SLM Corp

SLM 10-K · FY 2025
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SLM FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Interest And Fee Income Loans And Leases 2,392,417 2,314,417 +3.4%
Interest Income Debt Securities Available For Sale Operating 58,815 61,412 -4.2%
Cash And Investments Interest Income Loss 176,023 243,217 -27.6%
Interest And Dividend Income Operating 2,627,255 2,619,046 +0.3%
Show Consolidated Entities breakouts
Parent Company 13,176 11,660 +13.0%
Interest Expense Deposits 808,798 881,456 -8.2%
Interest Expense Short Term Borrowings 11,418 13,815 -17.4%
Interest Expense Long Term Debt 305,215 242,993 +25.6%
Interest Expense Operating 1,125,431 1,138,264 -1.1%
Show Consolidated Entities breakouts
Parent Company 51,809 39,855 +30.0%
Interest Income Expense Net 1,501,824 1,480,782 +1.4%
Show Consolidated Entities breakouts
Parent Company -38,633 -28,195 -37.0%
Financing Receivable And Off Balance Sheet Excluding Accrued Interest Credit Loss Expense Reversal 332,687 408,515 -18.6%
Interest Income Expense After Provision For Loan Loss 1,169,137 1,072,267 +9.0%
Gain Loss On Sales Of Loans Net 368,880 254,928 +44.7%
Show Debt Instrument breakouts
Private Education Loans 369 255 +44.7%
Gain Loss On Sales Of Mortgage Backed Securities M B S -9,795 467 -2197.4%
Noninterest Income Other Operating Income 123,484 112,873 +9.4%
Noninterest Income 482,569 368,268 +31.0%
Labor And Related Expense 345,814 349,387 -1.0%
Show Business Segments breakouts
Reportable Segment 345,814 349,387 -1.0%
Federal Deposit Insurance Corporation Premium Expense 34,291 51,606 -33.6%
Show Business Segments breakouts
Reportable Segment 34,291 51,606 -33.6%
Other Noninterest Expense 275,480 235,577 +16.9%
Operating Expenses Excluding Amortization Of Intangible Assets 655,585 636,570 +3.0%
Amortization Of Acquired Intangible Assets Including Impairment Of Intangible Assets 3,558 5,329 -33.2%
Show Business Segments breakouts
Reportable Segment 3,558 5,329 -33.2%
Noninterest Expense 659,143 641,899 +2.7%
Show Business Segments breakouts
Reportable Segment 659,143 641,899 +2.7%
Show Consolidated Entities breakouts
Parent Company 74,648 62,696 +19.1%
Income Before Taxes 992,563 798,636 +24.3%
Income Tax Expense (Benefit) 247,716 190,311 +30.2%
Show Consolidated Entities breakouts
Parent Company 3,453 -7,117 +148.5%
Net Income 744,847 608,325 +22.4%
Show Equity Components breakouts
Retained Earnings 744,847 608,325 +22.4%
Preferred Stock Dividends Income Statement Impact 15,725 18,296 -14.1%
Show Consolidated Entities breakouts
Parent Company 15,725 18,296 -14.1%
Net Income Loss Available To Common Stockholders Basic 729,122 590,029 +23.6%
Show Consolidated Entities breakouts
Parent Company 729,122 590,029 +23.6%
EPS (Basic) 3.52 2.73 +28.9%
Wtd Avg Shares (Basic) 207,155 216,220 -4.2%
EPS (Diluted) 3.46 2.68 +29.1%
Wtd Avg Shares (Diluted) 210,914 219,934 -4.1%
Common Stock Dividends Per Share Declared 0.52 0.46 +13.0%
Operating Expenses (FY) — — —
Show Business Segments breakouts
Reportable Segment 655,585 636,570 +3.0%
Net Income (FY) — — —
Show Consolidated Entities breakouts
Parent Company 744,847 608,325 +22.4%
Comprehensive Income 770,580 617,568 +24.8%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -21,439 -30,394 +29.5%
Interest Expense (FY) — — —
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Designated As Hedging Instrument 22,804 41,221 -44.7%
Other Expenses (FY) — — —
Show Business Segments breakouts
Reportable Segment 51,261 48,674 +5.3%
