SLM (SLM) Investor presentation summary

Financial performance highlights

• Achieved $3.46 GAAP diluted EPS and $729M net income attributable to common stock for full-year 2025, with Q4 EPS at $1.12 and net income at $229M.

• Net interest margin was 5.24% for 2025, with total non-interest expenses at $659M, up from $642M in 2024.

• Private Education Loan originations reached $7.4B in 2025, a 6% increase over 2024, with Q4 originations at $1.0B.

• Repurchased 12.8M shares for $373M in 2025; announced a new $500M, 24-month share repurchase program.

• Paid a $0.13 per share dividend in Q4 2025, maintaining strong capital ratios (risk-based: 12.4%, CET1: 11.1%).

Credit and portfolio quality

• Q4 2025 provision for credit losses was ($19M), reflecting a release due to loan sales; net charge-offs for 2025 were $346M (2.15% of average loans in repayment).

• 4.0% of private education loans in repayment were delinquent 30+ days at year-end, up from 3.7% in 2024.

• 1.7% of loans were in extended grace period and 1.0% in hardship/forbearance at Q4 2025.

• High portfolio quality with a weighted average FICO at approval of 746 and 92% cosigner rate for new originations.

• $5.0B in private education loans sold at attractive premiums in 2025.

Market position and strategy

• Holds a 64% market share in private student lending for 2024, with over 2,100 university relationships and industry-leading technology.

• Focuses on rigorous underwriting, strong brand, and customer service; appears on 98% of documented lender lists.

• Offers a diversified product suite for undergraduate and graduate students, with flexible repayment options and no origination fees.

• Strategy centers on maximizing revenue through school penetration, risk-adjusted pricing, and digital capabilities, while managing costs and optimizing operating leverage.

• Regular loan sales and disciplined capital return support recurring earnings growth and shareholder value.