Revenue: As of FY2025 Q4, the actual value is USD 454.1 M.

EPS: As of FY2025 Q4, the actual value is USD 1.12.

EBIT: As of FY2025 Q4, the actual value is USD -61.06 M.

Full-Year 2025 Financial Results

Net Income and Profitability

• Net Income: SLM Corporation reported $745 million for 2025, compared to $608 million for 2024 . GAAP net income attributable to common stock was $729 million for Full-Year 2025, up from $590 million in 2024 .
• Net Interest Income: $1,502 million for 2025, compared to $1,481 million for 2024 .
• Total Non-Interest Income: $483 million for 2025, compared to $368 million for 2024 .
• Income before Income Tax Expense: $992,563 thousand for 2025, compared to $798,636 thousand for 2024 .
• Net Interest Margin: 5.24% for 2025, compared to 5.19% for 2024 .
• Efficiency Ratio: 33.2% for 2025, an improvement from 34.7% for 2024 .
• Return on Assets (ROA): 2.5% for 2025, compared to 2.1% for 2024 .
• Return on Common Equity (ROCE): 34.4% for 2025, compared to 31.3% for 2024 .

Operating Costs

• Total Non-Interest Expenses: $659 million for 2025, compared to $642 million for 2024 .

Credit Performance

• Provisions for Credit Losses: $333 million for 2025, compared to $409 million for 2024 . This decrease was largely due to the release of provisions associated with a $1 billion loan sale and the transfer of loans to held for sale .
• Total Net Charge-Offs as a Percentage of Average Loans in Repayment: 2.15% . Private Education Loan net charge-offs totaled $346 million, representing 2.15% of average Private Education Loans in repayment at December 31, 2025, an improvement from 2.19% at December 31, 2024 .

Loan Originations and Sales

• Private Education Loan Originations Growth: 6% from 2024 . Total Private Education Loan Originations were $7,416,323 thousand for 2025, compared to $7,013,323 thousand for 2024 . This reflected a 6% growth compared to $7.0 billion in 2024 . Originations for graduate students increased by 15% in Full-Year 2025 compared to Full-Year 2024 .
• Private Education Loan Sales: $4,952 million for 2025, compared to $3,692 million for 2024 . Private Education Loans totaling $5.0 billion were sold in 2025 at attractive premiums, including $4.5 billion of principal and $422 million in capitalized interest .
• Percentage of Loans with a Cosigner: 92.8% for 2025, compared to 90.0% for 2024 .
• Average FICO at Approval: 755 for 2025, compared to 752 for 2024 .
• Total Private Education Loan Modifications: $529,634 thousand for 2025, compared to $1,035,055 thousand for 2024 .

Share Repurchases

• Shares Repurchased in 2025: 12.8 million shares for $373 million at an average price of $29.02 per share .

Fourth Quarter 2025 Financial Results

Net Income and Profitability

• Net Income: $233 million for Q4 2025, compared to $112 million for Q4 2024 . GAAP net income attributable to common stock was $229 million for Q4 2025, up from $107 million in Q4 2024 .
• Net Interest Income: $377 million for Q4 2025, compared to $362 million for Q4 2024 .
• Total Non-Interest Income: $77 million for Q4 2025, compared to $28 million for Q4 2024 .
• Income before Income Tax Expense: $315,997 thousand for Q4 2025, compared to $132,166 thousand for Q4 2024 .
• Net Interest Margin: 5.21% for Q4 2025, an increase of 29 basis points from Q4 2024 .
• Efficiency Ratio: 34.6% for Q4 2025, a decrease from 38.5% for Q4 2024 .
• Return on Assets (ROA): 3.1% for Q4 2025, compared to 1.5% for Q4 2024 .
• Return on Common Equity (ROCE): 42.2% for Q4 2025, compared to 22.5% for Q4 2024 .
• Cost of Funds: 4.14% for Q4 2025, down 17 basis points from the prior year .

Operating Costs

• Non-Interest Expenses: $157 million for Q4 2025 . Total non-interest expenses for Q4 2025 were $157 million, up from $150 million in Q4 2024 .

