SLM Corp
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
SLM$16.94-3.3%Stored close · as of Nov 6, 2026
Contents
Item 1. Financial Statements
| CONSOLIDATED BALANCE SHEETS (Unaudited) | ||
|---|---|---|
| September 30, | December 31, | |
| (Dollars in thousands, except share and per share amounts) | 2025 | 2024 |
| Assets | ||
| Cash and cash equivalents | $3,539,341 | $4,700,366 |
| Investments: | ||
| Trading investments at fair value (cost of $38,668 and $41,715, respectively) | 51,963 | 53,262 |
| Available-for-sale investments at fair value (cost of $1,841,143 and $2,042,473, respectively) | 1,775,784 | 1,933,226 |
| Other investments | 117,211 | 112,377 |
| Total investments | 1,944,958 | 2,098,865 |
| Loans held for investment (net of allowance for losses of $1,526,104 and $1,435,920, respectively) | 21,615,067 | 20,902,158 |
| Restricted cash | 193,143 | 173,894 |
| Other interest-earning assets | 838 | 4,880 |
| Accrued interest receivable | 1,690,102 | 1,546,590 |
| Premises and equipment, net | 119,286 | 119,354 |
| Goodwill and acquired intangible assets, net | 60,767 | 63,532 |
| Income taxes receivable, net | 405,082 | 425,625 |
| Other assets | 36,838 | 36,846 |
| Total assets | $29,605,422 | $30,072,110 |
| Liabilities | ||
| Deposits | $20,012,108 | $21,068,568 |
| Long-term borrowings | 6,838,995 | 6,440,345 |
| Other liabilities | 413,021 | 403,277 |
| Total liabilities | 27,264,124 | 27,912,190 |
| Commitments and contingencies | ||
| Equity | ||
| Preferred stock, par value $0.20 per share, 20 million shares authorized: | ||
| Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share | 251,070 | 251,070 |
| Common stock, par value $0.20 per share, 1.125 billion shares authorized: 443.2 million and 440.6 million shares issued, respectively | 88,637 | 88,121 |
| Additional paid-in capital | 1,231,189 | 1,193,753 |
| Accumulated other comprehensive loss (net of tax benefit of ($15,124) and ($21,209), respectively) | (45,167) | (65,861) |
| Retained earnings | 4,531,160 | 4,114,446 |
| Total SLM Corporation stockholders’ equity before treasury stock | 6,056,889 | 5,581,529 |
| Less: Common stock held in treasury at cost: 240.1 million and 230.2 million shares, respectively | (3,715,591) | (3,421,609) |
| Total equity | 2,341,298 | 2,159,920 |
| Total liabilities and equity | $29,605,422 | $30,072,110 |
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||
|---|---|---|---|---|
| (Dollars in thousands, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | ||
| 2025 | 2024 | 2025 | 2024 | |
| Interest income: | ||||
| Loans | $593,734 | $565,046 | $1,790,110 | $1,726,991 |
| Investments | 14,955 | 16,299 | 43,411 | 45,945 |
| Cash and cash equivalents | 48,898 | 71,294 | 136,915 | 184,737 |
| Total interest income | 657,587 | 652,639 | 1,970,436 | 1,957,673 |
| Interest expense: | ||||
| Deposits | 203,577 | 225,749 | 609,194 | 657,480 |
| Interest expense on short-term borrowings | 717 | 3,467 | 7,731 | 10,339 |
| Interest expense on long-term borrowings | 80,316 | 64,020 | 228,744 | 171,263 |
| Total interest expense | 284,610 | 293,236 | 845,669 | 839,082 |
| Net interest income | 372,977 | 359,403 | 1,124,767 | 1,118,591 |
| Less: provisions for credit losses | 179,462 | 271,465 | 351,466 | 300,336 |
| Net interest income after provisions for credit losses | 193,515 | 87,938 | 773,301 | 818,255 |
| Non-interest income: | ||||
| Gains (losses) on sales of loans, net | 135,958 | (31) | 323,680 | 254,937 |
| Gains (losses) on securities, net | 4,876 | (3,836) | (8,143) | 385 |
| Other income | 31,868 | 28,390 | 89,985 | 85,164 |
| Total non-interest income | 172,702 | 24,523 | 405,522 | 340,486 |
| Non-interest expenses: | ||||
| Operating expenses: | ||||
| Compensation and benefits | 83,667 | 87,566 | 259,397 | 269,303 |
| FDIC assessment fees | 6,511 | 12,973 | 28,696 | 38,012 |
| Other operating expenses | 89,380 | 70,259 | 211,399 | 181,122 |
| Total operating expenses | 179,558 | 170,798 | 499,492 | 488,437 |
| Acquired intangible assets amortization expense | 846 | 1,225 | 2,765 | 3,834 |
| Total non-interest expenses | 180,404 | 172,023 | 502,257 | 492,271 |
