Form 8-K

8-K — SLM Corp

Accession: 0001032033-26-000041

Filed: 2026-07-23

Period: 2026-07-23

CIK: 0001032033

SIC: 6141 (PERSONAL CREDIT INSTITUTIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — slm-20260723.htm (Primary)

EX-99.1 (slm072326ex991.htm)

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8-K

8-K (Primary)

Filename: slm-20260723.htm · Sequence: 1

slm-20260723

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 23, 2026

SLM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-13251

52-2013874

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

300 Continental Drive

Newark,

Delaware

19713

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (302) 451-4911

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, par value $.20 per share SLM The NASDAQ Global Select Market

Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share SLMBP The NASDAQ Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 23, 2026, SLM Corporation (the “Company”) reported its financial results for the quarter ended June 30, 2026. A copy of the Company’s press release and related earnings results were made available on www.SallieMae.com/investors, and are also furnished as Exhibit 99.1 hereto and incorporated by reference herein.

The information furnished in this Item 2.02, including Exhibit 99.1 attached hereto and incorporated by reference herein, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, such information, including such Exhibit, shall not be deemed incorporated by reference into any of the Company’s registration statements, reports or other filings with the Securities and Exchange Commission, except as expressly set forth by specific reference in such registration statement, report or other filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit

Number

Description

99.1*

Press Release, dated July 23, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL)

* Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SLM CORPORATION

Date: July 23, 2026

By: /s/ PETER M. GRAHAM

Peter M. Graham

Co-President and Chief Financial Officer

EX-99.1

Filename: slm072326ex991.htm · Sequence: 2

Document

Exhibit 99.1

News Release

For Immediate Release

Sallie Mae Reports Second Quarter 2026 Financial Results

NEWARK, Del., July 23, 2026 — Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released second quarter 2026 financial results. Complete financial results and related materials are available at www.SallieMae.com/investors. The materials will also be available on the Securities and Exchange Commission’s website at www.sec.gov.

Sallie Mae will host an earnings conference call today, July 23, 2026, at 5:30 p.m. ET. Executives will be on hand to discuss various highlights of the quarter and to answer questions related to Sallie Mae’s performance. A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors and the hosting website.

A replay of the webcast will be available via the company’s investor website approximately two hours after the call’s conclusion.

###

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Contacts:

Media

Media, media@salliemae.com

Investors

Investor Relations, IR@salliemae.com

Sallie Mae Second Quarter 2026 Financial Results

NEWARK, Del., July 23, 2026 — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its second quarter 2026 financial results.

$0.29

GAAP Diluted Earnings

Per Common Share

4.5%

Private Education Loan Originations Growth from Year-Ago Quarter

$113M

Net Charge-Offs

$195M

Non-Interest Expenses

“We delivered a strong second quarter and first half of the year and are encouraged by our momentum as we enter peak season. The product enhancements and investments we’ve made to serve more students and families, combined with the strength of our portfolio and growing customer demand, reinforce our confidence in the outlook for the remainder of 2026 and beyond.”

Jonathan Witter, CEO, Sallie Mae

Second Quarter Results Reflect Stable Earnings Performance and Continued Originations Growth

•GAAP diluted earnings per common share were $0.29, a decrease from $0.32 in the year-ago quarter but consistent with expectations and representing continued demand for Private Education Loans and disciplined decisions across funding, expenses, and capital management.

•Private Education Loan originations increased 4.5% from the year-ago quarter.

•Average loans outstanding, net, totaled $21.1 billion during the quarter.

Earnings Supported by Strategic Balance Sheet Actions

•Sold $420 million of Private Education Loans, including $399 million of principal and $21 million of capitalized interest through our strategic partnerships business.

• The Company issued $500 million of unsecured Senior Notes in May 2026, using the proceeds to complete a cash tender offer and satisfaction and discharge of the $500 million outstanding unsecured Senior Notes due in November 2026.

