SLM (SLM) Financials

$27.86 -0.27 (-0.96%)

Closing price 04:00 PM Eastern

Extended Trading

$27.84 -0.02 (-0.07%)

As of 07:18 PM Eastern

Annual Income Statements for SLM

This table shows SLM's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	255	229	273	472	561	871	1,156	460	564	590
Consolidated Net Income / (Loss)	274	250	289	487	578	881	1,161	469	581	608
Net Income / (Loss) Continuing Operations	274	250	289	487	578	881	1,161	469	581	608
Total Pre-Tax Income	439	414	491	559	744	1,154	1,540	631	778	799
Total Revenue	885	960	1,126	1,361	1,672	1,811	2,027	1,823	1,809	1,849
Net Interest Income / (Expense)	702	891	1,129	1,413	1,623	1,480	1,395	1,489	1,562	1,481
Total Interest Income	831	1,077	1,437	1,935	2,331	2,022	1,777	2,032	2,592	2,619
Loans and Leases Interest Income	817	1,060	1,414	1,895	2,249	1,989	1,757	1,915	2,328	2,314
Investment Securities Interest Income	14	17	24	41	82	33	20	117	265	305
Total Interest Expense	129	186	308	522	708	542	382	543	1,030	1,138
Deposits Interest Expense	116	148	224	389	548	393	225	369	808	881
Short-Term Borrowings Interest Expense	6.49	7.32	6.34	5.83	6.19	14	19	12	14	14
Long-Term Debt Interest Expense	5.74	30	78	127	154	134	138	162	209	243
Total Non-Interest Income	183	69	-2.90	-52	49	331	632	335	247	368
Other Service Charges	42	70	5.36	-52	31	39	45	67	84	113
Net Realized & Unrealized Capital Gains on Investments	141	-0.73	-8.27	0.42	18	292	588	267	163	255
Provision for Credit Losses	90	159	186	245	354	93	-33	633	345	409
Total Non-Interest Expense	356	386	449	557	574	564	520	559	686	642
Salaries and Employee Benefits	159	184	213	252	278	282	258	270	327	349
Property & Liability Insurance Claims	14	19	29	33	33	22	23	21	46	52
Other Operating Expenses	176	183	207	272	263	234	237	260	247	236
Amortization Expense	1.48	-	-	-	-	0.00	0.00	7.78	66	5.33
Income Tax Expense	165	164	203	72	165	273	380	162	197	190
Preferred Stock Dividends Declared	20	21	16	16	17	9.73	4.74	9.03	18	18
Basic Earnings per Share	$0.60	$0.54	$0.63	$1.08	$1.31	$2.27	$3.67	$1.78	$2.44	$2.73
Weighted Average Basic Shares Outstanding	425.57M	427.88M	431.22M	435.05M	427.29M	383.71M	314.99M	258.44M	231.41M	216.22M
Diluted Earnings per Share	$0.59	$0.53	$0.62	$1.07	$1.30	$2.25	$3.61	$1.76	$2.41	$2.68
Weighted Average Diluted Shares Outstanding	432.23M	432.92M	438.55M	439.68M	430.67M	387.20M	319.91M	261.50M	234.06M	219.93M
Weighted Average Basic & Diluted Shares Outstanding	424.50M	424.30M	433.70M	436.90M	422.62M	363.67M	279.39M	241.19M	220.35M	210.42M
Cash Dividends to Common per Share	-	-	$0.00	$0.00	$0.12	$0.12	$0.20	$0.44	$0.44	$0.46

This table shows SLM's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	73	-81	114	261	25	164	285	247	-50	107	301
Consolidated Net Income / (Loss)	75	-77	119	265	29	168	290	252	-45	112	305
Net Income / (Loss) Continuing Operations	75	-77	119	265	29	168	290	252	-45	112	305
Total Pre-Tax Income	105	-97	156	357	41	225	387	339	-60	132	403
Total Revenue	465	341	427	531	409	443	561	514	384	390	581
Net Interest Income / (Expense)	370	381	405	387	385	386	387	372	359	362	375
Total Interest Income	520	584	638	634	652	669	664	641	653	661	656
Loans and Leases Interest Income	483	527	583	568	581	596	597	565	565	587	599
Investment Securities Interest Income	37	56	55	66	71	73	67	76	88	74	57
Total Interest Expense	150	202	233	247	268	283	277	269	293	299	281
Deposits Interest Expense	105	153	184	191	210	223	220	211	226	224	204
Short-Term Borrowings Interest Expense	3.05	3.05	3.02	3.30	3.58	3.61	3.56	3.31	3.47	3.48	3.40
Long-Term Debt Interest Expense	42	46	46	53	54	56	53	55	64	72	74
Total Non-Interest Income	95	-41	22	144	24	57	174	142	25	28	206
Other Service Charges	19	15	20	21	23	21	29	28	28	28	29
Net Realized & Unrealized Capital Gains on Investments	76	-55	1.70	124	1.49	36	145	114	-3.87	0.07	177
Provision for Credit Losses	208	297	114	18	198	16	12	17	271	108	23
Total Non-Interest Expense	152	140	157	156	170	202	162	159	172	150	155
Salaries and Employee Benefits	65	67	88	78	84	77	96	85	88	80	91
Property & Liability Insurance Claims	4.59	9.44	12	9.85	12	12	13	12	13	14	12
Other Operating Expenses	80	61	55	66	72	54	51	60	70	54	50
Amortization Expense	2.33	2.30	2.27	2.25	2.83	59	1.22	1.39	1.23	1.50	1.02
Income Tax Expense	30	-19	37	91	11	57	98	87	-14	21	99
Preferred Stock Dividends Declared	2.53	3.47	4.06	4.27	4.64	4.73	4.65	4.63	4.65	4.37	3.96
Basic Earnings per Share	$0.29	($0.27)	$0.47	$1.11	$0.11	$0.75	$1.29	$1.13	($0.23)	$0.54	$1.43
Weighted Average Basic Shares Outstanding	251.27M	258.44M	241.50M	235.06M	226.12M	231.41M	220.42M	218.92M	214.87M	216.22M	210.68M
Diluted Earnings per Share	$0.29	($0.27)	$0.47	$1.10	$0.11	$0.73	$1.27	$1.11	($0.23)	$0.53	$1.40
Weighted Average Diluted Shares Outstanding	253.72M	261.50M	243.55M	237.59M	228.80M	234.06M	223.85M	222.47M	214.87M	219.93M	214.99M
Weighted Average Basic & Diluted Shares Outstanding	250.20M	241.19M	242.25M	226.08M	226.27M	220.35M	220.28M	217.46M	212.33M	210.42M	210.74M
Cash Dividends to Common per Share	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.13	$0.13