Professional Fees (FY) — — —
Show Business Segments breakouts
Reportable Segment 148,161 129,472 +14.4%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 4,241,265 4,700,366 -9.8%
Show Consolidated Entities breakouts
Parent Company 466,791 391,481 +19.2%
Non-Current Assets
Property, Plant & Equipment 122,193 119,354 +2.4%
Total Assets 29,746,295 30,072,110 -1.1%
Show Debt Instrument breakouts
Fixed-rate borrowings · Variable Interest Entity Primary Beneficiary 1,324 98 +1251.0%
Private Education Loan term securitizations: · Variable Interest Entity Primary Beneficiary 6,803,997 7,378,987 -7.8%
Show Consolidated Entities breakouts
Parent Company 3,526,223 3,210,413 +9.8%
Variable Interest Entity Primary Beneficiary 6,805,321 7,379,085 -7.8%
Goodwill 56 — —
Intangible Assets 3,871 7,429 -47.9%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 847 2,455 -65.5%
Developed Technology Rights 526 929 -43.4%
Sallie.com domain 107 144 -25.7%
Trademarks And Trade Names 2,391 3,901 -38.7%
Other Assets
Other Investments 115,394 112,377 +2.7%
Investments 1,922,714 2,098,865 -8.4%
Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss 20,332,124 20,902,158 -2.7%
Show Financing Receivable Portfolio breakouts
Consumer Portfolio Segment · Student Loan 20,332,124 20,902,158 -2.7%
Loans Receivable Held For Sale Net Not Part Of Disposal Group 933,256 — —
Restricted Cash And Investments 177,263 173,894 +1.9%
Show Debt Instrument breakouts
Private Education Loan term securitizations: · Variable Interest Entity Primary Beneficiary 177,260 173,892 +1.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 177,260 173,892 +1.9%
Other Interest Earning Assets 120 4,880 -97.5%
Interest Receivable 1,562,811 1,546,590 +1.0%
Show Accounts Notes Loans And Financing Receivables By Industry Of Counterparty Type breakouts
Private Education Loans 1,570,069 1,549,415 +1.3%
Intangible Assets Net Including Goodwill 59,974 63,532 -5.6%
Income Tax Receivable 347,260 425,625 -18.4%
Other Assets 47,315 36,846 +28.4%
Show Debt Instrument breakouts
Fixed-rate borrowings · Variable Interest Entity Primary Beneficiary 1,324 98 +1251.0%
Private Education Loan term securitizations: · Variable Interest Entity Primary Beneficiary 377,673 418,705 -9.8%
Show Consolidated Entities breakouts
Parent Company 3,101 2,165 +43.2%
Variable Interest Entity Primary Beneficiary 378,997 418,803 -9.5%
Non-Current Liabilities
Long-Term Debt 5,362,494 6,440,345 -16.7%
Show Debt Instrument breakouts
Fixed-rate borrowings 4,667,928 5,613,163 -16.8%
Floating-rate borrowings 694,566 827,182 -16.0%
Private Education Loan term securitizations: · Secured Debt 4,869,079 5,444,925 -10.6%
Private Education Loan term securitizations: · Secured Debt 4,174,513 4,617,743 -9.6%
Private Education Loan term securitizations: · Secured Debt 694,566 827,182 -16.0%
Private Education Loan term securitizations: · Variable Interest Entity Primary Beneficiary 4,869,079 5,444,925 -10.6%
Senior Unsecured Notes Due October 29, 2025 · Unsecured Debt 493 — —
Show Consolidated Entities breakouts
Parent Company 493,415 995,420 -50.4%
Variable Interest Entity Primary Beneficiary 4,869,079 5,444,925 -10.6%
Show Long-Term Debt Type breakouts
Secured Debt 4,869,079 5,444,925 -10.6%
Unsecured Debt 493,415 995,420 -50.4%
Total Liabilities 27,294,937 27,912,190 -2.2%
Show Consolidated Entities breakouts
Parent Company 1,074,865 1,050,493 +2.3%
Other Liabilities
Trading Securities Debt 49,250 53,262 -7.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Recurring 49,250 53,262 -7.5%
