分组1 - Sallie Mae reported quarterly earnings of $1.12 per share, exceeding the Zacks Consensus Estimate of $0.95 per share, and showing an increase from $0.5 per share a year ago, resulting in an earnings surprise of +18.22% [1] - The company posted revenues of $377.06 million for the quarter ended December 2025, which was slightly below the Zacks Consensus Estimate by 0.37%, but an increase from $362.19 million year-over-year [2] - Over the last four quarters, Sallie Mae has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 2.3% since the beginning of the year compared to the S&P 500's gain of 0.4% [3] - The current consensus EPS estimate for the upcoming quarter is $0.72 on revenues of $381.79 million, and for the current fiscal year, it is $2.86 on revenues of $1.55 billion [7] - The Financial - Consumer Loans industry, to which Sallie Mae belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - GAAP diluted EPS for Q4 2025 was $1.12, and full-year GAAP diluted EPS was $3.46, an increase from $2.68 in 2024 [7] - Private education loan originations for Q4 2025 were $1.02 billion, totaling $7.4 billion for the full year, representing a 6% increase over 2024 [7][8] - Net charge-offs for the private education loan portfolio were $98 million in Q4 2025 and $346 million for the full year, equating to 2.15% of average private education loans in repayment, down four basis points from 2024 [8][14] Business Line Data and Key Metrics Changes - The company reported a net interest margin (NIM) of 5.21% for Q4 2025, up 29 basis points year-over-year, and 5.24% for the full year, an increase of five basis points [9] - The total allowance as a percentage of private education loan exposure (reserve rate) was 6% at the end of 2025, up from 5.93% in the previous quarter and 5.83% at the end of 2024 [12] Market Data and Key Metrics Changes - College enrollment trends for Tier 1 schools are up, indicating continued value seen in higher education by students and parents [5] - The company anticipates that the recent federal student lending reforms could contribute an estimated $5 billion in annual originations, representing approximately 70% growth over 2025 [6] Company Strategy and Development Direction - The company is focused on supporting school partners and students as education evolves due to technological changes, emphasizing the importance of acquiring necessary skills for future competitiveness [5][6] - The strategic partnership with KKR aims to enhance capital efficiency and risk transfer benefits, with expectations of significant growth in private education loan originations [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the private student lending sector's robustness and a strong outlook for 2026, expecting private education loan origination growth of 12%-14% [18] - The company is prepared for potential economic uncertainties and believes that its strategic initiatives will lead to significant value creation opportunities [22] Other Important Information - The company repurchased 3.8 million shares for $106 million in Q4 2025, totaling 12.8 million shares for $373 million over the full year [9] - Non-interest expenses for the full year were $659 million, a modest increase of 2.6% year-over-year, reflecting disciplined expense management [16] Q&A Session Summary Question: Impact of postponement of wage garnishment on performance - Management indicated that while some customers have federal loans, most do not have Sallie Mae private student loans, and the postponement is not expected to significantly impact the business [24] Question: Modeling 1H vs 2H growth related to Grad PLUS - Management expects modest incremental volume in the first year of phase-in, with growth stepping up over the next two to three years [25][26] Question: Volumes for partnerships and loan sales in 2026 - The first strategic partnership has a minimum commitment of $2 billion in new originations, with expectations of designating about 30% of originations for sale [30] Question: ROI measurement for increased investment - Management emphasized the significant market opportunity for growth and the disciplined approach to measuring ROI on investments [40][41] Question: Confidence level on credit guidance for 2026 - Management expressed confidence in the performance of borrowers in modification programs, with positive payment habits indicating a strong likelihood of success [50][51]

