SLM Corp. (SLM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.44	$0.29	-34.1%	—	—	—
Q2 26	$1.2	$1.54	+28.3%	—	—	—
Q1 26	$0.81	$0.63	-22.2%	—	—	—
Q4 25	$0.5	$0.32	-36.0%	—	—	—
Q3 25	$1.18	$1.4	+18.6%	—	—	—
Q2 25	$0.55	$0.5	-9.1%	—	—	—
Q1 25	$0.12	-$0.23	-291.7%	—	—	—
Q4 24	$0.76	$1.11	+46.1%	—	—	—
Q3 24	$1.06	$1.27	+19.8%	—	—	—
Q2 24	$0.88	$0.72	-18.2%	—	—	—
Q1 24	$0.31	$0.11	-64.5%	—	—	—
Q4 23	$1.16	$1.1	-5.2%	—	—	—
Q3 23	$0.35	$0.47	+34.3%	—	—	—
Q2 23	$0.47	-$0.33	-170.2%	—	—	—
Q1 23	$0.48	$0.29	-39.6%	—	—	—
Q4 22	$1.3	$1.29	-0.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.52	—	—	$2B	—
FY24	—	$2.73	—	—	$1.8B	—
FY23	—	$2.44	—	—	$1.8B	—
FY22	—	$1.78	—	—	$1.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$960.2M	$1.1B	$1.4B	$1.7B	$1.8B	$2B	$1.8B	$1.8B	$1.8B	$2B
YoY change	+8.48%	+17.3%	+20.9%	+22.9%	+7.65%	+12.6%	-10.1%	-0.77%	+2.2%	+7.32%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	960.2M	1.1B	1.4B	1.7B	1.8B	2B	1.8B	1.8B	1.8B	2B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	203.2M	242.3M	285.1M	311.1M	304.5M	281.7M	291.3M	372.3M	401M	380.1M
Operating expenses	203.2M	242.3M	285.1M	311.1M	304.5M	281.7M	291.3M	372.3M	401M	380.1M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	414.4M	491.5M	559.3M	743.7M	1.2B	1.5B	630.7M	778.3M	798.6M	992.6M
Income tax	164.1M	202.5M	71.9M	165.5M	273.3M	379.8M	161.7M	196.9M	190.3M	247.7M
Net income	250.3M	288.9M	487.5M	578.3M	880.7M	1.2B	469M	581.4M	608.3M	744.8M
Net margin	26.1%	25.7%	35.8%	34.6%	48.9%	57.2%	25.7%	32.1%	32.9%	37.5%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	0.54	0.63	1.08	1.31	2.27	3.67	1.78	2.44	2.73	3.52
Diluted EPS	0.53	0.62	1.07	1.3	2.25	3.61	1.76	2.41	2.68	3.46

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	408.9M	443M	561.2M	514M	383.9M	390M	581M	403.6M	545.7M	454.1M	560M	401.1M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	95.9M	89.2M	109.8M	97M	100.5M	93.7M	103.2M	94.7M	90.2M	92M	107.9M	105.4M
Operating expenses	95.9M	89.2M	109.8M	97M	100.5M	93.7M	103.2M	94.7M	90.2M	92M	107.9M	105.4M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	40.6M	225.3M	387.5M	338.5M	-59.6M	132.2M	403.1M	87.6M	185.8M	316M	400.4M	80.5M
Income tax	11.2M	56.8M	97.6M	86.6M	-14.4M	20.6M	98.6M	16.4M	50M	82.8M	92.4M	21.9M
Net income	29.4M	168.4M	289.9M	252M	-45.2M	111.6M	304.5M	71.3M	135.8M	233.2M	308M	58.5M
Net margin	7.18%	38%	51.7%	49%	-11.8%	28.6%	52.4%	17.7%	24.9%	51.4%	55%	14.6%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.11	0.73	1.29	1.13	-0.23	0.51	1.43	0.32	0.64	1.14	1.56	0.29
Diluted EPS	0.11	0.72	1.27	1.11	-0.23	0.5	1.4	0.32	0.63	1.12	1.54	0.29

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.7B	4.9B	3.6B	3.8B	—	—	—	—	6B	5.6B	4.3B
Enterprise value	4.8B	6.4B	5.2B	2.4B	—	—	—	—	7.7B	7.2B	5.9B
Shares outstanding	427.9M	431.2M	435.1M	427.3M	383.7M	315M	258.4M	231.4M	216.2M	207.2M	207.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.8	16.9	7.42	6.58	—	—	—	—	9.8	7.53	6.48
P/S	4.91	4.33	2.66	2.28	—	—	—	—	3.23	2.82	2.59
P/B	2.01	1.97	1.22	1.15	—	—	—	—	2.76	2.29	1.97
EV/Sales	4.95	5.66	3.79	1.43	—	—	—	—	4.17	3.64	3.5
Earnings yield	5.31%	5.93%	13.5%	15.2%	—	—	—	—	10.2%	13.3%	15.4%
FCF yield	-4.22%	-3.51%	-2.84%	-0.41%	—	—	—	—	-5.52%	-7.11%	16.9%
PEG	—	—	—	—	—	—	—	—	—	—	-0.69

