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
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Item 15. Exhibits, Financial Statement Schedules
Part IV
(a) 1. Financial Statements
A. The following consolidated financial statements of SLM Corporation and the Report of the Independent Registered Public Accounting Firm thereon are included in Part II, Item 8 above:
| Report of Independent Registered Public Accounting Firm | F-2 |
|---|---|
| Report of Independent Registered Public Accounting Firm | F-5 |
| Consolidated Balance Sheets as of December 31, 2025 and 2024 | F-7 |
| Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023 | F-8 |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 | F-9 |
| Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024, and 2023 | F-10 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 | F-13 |
| Notes to Consolidated Financial Statements | F-15 |
- Financial Statement Schedules
All schedules are omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes thereto.
- Exhibits
The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K.
We will furnish at cost a copy of any exhibit filed with or incorporated by reference into this Annual Report on Form 10-K. Oral or written requests for copies of any exhibits should be directed to the Corporate Secretary.
92 SLM CORPORATION— 2025 Form 10-K
(b) Exhibits
| 2.1 | Separation and Distribution Agreement by and among SLM Corporation, New BLC Corporation and Navient Corporation, dated as of April 28, 2014 (incorporated by reference to Exhibit 2.2 of the Company’s Current Report on Form 8-K filed on May 2, 2014). |
| 3.1 | Restated Certificate of Incorporation of the Company, dated February 25, 2015 (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K filed on February 26, 2015). |
| 3.2 | Amended and Restated Bylaws of SLM Corporation, effective November 18, 2021 (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed on November 23, 2021). |
| 4.1 | Indenture, dated as of June 17, 2015, between SLM Corporation and Deutsche Bank National Trust Company, as Trustee (incorporated by reference to Exhibit 4.3 of the Company’s Registration Statement on Form S-3 filed on June 17, 2015). |
| 4.2 | Description of SLM Corporation’s Common Stock (incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form 10-K filed on February 28, 2020). |
| 4.3 | Description of SLM Corporation’s Floating-Rate Non-Cumulative Preferred Stock, Series B (incorporated by reference to Exhibit 4.4 to the Company’s Annual Report on Form 10-K filed on February 28, 2020). |
| 4.4 | Third Supplemental Indenture dated as of November 1, 2021 between SLM Corporation and Deutsche Bank National Trust Company, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on November 1, 2021). |
| 4.5 | Form of Senior Note due 2026 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on November 1, 2021). |
| 4.6 | Fourth Supplemental Indenture dated as of January 31, 2025 between SLM Corporation and Deutsche Bank National Trust Company, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on January 31, 2025). |
| 4.7 | Form of Senior Note due 2030 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on January 31, 2025). |
| 10.1† | Sallie Mae Supplemental 401(k) Savings Plan, as Amended and Restated as of June 25, 2015 (incorporated by reference to Exhibit 10.9 of the Company’s Annual Report on Form 10-K filed on February 26, 2016). |
| 10.2† | Amendment to Sallie Mae Supplemental 401(k) Savings Plan (Effective as of March 5, 2019) (incorporated by reference to Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q filed on April 17, 2019). |
| 10.3† | SLM Deferred Compensation Plan for Key Employees, as Established Effective May 1, 2014 and Amended June 25, 2015 (incorporated by reference to Exhibit 10.10 of the Company’s Annual Report on Form 10-K filed on February 26, 2016). |
| 10.4† | Amendment to SLM Corporation Deferred Compensation Plan for Key Employees (Effective as of March 5, 2019) (incorporated by reference to Exhibit 10.6 of the Company’s Quarterly Report on Form 10-Q filed on April 17, 2019). |