This table details how cash moves in and out of SLM's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	56	-472	-336	1,046	3,039	-1,111	-64	227	-473	575
Net Cash From Operating Activities	-85	-199	-171	-103	-16	-183	-50	4.99	-145	-329
Net Cash From Continuing Operating Activities	-85	-199	-171	-103	-16	-183	-50	4.99	-145	-329
Net Income / (Loss) Continuing Operations	274	250	289	487	578	881	1,161	469	581	608
Consolidated Net Income / (Loss)	274	250	289	487	578	881	1,161	469	581	608
Provision For Loan Losses	90	159	186	245	354	93	-33	633	345	409
Depreciation Expense	7.40	9.59	11	14	15	15	16	17	18	18
Amortization Expense	20	19	21	27	34	53	41	38	91	29
Non-Cash Adjustments to Reconcile Net Income	-58	-59	-17	32	-5.14	-142	-462	-310	-133	-237
Changes in Operating Assets and Liabilities, net	-418	-578	-661	-908	-992	-1,083	-772	-843	-1,047	-1,156
Net Cash From Investing Activities	-1,848	-3,309	-3,160	-3,255	-2,307	947	2,605	1,077	-12	676
Net Cash From Continuing Investing Activities	-1,848	-3,309	-3,160	-3,255	-2,307	947	2,605	1,077	-12	676
Purchase of Investment Securities	-64	-56	-78	-16	-356	-2,083	-1,257	-881	-121	-92
Sale of Property, Leasehold Improvements and Equipment	1,547	9.52	6.99	45	0.00	3,876	8,488	7,046	6,245	6,972
Sale and/or Maturity of Investments	145	104	89	133	94	700	885	993	316	860
Other Investing Activities, net	-3,476	-3,366	-3,178	-3,416	-2,044	-1,545	-5,512	-6,081	-6,452	-7,064
Net Cash From Financing Activities	1,989	3,036	2,995	4,403	5,361	-1,876	-2,620	-855	-316	228
Net Cash From Continuing Financing Activities	1,989	3,036	2,995	4,403	5,361	-1,876	-2,620	-855	-316	228
Net Change in Deposits	932	1,973	2,076	3,418	5,246	-1,729	-1,750	689	175	-607
Issuance of Debt	1,831	2,152	1,937	2,191	1,403	1,831	2,076	572	1,135	2,207
Repayment of Debt	-754	-1,068	-837	-1,190	-1,053	-1,296	-1,349	-1,281	-1,157	-1,006
Repurchase of Common Equity	-	-	0.00	0.00	-167	-558	-1,531	-713	-350	-248
Payment of Dividends	-20	-21	-16	-16	-68	-56	-65	-122	-119	-117
Cash Interest Paid	112	170	269	472	666	517	360	1,073	963	1,742
Cash Income Taxes Paid	231	272	284	242	203	254	270	275	200	245

This table details how cash moves in and out of SLM's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	1,228	-252	-875	128	-303	576	-568	1,673	-744	214	-1,006
Net Cash From Operating Activities	3.37	-0.88	8.89	-67	-59	-27	-77	-144	-113	4.54	-146
Net Cash From Continuing Operating Activities	3.37	-0.88	8.89	-67	-59	-27	-77	-144	-113	4.54	-145
Net Income / (Loss) Continuing Operations	75	-77	119	265	29	168	290	252	-45	112	305
Consolidated Net Income / (Loss)	75	-77	119	265	29	168	290	252	-45	112	305
Provision For Loan Losses	208	297	114	18	198	16	12	17	271	108	23
Depreciation Expense	4.35	4.49	4.52	4.62	4.26	4.41	4.71	4.56	4.22	4.16	3.95
Amortization Expense	9.44	8.64	8.92	8.11	9.11	65	7.36	7.12	6.94	7.91	7.30
Non-Cash Adjustments to Reconcile Net Income	-36	-209	50	-18	23	-188	-31	-15	1.10	-192	-61
Changes in Operating Assets and Liabilities, net	-257	-25	-287	-344	-323	-93	-360	-409	-352	-35	-423
Net Cash From Investing Activities	-344	63	-1,471	2,231	-1,695	923	572	1,649	-1,814	269	497
Net Cash From Continuing Investing Activities	-344	63	-1,471	2,231	-1,695	923	572	1,649	-1,814	269	496
Purchase of Investment Securities	-0.09	-	-4.99	-40	-41	-35	-26	-34	-17	-15	-39
Sale of Property, Leasehold Improvements and Equipment	1,954	752	913	2,850	733	1,749	2,901	2,242	641	1,189	2,983
Sale and/or Maturity of Investments	80	158	85	90	80	61	291	140	342	88	335
Other Investing Activities, net	-2,377	-846	-2,463	-669	-2,468	-852	-2,593	-698	-2,780	-993	-2,783
Net Cash From Financing Activities	1,568	-314	587	-2,036	1,452	-319	-1,063	167	1,183	-59	-1,357
Net Cash From Continuing Financing Activities	1,568	-314	587	-2,036	1,452	-319	-1,063	167	1,183	-59	-1,357
Net Change in Deposits	1,308	163	345	-1,444	1,182	92	-756	-165	695	-381	-999
Issuance of Debt	573	-0.42	570	-0.36	566	-0.03	0.00	665	864	677	494
Repayment of Debt	-272	-292	-293	-304	-267	-294	-253	-241	-234	-279	-790
Repurchase of Common Equity	-10	-158	-4.01	-255	-	-91	-25	-61	-114	-47	-30
Payment of Dividends	-30	-30	-31	-30	-30	-29	-29	-29	-28	-32	-31
Cash Interest Paid	111	787	199	250	242	272	284	251	289	917	417
Cash Income Taxes Paid	100	53	12	78	89	21	8.28	158	71	7.81	11