| Income (loss) before income tax expense (benefit) | 185,813 | (59,562) | 676,566 | 666,470 |
| Income tax expense (benefit) | 49,963 | (14,410) | 164,904 | 169,698 |
| Net income (loss) | 135,850 | (45,152) | 511,662 | 496,772 |
| Preferred stock dividends | 3,994 | 4,648 | 11,922 | 13,929 |
| Net income (loss) attributable to SLM Corporation common stock | $131,856 | $(49,800) | $499,740 | $482,843 |
| Basic earnings (loss) per common share | $0.64 | $(0.23) | $2.39 | $2.21 |
| Average common shares outstanding | 207,144 | 214,873 | 209,023 | 218,059 |
| Diluted earnings (loss) per common share | $0.63 | $(0.23) | $2.35 | $2.18 |
| Average common and common equivalent shares outstanding | 210,607 | 214,873 | 212,922 | 221,553 |
| Declared dividends per common share | $0.13 | $0.11 | $0.39 | $0.33 |
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | ||||
|---|---|---|---|---|
| (Dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||
| 2025 | 2024 | 2025 | 2024 | |
| Net income (loss) | $135,850 | $(45,152) | $511,662 | $496,772 |
| Other comprehensive income (loss): | ||||
| Unrealized gains (losses) on investments | 26,455 | 53,748 | 43,075 | 61,150 |
| Unrealized gains (losses) on cash flow hedges | (5,543) | (16,110) | (16,296) | (28,419) |
| Total unrealized gains (losses) | 20,912 | 37,638 | 26,779 | 32,731 |
| Income tax (expense) benefit | (5,246) | (9,168) | (6,085) | (7,966) |
| Other comprehensive income (loss), net of tax (expense) benefit | 15,666 | 28,470 | 20,694 | 24,765 |
| Total comprehensive income (loss) | $151,516 | $(16,682) | $532,356 | $521,537 |
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock Shares | |||||||||||
| (In thousands, except share and per share amounts) | Preferred Stock Shares | Issued | Treasury | Outstanding | Preferred Stock | Common Stock | Additional Paid-In Capital | AccumulatedOtherComprehensiveLoss | Retained Earnings | Treasury Stock | Total Equity |
| Balance at June 30, 2024 | 2,510,696 | 440,279,647 | (222,818,287) | 217,461,360 | $251,070 | $88,056 | $1,173,735 | $(78,809) | $4,107,980 | $(3,258,794) | $2,283,238 |
| Net loss | — | — | — | — | — | — | — | — | (45,152) | — | (45,152) |
| Other comprehensive income, net of tax | — | — | — | — | — | — | — | 28,470 | — | — | 28,470 |
| Total comprehensive loss | — | — | — | — | — | — | — | — | — | — | (16,682) |
| Cash dividends declared: | |||||||||||
| Common stock ($0.11 per share) | — | — | — | — | — | — | — | — | (23,529) | — | (23,529) |
| Preferred Stock, Series B ($1.85 per share) | — | — | — | — | — | — | — | — | (4,648) | — | (4,648) |
| Issuance of common shares | — | 249,049 | — | 249,049 | — | 50 | 3,078 | — | (11) | — | 3,117 |
| Stock-based compensation expense | — | — | — | — | — | — | 8,374 | — | — | — | 8,374 |
| Common stock repurchased | — | — | (5,345,026) | (5,345,026) | — | — | — | — | — | (115,338) | (115,338) |
| Shares repurchased related to employee stock-based compensation plans | — | — | (34,916) | (34,916) | — | — | — | — | — | (782) | (782) |
| Balance at September 30, 2024 | 2,510,696 | 440,528,696 | (228,198,229) | 212,330,467 | $251,070 | $88,106 | $1,185,187 | $(50,339) | $4,034,640 | $(3,374,914) | $2,133,750 |
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock Shares | |||||||||||
| (In thousands, except share and per share amounts) | Preferred Stock Shares | Issued | Treasury | Outstanding | Preferred Stock | Common Stock | Additional Paid-In Capital | AccumulatedOtherComprehensiveLoss | Retained Earnings | Treasury Stock | Total Equity |
| Balance at June 30, 2025 | 2,510,696 | 442,958,366 | (234,476,986) | 208,481,380 | $251,070 | $88,592 | $1,218,580 | $(60,833) | $4,426,222 | $(3,548,644) | $2,374,987 |
| Net income | — | — | — | — | — | — | — | — | 135,850 | — | 135,850 |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | — | 15,666 | — | — | 15,666 |
| Total comprehensive income | — | — | — | — | — | — | — | — | — | — | 151,516 |
| Cash dividends declared: | |||||||||||
| Common stock ($0.13 per share) | — | — | — | — | — | — | — | — | (26,901) | — | (26,901) |
| Preferred Stock, Series B ($1.59 per share) | — | — | — | — | — | — | — | — | (3,994) | — | (3,994) |
