Sep 2026 (Q3 FY26) — Oct 22, 2026
Sallie Mae Q3 FY26 — Strategic Partnerships Expand, Originations Hit Record, EPS Guidance Lowered
Read the full callSLM earnings: last reported Thu, 22 Oct 2026, for the quarter ended Sep 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Sep 2026 | Not in the filed figures for the quarter to sep 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Sep 2026 | Not in the filed figures for the quarter to sep 2026. No older figure is substituted. | ||
| Net profit | -32.3 | −123.7% YoY | Quarterly, as filed | Quarter to Sep 2026 | Profit after tax as filed. |
Guidance
9 of 10 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year total loan portfolio net charge-offs | $345 million to $385 million | Dec 2025 | we are narrowing our net charge-off guidance range by maintaining the high end at $385 million and raising the low end to $365 million. We are making this change in response to our adjusted recovery practices | Revised Down |
| 2027 operating expense growth rate | Rate of operating expense growth in 2027 roughly half of 2026's rate of growth | Dec 2025 | we thought the rate of growth going into next year would be roughly half the rate of growth that we've had from last year to this year. And we're not ready to update that at this point. | On Track |
1 of SLM Corp's 22 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 20 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $27 on 22 Oct 2025 → $19.42. High $30.85 (8 Dec 2025), low $18.74 (27 Feb 2026).
Overview
Guidance
9 of 10 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year total loan portfolio net charge-offs | $345 million to $385 million | Dec 2025 | we are narrowing our net charge-off guidance range by maintaining the high end at $385 million and raising the low end to $365 million. We are making this change in response to our adjusted recovery practices | Revised Down |
| 2027 operating expense growth rate | Rate of operating expense growth in 2027 roughly half of 2026's rate of growth | Dec 2025 | we thought the rate of growth going into next year would be roughly half the rate of growth that we've had from last year to this year. And we're not ready to update that at this point. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Sallie Mae Q3 FY26 — Strategic Partnerships Expand, Originations Hit Record, EPS Guidance Lowered
Read the full callSallie Mae Q2 FY26 — Strong Originations and Credit Performance
Read the full callSallie Mae Q1 FY26 — Strong Performance Driven by Loan Sales and Capital Return
Read the full callEvery analysed call
Financials
Net profit, year on year: −124% (quarter to sep 2026 against sep 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 132 | 403 | 88 | 186 | 316 | 400 | 80 | -59 |
| Tax rate | 15.6% | 24.4% | 18.7% | 26.9% | 26.2% | 23.1% | 27.3% | 45.2% |
| Net profit | 112 | 305 | 71 | 136 | 233 | 308 | 59 | -32 |
| EPS ($ per share) | — | 1.43 | 0.32 | 0.64 | — | 1.56 | 0.29 | -0.19 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 90 | 91 | 91 | 86 | 87 | 88 | 88 | 89 |
| Reserves | 1,340 | 1,851 | 1,722 | 2,817 | 3,164 | 3,625 | 4,114 | 4,734 |
| Total liabilities | 23,666 | 29,375 | 28,208 | 27,072 | 27,084 | 27,289 | 27,912 | 27,295 |
| Fixed assets | 106 | 135 | 155 | 151 | 141 | 130 | 119 | 122 |
| Total assets | 26,638 | 32,686 | 30,770 | 29,222 | 28,811 | 29,169 | 30,072 | 29,746 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -103 | -16 | -183 | -50 | 5 | -145 | -329 | -399 |
| Cash from investing | -3,255 | -2,307 | 947 | 2,605 | 1,077 | -12 | 676 | 1,047 |
| Cash from financing | 4,403 | 5,361 | -1,876 | -2,620 | -855 | -316 | 228 | -1,104 |
| Net cash flow | 1,046 | 3,039 | -1,111 | -64 | 227 | -473 | 575 | -456 |
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Common equity tier 1 ratio (CET1) | 12.4%Total risk-based capital was 13.7%, and common equity Tier 1 capital was 12.4%.Source: earnings call transcript | 11.8%At the end of the second quarter, total risk-based capital was 13.1% and common equity Tier 1 capital was 11.8%.Source: earnings call transcript | 11.2%Total risk-based capital was 12.5% and common equity Tier 1 capital was 11.2%.Source: earnings call transcript | -0.6 pt |
| Efficiency ratio | 30.6%This increase primarily reflects targeted investments to support growth particularly across our graduate lending programs, while maintaining a strong efficiency ratio of 30.6% for the quarter.Source: earnings call transcript | 48.6%Importantly, revenue growth from servicing and recurring program management fees more than offset a significant portion of these investments, resulting in an efficiency ratio of 48.6%, an increase of just 7 percentage points year-over-year.Source: earnings call transcript | — | +18 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
59 filings between Oct 30, 2025 and Sep 16, 2026.