This table presents SLM's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	15,214	18,533	21,780	26,638	32,686	30,770	29,222	28,811	29,169	30,072
Cash and Due from Banks	2,416	1,919	1,534	2,559	5,564	4,455	4,335	4,616	4,150	4,700
Restricted Cash	28	54	102	123	157	154	211	157	150	174
Trading Account Securities	195	209	244	232	488	4,899	2,555	2,427	2,466	1,986
Loans and Leases, Net of Allowance	11,631	15,138	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	81	87	90	106	135	155	151	141	130	119
Intangible Assets	-	-	-	-	-	-	0.00	118	69	64
Other Assets	863	1,127	1,242	1,348	26,343	21,107	21,971	21,352	22,206	23,028
Total Liabilities & Shareholders' Equity	15,214	18,533	21,780	26,638	32,686	30,770	29,222	28,811	29,169	30,072
Total Liabilities	13,118	16,186	19,305	23,666	29,375	28,208	27,072	27,084	27,289	27,912
Non-Interest Bearing Deposits	11,488	13,436	15,500	18,943	24,284	22,666	20,828	21,448	21,653	21,069
Long-Term Debt	579	2,168	3,275	4,284	4,354	5,189	5,931	5,235	5,228	6,440
Other Long-Term Liabilities	551	582	525	438	447	352	313	401	408	403
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,096	2,347	2,474	2,973	3,312	2,563	2,150	1,727	1,881	2,160
Total Preferred & Common Equity	2,096	2,347	2,474	2,973	2,912	2,312	2,150	1,727	1,881	2,160
Preferred Stock	565	565	400	400	-	-	251	251	251	251
Total Common Equity	1,531	1,782	2,074	2,573	2,912	2,312	1,899	1,476	1,630	1,909
Common Stock	1,222	1,263	1,311	1,365	1,398	1,423	1,161	1,196	1,236	1,282
Retained Earnings	367	595	868	1,340	1,851	1,722	2,817	3,164	3,625	4,114
Treasury Stock	-41	-67	-108	-143	-325	-799	-2,061	-2,790	-3,156	-3,422
Accumulated Other Comprehensive Income / (Loss)	-16	-8.67	2.75	11	-12	-34	-18	-94	-75	-66

This table presents SLM's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	29,139	29,454	27,708	29,273	28,277	28,769	30,013	28,899
Cash and Due from Banks	4,847	3,716	3,876	3,548	3,584	5,262	4,490	3,695
Trading Account Securities	2,509	2,389	2,425	2,369	2,329	2,344	2,563	1,711
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	20,460	21,091
Premises and Equipment, Net	144	138	135	133	127	126	123	117
Intangible Assets	121	116	114	128	67	66	65	63
Other Assets	21,341	22,913	21,008	22,921	22,021	20,828	2,141	2,045
Total Liabilities & Shareholders' Equity	29,139	29,454	27,708	29,273	28,277	28,769	30,013	28,899
Total Liabilities	27,157	27,627	25,902	27,474	26,164	26,486	27,879	26,498
Non-Interest Bearing Deposits	21,277	21,804	20,361	21,551	20,903	20,744	21,445	20,073
Long-Term Debt	5,522	5,514	5,214	5,516	4,977	5,403	6,037	6,147
Other Long-Term Liabilities	358	309	327	408	283	339	397	278
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,982	1,827	1,806	1,799	2,114	2,283	2,134	2,401
Total Preferred & Common Equity	1,731	1,827	1,555	1,799	2,114	2,032	2,134	2,401
Preferred Stock	-	251	-	251	251	-	-	251
Total Common Equity	1,731	1,576	1,555	1,548	1,863	2,032	2,134	2,150
Common Stock	1,189	1,209	1,217	1,228	1,252	1,262	1,524	1,298
Retained Earnings	3,271	3,250	3,486	3,486	3,885	4,108	4,035	4,386
Treasury Stock	-2,635	-2,805	-3,064	-3,064	-3,197	-3,259	-3,375	-3,478
Accumulated Other Comprehensive Income / (Loss)	-93	-78	-84	-101	-77	-79	-50	-56