Fair Value Inputs Level3 · Valuation Technique Discounted Cash Flow 49,250 — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 49,250 53,262 -7.5%
Estimate Of Fair Value Fair Value Disclosure 49,250 53,262 -7.5%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 49,250 53,262 -7.5%
Available For Sale Securities Debt Securities 1,758,070 1,933,226 -9.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Fair Value Measurements Recurring 1,756,178 1,930,537 -9.0%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 1,892 2,689 -29.6%
Fair Value Inputs Level3 · Valuation Technique Discounted Cash Flow 1,892 — —
Show Debt Instrument breakouts
Private Education Loan term securitizations: · Variable Interest Entity Not Primary Beneficiary 622,184 571,795 +8.8%
Show Financial Instrument breakouts
2026 540,684 — —
2027 98,822 — —
2038 64 — —
2039 508 — —
2042 1,572 — —
2043 3,178 — —
2044 3,311 — —
2045 3,825 — —
2046 5,831 — —
2047 5,437 — —
2048 1,512 — —
2049 12,191 — —
2050 76,567 — —
2051 107,389 — —
2052 44,980 — —
2053 283,706 — —
2054 118,987 — —
2055 241,317 — —
2056 174,492 — —
2058 33,697 — —
Mortgage Backed Securities 494,224 443,328 +11.5%
Other Debt Securities 622,184 571,795 +8.8%
US Government Sponsored Enterprises Debt Securities 639,506 915,744 -30.2%
Utah Housing Corporation bonds 2,156 2,359 -8.6%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 1,758,070 1,933,226 -9.1%
Deposits 21,060,151 21,068,568 -0.0%
Other Short Term Borrowings 498,415 — —
Other Liabilities 373,877 403,277 -7.3%
Show Consolidated Entities breakouts
Parent Company 53,642 32,633 +64.4%
Stockholders' Equity
Preferred Stock Value Outstanding 251,070 251,070 0.0%
Common Stock 88,650 88,121 +0.6%
Show Consolidated Entities breakouts
Parent Company 88,650 88,121 +0.6%
Additional Paid-In Capital 1,240,250 1,193,753 +3.9%
Show Consolidated Entities breakouts
Parent Company 1,240,250 1,193,753 +3.9%
Accumulated Other Comprehensive Income -40,128 -65,861 +39.1%
Show Consolidated Entities breakouts
Parent Company -40,128 -65,861 +39.1%
Retained Earnings 4,734,313 4,114,446 +15.1%
Show Consolidated Entities breakouts
Parent Company 4,734,313 4,114,446 +15.1%
Stockholders Equity Attributableto Parent Excluding Treasury Stock 6,274,155 5,581,529 +12.4%
Show Consolidated Entities breakouts
Parent Company 6,274,155 5,581,529 +12.4%
Treasury Stock Common Value -3,822,797 -3,421,609 -11.7%
Show Consolidated Entities breakouts
Parent Company -3,822,797 -3,421,609 -11.7%
Total Stockholders' Equity 2,451,358 2,159,920 +13.5%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -40,128 -65,861 +39.1%
Additional Paid In Capital 1,240,250 1,193,753 +3.9%
Common Stock 88,650 88,121 +0.6%
Preferred Stock 251,070 251,070 0.0%
Retained Earnings 4,734,313 4,114,446 +15.1%
Treasury Stock Common -3,822,797 -3,421,609 -11.7%
Total Liabilities & Equity 29,746,295 30,072,110 -1.1%
Show Consolidated Entities breakouts
Parent Company 3,526,223 3,210,413 +9.8%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Deferred Income Taxes 50,316 -34,327 +246.6%
Amortizationof Brokered Deposit Placement 8,033 10,529 -23.7%
Amortization Of A B C P Unsecured Borrowings 2,696 2,359 +14.3%
Show Consolidated Entities breakouts
Parent Company 2,761 2,647 +4.3%
Amortization Of Deferred Loan Origination Fees Net 15,385 12,883 +19.4%
Accretion Amortization Of Discounts And Premiums Investments -604 -1,772 +65.9%
Depreciation 16,166 17,652 -8.4%
Stock-Based Compensation 40,559 39,996 +1.4%
Unrealized Gain Loss On Derivatives -5 65 -107.7%
