SLM Corp

Listed Company

SLMCIK 0001032033NasdaqLarge AcceleratedPersonal Credit InstitutionsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$744.85M

Total Assets

$29.75B

Equity

$2.45B

Shares Out

188.58M

Op. Cash Flow

$-398.58M

Business

SLM Corp is an education-focused financial services company that originates, services, and manages private student loans and related education solutions. It offers Private Education Loans (including Smart Option and graduate-specific loans), FDIC-insured deposit products through Sallie Mae Bank, digital tools, scholarship and college-planning resources, and servicing and collections capabilities. Key business components include its private education lending platform, Sallie Mae Bank as its regulated banking subsidiary, and digital/marketing assets acquired to support customer acquisition and education services. It serves U.S. students and families primarily via online channels, campus financial aid offices, direct marketing, and institutional relationships.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	2,392	2,314	2,328	1,915	1,757
Investments	59	61	51	35	14
Cash and cash equivalents	176	243	214	82	6
Total interest income	2,627	2,619	2,592	2,032	1,777
Deposits	809	881	808	369	225
Interest expense on short-term borrowings	11	14	14	12	19
Interest expense on long-term borrowings	305	243	209	162	138
Total interest expense	1,125	1,138	1,030	543	—
Net interest income	1,502	1,481	1,562	1,489	1,395
Less: provisions for credit losses	333	409	345	633	−33
Net interest income after provisions for credit losses	1,169	1,072	1,217	855	1,428
Gains on sales of loans, net	369	255	160	328	548
Gains (losses) on securities, net	−10	467,000	3	−60	39
Other income	123	113	84	67	45
Total non-interest income	483	368	247	335	632
Compensation and benefits	346	349	327	270	258
FDIC assessment fees	34	52	46	21	23
Other operating expenses	275	236	247	260	237
Total operating expenses	656	637	619	551	519
Acquired intangible assets impairment and amortization expense	4	5	66	8	0
Total non-interest expenses	659	642	686	559	520
Income before income tax expense	993	799	778	631	1,540
Income tax expense	248	190	197	162	380
Net income	745	608	581	—	—
Preferred stock dividends	16	18	18	9	5
Net income attributable to SLM Corporation common stock	729	590	564	460	1,156
Basic earnings per common share (in usd per share)	3.52	2.73	2.44	1.78	3.67
Average common shares outstanding (in shares)	207	216	231	258	315
Diluted earnings per common share (in usd per share)	3.46	2.68	2.41	1.76	3.61
Average common and common equivalent shares outstanding (in shares)	211	220	234	262	320
Declared dividends per common share (in dollars per share)	0.52	0.46	0.44	0.44	0.2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4,241	4,700	4,150	4,616	4,335
Trading investments at fair value (cost of $37,606 and $41,715, respectively)	49	53	54	56	37
Available-for-sale investments	1,758	1,933	2,412	2,342	2,518
Other investments	115	112	92	95	140
Total investments	1,923	2,099	2,558	2,493	2,695
Loans held for investment (net of allowance for losses of $1,430,318 and $1,435,920, respectively)	20,332	20,902	20,306	19,627	20,341
Loans held for sale	933	0	0	29	0
Restricted cash	177	174	150	157	211
Other interest-earning assets	120,000	5	9	11	10
Accrued interest receivable	1,563	1,547	1,380	1,202	1,206
Premises and equipment, net	122	119	130	141	151
Goodwill and acquired intangible assets, net	60	64	69	118	0
Income taxes receivable, net	347	426	366	380	240
Other assets	47	37	52	34	26
Total assets	29,746	30,072	29,169	28,811	29,222
Deposits	21,100	21,100	21,700	21,400	20,800
Short-term borrowings	498	0	—	—	—
Long-term borrowings	5,362	6,440	5,228	5,235	5,931
Other liabilities	374	403	408	401	313
Total liabilities	27,295	27,912	27,289	27,084	27,072
Commitments and contingencies	—	—	—	—	—
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251	251	251	251	251
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 443.2 million and 440.6 million shares issued, respectively	89	88	88	87	86
Additional paid-in capital	1,240	1,194	1,149	1,109	1,074
Accumulated other comprehensive loss (net of tax benefit of $(13,446) and $(21,209), respectively)	−40	−66	−75	−94	−18
Retained earnings	4,734	4,114	3,625	3,164	2,817
Total SLM Corporation stockholders equity before treasury stock	6,274	5,582	5,037	4,517	4,211
Less: Common stock held in treasury at cost: 244.0 million and 230.2 million shares, respectively	−3,823	−3,422	−3,156	−2,790	−2,061
Total equity	2,451	2,160	1,881	1,727	—
Total liabilities and equity	29,746	30,072	29,169	28,811	29,222

