.3M | $735.0K | $1.9M |
| Amortization of deferred loan origination costs and loan premium/(discounts), net | $11.2M | $7.8M | $4.3M | $11.2M |
| Net amortization of discount on investments | ($3.9M) | ($249.0K) | ($122.0K) | ($497.0K) |
| Depreciation of premises and equipment | $12.6M | $8.4M | $4.3M | $12.0M |
| Acquired intangible assets amortization expense | $2.1M | $1.4M | $740.0K | $2.8M |
| Stock-based compensation expense | $37.8M | $26.6M | $14.8M | $31.5M |
| Unrealized (gains) losses on derivatives and hedging activities, net | $0 | $0 | $0 | ($4.0K) |
| Gains on sales of loans, net | ($164.9M) | ($161.3M) | ($146.3M) | ($323.7M) |
| Losses on securities, net | $8.4M | ($5.6M) | $2.4M | $8.1M |
| Other adjustments to net income, net | $6.1M | $4.6M | ($239.0K) | $11.0M |
| Increase in accrued interest receivable | ($800.6M) | ($544.1M) | ($298.1M) | ($887.0M) |
| Decrease in trading investments | $0 | $0 | $0 | $1.6M |
| Increase in non-marketable securities | ($414.0K) | ($414.0K) | ($130.0K) | ($509.0K) |
| Decrease in other interest-earning assets | $55.0K | $43.0K | $19.0K | $4.0M |
| Increase in other assets | ($42.6M) | ($21.4M) | ($1.2M) | ($37.4M) |
| Decrease in income taxes payable, net | ($138.6M) | ($132.1M) | ($4.7M) | ($141.8M) |
| Decrease in accrued interest payable | ($12.2M) | ($320.0K) | ($19.0M) | ($31.4M) |
| Increase (decrease) in other liabilities | $10.9M | $5.6M | ($24.3M) | ($30.3M) |
| Total adjustments | ($651.4M) | ($577.3M) | ($383.9M) | ($845.8M) |
| Total net cash used in operating activities | ($317.2M) | ($210.8M) | ($76.0M) | ($334.1M) |
| Loans acquired and originated | ($7.0B) | ($3.5B) | ($2.8B) | ($6.4B) |
| Net proceeds from sales of loans held for investment and loans held for sale | $4.1B | $3.7B | $3.5B | $4.2B |
| Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales) | $2.5B | $1.6B | $866.8M | $2.1B |
| Purchases of available-for-sale securities | ($1.6B) | ($59.4M) | ($24.7M) | ($70.3M) |
| Proceeds from sales and maturities of available-for-sale securities | $691.3M | $294.1M | $43.2M | $407.9M |
| Total net cash (used in) provided by investing activities | ($1.4B) | $2.1B | $1.6B | $208.1M |
| Brokered deposit placement fee | ($14.5M) | ($5.2M) | ($5.2M) | ($3.6M) |
| Net increase (decrease) in certificates of deposit | $544.3M | ($613.8M) | $142.9M | ($1.2B) |
| Net (decrease) increase in other deposits | ($834.8M) | ($550.4M) | ($674.3M) | $188.9M |
| Issuance costs | $0 | $0 | $0 | ($2.0M) |
| Borrowings collateralized by loans in securitization trusts - issued | $615.2M | $615.2M | $615.4M | $536.6M |
| Borrowings collateralized by loans in securitization trusts - repaid | ($941.4M) | ($631.4M) | ($309.4M) | ($839.0M) |
| Unsecured debt issued | $493.4M | $493.5M | $0 | $493.9M |
| Unsecured debt repaid | ($498.9M) | ($498.9M) | $0 | ($500.0M) |
| Borrowings under Secured Borrowing Facility | $0 | — | — | $700.0M |
| Fees paid on Facility | ($2.9M) | ($1.0K) | ($1.0K) | ($3.0M) |
| Borrowings under Secured Warehouse Facility | $899.9M | — | — | — |
| Common stock dividends paid | ($74.1M) | ($50.1M) | ($25.6M) | ($81.5M) |
| Preferred stock dividends paid | ($10.8M) | ($7.1M) | ($3.6M) | ($11.9M) |
| Common stock repurchased | ($421.5M) | ($293.8M) | ($290.7M) | ($244.9M) |
| Total net cash used in financing activities | ($245.9M) | ($1.5B) | ($550.4M) | ($1.0B) |
SLM Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.