Revenue: As of FY2026 Q2, the actual value is USD 670.34 M.

EPS: As of FY2026 Q2, the actual value is USD 0.29.

EBIT: As of FY2026 Q2, the actual value is USD 349.7 M.

Operational Metrics (Q2 2026 vs. Q2 2025)

Net Income

Net income was $59 million in Q2 2026, a decrease from $71 million in Q2 2025. Net income attributable to common stock was $55 million in Q2 2026, down from $67 million in Q2 2025.

Private Education Loan Originations Growth

Originations increased by 4.5% from the year-ago quarter.

Average Loans Outstanding, Net

Averaged $21.1 billion during the quarter.

Net Charge-Offs

Net charge-offs were $113 million in Q2 2026, an increase from the year-ago quarter, primarily due to misaligned third-party debt resolution practices affecting a segment of borrowers.

Non-Interest Expenses

Totaled $195 million in Q2 2026, compared to $167 million in Q2 2025, attributed to the launch of new and enhanced loan products.

Cost of Funds

Cost of funds was 4.13% in Q2 2026, a decrease from 4.22% in Q2 2025, which supported earnings.

Delinquencies

Delinquencies as a percentage of loans in repayment were 3.72% for Q2 2026, up from 3.51% for Q2 2025.

Net Interest Income

Net interest income was $333 million in Q2 2026, down from $377 million in Q2 2025.

Provisions for Credit Losses

Provisions for credit losses were $126 million in Q2 2026, compared to $149 million in Q2 2025.

Total Non-Interest Income

Total non-interest income was $68 million in Q2 2026, an increase from $27 million in Q2 2025.

Total Interest Income

Total interest income was $602 million in Q2 2026, compared to $657 million in Q2 2025.

Total Interest Expense

Total interest expense was $269 million in Q2 2026, compared to $280 million in Q2 2025.

Net Interest Margin

Net interest margin was 4.75% in Q2 2026, down from 5.31% in Q2 2025.

Yield - Total Interest-Earning Assets

Yield on total interest-earning assets was 8.59% in Q2 2026, compared to 9.25% in Q2 2025.

Private Education Loans Yield

Private education loans yield was 10.25% in Q2 2026, compared to 10.62% in Q2 2025.

Efficiency Ratio

The efficiency ratio was 48.6% in Q2 2026, compared to 41.4% in Q2 2025.

Return on Assets (ROA)

Return on assets was 0.8% in Q2 2026, down from 1.0% in Q2 2025.

Return on Common Equity (ROCE)

Return on common equity was 9.9% in Q2 2026, down from 12.6% in Q2 2025.

Unique Metrics and Capital Deployment

Private Education Loan Sales

Sallie Mae sold $420 million of Private Education Loans in Q2 2026, including $399 million of principal and $21 million of capitalized interest, through strategic partnerships, compared to no sales in Q2 2025.

Loans Held for Investment, Net (Ending Balance)

Loans held for investment, net, totaled $19,531 million at June 30, 2026, compared to $21,160 million at June 30, 2025.

Loans Held for Sale, Net (Ending Balance)

Loans held for sale, net, were $172 million at June 30, 2026, compared to $0 million at June 30, 2025.

Deposits (Ending Balance)

Total deposits were $19,895 million at June 30, 2026, down from $20,482 million at June 30, 2025. Brokered deposits were $8,246 million in Q2 2026 versus $8,592 million in Q2 2025, and retail and other deposits were $11,649 million in Q2 2026 versus $11,890 million in Q2 2025.

Share Repurchase Program

The $200 million accelerated share repurchase (ASR) concluded in June 2026, resulting in 9.3 million shares repurchased. As of June 30, 2026, $242 million of capacity remained under the Company’s 2026 Share Repurchase Program.

Dividends

A quarterly common stock dividend of $0.13 per share was paid on June 15, 2026.

2026 Guidance

For the full-year 2026, Sallie Mae anticipates diluted earnings per common share to be between $3.10 and $3.20. Private Education Loan originations growth is projected at 12% to 14% year-over-year. Net charge-offs are expected to range from $365 million to $385 million, and non-interest expenses are forecast to be between $750 million and $780 million.