This table displays calculated financial ratios and metrics derived from SLM's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.30%	8.48%	17.31%	20.85%	22.85%	8.32%	11.91%	-10.05%	-0.77%	2.20%
EBITDA Growth	30.99%	-4.93%	18.14%	14.57%	32.08%	54.20%	30.75%	-57.04%	29.23%	-4.65%
EBIT Growth	31.55%	-5.61%	18.59%	13.81%	32.97%	55.16%	33.47%	-59.05%	23.40%	2.61%
NOPAT Growth	41.54%	-8.73%	15.42%	68.72%	18.63%	52.30%	31.77%	-59.59%	23.96%	4.63%
Net Income Growth	41.54%	-8.73%	15.42%	68.72%	18.63%	52.30%	31.77%	-59.59%	23.96%	4.63%
EPS Growth	40.48%	-10.17%	16.98%	72.58%	21.50%	73.08%	60.44%	-51.25%	36.93%	11.20%
Operating Cash Flow Growth	80.52%	-133.97%	14.00%	39.97%	84.78%	-1,067.89%	72.89%	110.08%	-2,997.38%	-127.74%
Free Cash Flow Firm Growth	-127.93%	-1.66%	13.18%	-7.87%	88.25%	1,004.12%	-23.24%	90.85%	-72.59%	-303.06%
Invested Capital Growth	73.53%	42.18%	27.34%	26.22%	9.62%	-2.55%	4.24%	-13.84%	2.10%	20.99%
Revenue Q/Q Growth	12.29%	-0.52%	2.96%	8.65%	1.19%	-2.57%	8.14%	-8.95%	5.99%	-2.79%
EBITDA Q/Q Growth	27.95%	-6.64%	0.23%	15.74%	-1.65%	46.08%	-8.63%	-42.52%	74.19%	-15.07%
EBIT Q/Q Growth	29.71%	-7.04%	-0.03%	16.39%	-2.10%	49.87%	-8.88%	-44.54%	70.50%	-10.44%
NOPAT Q/Q Growth	34.35%	-7.26%	-7.44%	25.97%	-1.05%	49.44%	-9.82%	-44.97%	73.08%	-8.55%
Net Income Q/Q Growth	34.35%	-7.26%	-7.44%	25.97%	-1.05%	49.44%	-9.82%	-44.97%	73.08%	-8.55%
EPS Q/Q Growth	37.21%	-8.62%	-7.46%	25.88%	0.00%	59.57%	0.56%	-45.17%	70.92%	-6.94%
Operating Cash Flow Q/Q Growth	74.02%	-102.95%	7.09%	24.75%	82.17%	-23.94%	27.85%	-90.30%	-22.19%	8.77%
Free Cash Flow Firm Q/Q Growth	16.20%	-76.74%	1.62%	33.12%	4.74%	-28.89%	-5.95%	76.72%	-17.22%	-364.32%
Invested Capital Q/Q Growth	-3.80%	7.83%	5.29%	-1.57%	-1.58%	8.45%	7.02%	-7.23%	-2.82%	5.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	52.68%	46.16%	46.49%	44.08%	47.39%	67.46%	78.81%	37.64%	49.02%	45.73%
EBIT Margin	49.61%	43.16%	43.63%	41.09%	44.48%	63.71%	75.98%	34.59%	43.02%	43.19%
Profit (Net Income) Margin	30.99%	26.07%	25.65%	35.81%	34.58%	48.62%	57.25%	25.72%	32.13%	32.90%
Tax Burden Percent	62.47%	60.40%	58.79%	87.15%	77.75%	76.32%	75.35%	74.36%	74.70%	76.17%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	37.53%	39.60%	41.21%	12.85%	22.25%	23.68%	24.65%	25.64%	25.30%	23.83%
Return on Invested Capital (ROIC)	10.96%	6.51%	5.63%	7.50%	7.60%	11.21%	14.66%	6.24%	8.26%	7.75%
ROIC Less NNEP Spread (ROIC-NNEP)	10.96%	6.51%	5.63%	7.50%	7.60%	11.21%	14.66%	6.24%	8.26%	7.75%
Return on Net Nonoperating Assets (RNNOA)	3.01%	4.76%	6.36%	10.40%	10.80%	18.77%	34.59%	17.96%	23.97%	22.36%
Return on Equity (ROE)	13.97%	11.27%	11.99%	17.90%	18.40%	29.98%	49.25%	24.20%	32.23%	30.11%
Cash Return on Invested Capital (CROIC)	-42.81%	-28.32%	-18.42%	-15.68%	-1.58%	13.80%	10.51%	21.11%	6.19%	-11.25%
Operating Return on Assets (OROA)	3.12%	2.46%	2.44%	2.31%	2.51%	3.64%	5.13%	2.17%	2.68%	2.70%
Return on Assets (ROA)	1.95%	1.48%	1.43%	2.01%	1.95%	2.78%	3.87%	1.62%	2.01%	2.05%
Return on Common Equity (ROCE)	9.95%	8.40%	9.59%	15.27%	16.06%	26.66%	44.00%	21.06%	27.74%	26.37%
Return on Equity Simple (ROE_SIMPLE)	13.08%	10.67%	11.68%	16.40%	19.86%	38.10%	53.98%	27.16%	30.91%	28.16%
Net Operating Profit after Tax (NOPAT)	274	250	289	487	578	881	1,161	469	581	608
NOPAT Margin	30.99%	26.07%	25.65%	35.81%	34.58%	48.62%	57.25%	25.72%	32.13%	32.90%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	17.96%	19.16%	18.94%	18.54%	16.64%	15.60%	12.74%	14.83%	18.05%	18.90%
Operating Expenses to Revenue	40.22%	40.23%	39.87%	40.92%	34.34%	31.15%	25.65%	30.67%	37.89%	34.72%
Earnings before Interest and Taxes (EBIT)	439	414	491	559	744	1,154	1,540	631	778	799
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	466	443	524	600	792	1,222	1,598	686	887	846
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.64	2.39	2.12	1.27	1.18	1.86	2.84	2.67	2.60	3.07
Price to Tangible Book Value (P/TBV)	1.64	2.39	2.12	1.27	1.18	1.86	2.84	2.91	2.71	3.17
Price to Revenue (P/Rev)	2.83	4.44	3.91	2.40	2.06	2.38	2.66	2.17	2.34	3.17
Price to Earnings (P/E)	9.84	18.59	16.12	6.92	6.12	4.94	4.67	8.58	7.52	9.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	1.47%	1.05%	1.09%	2.79%	2.35%	1.67%
Earnings Yield	10.16%	5.38%	6.20%	14.44%	16.33%	20.23%	21.40%	11.65%	13.30%	10.08%
Enterprise Value to Invested Capital (EV/IC)	0.54	1.11	1.12	0.73	0.35	0.66	0.87	0.67	0.76	0.89
Enterprise Value to Revenue (EV/Rev)	1.93	5.23	5.72	3.87	1.65	2.84	3.47	2.56	2.99	4.15
Enterprise Value to EBITDA (EV/EBITDA)	3.66	11.32	12.30	8.78	3.48	4.20	4.40	6.79	6.11	9.07
Enterprise Value to EBIT (EV/EBIT)	3.89	12.11	13.11	9.42	3.71	4.45	4.57	7.39	6.96	9.61
Enterprise Value to NOPAT (EV/NOPAT)	6.22	20.05	22.30	10.81	4.77	5.83	6.06	9.94	9.32	12.61
