Every material Form 8-K SLM has filed with the SEC since January 23, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Sallie Mae (SLM) reported a third-quarter 2026 GAAP net loss of $0.19 per diluted share, compared with earnings of $0.63 a year earlier, as provisions and expenses rose alongside record private education loan originations of $3.4 billion. The company cut its full-year 2026 diluted EPS guidance to $1.95-$2.05 from $3.10-$3.20 and raised its net charge-offs forecast to $400-$420 million from $365-$385 million, a change that weighs on shareholder earnings expectations.
Q3 2026 GAAP net loss per diluted share of $0.19 versus $0.63 in Q3 2025; net loss of $32 million
Full-year 2026 diluted EPS guidance lowered to $1.95-$2.05 from $3.10-$3.20
Full-year net charge-offs guidance raised to $400-$420 million from $365-$385 million
Q3 net charge-offs of $90 million, up from the year-ago quarter, and $132.2 million of share repurchases in the quarter
Sallie Mae reported second quarter 2026 GAAP diluted earnings of $0.29 per share, down from $0.32 a year earlier, with net income of $58.5 million versus $71.3 million. Net charge-offs rose to $113 million from the year-ago quarter, and the company set full-year 2026 diluted EPS guidance of $3.10 to $3.20, which shareholders will weigh against the lower quarterly results.
GAAP diluted EPS was $0.29 versus $0.32 in Q2 2025; net income was $58.5 million versus $71.3 million.
Net charge-offs were $113 million, up from the year-ago quarter; delinquencies were 3.72% of loans in repayment versus 3.51% in Q2 2025.
Full-year 2026 guidance: diluted EPS of $3.10 to $3.20, net charge-offs of $365 million to $385 million, and non-interest expenses of $750 million to $780 million.
Private Education Loan originations rose 4.5% from the year-ago quarter.
SLM Corporation closed a $500 million offering of 6.495% fixed-to-floating rate senior notes maturing May 15, 2032. The company said it will use the proceeds to fund a tender offer for its 3.125% senior notes due 2026, with any remaining proceeds used to repay those 2026 notes at maturity.
Notes total $500 million, close date May 15, 2026, maturing May 15, 2032
Fixed rate of 6.495% through May 15, 2031, then floating at Benchmark plus 271 basis points
Proceeds to fund tender offer for 3.125% senior notes due 2026, with remainder for repayment at maturity
SLM Corporation, the parent of Sallie Mae, appointed its Chief Financial Officer Peter Graham and Chief Operational Officer Kerri Palmer as Co-Presidents, effective April 22, 2026, with both reporting to CEO Jon Witter. The company said the appointments follow the recent retirement of its Chief Commercial Officer and that the two will collectively oversee its commercial businesses.
Peter M. Graham is Co-President and Chief Financial Officer; he will also oversee strategic partnerships and emerging lines of business.
Kerri A. Palmer is Co-President and Head of Financial Services; she will lead the core private education loan business as well as credit and operations.
The Board made the appointments on April 22, 2026; the company announced them in a press release on April 27, 2026.
Biographical and compensation details are in the Definitive Proxy Statement filed April 27, 2026.
Sallie Mae reported first quarter 2026 GAAP diluted earnings of $1.54 per common share, up from $1.40 a year earlier, and raised its full-year 2026 diluted EPS guidance to $3.10 to $3.20. Results were helped by a $146 million gain on sale from Private Education Loan sales, and the company repurchased 12.0 million shares for $259 million during the quarter.
Q1 2026 GAAP diluted EPS was $1.54, up from $1.40 in Q1 2025; net income was $308 million.
Full-year 2026 diluted EPS guidance was raised to $3.10 to $3.20.
Private Education Loan sales generated a $146 million gain on sale in the quarter.
The company repurchased 12.0 million shares for $259 million in Q1 2026, with $242 million of repurchase capacity remaining at March 31, 2026.
SLM Corporation entered into a $200 million accelerated share repurchase agreement with Goldman Sachs on March 9, 2026, under its $500 million share repurchase program. The company expects Goldman Sachs to deliver a substantial majority of the shares shortly after the agreement date, with settlement expected before or during the second quarter of 2026. The final share count depends on the volume-weighted average price less a discount, so the number of shares retired is not yet fixed.
