SLM (SLM) Q3 2026 earnings summary

Executive summary

• Record Q3 originations reached $3.38B, up 15% YoY; graduate originations rose 119% YoY.

• Net loss attributable to common stock was $36M, or $0.19 per diluted share, versus $132M net income and $0.63 diluted EPS a year earlier.

Financial highlights

• Net interest income was $339M versus $373M YoY; provision for credit losses was $214M versus $179M.

• Non-interest income was $36M versus $173M YoY, including net loan-sale gains of $4M versus $136M.

• Non-interest expense rose to $221M from $180M, driven mainly by personnel, marketing and technology spending, including peak-season growth investment.

• Nine-month net income was $334M and diluted EPS was $1.68, versus $512M and $2.35 in 2025; nine-month provision was $328M versus $351M.

Outlook and guidance

• FY26 diluted EPS guidance was cut to $1.95–$2.05 from $3.10–$3.20; deferral of a planned October whole-loan sale weighed on the outlook.

• FY26 private education loan origination growth guidance remains 12%–14%; FY26 net charge-off guidance rose to $400M–$420M from $365M–$385M.

• FY26 non-interest expense guidance remains $750M–$780M; restructuring charges are included in the outlook.

• October month-to-date disbursements were up 35% YoY, with stronger-than-normal volume expected into Q4.

• Meaningful loan sales remain part of 2027 plans; the base case is flat to single-digit balance-sheet growth if premiums clear the minimum threshold.