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	933.73	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	4.74	8.46	2.94	12.45	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.51	0.92	1.32	1.44	1.40	2.02	2.76	3.03	2.78	2.98
Long-Term Debt to Equity	0.28	0.92	1.32	1.44	1.31	2.02	2.76	3.03	2.78	2.98
Financial Leverage	0.27	0.73	1.13	1.39	1.42	1.67	2.36	2.88	2.90	2.89
Leverage Ratio	7.18	7.59	8.36	8.89	9.44	10.80	12.73	14.97	16.07	14.66
Compound Leverage Factor	7.18	7.59	8.36	8.89	9.44	10.80	12.73	14.97	16.07	14.66
Debt to Total Capital	33.99%	48.02%	56.97%	59.04%	58.37%	66.94%	73.40%	75.19%	73.54%	74.89%
Short-Term Debt to Total Capital	15.75%	0.00%	0.00%	0.00%	3.64%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	18.24%	48.02%	56.97%	59.04%	54.73%	66.94%	73.40%	75.19%	73.54%	74.89%
Preferred Equity to Total Capital	17.79%	12.51%	6.96%	5.51%	0.00%	0.00%	3.11%	3.61%	3.53%	2.92%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	5.03%	3.24%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	48.22%	39.47%	36.08%	35.45%	36.60%	29.82%	23.50%	21.20%	22.93%	22.20%
Debt to EBITDA	2.31	4.89	6.25	7.14	5.86	4.25	3.71	7.63	5.89	7.62
Net Debt to EBITDA	-2.93	0.44	3.13	2.67	-1.36	0.47	0.87	0.67	1.05	1.85
Long-Term Debt to EBITDA	1.24	4.89	6.25	7.14	5.49	4.25	3.71	7.63	5.89	7.62
Debt to NOPAT	3.93	8.66	11.34	8.79	8.03	5.89	5.11	11.16	8.99	10.59
Net Debt to NOPAT	-4.98	0.78	5.67	3.29	-1.86	0.66	1.19	0.99	1.60	2.57
Long-Term Debt to NOPAT	2.11	8.66	11.34	8.79	7.53	5.89	5.11	11.16	8.99	10.59
Noncontrolling Interest Sharing Ratio	28.78%	25.43%	20.02%	14.69%	12.73%	11.08%	10.66%	12.95%	13.92%	12.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,071	-1,089	-946	-1,020	-120	1,084	832	1,588	435	-884
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-8.33	-5.86	-3.07	-1.95	-0.17	2.00	2.18	2.92	0.42	-0.78
Operating Cash Flow to Interest Expense	-0.66	-1.07	-0.56	-0.20	-0.02	-0.34	-0.13	0.01	-0.14	-0.29
Operating Cash Flow Less CapEx to Interest Expense	11.37	-1.02	-0.53	-0.11	-0.02	6.82	22.09	12.99	5.92	5.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.06	0.06	0.06	0.06	0.06	0.07	0.06	0.06	0.06
Fixed Asset Turnover	11.08	11.41	12.74	13.94	13.92	12.52	13.29	12.52	13.39	14.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,176	4,515	5,750	7,257	7,955	7,752	8,081	6,962	7,108	8,600
Invested Capital Turnover	0.35	0.25	0.22	0.21	0.22	0.23	0.26	0.24	0.26	0.24
Increase / (Decrease) in Invested Capital	1,346	1,339	1,234	1,507	698	-203	329	-1,119	146	1,492
Enterprise Value (EV)	1,707	5,019	6,443	5,269	2,760	5,136	7,037	4,661	5,417	7,673
Market Capitalization	2,507	4,258	4,404	3,267	3,438	4,305	5,400	3,948	4,238	5,856
Book Value per Share	$3.59	$4.16	$4.80	$5.91	$6.90	$6.16	$6.48	$5.90	$7.20	$8.99
Tangible Book Value per Share	$3.59	$4.16	$4.80	$5.91	$6.90	$6.16	$6.48	$5.43	$6.90	$8.69
Total Capital	3,176	4,515	5,750	7,257	7,955	7,752	8,081	6,962	7,108	8,600
Total Debt	1,079	2,168	3,275	4,284	4,643	5,189	5,931	5,235	5,228	6,440
Total Long-Term Debt	579	2,168	3,275	4,284	4,354	5,189	5,931	5,235	5,228	6,440
Net Debt	-1,365	195	1,639	1,602	-1,077	580	1,386	462	928	1,566
Capital Expenditures (CapEx)	-1,547	-9.52	-6.99	-45	0.00	-3,876	-8,488	-7,046	-6,245	-6,972
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	1,079	2,168	3,275	4,284	4,643	5,189	5,931	5,235	5,228	6,440
Total Depreciation and Amortization (D&A)	27	29	32	41	49	68	57	56	109	47
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.60	$0.54	$0.63	$1.08	$1.31	$2.27	$3.67	$0.00	$2.44	$2.73
Adjusted Weighted Average Basic Shares Outstanding	425.57M	427.88M	431.22M	435.05M	427.29M	383.71M	314.99M	0.00	231.41M	216.22M
Adjusted Diluted Earnings per Share	$0.59	$0.53	$0.62	$1.07	$1.30	$2.25	$3.61	$0.00	$2.41	$2.68
Adjusted Weighted Average Diluted Shares Outstanding	432.23M	432.92M	438.55M	439.68M	430.67M	387.20M	319.91M	0.00	234.06M	219.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	426.32M	429.10M	433.55M	436.80M	422.62M	363.67M	279.39M	0.00	220.35M	210.42M
Normalized Net Operating Profit after Tax (NOPAT)	278	250	289	487	578	901	1,161	469	581	608
Normalized NOPAT Margin	31.37%	26.07%	25.65%	35.81%	34.58%	49.72%	57.29%	25.72%	32.13%	32.90%
Pre Tax Income Margin	49.61%	43.16%	43.63%	41.09%	44.48%	63.71%	75.98%	34.59%	43.02%	43.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.41	2.23	1.60	1.07	1.05	2.13	4.03	1.16	0.76	0.70
NOPAT to Interest Expense	2.13	1.35	0.94	0.93	0.82	1.63	3.04	0.86	0.56	0.53
EBIT Less CapEx to Interest Expense	15.44	2.28	1.62	1.16	1.05	9.29	26.25	14.14	6.82	6.83
NOPAT Less CapEx to Interest Expense	14.16	1.40	0.96	1.02	0.82	8.78	25.25	13.85	6.63	6.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.14%	8.47%	5.44%	3.21%	11.75%	6.37%	5.62%	26.01%	20.46%	19.31%
Augmented Payout Ratio	7.14%	8.47%	5.44%	3.21%	40.66%	69.75%	137.52%	178.07%	80.70%	60.07%