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred tax provision (benefit)	50	−34	−23	−94	55
Amortization of brokered deposit placement fee	8	11	12	13	16
Amortization of fees for Secured Borrowing Facility	3	2	3	—	—
Amortization of deferred loan origination costs and loan premium/(discounts), net	15	13	13	15	16
Net amortization of discount on investments	−604,000	−2	−3	103,000	7
Reduction of tax indemnification receivable	0	0	3	5	10
Depreciation of premises and equipment	16	18	18	17	16
Stock-based compensation expense	41	40	36	34	31
Unrealized (gains) losses on derivative and hedging activities, net	−5,000	65,000	−341,000	269,000	23
Acquisition transaction costs, net	0	0	952,000	3	0
Other adjustments to net income, net	7	13	16	14	16
Increase in accrued interest receivable	−1,180	−1,110	−1,054	−820	−744
Decrease in trading investments	2	0	0	−5	0
Increase in non-marketable securities	−740,000	−11	−1	−2	−10
Decrease in other interest-earning assets	5	4	2	−2	33
Increase in other assets	−50	−7	−39	−23	−123
Increase (decrease) in income tax payable, net	30	−20	37	−15	72
Increase (decrease) in accrued interest payable	−11	3	33	25	−14
Decrease in other liabilities	−55	−15	−28	−6	3
Total adjustments	−1,143	−938	−726	−464	−1,210
Total net cash used in operating activities	−399	−329	−145	5	−50
Loans acquired and originated	−7,461	−7,064	−6,452	—	—
Net proceeds from sales of loans held for investment and loans held for sale	5,239	4,247	3,199	3,460	4,643
Proceeds from FFELP Loan claim payments	0	28	50	—	—
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales)	2,902	2,725	3,046	3,587	3,846
Purchases of available-for-sale securities	−81	−92	−106	−753	−1,257
Proceeds from sales and maturities of available-for-sale securities	449	832	266	960	866
Purchase of subsidiary, net of cash acquired	0	0	−15	−128	0
Total net cash provided by (used in) investing activities	1,047	676	−12	1,077	2,605
Brokered deposit placement fee	−8	−8	−8	—	—
Net (decrease) increase in certificates of deposit	−662	88	953	—	—
Net increase (decrease) in other deposits	653	−687	−770	—	—
Secured Borrowings - issued, net of discount and deferred fees	537	2,207	1,135	—	—
Secured Borrowings - repaid	−1,120	−1,004	−1,154	—	—
Fees paid on Secured Borrowing Facility	−3	−2	−3	—	—
Unsecured Borrowings - issued, net of discount and underwriting fees	494	0	0	0	492
Unsecured Borrowings - repaid	−500	0	0	0	−203
Borrowings under Secured Borrowing Facility	700	0	0	—	—
Repayments of borrowings under Secured Borrowing Facility	−700	0	0	—	—
Preferred stock dividends paid	−16	−18	−18	−9	−5
Common stock dividends paid	−108	−99	−101	−113	−60
Common stock repurchased	−369	−248	−350	−713	−1,531
Net cash (used in) provided by financing activities	−1,104	228	−316	−855	−2,620
Net (decrease) increase in cash, cash equivalents and restricted cash	−456	575	−473	227	−64
Interest	1,112	1,109	963	483	360
Accrued interest capitalized during the period	692	633	633	590	—
Trading investments received in consideration for loans sold	1	5	5	16	—
Available-for-sale investments received in consideration for loans sold	131	210	162	223	—

Filings

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