SLM

MKT CAP:$5B

SLM Corporation

Market Cap

$5B

Financial Services·Financial - Credit Services·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$23.10-$4.31 (-15.72%)

Apr 22, 2026

Company Details

SLM Corporation, through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States. It also offers retail deposit accounts, including certifi...

CEO

Jonathan W. Witter

IPO Date

Sep 23, 1983

Website

www.salliemae.com

Key Metrics TTM

Revenue

$2.2B

-25.4% YoY

Net Income

$745M

EPS (Diluted)

$3.60

Free Cash Flow

$646M

Revenue / Share

$11.36

Gross Margin

48.7%

Operating Margin

26.2%

Net Margin

33.1%

FCF Margin

28.7%

P/S

2.1x

P/E

6.3x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$0-100.0%EPS $1.54

FY 2025

Feb 19, 2026

$3.1B+4.1%EPS $3.46

Q4 2025

Feb 19, 2026

$734M+6.5%EPS $1.11

Q3 2025

Oct 23, 2025

$830M+22.6%EPS $0.63

Q2 2025

Jul 24, 2025

$684M-12.7%EPS $0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$721M	$591M	$456M
Q3 22	$615M	$257M	$105M
Q4 22	$543M	$44M	-$97M
Q1 23	$659M	$313M	$156M
Q2 23	$778M	$513M	$357M
Q3 23	$676M	$211M	$41M
Q4 23	$726M	$427M	$225M
Q1 24	$838M	$549M	$387M
Q2 24	$783M	$497M	$339M
Q3 24	$677M	$112M	-$60M
Q4 24	$689M	$282M	$132M
Q1 25	$862M	$558M	$403M
Q2 25	$684M	$255M	$88M
Q3 25	$830M	$366M	$186M
Q4 25	$734M	$473M	$316M
Q1 26	$0	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	1.9x	5.0x
Q3 22	1.5x	4.2x
Q4 22	1.7x	8.7x
Q1 23	1.2x	6.4x
Q2 23	1.4x	9.8x
Q3 23	1.1x	9.0x
Q4 23	1.4x	7.0x
Q1 24	1.5x	6.2x
Q2 24	1.5x	6.0x
Q3 24	1.6x	7.2x
Q4 24	1.9x	9.5x
Q1 25	2.0x	9.9x
Q2 25	2.3x	15.4x
Q3 25	1.9x	9.3x
Q4 25	1.8x	7.6x
Q1 26	1.9x	5.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$60M	-$60M
Q3 22	$3M	$3M
Q4 22	-$875.0K	-$875.0K
Q1 23	$9M	$9M
Q2 23	-$67M	-$67M
Q3 23	-$59M	-$1.8B
Q4 23	-$27M	-$27M
Q1 24	-$78M	-$78M
Q2 24	-$145M	-$145M
Q3 24	-$113M	-$113M
Q4 24	$5M	$5M
Q1 25	-$146M	-$146M
Q2 25	-$139M	-$139M
Q3 25	-$53M	-$53M
Q4 25	$913M	$913M
Q1 26	-$76M	-$76M

Capital Expenditures

Quarter	CapEx
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$1.7B
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0
Q1 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+48.1%	-9.8%
Q3 22	+33.3%	+38.2%
Q4 22	-11.6%	+213.4%
Q1 23	+35.4%	+56.9%
Q2 23	+7.9%	+59.1%
Q3 23	+10.0%	+24.6%
Q4 23	+33.7%	-21.8%
Q1 24	+27.1%	-10.6%
Q2 24	+0.7%	+5.5%
Q3 24	+0.1%	+15.9%
Q4 24	-5.0%	+11.3%
Q1 25	+2.9%	+2.0%
Q2 25	-12.7%	+34.0%
Q3 25	+22.6%	-12.5%
Q4 25	+6.5%	-25.0%
Q1 26	-100.0%	-100.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$8M	1.2%
Q3 22	$7M	1.1%
Q4 22	$7M	1.3%
Q1 23	$12M	1.7%
Q2 23	$8M	1.1%
Q3 23	$8M	1.3%
Q4 23	$8M	1.1%
Q1 24	$14M	1.6%
Q2 24	$10M	1.2%
Q3 24	$8M	1.2%
Q4 24	$8M	1.2%
Q1 25	$13M	1.5%
Q2 25	$9M	1.4%
Q3 25	$9M	1.1%
Q4 25	-$32M	-4.3%
Q1 26	$15M	—

OpEx Breakdown

Quarter	G&A
Q2 22	$67M
Q3 22	$70M
Q4 22	$77M
Q1 23	$99M
Q2 23	$88M
Q3 23	$96M
Q4 23	$89M
Q1 24	$110M
Q2 24	$97M
Q3 24	$101M
Q4 24	$94M
Q1 25	$103M
Q2 25	$95M
Q3 25	$90M
Q4 25	$92M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$3.6B	$168M	$3.8B
Q3 22	$4.8B	$125M	$5.0B
Q4 22	$4.6B	$2.3B	$7.0B
Q1 23	$3.7B	$113M	$3.8B
Q2 23	$3.9B	$64M	$3.9B
Q3 23	$3.5B	$25M	$3.6B
Q4 23	$4.1B	$2.4B	$6.6B
Q1 24	$3.6B	$442M	$4.0B
Q2 24	$5.3B	$346M	$5.6B
Q3 24	$4.5B	$105M	$4.6B
Q4 24	$4.7B	$2.0B	$6.7B
Q1 25	$3.7B	$54M	$3.7B
Q2 25	$4.1B	$50M	$4.1B
Q3 25	$3.5B	$52M	$3.6B
Q4 25	$4.2B	$49M	$4.3B
Q1 26	$5.2B	$0	$5.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	264M	-5.9%	-16.7%
Q3 22	254M	-3.9%	-15.4%
Q4 22	245M	-3.6%	-16.4%
Q1 23	244M	-0.4%	-13.2%
Q2 23	238M	-2.4%	-10.0%
Q3 23	226M	-4.8%	-10.9%
Q4 23	227M	+0.2%	-7.4%
Q1 24	224M	-1.2%	-8.1%
Q2 24	222M	-0.6%	-6.4%
Q3 24	215M	-3.4%	-5.0%
Q4 24	216M	+0.6%	-4.6%
Q1 25	215M	-0.6%	-4.0%
Q2 25	209M	-2.7%	-5.9%
Q3 25	207M	-1.0%	-3.6%
Q4 25	207M	+0.0%	-4.2%
Q1 26	198M	-4.5%	-8.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$497.4K	1K
Q3 22	$424.1K	1K
Q4 22	$319.4K	2K
Q1 23	$387.8K	2K
Q2 23	$457.6K	2K
Q3 23	$397.9K	2K
Q4 23	$417.0K	2K
Q1 24	$481.4K	2K
Q2 24	$450.2K	2K
Q3 24	$389.2K	2K
Q4 24	$403.0K	2K
Q1 25	$504.2K	2K
Q2 25	$399.7K	2K
Q3 25	$485.5K	2K
Q4 25	$410.4K	2K
Q1 26	$0	2K

Revenue / Employee