This table displays calculated financial ratios and metrics derived from SLM's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.09%	-34.48%	7.51%	-14.55%	-12.00%	29.99%	31.49%	-3.15%	-6.10%	-11.97%	3.54%
EBITDA Growth	11.89%	-119.66%	-6.21%	-21.54%	-54.46%	452.88%	136.01%	-5.16%	-189.67%	-50.99%	3.71%
EBIT Growth	13.54%	-123.55%	-6.21%	-21.87%	-61.22%	333.37%	148.62%	-5.05%	-246.68%	-41.33%	4.03%
NOPAT Growth	3.20%	-122.06%	-7.99%	-22.51%	-60.94%	349.27%	144.63%	-4.93%	-241.98%	-33.77%	5.04%
Net Income Growth	3.20%	-125.16%	-7.99%	-22.51%	-60.94%	318.64%	144.63%	-4.93%	-253.76%	-33.77%	5.04%
EPS Growth	20.83%	-122.88%	4.44%	-14.73%	-62.07%	370.37%	170.21%	0.91%	-309.09%	-27.40%	10.24%
Operating Cash Flow Growth	-96.03%	-101.92%	-85.84%	-11.19%	-1,862.17%	-3,001.83%	-963.09%	-114.52%	-91.11%	116.72%	-90.39%
Free Cash Flow Firm Growth	136.77%	4,795.51%	531.56%	-30.83%	80.78%	-97.89%	44.43%	-193.90%	-509.41%	-6,312.99%	-313.40%
Invested Capital Growth	-0.61%	-13.84%	-3.37%	-2.45%	-2.53%	2.10%	-3.41%	9.49%	11.70%	20.99%	20.56%
Revenue Q/Q Growth	-25.19%	-26.65%	25.23%	24.35%	-22.96%	8.35%	26.68%	-8.41%	-25.30%	1.58%	48.99%
EBITDA Q/Q Growth	-74.82%	-170.38%	302.98%	118.13%	-85.38%	445.31%	35.75%	-12.34%	-113.82%	398.01%	187.28%
EBIT Q/Q Growth	-77.05%	-192.18%	261.45%	128.77%	-88.61%	454.80%	72.00%	-12.63%	-117.59%	321.90%	205.01%
NOPAT Q/Q Growth	-78.02%	-189.89%	275.39%	123.65%	-88.92%	473.62%	72.12%	-13.09%	-116.55%	367.56%	173.00%
Net Income Q/Q Growth	-78.02%	-202.49%	253.83%	123.65%	-88.92%	473.62%	72.12%	-13.09%	-117.92%	347.06%	173.00%
EPS Q/Q Growth	-77.52%	-193.10%	274.07%	134.04%	-90.00%	563.64%	73.97%	-12.60%	-120.72%	330.43%	164.15%
Operating Cash Flow Q/Q Growth	105.59%	-125.98%	1,115.77%	-854.21%	11.46%	54.27%	-182.64%	-87.46%	21.13%	104.00%	-3,317.69%
Free Cash Flow Firm Q/Q Growth	-80.99%	767.02%	-64.40%	17.90%	-50.32%	-89.86%	2,332.18%	-176.65%	-116.62%	-53.85%	16.46%
Invested Capital Q/Q Growth	4.29%	-7.23%	5.44%	-4.37%	4.20%	-2.82%	-0.25%	8.40%	6.30%	5.26%	-0.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	25.51%	-24.47%	39.67%	69.59%	13.20%	66.44%	71.20%	68.14%	-12.61%	36.99%	71.32%
EBIT Margin	22.54%	-28.33%	36.52%	67.19%	9.93%	50.85%	69.05%	65.87%	-15.51%	33.89%	69.38%
Profit (Net Income) Margin	16.18%	-22.61%	27.77%	49.95%	7.18%	38.02%	51.67%	49.03%	-11.76%	28.61%	52.42%
Tax Burden Percent	71.78%	79.81%	76.04%	74.34%	72.32%	74.77%	74.82%	74.43%	75.81%	84.40%	75.55%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	28.22%	0.00%	23.96%	25.66%	27.68%	25.23%	25.18%	25.57%	0.00%	15.60%	24.45%
Return on Invested Capital (ROIC)	4.30%	-4.81%	6.89%	12.39%	1.65%	9.78%	13.92%	12.85%	-2.67%	6.73%	12.53%
ROIC Less NNEP Spread (ROIC-NNEP)	4.30%	-4.98%	6.89%	12.39%	1.65%	9.78%	13.92%	12.85%	-2.73%	6.73%	12.53%
Return on Net Nonoperating Assets (RNNOA)	11.45%	-14.33%	19.70%	34.16%	4.83%	28.36%	37.05%	33.36%	-8.01%	19.45%	30.87%
Return on Equity (ROE)	15.75%	-19.14%	26.59%	46.55%	6.48%	38.14%	50.97%	46.20%	-10.68%	26.18%	43.40%
Cash Return on Invested Capital (CROIC)	11.93%	21.11%	9.56%	7.85%	7.09%	6.19%	13.90%	1.00%	-2.46%	-11.25%	-10.68%
Operating Return on Assets (OROA)	1.56%	-1.78%	2.31%	4.29%	0.58%	3.17%	4.65%	4.49%	-1.00%	2.12%	4.54%
Return on Assets (ROA)	1.12%	-1.42%	1.76%	3.19%	0.42%	2.37%	3.48%	3.35%	-0.75%	1.79%	3.43%
Return on Common Equity (ROCE)	13.83%	-16.66%	23.14%	40.37%	5.62%	32.83%	44.47%	40.53%	-10.00%	22.93%	38.57%
Return on Equity Simple (ROE_SIMPLE)	49.23%	0.00%	25.11%	24.54%	18.67%	0.00%	35.61%	36.40%	31.18%	0.00%	25.95%
Net Operating Profit after Tax (NOPAT)	75	-68	119	265	29	168	290	252	-42	112	305
NOPAT Margin	16.18%	-19.83%	27.77%	49.95%	7.18%	38.02%	51.67%	49.03%	-10.86%	28.61%	52.42%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.00%
SG&A Expenses to Revenue	13.99%	19.77%	20.54%	14.74%	20.44%	17.40%	17.19%	16.59%	22.81%	20.54%	15.63%
Operating Expenses to Revenue	32.78%	41.10%	36.74%	29.47%	41.64%	45.62%	28.81%	30.86%	44.81%	38.37%	26.61%
Earnings before Interest and Taxes (EBIT)	105	-97	156	357	41	225	387	339	-60	132	403
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	119	-83	169	369	54	294	400	350	-48	144	414
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.94	2.67	1.83	2.48	1.94	2.60	2.63	2.25	2.33	3.07	2.87
Price to Tangible Book Value (P/TBV)	2.08	2.91	1.98	2.67	2.12	2.71	2.73	2.33	2.40	3.17	2.96
Price to Revenue (P/Rev)	1.68	2.17	1.56	2.19	1.76	2.34	2.52	2.38	2.61	3.17	3.31
Price to Earnings (P/E)	3.97	8.58	6.47	10.49	9.42	7.52	6.68	6.35	7.69	9.93	10.21
Dividend Yield	3.30%	2.79%	3.67%	2.77%	3.31%	2.35%	2.03%	2.12%	1.92%	1.67%	1.63%
Earnings Yield	25.20%	11.65%	15.45%	9.53%	10.62%	13.30%	14.98%	15.75%	13.00%	10.08%	9.79%
Enterprise Value to Invested Capital (EV/IC)	0.55	0.67	0.65	0.75	0.69	0.76	0.90	0.63	0.78	0.89	1.04
Enterprise Value to Revenue (EV/Rev)	2.05	2.56	2.57	3.00	2.96	2.99	3.29	2.51	3.34	4.15	4.75
Enterprise Value to EBITDA (EV/EBITDA)	3.44	6.79	7.05	9.22	9.92	6.11	5.73	4.40	6.38	9.07	10.32
Enterprise Value to EBIT (EV/EBIT)	3.61	7.39	7.67	10.17	11.07	6.96	6.34	4.87	7.12	9.61	10.91
Enterprise Value to NOPAT (EV/NOPAT)	4.82	9.94	10.37	13.86	15.04	9.32	8.50	6.53	9.54	12.61	14.26