Financial Data and Key Metrics Changes - GAAP diluted EPS for Q4 was $1.12, and full-year GAAP diluted EPS was $3.46, compared to $2.68 in 2024, indicating a significant increase [8][10] - Private education loan originations for Q4 of 2025 were $1.02 billion, and for the full year, $7.4 billion, representing a 6% increase over 2024 [8][10] - Net charge-offs for the private education loan portfolio were $98 million in Q4 and $346 million for the full year, representing 2.15% of average private education loans in repayment, down four basis points from 2024 [9][15] Business Line Data and Key Metrics Changes - The company delivered its inaugural private credit strategic partnership, which is expected to contribute significantly to future originations [7][8] - The net interest margin was 5.21% for Q4, up 29 basis points year-over-year, and 5.24% for the full year, up five basis points [10] - Non-interest expenses for the full year were $659 million, a 2.6% increase year-over-year, reflecting disciplined expense management [17] Market Data and Key Metrics Changes - College enrollment trends for Tier 1 schools are up, indicating continued value in higher education [5] - The company anticipates that the recent federal student lending reforms could contribute an estimated $5 billion in annual originations, representing approximately 70% growth over 2025 [7] Company Strategy and Development Direction - The company plans to invest ahead of anticipated volume growth, with expected non-interest expenses for 2026 between $750 million and $780 million [20] - The strategic partnership business is expected to grow, with a gradual increase in the bank portfolio by one to two percentage points per year post-2026 [22] - The company aims to improve its efficiency ratio each year, targeting a return to the low 30s by 2030 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the private student lending sector's robustness and the importance of education in the evolving job market [5][6] - The company expects private education loan origination growth of 12%-14% for 2026, driven by the new PLUS caps [19] - Management acknowledged the challenges in the job market for new graduates but emphasized the effectiveness of their support programs [56] Other Important Information - The company announced a new two-year $500 million share repurchase authorization [10] - The total allowance as a percentage of private education loan exposure was 6% at the end of 2025, up from 5.93% in the previous quarter [14] Q&A Session Summary Question: Impact of wage garnishment postponement on loan performance - Management indicated that the postponement would likely have a net benefit but not a significant impact on their business due to the difference in customer bases [26] Question: Modeling growth from Grad PLUS changes - Management expects modest incremental volume in the first year, with growth stepping up over the next two to three years [28] Question: Loan sales and partnership volumes in 2026 - The strategic partnership has a minimum commitment of $2 billion in new originations, with expectations of selling approximately 30% of originations [32] Question: ROI measurement for increased investments - Management emphasized the significant market opportunity and the disciplined approach to measuring returns on investments [42][44] Question: Confidence in credit outlook for 2026 - Management expressed confidence in the performance of borrowers in modification programs and the overall credit outlook [53][56]

Financial Data and Key Metrics Changes - GAAP diluted EPS for Q4 2025 was $1.12, and full-year GAAP diluted EPS was $3.46, an increase from $2.68 in 2024 [8] - Private education loan originations for Q4 2025 were $1.02 billion, totaling $7.4 billion for the full year, a 6% increase over 2024 [8][9] - Net charge-offs for the private education loan portfolio were $98 million in Q4 2025 and $346 million for the full year, representing 2.15% of average private education loans in repayment, down four basis points from 2024 [9][14] Business Line Data and Key Metrics Changes - The company reported a net interest margin of 5.21% for Q4 2025, up 29 basis points year-over-year, and 5.24% for the full year, up five basis points [10] - The total allowance as a percentage of private education loan exposure (reserve rate) was 6% at the end of 2025, up from 5.93% in the previous quarter [13] - Private education loans delinquent 30 days or more represented 4% of loans in repayment as of year-end, unchanged from Q3 and up from 3.7% at the end of 2024 [14] Market Data and Key Metrics Changes - College enrollment trends for Tier 1 schools are up, indicating continued value seen in higher education [5] - The company anticipates that the recent federal student lending reforms could contribute an estimated $5 billion in annual originations, representing approximately 70% growth over 2025 [6][7] Company Strategy and Development Direction - The company is focused on supporting school partners and students as education evolves due to technological changes [5][6] - A new two-year $500 million share repurchase authorization was announced, reflecting a commitment to returning capital to shareholders [10] - The company expects private education loan origination growth of 12%-14% in 2026, driven by the new PLUS caps [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the private student lending sector's robustness and the company's strategic positioning for future growth [5][19] - The company is prepared for potential economic uncertainties and believes that improvements in collections effectiveness will mitigate risks associated with early-stage delinquencies [16][51] - Management anticipates EPS acceleration beginning in 2027, with high teens to low 20% growth expected as the PLUS opportunity materializes [22] Other Important Information - Non-interest expenses for the full year were $659 million, a modest 2.6% increase year-over-year, reflecting disciplined expense management [17] - The company ended the quarter with liquidity of 18.6% of total assets and total risk-based capital of 12.4% [18] Q&A Session Summary Question: Impact of wage garnishment postponement on loan performance - Management indicated that while many customers have federal loans, most federal loan customers do not have Sallie Mae private student loans, and the postponement is expected to have a minimal impact on business [25] Question: Modeling growth from Grad PLUS changes - Management expects modest incremental PLUS volume in the first year, with growth stepping up over the next two to three years [26] Question: Volumes for partnerships and loan sales in 2026 - The strategic partnership includes a minimum commitment of $2 billion in new originations, with approximately 30% of originations expected to be sold [30] Question: ROI measurement for increased investment - Management emphasized the significant market opportunity for growth, estimating a potential 70% increase in originations over the next few years [38] Question: Confidence in credit outlook for 2026 - Management expressed confidence in the performance of borrowers in modification programs, with 75% of the 2023 cohort current at the end of 2025 [46][48]