Credit Performance

• Provisions for Credit Losses: -$19 million for Q4 2025, compared to $108 million for Q4 2024 .
• Total Net Charge-Offs as a Percentage of Average Loans in Repayment (annualized): 2.42% . For Q4 2025, net charge-offs were $98 million, or 2.42% of average loans in repayment (annualized), compared to 2.38% in Q4 2024 .
• Delinquencies as a Percentage of Loans in Repayment: 4.00% as of December 31, 2025, compared with 3.68% in Q4 2024 . The percentage of Private Education Loans in repayment delinquent 30+ days was 4.0% as of December 31, 2025, an increase from 3.7% as of December 31, 2024 .
• Loans in Hardship Forbearance: 0.99%, an increase from 0.92% in Q4 2024 .

Loan Originations and Sales

• Private Education Loan Originations Growth: 4% compared to Q4 2024 . In Q4 2025, originations reached $1.0 billion, a 4% increase from $982 million in Q4 2024 .
• Private Education Loan Sales: $1,014 million for Q4 2025, compared to $0 million for Q4 2024 .

Share Repurchases and Dividends

• Common Stock Dividend Per Share Paid in Q4 2025: $0.13 .
• Shares Repurchased in Q4 2025: 3.8 million shares for $106 million .

Balance Sheet & Capital Allocation (as of December 31, 2025 vs 2024)

• Average Loans Outstanding, Net: $22.9 billion, an increase of 4% compared to Q4 2024 .
• Loans Held for Investment, Net: $20,332,124 thousand for 2025, compared to $20,902,158 thousand for 2024 .
• Loans Held for Sale, Net: $933,256 thousand for 2025, compared to $0 thousand for 2024 .
• Deposits: $21,060,151 thousand for 2025, compared to $21,068,568 thousand for 2024 . Deposit portfolio balances at the end of Q4 2025 were 5.2% higher than at the end of Q3 2025, with a Q4 2025 mix of brokered versus retail and other deposits being approximately 42% and 58%, respectively .
• Total Equity: $2,451,358 thousand for 2025, compared to $2,159,920 thousand for 2024 .
• Total Risk-Based Capital Ratio: 12.4% for 2025, compared to 12.6% for 2024 .
• CET1 Capital Ratio: 11.1% for 2025, compared to 11.3% for 2024 .
• Tier 1 Capital (to Risk-Weighted Assets): 11.1% for 2025, compared to 11.3% for 2024 .
• Total Capital (to Risk-Weighted Assets): 12.4% for 2025, compared to 12.6% for 2024 .
• Tier 1 Capital (to Average Assets): 9.9% for 2025, compared to 9.7% for 2024 .

Share Repurchase Programs

• A new 2026 Share Repurchase Program was authorized for up to $500 million of outstanding common stock, commencing on January 22, 2026, and expected to be completed over approximately 24 months, with an anticipated end date of February 4, 2028 .
• The previously authorized 2024 Share Repurchase Program, with a repurchase capacity of $650 million, remains active and expires on February 6, 2026, or when expended .
• Capacity Remaining Under 2024 Share Repurchase Program: $33 million as of December 31, 2025 .
• Repurchases under both programs may occur through various methods, including tender offers, open market purchases, and accelerated share repurchases, with timing and value determined at management’s discretion; the company retains the right to suspend or discontinue these programs at any time .

Allowance for Credit Losses Metrics (Q4 2025)

• Allowance for Loan Losses, Ending Balance: $1,430,318 thousand .
• Allowance for Unfunded Loan Commitments, Ending Balance: $77,132 thousand .
• Total Allowance for Credit Losses, Ending Balance: $1,507,450 thousand .
• Total Allowance Percentage of Private Education Loan Exposure: 6.00% .

Outlook / Guidance

Sallie Mae expects Private Education Loan Originations Year-over-Year Growth to be between 12% and 14% for the full year 2026 . The company anticipates Net Charge-Offs to range from $345 million to $385 million and Non-Interest Expenses are projected to be between $750 million and $780 million . Diluted earnings per common share are expected to be between $2.70 and $2.80 for the full year 2026 .