$200 million accelerated share repurchase agreement with Goldman Sachs dated March 9, 2026; company to prefund on March 10, 2026
Company expects to receive a substantial majority of shares shortly after the agreement date; final share count depends on the VWAP less a discount
Settlement expected before or during the second quarter of 2026; Goldman Sachs may terminate on certain extraordinary events, in which case the company may receive fewer shares
About $91 million of shares repurchased earlier in 2026 before this agreement, under the $500 million authorization effective Jan. 22, 2026
Sallie Mae reported fourth-quarter 2025 GAAP diluted EPS of $1.12, up from $0.50 a year earlier, and full-year EPS of $3.46, up from $2.68 in 2024. It also authorized a new $500 million share repurchase program and expects 2026 GAAP diluted EPS of $2.70 to $2.80, below the 2025 level. Shareholders get higher 2025 profit and new capital returns, but the 2026 outlook points to lower per-share earnings than 2025.
Q4 2025 net income was $233 million, versus $112 million in Q4 2024; full-year 2025 net income was $745 million, versus $608 million in 2024.
For 2026, the company expects GAAP diluted EPS of $2.70 to $2.80, net charge-offs of $345 million to $385 million, and non-interest expenses of $750 million to $780 million.
The board authorized a $500 million buyback starting January 22, 2026, expected to run about 24 months through February 4, 2028.
The 2024 buyback program had $33 million of capacity left as of December 31, 2025 and expires February 6, 2026.
Sallie Mae reported third quarter 2025 results on October 23, 2025, with GAAP diluted earnings of $0.63 per share, compared with a loss of $0.23 per share in the same quarter of 2024. Net income attributable to common stock was $132 million, and the company repurchased 5.6 million shares for $166 million during the quarter. The company gave full-year 2025 guidance of $3.20 to $3.30 in GAAP diluted EPS, and the filing does not say whether this changes earlier guidance.
Q3 2025 GAAP diluted EPS of $0.63, versus a loss of $0.23 in Q3 2024
Net income attributable to common stock of $132 million, versus a loss of $50 million a year earlier
Total net charge-offs of 1.95% of average loans in repayment (annualized), down from 2.08% in Q3 2024
Full-year 2025 guidance: GAAP diluted EPS of $3.20 to $3.30 and non-interest expenses of $655 million to $675 million
SLM Corporation entered a retention agreement with Executive Vice President and Chief Commercial Officer Donna F. Vieira, who will resign as Chief Commercial Officer by December 31, 2025 and retire as an employee by April 3, 2026. She will receive a $750,000 cash retention bonus if she meets the agreement's conditions, which matters to shareholders because it sets the timeline for a senior commercial leadership change.
Vieira resigns as Chief Commercial Officer on the Transition Date, no later than December 31, 2025, unless the company sets an earlier date to hire a successor
Retention Bonus of $750,000, payable subject to continued performance and transition assistance through the Separation Date
Retirement as an employee on April 3, 2026; she is not entitled to severance under the Severance Plan
SLM Corporation, which operates as Sallie Mae, reported second quarter 2025 GAAP diluted earnings of $0.32 per share, down from $1.11 a year earlier. The drop reflected provisions for credit losses of $149 million, up from $17 million, and lower non-interest income, while net interest income rose slightly. For shareholders, the quarter shows a sharp fall in earnings, and the company's full-year 2025 GAAP diluted EPS guidance of $3.00 to $3.10 is the key figure to watch.
Q2 2025 GAAP diluted EPS was $0.32, versus $1.11 in Q2 2024 and $1.40 in Q1 2025
Provisions for credit losses were $149 million in Q2 2025, compared with $17 million in Q2 2024
Total non-interest income was $27 million, down from $142 million a year earlier
Full-year 2025 guidance: GAAP diluted EPS of $3.00 to $3.10 and non-interest expenses of $655 million to $675 million
At its June 17, 2025 annual meeting, SLM Corporation stockholders elected 13 directors to one-year terms and approved the 2025 Employee Stock Purchase Plan, which the board had previously approved subject to shareholder consent. Stockholders also approved executive compensation on an advisory basis and ratified KPMG LLP as the independent auditor for the year ending December 31, 2025.
All 13 directors were elected at the June 17, 2025 meeting for one-year terms, with Janaki Akella receiving the most votes against at 9,272,260 and Daniel Greenstein receiving 188,340,814 votes for.
The 2025 Employee Stock Purchase Plan was approved with 187,835,306 votes for and 649,887 against.