•Non-interest expenses totaled $195 million, as the Company launched new and enhanced loan products in preparation for peak season expansion due to PLUS reform. Full year non-interest expenses are anticipated to remain consistent with the Company’s expectations and full year guidance.

•Earnings for the quarter were supported by a lower cost of funds, 4.13%, compared to 4.22% in the year-ago quarter.

Capital Deployment Demonstrates Balanced Growth and Earnings Performance

•The Company’s $200 million accelerated share repurchase (“ASR”) concluded in June 2026, including the final delivery of 0.9 million shares in the second quarter, resulting in a total of 9.3 million shares repurchased under the ASR.

•At June 30, 2026, $242 million of capacity remained available under the Company’s 2026 Share Repurchase Program.

•On June 15, 2026, the Company paid a quarterly common stock dividend of $0.13 per share.

Credit Performance within Expectations

•Net charge-offs were $113 million, an increase from the year-ago quarter, which we believe is primarily driven by misaligned third-party debt resolution practices affecting a small, high-ability-to-pay segment of borrowers progressing straight through delinquency to default, and related shifts to our recovery strategies.

•Delinquencies as a percentage of loans in repayment were 3.72% for the second quarter of 2026, compared with 3.51% for the second quarter of 2025.

2026 Guidance*

For the full-year 2026, the Company expects:

$3.10 - $3.20

Diluted Earnings

Per Common Share

12% - 14%

Private Education Loan Originations Year-Over-Year Growth

$365 - $385

million

Net Charge-Offs

$750 - $780

million

Non-Interest Expenses

*The 2026 Guidance and related comments constitute forward-looking statements and are based on management’s current expectations and beliefs. There can be no guarantee as to whether and to what extent this guidance will be achieved. The Company undertakes no obligation to revise or release any revision or update to these forward-looking statements. See our Forward-Looking Statements disclosures on pg. 4 for more information.

Investor Contact: Investor Relations, IR@salliemae.com Media Contact: Media, media@salliemae.com

Quarterly Financial Highlights

Q2 2026 Q1 2026 Q2 2025

Income Statement ($ millions)

Total interest income $602 $649 $657

Total interest expense 269 274 280

Net interest income 333 375 377

Less: provisions for credit losses 126 (11) 149

Total non-interest income 68 185 27

Total non-interest expenses 195 171 167

Income tax expense 22 92 16

Net income 59 308 71

Preferred stock dividends 4 4 4

Net income attributable to common stock $55 $304 $67

Ending Balances ($ millions)

Private Education Loans held for investment, net $19,531 $19,887 $21,160

Private Education Loans held for sale, net 172 236 —

Deposits 19,895 20,525 20,482

Brokered 8,246 8,676 8,592

Retail and other 11,649 11,849 11,890

Key Performance Metrics ($ in millions)

Net interest margin 4.75% 5.29% 5.31%

Yield - Total interest-earning assets 8.59% 9.14% 9.25%

Private Education Loans 10.25% 10.46% 10.62%

Cost of Funds 4.13% 4.13% 4.22%

Efficiency Ratio(1)

48.6% 30.6% 41.4%

Return on Assets (“ROA”)(2)

0.8% 4.2% 1.0%

Return on Common Equity (“ROCE”)(3)

9.9% 56.4% 12.6%

Private Education Loan sales $420 $3,332 $—

Per Common Share

GAAP diluted earnings per common share $0.29 $1.54 $0.32

Average common and common equivalent shares outstanding (millions) 190 198 213

Footnotes:

(1) We calculate and report our Efficiency Ratio as the ratio of (a) total non-interest expenses numerator to (b) the net denominator, which consists of net interest income plus total non-interest income.

(2) We calculate and report our Return on Assets (“ROA”) as the ratio of (a) GAAP net income numerator (annualized) to (b) the GAAP total average assets denominator.

(3) We calculate and report our Return on Common Equity (“ROCE”) as the ratio of (a) GAAP net income attributable to common stock numerator (annualized) to (b) the net denominator, which consists of GAAP total average equity less total average preferred stock.