Nobody bought or sold SLM on the open market in this window. The filings below are 35 awards, 21 tax withholdings and 3 gifts.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 16, 2026 | Lavelle Mark L Director | Award | 1,038 | $0 |
| Sep 16, 2026 | GREIG HENRY F Director | Award | 988 | $0 |
| Sep 16, 2026 | Blackley Richard Scott Director | Award | 1,087 | $0 |
| Sep 16, 2026 | Leech Christopher T. Director | Award | 914 | $0 |
| Jun 17, 2026 | Manvitz Ted Director | Award | 1,062 | $0 |
| Jun 17, 2026 | Blackley Richard Scott Director | Award | 1,198 | $0 |
| Jun 17, 2026 | GREIG HENRY F Director | Award | 1,089 | $0 |
| Jun 16, 2026 | Schneck-Last Vivian C. Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Matheson James D. Director | Award | 7,349 | $0 |
| Jun 16, 2026 | GREIG HENRY F Director | Award | 7,349 | $0 |
| Jun 16, 2026 | MILLERCHIP GARY Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Blackley Richard Scott Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Greenstein Daniel Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Wolberg Kirsten O. Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Manvitz Ted Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Akella Janaki Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Leech Christopher T. Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Franke Mary Carter Warren Director | Award | 7,349 | $0 |
| Jun 16, 2026 | Lavelle Mark L Director | Award | 7,349 | $0 |
| May 1, 2026 | Jafarieh Nicolas EVP -Legal, Govt, Comm Officer | Gift | 4,390 | $0 |
| May 1, 2026 | Jafarieh Nicolas EVP -Legal, Govt, Comm Officer | Gift | 1,098 | $0 |
| Apr 1, 2026 | Turner Steven Allen EVP, Chief Tech. & Enablement | Award | 29,438 | $0 |
| Mar 18, 2026 | GREIG HENRY F Director | Award | 1,274 | $0 |
| Mar 18, 2026 | Manvitz Ted Director | Award | 1,242 | $0 |
| Mar 18, 2026 | Blackley Richard Scott Director | Award | 1,402 | $0 |
| Mar 12, 2026 | Blackley Richard Scott Director | Gift | 11,702 | $0 |
| Mar 3, 2026 | Palmer Kerri A. EVP, Chief Operational Officer | Tax withheld | 3,596 | $69.0K |
| Mar 3, 2026 | Pahwa Munish EVP & Chief Risk Officer | Tax withheld | 2,332 | $44.8K |
| Mar 3, 2026 | Jafarieh Nicolas EVP -Legal, Govt, Comm Officer | Tax withheld | 2,874 | $55.2K |
| Mar 3, 2026 | Graham Peter M EVP, CFO | Tax withheld | 4,708 | $90.3K |
| Mar 3, 2026 | Witter Jonathan W. CEO | Tax withheld | 18,411 | $353.3K |
| Mar 2, 2026 | Turner Steven Allen EVP, Chief Tech. & Enablement | Award | 25,052 | $0 |
| Mar 2, 2026 | Palmer Kerri A. EVP, Chief Operational Officer | Award | 43,512 | $0 |
| Mar 2, 2026 | Jafarieh Nicolas EVP -Legal, Govt, Comm Officer | Award | 51,424 | $0 |
| Mar 2, 2026 | Pahwa Munish EVP & Chief Risk Officer | Award | 23,074 | $0 |
| Mar 2, 2026 | Graham Peter M EVP, CFO | Award | 49,314 | $0 |
| Mar 2, 2026 | Witter Jonathan W. CEO | Award | 165,147 | $0 |
| Feb 24, 2026 | Jafarieh Nicolas EVP -Legal, Govt, Comm Officer | Tax withheld | 27,792 | $551.4K |
| Feb 24, 2026 | Jafarieh Nicolas EVP -Legal, Govt, Comm Officer | Award | 58,880 | $0 |
| Feb 24, 2026 | Witter Jonathan W. CEO | Tax withheld | 169,433 | $3.36M |
| Feb 24, 2026 | Witter Jonathan W. CEO | Award | 338,188 | $0 |
| Feb 24, 2026 | Palmer Kerri A. EVP, Chief Operational Officer | Tax withheld | 22,387 | $444.2K |
| Feb 24, 2026 | Palmer Kerri A. EVP, Chief Operational Officer | Award | 49,637 | $0 |
| Feb 17, 2026 | Jafarieh Nicolas EVP -Legal, Govt, Comm Officer | Tax withheld | 3,973 | $95.0K |
| Feb 17, 2026 | Pahwa Munish EVP & Chief Risk Officer | Tax withheld | 2,049 | $49.0K |
| Feb 17, 2026 | Pahwa Munish EVP & Chief Risk Officer | Tax withheld | 3,220 | $77.0K |
| Feb 17, 2026 | Palmer Kerri A. EVP, Chief Operational Officer | Tax withheld | 3,131 | $74.8K |
| Feb 17, 2026 | Witter Jonathan W. CEO | Tax withheld | 35,504 | $848.5K |
| Feb 17, 2026 | Palmer Kerri A. EVP, Chief Operational Officer | Tax withheld | 12,221 | $292.1K |
| Feb 16, 2026 | Graham Peter M EVP, CFO | Tax withheld | 3,614 | $86.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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