SLM Corp
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
SLM$16.78-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets as of December 31, 202 and
| CONSOLIDATED BALANCE SHEETS | ||
|---|---|---|
| As of December 31, (dollars in thousands, except share and per share amounts) | 2025 | 2024 |
| Assets | ||
| Cash and cash equivalents | $4,241,265 | $4,700,366 |
| Investments: | ||
| Trading investments at fair value (cost of $37,606 and $41,715, respectively) | 49,250 | 53,262 |
| Available-for-sale investments at fair value (cost of $1,812,408 and $2,042,473, respectively) | 1,758,070 | 1,933,226 |
| Other investments | 115,394 | 112,377 |
| Total investments | 1,922,714 | 2,098,865 |
| Loans held for investment (net of allowance for losses of $1,430,318 and $1,435,920, respectively) | 20,332,124 | 20,902,158 |
| Loans held for sale | 933,256 | — |
| Restricted cash | 177,263 | 173,894 |
| Other interest-earning assets | 120 | 4,880 |
| Accrued interest receivable | 1,562,811 | 1,546,590 |
| Premises and equipment, net | 122,193 | 119,354 |
| Goodwill and acquired intangible assets, net | 59,974 | 63,532 |
| Income taxes receivable, net | 347,260 | 425,625 |
| Other assets | 47,315 | 36,846 |
| Total assets | $29,746,295 | $30,072,110 |
| Liabilities | ||
| Deposits | $21,060,151 | $21,068,568 |
| Short-term borrowings | 498,415 | — |
| Long-term borrowings | 5,362,494 | 6,440,345 |
| Other liabilities | 373,877 | 403,277 |
| Total liabilities | 27,294,937 | 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 | 88,650 | 88,121 |
| Additional paid-in capital | 1,240,250 | 1,193,753 |
| Accumulated other comprehensive loss (net of tax benefit of $(13,446) and $(21,209), respectively) | (40,128) | (65,861) |
| Retained earnings | 4,734,313 | 4,114,446 |
| Total SLM Corporation stockholders’ equity before treasury stock | 6,274,155 | 5,581,529 |
| Less: Common stock held in treasury at cost: 244.0 million and 230.2 million shares, respectively | (3,822,797) | (3,421,609) |
| Total equity | 2,451,358 | 2,159,920 |
| Total liabilities and equity | $29,746,295 | $30,072,110 |
2025 Form 10-K — SLM CORPORATIONF-7
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