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Core Viewpoint - A class action lawsuit has been filed against SLM Corporation (Sallie Mae) for allegedly making false statements regarding its financial stability and delinquency rates during a specific period in 2025 [3][4]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who purchased SLM securities between July 25, 2025, and August 14, 2025, alleging that SLM failed to disclose significant increases in early-stage delinquencies [3]. - The lawsuit claims that SLM overstated the effectiveness of its loss mitigation and loan modification programs, as well as the overall stability of its PEL delinquency rates [3]. Group 2: Financial Impact - On August 14, 2025, TD Cowen reported a 49 basis points month-over-month increase in delinquencies for July 2025, which was worse than the expected seasonal increase of 10 basis points, driven by a 45 basis points rise in early-stage delinquencies [4]. - Following the report, SLM's share price dropped by $2.67, or approximately 8.1%, from $32.99 on August 14, 2025, to $30.32 on August 15, 2025 [4].

Earnings Presentation 4 th Quarter & Full-Year 2025 1 © 2026 Sallie Mae Bank. All rights reserved. CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS The following information is current as of January 22, 2026 (unless otherwise noted) and should be read in connection with the press release of SLM Corporation announcing its financial results for the quarter and year ended December 31, 2025, furnished to the Securities and Exchange Commission ("SEC") on January 22, 2026, and subsequent report ...

