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SLM
SLM (SLM) investor relations material
SLM Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
Achieved GAAP diluted EPS of $3.46 for 2025, up from $2.68 in 2024, and $1.12 in Q4 2025, with net income attributable to common stock of $729M for 2025 and $229M in Q4.
Private education loan originations grew 6% year-over-year to $7.4B for 2025 and 4% in Q4, with robust performance in the private student lending sector and positive college enrollment trends.
Launched inaugural private credit strategic partnership, enhancing capital efficiency and risk transfer, and announced a new $500M, 24-month share repurchase program for 2026.
Positioned for significant growth in 2026 and beyond, driven by federal student lending reforms and PLUS cap changes.
Financial highlights
Net interest margin for Q4 2025 was 5.21%, up 29 bps year-over-year; full-year NIM was 5.24%.
Non-interest expenses for 2025 were $659M, a 2.6% increase year-over-year, below guidance midpoint.
Efficiency ratio for 2025 was 33.2%, improved from 34.7% in 2024.
Net charge-offs for 2025 were $346M (2.15% of average loans in repayment), down four basis points from 2024.
Net income attributable to common stock was $729M for 2025, up from $590M in 2024.
Outlook and guidance
2026 private education loan origination growth expected at 12%-14%.
Full-year 2026 non-interest expenses projected at $750M-$780M, with 40% as one-time investments.
Net charge-offs for 2026 forecasted between $345M and $385M, consistent with stable credit outlook.
2026 diluted EPS guidance is $2.70-$2.80, with EPS growth expected to accelerate in 2027.
Share repurchase execution strategy?
Credit loss provision outlook given Q4 trends?
Impact of private credit partnership on 2026 growth?
ROI of PLUS opportunity investments
Explain new loan held strategy impact on metrics
Confidence in 2026 credit outlook given job market?
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Next SLM earnings date
Q1 202623 Apr, 2026
SLM
Next SLM earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
SLM Corporation, commonly known as Sallie Mae, is a consumer banking company primarily engaged in private education loans. It provides student loans, savings products, and online banking services targeted at students and their families. The company also offers financial literacy resources and repayment tools. SLM Corporation is headquartered in Newark, Delaware, and its shares are listed on the NASDAQ.
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