Enterprise Value to Operating Cash Flow (EV/OCF)	79.74	933.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	4.57	2.94	6.66	9.49	9.61	12.45	6.38	65.66	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.79	3.03	3.02	2.89	3.07	2.78	2.35	2.37	2.83	2.98	2.56
Long-Term Debt to Equity	2.79	3.03	3.02	2.89	3.07	2.78	2.35	2.37	2.83	2.98	2.56
Financial Leverage	2.66	2.88	2.86	2.76	2.92	2.90	2.66	2.60	2.94	2.89	2.46
Leverage Ratio	14.08	14.97	15.11	14.59	15.45	16.07	14.65	13.81	15.07	14.66	12.66
Compound Leverage Factor	14.08	14.97	15.11	14.59	15.45	16.07	14.65	13.81	15.07	14.66	12.66
Debt to Total Capital	73.59%	75.19%	75.11%	74.27%	75.40%	73.54%	70.19%	70.29%	73.88%	74.89%	71.91%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	73.59%	75.19%	75.11%	74.27%	75.40%	73.54%	70.19%	70.29%	73.88%	74.89%	71.91%
Preferred Equity to Total Capital	0.00%	3.61%	3.42%	0.00%	3.43%	3.53%	3.54%	0.00%	0.00%	2.92%	2.94%
Noncontrolling Interests to Total Capital	3.35%	0.00%	0.00%	3.58%	0.00%	0.00%	0.00%	3.27%	0.00%	0.00%	0.00%
Common Equity to Total Capital	23.07%	21.20%	21.47%	22.16%	21.16%	22.93%	26.27%	26.44%	26.12%	22.20%	25.15%
Debt to EBITDA	4.63	7.63	8.17	9.09	10.83	5.89	4.46	4.92	6.06	7.62	7.14
Net Debt to EBITDA	0.42	0.67	2.39	2.07	3.52	1.05	1.11	0.00	1.38	1.85	2.85
Long-Term Debt to EBITDA	4.63	7.63	8.17	9.09	10.83	5.89	4.46	4.92	6.06	7.62	7.14
Debt to NOPAT	6.48	11.16	12.02	13.66	16.42	8.99	6.61	7.30	9.07	10.59	9.87
Net Debt to NOPAT	0.58	0.99	3.52	3.11	5.34	1.60	1.65	0.00	2.07	2.57	3.94
Long-Term Debt to NOPAT	6.48	11.16	12.02	13.66	16.42	8.99	6.61	7.30	9.07	10.59	9.87
Noncontrolling Interest Sharing Ratio	12.21%	12.95%	12.97%	13.27%	13.28%	13.92%	12.74%	12.28%	6.38%	12.43%	11.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	121	1,051	374	441	219	22	540	-414	-897	-1,380	-1,153
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.81	5.20	1.61	1.78	0.82	0.08	1.95	-1.54	-3.06	-4.61	-4.10
Operating Cash Flow to Interest Expense	0.02	0.00	0.04	-0.27	-0.22	-0.10	-0.28	-0.53	-0.39	0.02	-0.52
Operating Cash Flow Less CapEx to Interest Expense	13.02	3.71	3.96	11.25	2.52	6.09	10.21	7.79	1.80	3.99	10.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.06	0.06	0.06	0.06	0.06	0.07	0.07	0.06	0.06	0.07
Fixed Asset Turnover	13.47	12.52	12.96	12.52	12.34	13.39	14.65	14.75	14.88	14.86	15.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,505	6,962	7,341	7,020	7,315	7,108	7,091	7,686	8,170	8,600	8,548
Invested Capital Turnover	0.27	0.24	0.25	0.25	0.23	0.26	0.27	0.26	0.25	0.24	0.24
Increase / (Decrease) in Invested Capital	-46	-1,119	-256	-176	-190	146	-250	666	856	1,492	1,458
Enterprise Value (EV)	4,104	4,661	4,759	5,292	5,052	5,417	6,401	4,829	6,349	7,673	8,884
Market Capitalization	3,355	3,948	2,892	3,853	3,009	4,238	4,905	4,580	4,973	5,856	6,180
Book Value per Share	$6.89	$5.90	$6.53	$6.42	$6.85	$7.20	$8.45	$9.23	$9.81	$8.99	$10.22
Tangible Book Value per Share	$6.41	$5.43	$6.05	$5.95	$6.28	$6.90	$8.14	$8.93	$9.51	$8.69	$9.92
Total Capital	7,505	6,962	7,341	7,020	7,315	7,108	7,091	7,686	8,170	8,600	8,548
Total Debt	5,522	5,235	5,514	5,214	5,516	5,228	4,977	5,403	6,037	6,440	6,147
Total Long-Term Debt	5,522	5,235	5,514	5,214	5,516	5,228	4,977	5,403	6,037	6,440	6,147
Net Debt	498	462	1,616	1,187	1,792	928	1,245	-1.67	1,376	1,566	2,452
Capital Expenditures (CapEx)	-1,954	-752	-913	-2,850	-733	-1,749	-2,901	-2,242	-641	-1,189	-2,983
Net Nonoperating Expense (NNE)	0.00	9.47	0.00	0.00	0.00	0.00	0.00	0.00	3.46	0.00	0.00
Net Nonoperating Obligations (NNO)	5,522	5,235	5,514	5,214	5,516	5,228	4,977	5,403	6,037	6,440	6,147
Total Depreciation and Amortization (D&A)	14	13	13	13	13	69	12	12	11	12	11
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.29	($0.27)	$0.47	$1.11	$0.11	$0.75	$1.29	$1.13	($0.23)	$0.54	$1.43
Adjusted Weighted Average Basic Shares Outstanding	251.27M	258.44M	241.50M	235.06M	226.12M	231.41M	220.42M	218.92M	214.87M	216.22M	210.68M
Adjusted Diluted Earnings per Share	$0.29	($0.27)	$0.47	$1.10	$0.11	$0.73	$1.27	$1.11	($0.23)	$0.53	$1.40
Adjusted Weighted Average Diluted Shares Outstanding	253.72M	261.50M	243.55M	237.59M	228.80M	234.06M	223.85M	222.47M	214.87M	219.93M	214.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	250.20M	241.19M	242.25M	226.08M	226.27M	220.35M	220.28M	217.46M	212.33M	210.42M	210.74M
Normalized Net Operating Profit after Tax (NOPAT)	75	-68	119	265	29	168	290	252	-42	112	305
Normalized NOPAT Margin	16.18%	-19.83%	27.77%	49.95%	7.18%	38.02%	51.67%	49.03%	-10.86%	28.61%	52.42%
Pre Tax Income Margin	22.54%	-28.33%	36.52%	67.19%	9.93%	50.85%	69.05%	65.87%	-15.51%	33.89%	69.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.70	-0.48	0.67	1.44	0.15	0.80	1.40	1.26	-0.20	0.44	1.43
NOPAT to Interest Expense	0.50	-0.33	0.51	1.07	0.11	0.60	1.05	0.94	-0.14	0.37	1.08
EBIT Less CapEx to Interest Expense	13.69	3.24	4.60	12.97	2.89	6.99	11.89	9.58	1.98	4.42	12.05
NOPAT Less CapEx to Interest Expense	13.49	3.38	4.43	12.60	2.85	6.78	11.54	9.26	2.04	4.35	11.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	14.59%	26.01%	26.36%	31.61%	35.73%	20.46%	15.56%	15.72%	17.27%	19.31%	19.26%
Augmented Payout Ratio	109.57%	178.07%	145.80%	143.48%	159.84%	80.70%	64.94%	39.70%	61.14%	60.07%	59.74%