***

CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” and information based on management’s current expectations as of the date of this press release. See SLM Corporation’s most recently filed Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC Filings”) for definitions and descriptions of terms used in this presentation. Statements that are not historical facts, including statements about SLM Corporation’s beliefs, opinions, expectations, and/or statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to, the strategies, goals, and assumptions of SLM Corporation and its subsidiaries, collectively or individually as the context requires (the “Company,” “we,” “our,” or “us”); the Company’s expectation and ability to execute loan sales (including sales under the Company’s strategic partnership) and share repurchases; the Company’s expectation and ability to pay a quarterly cash dividend on the Company’s common stock in the future, subject to approval of the Board of Directors; the Company’s 2026 guidance; the Company’s three-year horizon outlook; the Company’s credit outlook; the impact of acquisitions the Company has made or may make in the future; the Company’s projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of changes in credit administration practices, including the results of simulations or other behavioral observations.

Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the Company’s control, which may cause actual results to differ materially from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be as anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied by, or projected in such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A., “Risk Factors,” and elsewhere in SLM Corporation’s SEC Filings; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws or regulations; changes in laws, regulations, and supervisory expectations, especially in light of the goals of the current federal administration; the ability to timely develop new products and services and the acceptance of those products and services by potential and existing customers; changes in accounting standards and related changes in significant accounting estimates, including those regarding the measurement of the Company’s allowance for credit losses and the related provision expense; any adverse outcomes in significant litigation to which the Company is a party; credit risk associated with the Company’s exposure to third parties, including counterparties to the Company’s derivative transactions; the effectiveness of the Company’s risk management framework and quantitative models; changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws); and changes in the demand for the Company’s deposit products, including changes caused by new or emerging market entrants or technologies. The Company could also be affected by, among other things, changes in funding costs and availability; reductions to credit ratings; cybersecurity incidents, cyberattacks, risks related to artificial intelligence (“AI”), and other failures or breaches of operating systems or infrastructure, including those of third-party vendors; the societal, demographic, business, and legislative/regulatory impacts of pandemics, other public health crises, severe weather events, and/or natural disasters; damage to reputation; risks associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on the business; changes in the demand for higher education, educational financing, or financing preferences of lenders, educational institutions, students, and their families, including changes to the amount or availability of funding that educational institutions, students, or their families receive from government sources; changes in laws and regulations with respect to the student lending business and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; changes in customer creditworthiness; changes in the general interest rate environment, including the rate relationships among relevant money-market instruments and those of earning assets versus funding arrangements; rates of prepayments on loans owned by the Company; and changes in general economic or macroeconomic conditions, including, but not limited to, changes due to inflation, stagflation, recession, shifts in the labor market, and changes to government policies or initiatives, such as tariffs, trade wars, wars, immigration, and student visa policies, which could negatively impact consumer or business sentiment, demand for higher education, demand for student loans, financial and business results and/or modeling, and the ability to successfully effectuate any acquisitions, strategic partnerships, or initiatives. The preparation of the Company’s consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect.

All oral and written forward-looking statements attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing cautionary statements, and are made only as of the date of this press release or, where the statement is oral, as of the date stated. The Company’s past performance is not indicative of future results, and actual results may differ materially from any projections and/or estimates herein. The Company does not undertake any obligation to update, supplement, or revise any forward-looking statements or estimates to conform to actual results or changes in the Company’s expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties, and assumptions, you should not place undue reliance on any forward-looking statements or estimates discussed herein.