Financial Performance - GAAP diluted earnings per common share for full-year 2025 was $3.46, representing a 29% increase from $2.68 in 2024[9] - Net income for the quarter ended December 31, 2025, was $233,185 thousand, compared to $111,553 thousand for the same quarter in 2024, representing an increase of 109.1%[22] - Basic earnings per common share increased to $1.14 in Q4 2025 from $0.51 in Q4 2024, a rise of 123.5%[22] - Total comprehensive income for the year ended December 31, 2025, was $770,580 thousand, compared to $617,568 thousand in 2024, an increase of 24.7%[23] Loan Originations and Growth - Private education loan originations grew by 6% in 2025 compared to 2024, with a total of $1,014 million in loan sales[9] - The company expects GAAP diluted earnings per common share for 2026 to be between $2.70 and $2.80, with private education loan originations projected to grow by 12% to 14% year-over-year[9] - Total Private Education Loan originations for the quarter ended December 31, 2025, reached $1,022,850,000, a 4.2% increase from $981,808,000 in the same quarter of 2024[52] - For the year ended December 31, 2025, total Private Education Loan originations amounted to $7,416,323,000, representing a 5.8% increase from $7,013,323,000 in 2024[52] Asset and Liability Management - Total assets decreased from $30,072,110 thousand in 2024 to $29,746,295 thousand in 2025, a decline of approximately 1.08%[21] - Total liabilities decreased from $27,912,190 thousand in 2024 to $27,294,937 thousand in 2025, a reduction of about 2.2%[21] - Total equity increased from $2,159,920 thousand in 2024 to $2,451,358 thousand in 2025, an increase of 13.5%[21] Credit Quality and Provisions - Total net charge-offs as a percentage of average loans in repayment was 2.15% for 2025, down from 2.38% in 2024[9] - The provision for credit losses decreased significantly from $108,179 thousand in Q4 2024 to $18,779 thousand in Q4 2025, a reduction of 82.7%[22] - The total allowance for credit losses at the end of Q4 2025 was $1,507,450 thousand, representing 6.00% of private education loan exposure[32] - The total provisions for credit losses reported in the consolidated statements of income for the year ended December 31, 2025, were $332,687,000[37] Share Repurchase and Capital Management - The company repurchased 12.8 million shares for $373 million in 2025, with an additional 3.8 million shares repurchased for $106 million in Q4 2025[9] - The board of directors approved a new $500 million share repurchase program, expected to be completed over approximately 24 months[4] - As of December 31, 2025, the company had $33 million of capacity remaining under the 2024 share repurchase program[13] Interest Income and Margin - The net interest margin for Q4 2025 was 5.21%, an increase of 29 basis points from Q4 2024[12] - Net interest income after provisions for credit losses increased to $395,836 thousand in Q4 2025 from $254,012 thousand in Q4 2024, a growth of 55.8%[22] - Total interest-earning assets for Q4 2025 were $28,736,661 thousand, with a net interest margin of 5.21%[32] Loan Performance Metrics - The percentage of loans in repayment increased to 73.4% in 2025 from 72.4% in 2024, with total loans in repayment amounting to $15,894,827[42] - Delinquencies as a percentage of Private Education Loans in repayment rose to 4.0% in 2025 from 3.7% in 2024, with 151,114 loans 90 days or greater past due[42] - The average FICO score at approval for loans in 2025 was 755, slightly up from 752 in 2024[52] Other Financial Metrics - Non-interest expenses for 2025 totaled $659 million, an increase from $642 million in 2024[9] - Average common shares outstanding decreased from 210,741 thousand in 2024 to 201,612 thousand in 2025, a decline of approximately 4.9%[22] - Interest-bearing deposits as of December 31, 2025, totaled $21,059,967,000, with a weighted average rate of 3.83%, compared to $21,066,752,000 at a rate of 4.27% in 2024[53]

Core Viewpoint - A securities fraud class action lawsuit has been filed against SLM Corporation (Sallie Mae) for alleged misrepresentations regarding its loan modification programs and delinquency rates [3][4]. Group 1: Lawsuit Details - The lawsuit was initiated in the United States District Court for the District of New Jersey on behalf of investors who purchased SLM securities between July 25, 2025, and August 14, 2025 [3]. - Allegations include violations of the Securities Exchange Act of 1934 by the Company and certain senior officers [3]. Group 2: Legal Actions and Deadlines - Investors wishing to serve as lead plaintiffs must file papers by February 17, 2026 [5]. - Participation as a lead plaintiff is not required to share in any potential recovery, and all representation is on a contingency fee basis [5]. Group 3: Firm Background - Bernstein Liebhard LLP has recovered over $3.5 billion for clients since 1993 and has represented large public and private pension funds [6]. - The firm has been recognized multiple times for its success in litigating class actions, being named to The National Law Journal's "Plaintiffs' Hot List" thirteen times [6].

Core Viewpoint - A class action lawsuit has been filed against SLM Corporation (Sallie Mae) for allegedly concealing a significant increase in loan delinquencies during a specific period, leading to investor losses [1][3]. Group 1: Lawsuit Details - The lawsuit represents investors who acquired Sallie Mae securities from July 25, 2025, to August 14, 2025 [1]. - Investors have until February 17, 2026, to seek appointment as lead plaintiff representatives [2]. Group 2: Allegations - Sallie Mae is accused of hiding the true cause of rising early-stage delinquencies, which were reportedly increasing significantly despite the company's claims of normal seasonal fluctuations and effective loss mitigation programs [3]. - A TD Cowen report published on August 14, 2025, revealed that July delinquencies rose by 49 basis points month-over-month, exceeding seasonal expectations [4]. Group 3: Market Reaction - Following the revelation of the delinquency spike, Sallie Mae's stock price fell by $2.67 per share, or 8.09%, closing at $30.32 on August 15, 2025 [4].