Key Financial Trends

SLM Corp has shown significant financial fluctuations over the last four years, with notable trends and changes observed in the most recent quarters ending Q1 2025 through Q3 2022. Here's a high-level summary for retail investors considering the overall trend:

Net Income Growth: The net income attributable to common shareholders has increased significantly from a loss in late 2022 to positive and steadily growing in 2023 and into Q1 2025, reaching $300.6 million in Q1 2025 compared to losses in Q4 2022 and Q3 2022.
Improved Net Interest Income: Net interest income has generally trended upwards in recent quarters, reaching $375.0 million in Q1 2025, up from $369.5 million in Q3 2022, contributing to revenue growth.
Strong Capital Gains in Recent Quarters: Q1 2025 exhibited significant net realized and unrealized capital gains ($177.4 million), a notable improvement over previous quarters, positively impacting non-interest income.
Consistent Dividend Payments: SLM has maintained cash dividends to common shares at around $0.11-$0.13 per share consistently, signalling shareholder return focus.
Substantial Operating Cash Flow in Positive Range: Despite some quarters showing negative net cash from operating activities, recent quarters like Q1 2023 show positive net cash from operating activities, indicating operational cash generation ability.
Total Assets Stability: Total assets have remained relatively stable, fluctuating around $28-30 billion, suggesting consistent scale of operations without extreme expansion or contraction.
Loan Portfolio Size: Loans and leases net of allowance are around $21 billion in Q1 2025, roughly stable compared to prior years, indicating steady lending activity.
Share Count and EPS Stability: Weighted average shares outstanding have slightly declined over time, while earnings per share have improved from negative to positive, supporting per-share profitability.
High Provision for Credit Losses Variability: Provision for credit losses was very high at $297 million in Q4 2022 and has dropped to $23.3 million in Q1 2025. This volatility signals fluctuating credit risk exposure which can impact net income unpredictably.
Negative Operating Cash Flows in Recent Quarters: Q1 2025 showed a net cash outflow from operations (-$145 million), with large negative changes in operating assets and liabilities, which may raise concerns about working capital management or loan portfolio funding.

Summary: SLM has made a strong turnaround from losses experienced in late 2022 to robust profitability and improved interest income by Q1 2025. The company benefits from increased capital gains and sustained dividend payments. However, the variability and past spikes in credit loss provisions and some recent operating cash flow challenges warrant monitoring, especially for risk-averse investors. Overall, SLM is showing positive momentum in profitability with cautious watch on credit quality and liquidity.

09/15/25 08:57 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About SLM's Financials

When does SLM's financial year end?

According to the most recent income statement we have on file, SLM's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has SLM's net income changed over the last 9 years?

SLM's net income appears to be on an upward trend, with a most recent value of $608.33 million in 2024, rising from $274.28 million in 2015. The previous period was $581.39 million in 2023. See where experts think SLM is headed by visiting SLM's forecast page.

How has SLM's revenue changed over the last 9 years?

Over the last 9 years, SLM's total revenue changed from $885.09 million in 2015 to $1.85 billion in 2024, a change of 108.9%.

How much debt does SLM have?

SLM's total liabilities were at $27.91 billion at the end of 2024, a 2.3% increase from 2023, and a 112.8% increase since 2015.

How much cash does SLM have?

In the past 9 years, SLM's cash and equivalents has ranged from $1.53 billion in 2017 to $5.56 billion in 2019, and is currently $4.70 billion as of their latest financial filing in 2024.

How has SLM's book value per share changed over the last 9 years?

Over the last 9 years, SLM's book value per share changed from 3.59 in 2015 to 8.99 in 2024, a change of 150.2%.

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This page (NASDAQ:SLM) was last updated on 9/15/2025 by MarketBeat.com Staff

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SLM (SLM) Financials

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SLM (SLM) Financials

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