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	29.2%
Net margin	26.1%	25.7%	35.8%	34.6%	48.9%	57.2%	25.7%	32.1%	32.9%	37.5%	43.6%
ROE	10.7%	11.7%	16.4%	17.5%	34.4%	54%	27.2%	30.9%	28.2%	30.4%	30.3%
ROA	—	—	—	—	—	—	—	—	2.02%	2.5%	2.53%
Return on tangible assets	—	—	—	—	—	—	—	—	2.03%	2.51%	2.58%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	1.33
Debt / equity	0.92	1.32	1.44	1.4	2.02	2.76	3.03	2.78	2.98	2.39	2.36
Debt / assets	—	—	—	—	—	—	—	—	0.21	0.2	0.2
Effective tax rate	39.6%	41.2%	12.8%	22.2%	23.7%	24.7%	25.6%	25.3%	23.8%	25%	25.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.24	2.61	3.13	3.91	4.69	6.44	7.06	7.82	8.55	9.58	8.51
EPS (basic)	0.54	0.63	1.08	1.31	2.27	3.67	1.78	2.44	2.73	3.52	3.52
EPS (diluted)	0.53	0.62	1.07	1.3	2.25	3.61	1.76	2.41	2.68	3.46	3.59
Book value per share	5.49	5.74	6.83	7.75	6.68	6.82	6.68	8.13	9.99	11.8	11.8
FCF per share	-0.47	-0.4	-0.24	-0.04	-0.48	-0.16	0.02	-0.63	-1.52	-1.92	-1.7
Cash per share	4.97	4.12	6.29	14.2	16.8	21.8	26.9	20.9	21.7	20.5	24.7

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	8.47%	5.44%	3.21%	11.8%	6.37%	5.62%	26%	20.5%	19.3%	16.6%	14.5%
Dividend yield	0.45%	0.32%	0.43%	1.78%	—	—	—	—	1.97%	2.2%	2.27%

Yield

2.27%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.13

ex-dividend Sep 4, 2026

Payout ratio

14%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$0.13
Jun 4, 2026	$0.13
Mar 5, 2026	$0.13

