SLM (SLM) Q4 FY2025 earnings: revenue $454 million, up 16.4% on the year

SLM Corp. (SLM) reported revenue of $454 million for Q4 FY2025, the quarter ended 31 December 2025, up 16.4% on the same quarter a year earlier. Net income was $233 million, up 109.0% on the year, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue$454 millionup 16.4%

Net income$233 millionup 109.0%

Diluted EPS$1.12

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	454	546	390	+16.4%
Pre-tax income	316	186	132	+139.1%
Income tax	82.8	50.0	20.6	+301.7%
Effective tax rate	26.2%	26.9%	15.6%
Net income	233	136	112	+109.0%
Net margin	51.4%	24.9%	28.6%
Diluted EPS	$1.12	$0.63	$0.50	+124.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	-64.5	-49.3	4.5	n/a
Cash from investing	839	-254	269	+212.1%
Cash from financing	-88.1	-221	-59.5	n/a
Depreciation and amortisation	5.2	5.0	5.3	-2.2%
Share-based compensation	9.0	8.9	8.3	+9.2%
Buybacks	124	144	47.1	+163.0%
Dividends paid	26.2	26.9	27.3	-4.3%
Dividend per share	n/a	$0.13	n/a	n/a
Diluted shares, weighted	211m	211m	220m	-4.1%
Shares outstanding at period end	198m	203m	210m	-5.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	2,451	2,341	2,160	+13.5%
Deposits	21,060	20,012	21,069	-0.0%
Debt	5,861	6,839	6,440	-9.0%
Other liabilities	374	413	403	-7.3%
Total liabilities and equity	29,746	29,605	30,072	-1.1%
Fixed assets	122	119	119	+2.4%
Goodwill	56.0	56.0	56.0	+0.0%
Intangible assets	3.9	4.7	7.4	-47.9%
Securities held for sale or to maturity	1,758	1,776	1,933	-9.1%
Loans	20,332	21,615	20,902	-2.7%
Cash and equivalents	4,241	3,539	4,700	-9.8%
Other assets	3,233	2,495	2,354	+37.4%
Total assets	29,746	29,605	30,072	-1.1%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	409	443	561	514	384	390	581	404	546	454	560	401
Operating income	241	300	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	59%	68%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	268	283	277	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	40.6	225	387	339	-59.6	132	403	87.6	186	316	400	80.5
Tax rate	28%	25%	25%	26%	n/a	16%	24%	19%	27%	26%	23%	27%
Net income	29.4	168	290	252	-45.2	112	305	71.3	136	233	308	58.5
Net margin	7%	38%	52%	49%	-12%	29%	52%	18%	25%	51%	55%	15%
Diluted EPS	$0.11	$0.72	$1.27	$1.11	-$0.23	$0.50	$1.40	$0.32	$0.63	$1.12	$1.54	$0.29
Operating cash flow	-59.4	-27.1	-76.7	-144	-113	4.5	-146	-139	-49.3	-64.5	-76.0	-135
Buybacks	0.0	90.9	25.5	61.0	114	47.1	29.7	71.7	144	124	291	3.1
Dividends paid	24.9	24.4	24.3	24.0	23.5	27.3	27.5	27.2	26.9	26.2	25.6	24.5
Shares outstanding	226m	220m	220m	217m	212m	210m	211m	208m	203m	198m	189m	188m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 19 February 2026, accession 0001032033-26-000011: the filing on EDGAR. All of SLM Corp.'s filings: EDGAR company page.

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