| 10.5† | SLM Corporation Deferred Compensation Plan for Directors, as Established Effective May 1, 2014 and Amended June 25, 2015 (incorporated by reference to Exhibit 10.11 of the Company’s Annual Report on Form 10-K filed on February 26, 2016). |
| 10.6† | SLM Corporation 2012 Omnibus Incentive Plan (incorporated by reference to Appendix A of the Company’s Definitive Proxy Statement for the 2017 Annual Meeting of Shareholders filed on April 27, 2017). |
| 10.7† | Sallie Mae Employee Stock Purchase Plan, Amended and Restated as of June 24, 2014, Including Amendments as of June 25, 2015 (incorporated by reference to Exhibit 10.39 of the Company’s Annual Report on Form 10-K filed on February 26, 2016). |
| 10.8† | Restatement of the Sallie Mae 401(k) Savings Plan (Effective as of January 1, 2018) (incorporated by reference to Exhibit 10.50 of the Company’s Annual Report on Form 10-K filed on February 28, 2020). |
| 10.9† | Amendment to Sallie Mae 401(k) Savings Plan (Effective as of January 1, 2019) (incorporated by reference to Exhibit 10.51 of the Company’s Annual Report on Form 10-K filed on February 28, 2020). |
| 10.10† | Amendment to Sallie Mae 401(k) Savings Plan (Effective as of March 5, 2019) (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q filed on April 17, 2019). |
| 10.11 | Tax Sharing Agreement between Navient Corporation and New BLC Corporation, dated as of April 29, 2014 (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed on May 2, 2014). |
| 10.12 | Amended and Restated Loan Servicing and Administration Agreement between Sallie Mae Bank and Navient Solutions, Inc., dated as of April 30, 2014 (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed on May 2, 2014). |
2025 Form 10-K — SLM CORPORATION 93
| 10.13† | Offer Letter between Jonathan W. Witter and the Company dated March 4, 2020 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q filed on April 22, 2020). |
|---|---|
| 10.14† | Offer Letter between Donna F. Vieira and the Company dated September 18, 2018 (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q filed on July 22, 2020). |
| 10.15† | Form of SLM Corporation 2012 Omnibus Incentive Plan, 2021 Stock Option Award Agreement (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q filed on April 21, 2021). |
| 10.16† | SLM Corporation 2021 Omnibus Incentive Plan (incorporated herein by reference to Exhibit 99.1 of the Company’s Registration Statement on Form S-8 filed on June 9, 2021). |
| 10.17† | Form of SLM Corporation 2021 Omnibus Incentive Plan, 2022 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 27, 2022). |
| 10.18† | Form of SLM Corporation 2021 Omnibus Incentive Plan, 2022 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 27, 2022). |
| 10.19† | Offer Letter between Kerri Palmer and the Company dated January 7, 2021 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on July 27, 2022). |
| 10.20† | Form of SLM Corporation 2021 Omnibus Incentive Plan, 2023 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 26, 2023). |
| 10.21† | Form of SLM Corporation 2021 Omnibus Incentive Plan, 2023 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 26, 2023). |
| 10.22† | Retention Agreement between Steven J. McGarry and the Company dated March 2, 2023 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q filed on April 26, 2023). |
| 10.23† | Agreement and Release between Daniel Kennedy and the Company effective March 30, 2023 (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q filed on April 26, 2023). |
| 10.24† | Offer Letter between Peter Graham and the Company dated August 25, 2023 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on October 25, 2023). |
| 10.25† | Form of SLM Corporation 2021 Omnibus Incentive Plan, 2024 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 24, 2024). |
| 10.26† | Form of SLM Corporation 2021 Omnibus Incentive Plan, 2024 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 24, 2024). |
| 10.27† | Form of SLM Corporation 2021 Omnibus Incentive Plan, Independent Director Restricted Stock Agreement – 2024 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q/A filed on July 26, 2024). |