SLM CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

June 30, December 31,

(Dollars in thousands, except share and per share amounts) 2026 2025

Assets

Cash and cash equivalents $ 4,588,129 $ 4,241,265

Investments:

Trading investments at fair value (cost of $37,986 and $37,606, respectively)

55,938 49,250

Available-for-sale investments at fair value (cost of $1,775,289 and $1,812,408, respectively)

1,716,712 1,758,070

Other investments 107,088 115,394

Total investments 1,879,738 1,922,714

Loans held for investment (net of allowance for losses of $1,354,014 and $1,430,318, respectively)

19,531,493 20,332,124

Loans held for sale 172,466 933,256

Restricted cash 206,858 177,263

Other interest-earning assets 77 120

Accrued interest receivable 1,602,311 1,562,811

Premises and equipment, net 123,433 122,193

Goodwill and acquired intangible assets, net 58,546 59,974

Income taxes receivable, net 373,056 347,260

Other assets 43,304 47,315

Total assets $ 28,579,411 $ 29,746,295

Liabilities

Deposits $ 19,894,501 $ 21,060,151

Short-term borrowings — 498,415

Long-term borrowings 5,844,116 5,362,494

Other liabilities 366,125 373,877

Total liabilities 26,104,742 27,294,937

Commitments and contingencies

Equity

Preferred stock, par value $0.20 per share, 20 million shares authorized:

Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share

251,070 251,070

Common stock, par value $0.20 per share, 1.125 billion shares authorized: 445.7 million and 443.2 million shares issued, respectively

89,136 88,650

Additional paid-in capital 1,261,748 1,240,250

Accumulated other comprehensive loss (net of tax benefit of ($14,669) and ($13,446), respectively)

(43,790) (40,128)

Retained earnings 5,041,088 4,734,313

Total SLM Corporation stockholders’ equity before treasury stock 6,599,252 6,274,155

Less: Common stock held in treasury at cost: 257.7 million and 244.0 million shares, respectively

(4,124,583) (3,822,797)

Total equity 2,474,669 2,451,358

Total liabilities and equity $ 28,579,411 $ 29,746,295

SLM CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

(Dollars in thousands, except share and per share amounts) 2026 2025 2026 2025

Interest income:

Loans $ 539,936 $ 597,609 $ 1,142,198 $ 1,196,376

Investments 17,124 13,710 32,092 28,456

Cash and cash equivalents 44,995 45,440 77,074 88,017

Total interest income 602,055 656,759 1,251,364 1,312,849

Interest expense:

Deposits 191,078 201,478 391,687 405,617

Interest expense on short-term borrowings 2,737 3,613 7,865 7,014

Interest expense on long-term borrowings 75,419 74,848 143,580 148,428

Total interest expense 269,234 279,939 543,132 561,059

Net interest income 332,821 376,820 708,232 751,790

Less: provisions for credit losses 125,663 148,718 114,197 172,004

Net interest income after provisions for credit losses 207,158 228,102 594,035 579,786

Non-interest income:

Gains (losses) on sales of loans, net 14,939 (13) 161,252 187,722

Gains (losses) on securities, net 8,001 (2,641) 5,603 (13,019)

Other income 45,346 29,430 86,008 58,117

Total non-interest income 68,286 26,776 252,863 232,820

Non-interest expenses:

Operating expenses:

Compensation and benefits 100,253 84,900 203,699 175,730

FDIC assessment fees 5,143 9,782 9,584 22,185

Other operating expenses 88,900 71,664 151,374 122,019

Total operating expenses 194,296 166,346 364,657 319,934

Acquired intangible assets amortization expense 687 898 1,427 1,919

Total non-interest expenses 194,983 167,244 366,084 321,853

Income before income tax expense 80,461 87,634 480,814 490,753

Income tax expense 21,936 16,362 114,335 114,941

Net income 58,525 71,272 366,479 375,812

Preferred stock dividends 3,581 3,972 7,136 7,928

Net income attributable to SLM Corporation common stock $ 54,944 $ 67,300 $ 359,343 $ 367,884

Basic earnings per common share $ 0.29 $ 0.32 $ 1.87 $ 1.75

Average common shares outstanding 188,576 209,282 191,999 209,978

Diluted earnings per common share $ 0.29 $ 0.32 $ 1.85 $ 1.72

Average common and common equivalent shares outstanding 190,384 213,220 194,109 214,098

Declared dividends per common share $ 0.13 $ 0.13 $ 0.26 $ 0.26

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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