| Issuance of common shares | — | 222,665 | — | 222,665 | — | 45 | 3,673 | — | (17) | — | 3,701 |
| Stock-based compensation expense | — | — | — | — | — | — | 8,936 | — | — | — | 8,936 |
| Common stock repurchased | — | — | (5,631,834) | (5,631,834) | — | — | — | — | — | (165,866) | (165,866) |
| Shares repurchased related to employee stock-based compensation plans | — | — | (33,562) | (33,562) | — | — | — | — | — | (1,081) | (1,081) |
| Balance at September 30, 2025 | 2,510,696 | 443,181,031 | (240,142,382) | 203,038,649 | $251,070 | $88,637 | $1,231,189 | $(45,167) | $4,531,160 | $(3,715,591) | $2,341,298 |
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock Shares | |||||||||||
| (In thousands, except share and per share amounts) | Preferred Stock Shares | Issued | Treasury | Outstanding | Preferred Stock | Common Stock | Additional Paid-In Capital | AccumulatedOtherComprehensiveLoss | Retained Earnings | Treasury Stock | Total Equity |
| Balance at December 31, 2023 | 2,510,696 | 438,230,416 | (217,886,532) | 220,343,884 | $251,070 | $87,647 | $1,148,689 | $(75,104) | $3,624,859 | $(3,156,364) | $1,880,797 |
| Net income | — | — | — | — | — | — | — | — | 496,772 | — | 496,772 |
| Other comprehensive income, net of tax | — | — | — | — | — | — | — | 24,765 | — | — | 24,765 |
| Total comprehensive income | — | — | — | — | — | — | — | — | — | — | 521,537 |
| Cash dividends declared: | |||||||||||
| Common stock ($0.33 per share) | — | — | — | — | — | — | — | — | (71,834) | — | (71,834) |
| Preferred Stock, Series B ($5.55 per share) | — | — | — | — | — | — | — | — | (13,929) | — | (13,929) |
| Issuance of common shares | — | 2,298,280 | — | 2,298,280 | — | 459 | 4,757 | — | (1,228) | — | 3,988 |
| Stock-based compensation expense | — | — | — | — | — | — | 31,741 | — | — | — | 31,741 |
| Common stock repurchased | — | — | (9,585,395) | (9,585,395) | — | — | — | — | — | (203,996) | (203,996) |
| Shares repurchased related to employee stock-based compensation plans | — | — | (726,302) | (726,302) | — | — | — | — | — | (14,554) | (14,554) |
| Balance at September 30, 2024 | 2,510,696 | 440,528,696 | (228,198,229) | 212,330,467 | $251,070 | $88,106 | $1,185,187 | $(50,339) | $4,034,640 | $(3,374,914) | $2,133,750 |
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock Shares | |||||||||||||||||||
| (In thousands, except share and per share amounts) · Preferred Stock Shares · Issued · Treasury · Outstanding · Preferred Stock · Common Stock · Additional Paid-In Capital · AccumulatedOtherComprehensive Income(Loss) · Retained Earnings · Treasury Stock · Total Equity | |||||||||||||||||||
| Balance at December 31, 2024 | 2,510,696 | 440,604,795 | (230,222,501) | 210,382,294 | $251,070 | $88,121 | $1,193,753 | $(65,861) | $4,114,446 | $(3,421,609) | $2,159,920 | ||||||||
| Net income | — | — | — | — | — | — | — | — | 511,662 | — | 511,662 | ||||||||
| Other comprehensive income, net of tax | — | — | — | — | — | — | — | 20,694 | — | — | 20,694 | ||||||||
| Total comprehensive income | — | — | — | — | — | — | — | — | — | — | 532,356 | ||||||||
| Cash dividends declared: | |||||||||||||||||||
| Common stock ($0.39 per share) | — | — | — | — | — | — | — | — | (81,520) | — | (81,520) | ||||||||
| Preferred Stock, Series B ($4.75 per share) | — | — | — | — | — | — | — | — | (11,922) | — | (11,922) | ||||||||
| Issuance of common shares | — | 2,576,236 | 2,576,236 | — | 516 | 5,893 | — | (1,506) | — | 4,903 | |||||||||
| Stock-based compensation expense | — | — | — | — | — | — | 31,543 | — | — | — | 31,543 | ||||||||
| Common stock repurchased | — | — | (9,035,581) | (9,035,581) | — | — | — | — | — | (266,346) | (266,346) | ||||||||
| Shares repurchased related to employee stock-based compensation plans | — | — | (884,300) | (884,300) | — | — | — | — | — | (27,636) | (27,636) | ||||||||
| Balance at September 30, 2025 | 2,510,696 | 443,181,031 | (240,142,382) | 203,038,649 | $251,070 | $88,637 | $1,231,189 | $(45,167) | $4,531,160 | $(3,715,591) | $2,341,298 | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||
|---|---|---|
| Nine Months Ended September 30, | ||
| (Dollars in thousands) | 2025 | 2024 |
| Operating activities | ||