The advisory vote on executive compensation passed with 186,740,059 votes for and 1,659,282 against.
KPMG LLP was ratified as auditor for the year ending December 31, 2025, with 194,303,062 votes for and 1,046,138 against.
SLM Corporation's board appointed Dr. Daniel Greenstein and Mr. Gary Millerchip as directors effective April 23, 2025, increasing the board from twelve to fourteen seats. Director Robert S. Strong will retire at the June 17, 2025 annual meeting, and the board will then shrink to thirteen seats, so the board's composition is changing but no committee roles have been assigned to the new directors yet.
Greenstein and Millerchip were appointed directors of SLM Corporation and Sallie Mae Bank effective April 23, 2025; board seats rose from twelve to fourteen.
Millerchip is Executive Vice President and Chief Financial Officer at Costco Wholesale; Greenstein is Managing Director, Higher Education, at Baker Tilly (US).
Neither new director has been appointed to a board committee, and neither will receive the annual Board member restricted stock award for the current term.
Robert S. Strong will retire on June 17, 2025; the board will drop to thirteen seats after his term ends.
Sallie Mae reported first-quarter 2025 GAAP diluted earnings of $1.40 per share, up from $1.27 a year earlier, and reaffirmed its full-year 2025 GAAP diluted EPS guidance of $3.00 to $3.10. Net interest income fell to $375 million from $387 million and net interest margin declined to 5.27% from 5.49%, while lower average diluted share count and higher non-interest income supported per-share earnings. For shareholders, the results show higher per-share earnings and an unchanged full-year outlook.
GAAP diluted EPS of $1.40 for Q1 2025, versus $1.27 in Q1 2024
Net income attributable to common stock of $301 million, versus $285 million a year earlier
Full-year 2025 GAAP diluted EPS guidance of $3.00 to $3.10 reaffirmed
Repurchased 1.0 million shares for $31 million in Q1 2025; $372 million capacity remaining as of March 31, 2025
On February 18, 2025, SLM's Compensation Committee approved a 25 percentage point increase to Executive Vice President and Chief Commercial Officer Donna F. Vieira's target annual incentive bonus under the 2025 Annual Incentive Plan, from 125% to 150% of her base salary. The company said the change keeps her pay competitive with the market and ties more of her compensation to fiscal 2025 performance. The filing covers only this compensation change and reports no financial results.
Target annual incentive bonus raised from 125% to 150% of annual base salary, an increase of 25 percentage points.
Approved by the Compensation Committee of the Board on February 18, 2025, under the 2025 Annual Incentive Plan.
Change is for Donna F. Vieira, Executive Vice President and Chief Commercial Officer.
Filing dated February 21, 2025 and signed by Nicolas Jafarieh, Executive Vice President and Chief Legal, Government Affairs, and Communications Officer.
SLM Corporation closed a $500 million offering of 6.500% senior notes due January 31, 2030, and said it will use the proceeds, with cash on hand, to redeem in full its $500 million 4.200% senior notes due 2025. The filing also sets a February 18, 2025 redemption date for those older notes, which refinances existing debt rather than adding a stated amount of new borrowing beyond the offering itself.
Offering: $500 million of 6.500% senior notes due January 31, 2030, closed January 31, 2025
Interest payable January 31 and July 31 each year, beginning July 31, 2025
Proceeds plus cash on hand to redeem all $500 million of 4.200% notes due 2025 on February 18, 2025
Underwriters J.P. Morgan Securities LLC and Barclays Capital Inc. under an agreement dated January 29, 2025
Sallie Mae reported fourth-quarter 2024 GAAP diluted EPS of $0.50, down from $0.72 a year earlier, as provisions for credit losses rose to $108 million from $16 million. For full-year 2024, diluted EPS rose to $2.68 from $2.41, and the company guided to 2025 diluted EPS of $3.00 to $3.10.
Q4 2024 net income attributable to common stock was $107 million, versus $164 million in Q4 2023.
Full-year 2024 net income attributable to common stock was $590 million, versus $564 million in 2023.
2025 guidance: GAAP diluted EPS of $3.00 to $3.10, private education loan originations growth of 6% to 8%, and non-interest expenses of $655 million to $675 million.
Company repurchased $250 million of shares in 2024 and had $402 million of repurchase capacity remaining as of December 31, 2024.
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