SLM Corp SLM
SLM Corporation, more commonly known as Sallie Mae, is the premier financial brand in higher education. As an education solutions company, we provide students and their families with the products and services needed to confidently and successfully navigate their higher education journey. We support students and families navigating to, through, and immediately after higher education. We simplify the college planning process and advance higher education access and completion by providing free tools, resources, scholarships, and responsible financing options.
We believe education, in all forms, is the foundation for success, an equalizer of opportunities, and a proven pathway to economic mobility. Higher education increases lifetime wages and enables economic mobility. For example, data from the U.S. Bureau of Labor and Statistics confirms those with bachelor's degrees earn 66 percent more than those with a high school diploma.1 Those with advanced degrees earn an even greater percentage than those with a high school diploma.1 This effect is multigenerational, as children of parents who are college educated are more likely to earn a bachelor's degree than students whose parents did not go to college. Most would agree our society prospers and becomes more economically inclusive when each of its members is provided access to post-secondary education.2 Education represents a transformative investment in one's future that yields our country's next nurses, teachers, engineers, business leaders, and more.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.63B | $2.62B | $2.59B | $2.03B | $1.78B | $2.02B | $2.33B | $1.94B | $1.44B | $1.08B |
| Total operating expenses | — | — | — | — | $518.7M | $538.1M | $574.3M | $557.0M | $448.6M | $385.4M |
| Interest expense | $1.50B | $1.48B | $1.56B | $1.49B | $382.1M | $541.7M | $707.7M | $522.3M | $308.1M | $185.9M |
| Pre-tax income | $992.6M | $798.6M | $778.3M | $630.7M | $1.54B | $1.15B | $743.7M | $559.3M | $491.5M | $414.4M |
| Income tax | $247.7M | $190.3M | $196.9M | $161.7M | $379.8M | $273.3M | $165.5M | $71.9M | $202.5M | $164.1M |
| Net income | $744.8M | $608.3M | $581.4M | $469.0M | $1.16B | $880.7M | $578.3M | $487.5M | $288.9M | $250.3M |
| EPS, basic | 3.52 | 2.73 | 2.44 | 1.78 | 3.67 | 2.27 | 1.31 | 1.08 | 0.63 | 0.54 |
| EPS, diluted | 3.46 | 2.68 | 2.41 | 1.76 | 3.61 | 2.25 | 1.30 | 1.07 | 0.62 | 0.53 |
| Shares, diluted (wtd. avg.) | $210.9M | $219.9M | $234.1M | $261.5M | $319.9M | $387.2M | $430.7M | $439.7M | $438.6M | $432.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.24B | $4.70B | $4.15B | $4.77B | $4.55B | $4.61B | $5.72B | $2.68B | $1.64B | $1.97B |
| Property, plant and equipment | $122.2M | $119.4M | $129.5M | $140.7M | $150.5M | $154.7M | $134.7M | $105.5M | $89.7M | $87.1M |
| Goodwill | $56.0M | $56.0M | $56.0M | $51.0M | — | — | — | — | — | — |
| Other intangibles | $3.9M | $7.4M | $12.6M | $67.6M | — | — | — | — | — | — |
| Total assets | $29.75B | $30.07B | $29.17B | $28.81B | $29.22B | $30.77B | $32.69B | $26.64B | $21.78B | $18.53B |
| Short-term debt | $498.4M | $0 | $0 | $0 | $0 | $0 | $289.2M | $0 | $0 | $0 |
| Long-term debt | $5.36B | $6.44B | $5.23B | $5.24B | $5.93B | $5.19B | $4.35B | $4.28B | $3.28B | $2.17B |
| Total liabilities | $27.29B | $27.91B | $27.29B | $27.08B | $27.07B | $28.21B | $29.37B | $23.67B | $19.31B | $16.19B |
| Retained earnings | $4.73B | $4.11B | $3.62B | $3.16B | $2.82B | $1.72B | $1.85B | $1.34B | $868.2M | $595.3M |
| Total equity | $2.45B | $2.16B | $1.88B | $1.73B | $2.15B | $2.56B | $3.31B | $2.97B | $2.47B | $2.35B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$398.6M | -$329.4M | -$144.6M | $5.0M | -$49.5M | -$182.7M | -$15.6M | -$102.7M | -$171.2M | -$199.0M |
| Depreciation and amortisation | $16.2M | $17.7M | $17.8M | $17.3M | $16.0M | $15.1M | $14.7M | $13.8M | $11.2M | $9.6M |
| Stock-based compensation | $40.6M | $40.0M | $36.4M | $34.5M | $30.6M | $36.5M | $30.6M | $31.5M | $27.9M | $22.9M |
| Investing cash flow | $1.05B | $676.0M | -$12.5M | $1.08B | $2.60B | $947.3M | -$2.31B | -$3.25B | -$3.16B | -$3.31B |
| Financing cash flow | -$1.10B | $228.2M | -$316.2M | -$854.9M | -$2.62B | -$1.88B | $5.36B | $4.40B | $2.99B | $3.04B |
| Dividends paid | $107.7M | $99.2M | $101.2M | $113.0M | $60.5M | $46.4M | $51.1M | $0 | $0 | $21.2M |
| Buybacks | $368.7M | $248.0M | $350.3M | $713.2M | $1.53B | $558.2M | $167.2M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-182200.
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