| Net income | $511,662 | $496,772 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Provisions for credit losses | 351,466 | 300,336 |
| Income tax expense | 164,904 | 169,698 |
| Amortization of brokered deposit placement fee | 6,230 | 8,101 |
| Amortization of Secured Borrowing Facility upfront fee | 1,913 | 1,762 |
| Amortization of deferred loan origination costs and loan premium/(discounts), net | 11,161 | 9,203 |
| Net amortization of discount on investments | (497) | (1,480) |
| Depreciation of premises and equipment | 11,953 | 13,489 |
| Acquired intangible assets amortization expense | 2,765 | 3,834 |
| Stock-based compensation expense | 31,543 | 31,741 |
| Unrealized (gains) losses on derivatives and hedging activities, net | (4) | 62 |
| Gains on sales of loans, net | (323,680) | (254,937) |
| Losses (gains) on securities, net | 8,143 | (385) |
| Other adjustments to net income, net | 11,000 | 8,856 |
| Changes in operating assets and liabilities: | ||
| Increase in accrued interest receivable | (887,045) | (829,087) |
| Decrease in trading investments | 1,634 | — |
| Increase in non-marketable securities | (509) | (10,553) |
| Decrease in other interest-earning assets | 4,042 | 3,409 |
| Increase in other assets | (37,362) | (41,899) |
| Decrease in income taxes payable, net | (141,806) | (234,743) |
| Decrease in accrued interest payable | (31,360) | (6,121) |
| Decrease in other liabilities | (30,270) | (1,992) |
| Total adjustments | (845,779) | (830,706) |
| Total net cash used in operating activities | (334,117) | (333,934) |
| Investing activities | ||
| Loans acquired and originated | (6,430,903) | (6,071,409) |
| Net proceeds from sales of loans held for investment and loans held for sale | 4,168,714 | 3,761,691 |
| Proceeds from FFELP Loan claim payments | — | 27,579 |
| Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales) | 2,132,718 | 2,021,627 |
| Purchases of available-for-sale securities | (70,262) | (76,963) |
| Proceeds from sales and maturities of available-for-sale securities | 407,881 | 744,798 |
| Total net cash provided by investing activities | 208,148 | 407,323 |
| Financing activities | ||
| Brokered deposit placement fee | (3,615) | (5,906) |
| Net (decrease) increase in certificates of deposit | (1,249,292) | 508,686 |
| Net increase (decrease) in other deposits | 188,886 | (727,932) |
| Issuance costs for collateralized borrowings | (42) | — |
| Borrowings collateralized by loans in securitization trusts - issued | 536,610 | 1,529,461 |
| Borrowings collateralized by loans in securitization trusts - repaid | (838,985) | (727,688) |
| Issuance costs for unsecured debt offering | (1,942) | — |
| Unsecured debt issued | 493,885 | — |
| Unsecured debt repaid | (500,000) | — |
| Borrowings under Secured Borrowing Facility | 700,000 | — |
| Fees paid on Secured Borrowing Facility | (2,951) | (2,333) |
| Common stock dividends paid | (81,520) | (71,834) |
| Preferred stock dividends paid | (11,922) | (13,929) |
| Common stock repurchased | (244,919) | (200,898) |
| Total net cash (used in) provided by financing activities | (1,015,807) | 287,627 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (1,141,776) | 361,016 |
|---|---|---|
| Cash, cash equivalents and restricted cash at beginning of period | 4,874,260 | 4,299,507 |
| Cash, cash equivalents and restricted cash at end of period | $3,732,484 | $4,660,523 |
| Cash disbursements made for: | ||
| Interest | $857,970 | $824,375 |
| Income taxes paid | $147,036 | $235,675 |
| Income taxes refunded | $(5,561) | $(1,251) |
| Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets: | ||
| Cash and cash equivalents | $3,539,341 | $4,489,539 |
| Restricted cash | 193,143 | 170,984 |
| Total cash, cash equivalents and restricted cash | $3,732,484 | $4,660,523 |
| Supplemental non-cash investment activities: | ||
| Accrued interest capitalized during the period | $391,576 | $360,142 |
| Trading investments received in consideration for loans sold | $1,362 | $5,218 |
| Available-for-sale investments received in consideration for loans sold | $131,384 | $210,371 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.