| 10.28† | SLM Corporation Amended and Restated Change in Control Severance Plan for Senior Officers effective June 18, 2024 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q/A filed on July 26, 2024). |
| 10.29† | SLM Corporation Amended and Restated Executive Severance Plan for Senior Officers effective June 18, 2024 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q/A filed on July 26, 2024). |
| 10.30† | Form of SLM Corporation 2021 Omnibus Incentive Plan, 2025 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 24, 2025). |
| 10.31† | Form of SLM Corporation 2021 Omnibus Incentive Plan, 2025 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 24, 2025). |
| 10.32† | SLM Corporation 2025 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on June 20, 2025). |
| 10.33† | Form of SLM Corporation 2021 Omnibus Incentive Plan, Independent Director Restricted Stock Agreement – 2025 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on July 24, 2025). |
| 10.34† | Retention Agreement, by and between SLM Corporation and Donna F. Vieira, dated as of September 29, 2025 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on September 30, 2025). |
| 19.1* | Securities Trading Policy. |
| 21.1* | List of Subsidiaries. |
94 SLM CORPORATION— 2025 Form 10-K
| 23.1* | Consent of KPMG LLP. |
| 31.1* | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2* | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1* | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2* | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 97.1* | Financial Restatement Compensation Recovery Policy. |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | XBRL Taxonomy Extension Schema Document. |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
† Management Contract or Compensatory Plan or Arrangement
- Filed herewith
2025 Form 10-K — SLM CORPORATION 95
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 19, 2026
| SLM CORPORATION | |
|---|---|
| By: | /S/ JONATHAN W. WITTER |
| Jonathan W. WitterChief Executive Officer and Director | |
Pursuant to the requirement of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| /S/ JONATHAN W. WITTER | ||
|---|---|---|
| Jonathan W. Witter | Chief Executive Officer and Director (Principal Executive Officer) | February 19, 2026 |
| /S/ PETER M. GRAHAM | ||
| Peter M. Graham | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | February 19, 2026 |
| /S/ MARY CARTER WARREN FRANKE | ||
| Mary Carter Warren Franke | Chair of the Board of Directors | February 19, 2026 |
| /S/ JANAKI AKELLA | ||
| Janaki Akella | Director | February 19, 2026 |
| /S/ R. SCOTT BLACKLEY | ||
| R. Scott Blackley | Director | February 19, 2026 |
| /S/ DANIEL GREENSTEIN | ||
| Daniel Greenstein | Director | February 19, 2026 |
| /S/ HENRY F. GREIG | ||
| Henry F. Greig | Director | February 19, 2026 |
| /S/ MARK L. LAVELLE | ||
| Mark L. Lavelle | Director | February 19, 2026 |
| /S/ CHRISTOPHER T. LEECH | ||
| Christopher T. Leech | Director | February 19, 2026 |
| /S/ TED MANVITZ | ||
| Ted Manvitz | Director | February 19, 2026 |
96 SLM CORPORATION— 2025 Form 10-K
| /S/ JIM MATHESON | ||
|---|---|---|
| Jim Matheson | Director | February 19, 2026 |
| /S/ GARY MILLERCHIP | ||
| Gary Millerchip | Director | February 19, 2026 |
| /S/ VIVIAN C. SCHNECK-LAST | ||
| Vivian C. Schneck-Last | Director | February 19, 2026 |
| /S/ KIRSTEN O. WOLBERG | ||
| Kirsten O. Wolberg | Director | February 19, 2026 |
2025 Form 10-K — SLM CORPORATION 97
INDEX
| Page | |
| Report of Independent Registered Public Accounting Firm | F-2 |
|---|---|
| Report of Independent Registered Public Accounting Firm | F-5 |
| Consolidated Balance Sheets | F-7 |
| Consolidated Statements of Income | F-8 |
| Consolidated Statements of Comprehensive Income | F-9 |
| Consolidated Statements of Changes in Equity | F-10 |
| Consolidated Statements of Cash Flows | F-13 |
| Notes to Consolidated Financial Statements | F-15 |
2025 Form 10-K — SLM CORPORATIONF-1
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