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$408.9M	$443M	$561.2M	$514M	$383.9M	$390M	$581M	$403.6M	$545.7M	$454.1M	$560M	$401.1M
YoY change	-12%	+30%	+31.5%	-3.15%	-6.1%	-12%	+3.54%	-21.5%	+42.1%	+16.4%	-3.62%	-0.62%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.1B	1.8B	2.7B	6.1B	6.5B	6.9B	7B	4.8B	4.7B	4.2B
Receivables	766.1M	967.5M	1.2B	1.4B	1.4B	1.2B	1.2B	1.4B	1.5B	1.6B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	26.1M	28.3M	33.6M	28.8M	33.7M	28.2M	18.5M	7.2M	-5.2M	-6.9M
Goodwill & intangibles	—	—	—	—	—	0	118.3M	68.7M	63.5M	60M
Total assets	—	—	—	—	—	—	—	—	30.1B	29.7B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	0	—	0	289.2M	0	—	—	—	—	498.4M
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	2.2B	3.3B	4.3B	4.4B	5.2B	5.9B	5.2B	5.2B	6.4B	5.4B
Total liabilities	—	—	—	—	—	—	—	—	27.9B	27.3B
Shareholders' equity	2.3B	2.5B	3B	3.3B	2.6B	2.1B	1.7B	1.9B	2.2B	2.5B
Total debt	2.2B	3.3B	4.3B	4.6B	5.2B	5.9B	5.2B	5.2B	6.4B	5.9B
Net debt	249.2M	1.7B	1.7B	-920.6M	733.9M	1.6B	619M	1.1B	1.7B	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.6B	4.8B	4B	5.6B	4.5B	4.7B	3.7B	4.1B	3.5B	4.2B	5.7B	5.7B
Receivables	1.5B	1.4B	1.4B	1.4B	1.5B	1.5B	1.6B	1.7B	1.7B	1.6B	1.5B	1.6B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	7.2M	—	—	—	-5.2M	—	—	—	-6.9M	—	—
Goodwill & intangibles	127.7M	68.7M	67.5M	66.1M	64.9M	63.5M	62.5M	61.6M	60.8M	60M	59.2M	117.1M
Total assets	—	—	28.3B	28.8B	30B	30.1B	28.9B	29.6B	29.6B	29.7B	29.4B	28.6B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	498.4M	498.9M	0
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	5.5B	5.2B	5B	5.4B	6B	6.4B	6.1B	6.4B	6.8B	5.4B	5.7B	5.8B
Total liabilities	—	—	—	26.5B	27.9B	27.9B	26.5B	27.2B	27.3B	27.3B	27B	26.1B
Shareholders' equity	1.8B	1.9B	2.1B	2.3B	2.1B	2.2B	2.4B	2.4B	2.3B	2.5B	2.4B	2.5B
Total debt	5.5B	5.2B	5B	5.4B	6B	6.4B	6.1B	6.4B	6.8B	5.9B	6.2B	5.8B
Net debt	2B	1.1B	1.4B	140.6M	1.5B	1.7B	2.5B	2.3B	3.3B	1.6B	1B	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	250.3M	288.9M	487.5M	578.3M	880.7M	1.2B	469M	581.4M	608.3M	744.8M
Depreciation & amortization	9.6M	11.2M	13.8M	14.7M	15.1M	16M	25.1M	84.2M	17.7M	16.2M
Stock-based compensation	22.9M	27.9M	31.5M	30.6M	36.5M	30.6M	34.5M	36.4M	40M	40.6M
Change in working capital	-545.3M	-673M	-862.6M	-983.9M	-1B	-854.6M	-833.6M	-1.1B	-1.1B	-1.3B
Operating cash flow	-347.7M	-354.8M	-278.7M	-335.8M	3.7M	452M	-361.1M	-373.4M	-478.6M	-398.6M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	47.8M	10.9M	116.7M	-262.6M	-1.4B	-372M	112.4M	195.2M	768.1M	367.5M
Dividends paid	-21.2M	-15.7M	-15.6M	-68M	-56.1M	-65.2M	-122M	-118.9M	-117.5M	-123.4M
Share repurchases	0	-165M	0	-167.2M	-626.2M	-1.5B	-713.2M	-350.3M	-248M	-368.7M
Financing cash flow	558.5M	1.2B	1.3B	385.5M	-152M	-882.1M	-1.6B	-499.2M	826.8M	-1.1B
Net change in cash	258.7M	863M	1.1B	-212.9M	-1.5B	-802.1M	-1.8B	-677.4M	1.1B	-1.1B
Free cash flow	-199M	-171.2M	-102.7M	-15.6M	-182.7M	-49.5M	5M	-144.6M	-329.4M	-398.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	29.4M	168.4M	289.9M	252M	-45.2M	111.6M	304.5M	71.3M	135.8M	233.2M	308M	58.5M
Depreciation & amortization	7.1M	63.4M	5.9M	6M	5.4M	329K	5M	4.9M	4.9M	1.4M	5.1M	4.8M
Stock-based compensation	8.5M	8.1M	13.8M	9.6M	8.4M	8.3M	13.3M	9.3M	8.9M	9M	14.8M	11.8M
Change in working capital	-234.3M	-295.4M	-353.4M	-251.6M	-281.2M	-249.5M	-412.2M	-275.3M	-293.4M	-309.6M	-342.7M	-218M
Operating cash flow	-170.2M	-208.3M	60.2M	108.3M	-320.5M	-326.6M	16M	-167.3M	-49.3M	-64.5M	-76M	-134.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	39.6M	25.7M	264.7M	106.1M	324.6M	72.7M	297.2M	5.8M	34.6M	29.9M	18.5M	216.3M
Dividends paid	-29.5M	-29.1M	-28.9M	-28.7M	-28.2M	-31.7M	-31.4M	-31.1M	-30.9M	-30M	-29.2M	-28.1M
Share repurchases	0	-90.9M	-25.5M	-61M	-114.4M	-47.1M	-29.7M	-71.7M	-143.5M	-123.8M	-290.7M	-3.1M
Financing cash flow	265.2M	-412.1M	-307.6M	334.4M	482.4M	319.9M	-357.7M	154.8M	247.5M	-1.1B	-19M	-358.8M
Net change in cash	134.7M	-594.6M	17.4M	548.8M	486.5M	66.1M	-44.5M	-6.7M	232.8M	-1.2B	-76.5M	-277.4M
Free cash flow	-59.4M	-27.1M	-76.7M	-143.8M	-113.4M	4.5M	-146.1M	-138.7M	-49.3M	-64.5M	-76M	-134.8M

Date	Ratio
May 1, 2014	2798:1000
Jun 23, 2003	3:1
Jan 5, 1998	7:2
Jul 3, 1989	5:2

SLM Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history