Other Non-Cash Items 7,080 12,563 -43.6%
Increase Decrease In Accrued Interest Receivable Net -1,180,383 -1,110,434 -6.3%
Payments To Acquire Trading Securities Held For Sale 1,634 — —
Increase Decrease In Equity Securities Fv Ni -740 -11,336 +93.5%
Payments For Proceeds From Other Interest Earning Assets 4,760 4,349 +9.5%
Increase Decrease In Other Operating Assets -50,215 -6,531 -668.9%
Show Consolidated Entities breakouts
Parent Company -28,191 -14,265 -97.6%
Increase Decrease In Accrued Income Taxes Payable 30,278 -20,408 +248.4%
Increase Decrease In Interest Payable Net -10,964 3,423 -420.3%
Increase Decrease In Other Operating Liabilities -54,584 -15,180 -259.6%
Show Consolidated Entities breakouts
Parent Company 20,714 1,053 +1867.1%
Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities -1,143,428 -937,720 -21.9%
Show Consolidated Entities breakouts
Parent Company -169,328 -89,265 -89.7%
Net Cash from Operations -398,581 -329,395 -21.0%
Show Consolidated Entities breakouts
Parent Company 575,519 519,060 +10.9%
Investing Activities
Student Loans Acquired And Originated -7,461,498 -7,064,230 -5.6%
Net Proceeds From Loans Held For Investment And Loans Held For Sale 5,239,145 4,246,602 +23.4%
Net Decrease In Loans Held For Investment And Loans Held For Sale 2,901,589 2,725,473 +6.5%
Purchases of Investments -81,336 -91,881 +11.5%
Proceeds From Sale And Maturity Of Available For Sale Securities 448,860 832,450 -46.1%
Net Cash from Investing 1,046,760 675,993 +54.8%
Interest Costs Capitalized 691,917 632,504 +9.4%
Trading Investment Received In Consideration For Loans Sold 1,362 5,218 -73.9%
Available For Sale Investments Received In Consideration For Loans Sold 131,384 210,371 -37.5%
Financing Activities
Cash Paid For Brokered Deposit Placement Fee -8,282 -7,975 -3.8%
Net Increase Decrease In Brokered Certificates Of Deposit -662,401 88,444 -848.9%
Net Increase In N O W Account Deposits 652,886 -687,108 +195.0%
Debt Issuance Costs (FY) — — —
Show Consolidated Entities breakouts
Parent Company -1,942 — —
Show Long-Term Debt Type breakouts
Debt Securities -42 — —
Unsecured Debt -1,942 — —
Borrowings Issues Discount And Deferred Fees Net 536,610 2,206,704 -75.7%
Borrowings Repaid -1,119,518 -1,004,117 -11.5%
Net Increase Decrease In Upfront Fee Paid On Secured Borrowings -2,955 -2,357 -25.4%
Proceeds From Issuance Of Unsecured Debt 493,885 — —
Show Consolidated Entities breakouts
Parent Company 493,885 — —
Repayments Of Unsecured Debt -500,000 — —
Show Consolidated Entities breakouts
Parent Company -500,000 — —
Proceeds From Issuance Of Secured Debt 700,000 — —
Repayments Of Secured Debt -700,000 — —
Payments Of Dividends Preferred Stock And Preference Stock -15,725 -18,296 +14.1%
Payments Of Dividends Common Stock -107,691 -99,172 -8.6%
Show Consolidated Entities breakouts
Parent Company -107,691 -99,172 -8.6%
Share Repurchases -368,736 -247,968 -48.7%
Show Consolidated Entities breakouts
Parent Company -368,736 -247,968 -48.7%
Net Cash from Financing -1,103,911 228,155 -583.8%
Show Consolidated Entities breakouts
Parent Company -500,209 -365,436 -36.9%
Supplemental
Interest Paid 1,111,851 1,109,084 +0.2%
Income Taxes Paid 167,203 — —
Other Cash Flow
Net Change in Cash -455,732 574,753 -179.3%
Show Consolidated Entities breakouts
Parent Company 75,310 153,624 -51.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,418,528 4,874,260 -9.3%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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