SLM Corporation (SLM) Balance Sheet
SLM balance sheet, 2025
December 31, 2025 · U.S. dollars$29.75B assets = $27.29B liabilities + $2.45B equity
Both columns are drawn to the same scale: what SLM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SLM financial health
Descriptive bands, not a rating. Fiscal 2025.
SLM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $18.53B2016 | $29.75B2025 | +5.4%/yr | |
| Total liabilities | $16.19B2016 | $27.29B2025 | +6.0%/yr | |
| Shareholders’ equity | $2.35B2016 | $2.45B2025 | +0.5%/yr | |
| Cash & short-term investments | $2.13B2016 | $4.29B2025 | +8.1%/yr | |
| Total debt | $15.60B2016 | $5.86B2025 | −10.3%/yr | |
| Net cash (debt) | −$13.48B2016 | −$1.57B2025 | +$11.9B | |
| Working capital | −$13.96B2016 | −$15.53B2025 | −$1.6B | |
| Book value per share | $5.422016 | $11.832025 | +9.1%/yr | |
| Current ratio | 0.002016 | 0.282025 | +0.28 | |
| Debt / equity | 6.652016 | 2.392025 | −4.26 | |
| Shares outstanding | 432.9M2016 | 207.2M2025 | −7.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SLM assets
SLM liabilities and equity
SLM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SLM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.29B | $6.69B | $6.56B | $4.67B | $6.85B | $6.45B | $6.05B | $2.74B | $1.78B | $2.13B |
| Cash & equivalents | $4.24B | $4.70B | $4.15B | $4.62B | $4.33B | $4.46B | $5.56B | $2.56B | $1.53B | $1.92B |
| Short-term investments | $49.2M | $1.99B | $2.41B | $2.34B | $2.52B | $2.00B | $487.7M | $176.2M | $244.1M | $208.6M |
| Receivables | $1.56B | $1.55B | $1.75B | $1.58B | $1.45B | $1.78B | $1.51B | $1.27B | $1.14B | $1.03B |
| Inventory | $0 | $0 | $4.15B | $6.37B | $6.01B | $6.43B | $7.28B | $0 | $0 | $0 |
| Other current assets | $177.3M | $173.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $6.03B | $8.41B | $8.31B | $6.25B | $8.31B | $8.23B | $7.56B | $2.56B | $101.8M | $53.7M |
| Property, plant & equipment (net) | $122.2M | $119.4M | $129.5M | $140.7M | $150.5M | $154.7M | $134.7M | $105.5M | $89.7M | $87.1M |
| Goodwill & intangible assets | $60.0M | $63.5M | $68.7M | $168.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.92B | $2.10B | $2.56B | $2.50B | $2.70B | $5.02B | $25.29B | $22.47B | $18.83B | $15.40B |
| Other non-current assets | $21.61B | $19.38B | $18.11B | $19.74B | $18.07B | $17.36B | $0 | $1.50B | $2.75B | $3.00B |
| Total assets | $29.75B | $30.07B | $29.17B | $28.81B | $29.22B | $30.77B | $32.69B | $26.64B | $21.78B | $18.53B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $21.45B | $20.83B | $22.67B | $24.28B | $18.94B | $102.3M | $184.3M |
| Short-term debt | $498.4M | — | $5.23B | $5.24B | $5.93B | $5.19B | $289.2M | $18.94B | $15.51B | $13.44B |
| Total current liabilities | $21.56B | $21.07B | $21.65B | $32.32B | $33.00B | $33.40B | $24.77B | $19.38B | $16.03B | $14.02B |
| Long-term debt | $5.36B | $6.44B | $5.23B | $5.24B | $5.93B | $5.19B | $4.35B | $4.28B | $3.28B | $2.17B |
| Other long-term liabilities | $373.9M | $403.3M | $408.0M | $0 | $0 | $0 | $254.7M | $0 | $0 | $0 |
| Total liabilities | $27.29B | $27.91B | $27.29B | $27.08B | $5.93B | $5.19B | $29.37B | $23.67B | $19.31B | $16.19B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $88.7M | $88.1M | $87.6M | $87.0M | $86.4M | $91.3M | $90.7M | $90.0M | $1.31B | $1.26B |
| Retained earnings (deficit) | $4.73B | $4.11B | $3.62B | $3.16B | $2.82B | $1.72B | $1.85B | $1.34B | $868.2M | $595.3M |
| Treasury stock | — | — | — | — | −$2.06B | −$799.0M | −$324.7M | −$142.6M | −$107.6M | −$67.5M |
| Accumulated other comprehensive income | −$40.1M | −$65.9M | −$75.1M | −$93.9M | −$17.9M | −$34.2M | −$12.4M | $10.6M | $2.7M | −$8.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.45B | $2.16B | $1.88B | $1.73B | $23.29B | $25.58B | $3.31B | $2.97B | $2.47B | $2.35B |
| Key figures | ||||||||||
| Total debt | $5.86B | $6.44B | $5.23B | $5.24B | $5.93B | $5.19B | $4.64B | $23.23B | $18.78B | $15.60B |
| Net cash (debt) | −$1.57B | $246.5M | $1.33B | −$563.1M | $921.6M | $1.26B | $1.41B | −$20.49B | −$17.00B | −$13.48B |
| Working capital | −$15.53B | −$12.66B | −$13.35B | −$26.07B | −$24.70B | −$25.16B | −$17.21B | −$16.82B | −$15.93B | −$13.96B |
| Tangible book value | $2.39B | $2.10B | $1.81B | $1.56B | $23.29B | $25.58B | $3.31B | $2.97B | $2.47B | $2.35B |
| Book value per share | $11.83 | $9.82 | $8.04 | $6.60 | $72.80 | $66.07 | $7.69 | $6.76 | $5.64 | $5.42 |
| Shares outstanding | 207.2M | 219.9M | 234.1M | 261.5M | 319.9M | 387.2M | 430.7M | 439.7M | 438.6M | 432.9M |
| Current ratio | 0.28 | 0.40 | 0.38 | 0.19 | 0.25 | 0.25 | 0.31 | 0.13 | 0.01 | 0.00 |
| Quick ratio | 0.27 | 0.39 | 0.38 | 0.19 | 0.25 | 0.25 | 0.31 | 0.21 | 0.18 | 0.22 |
| Debt / equity | 2.39 | 2.98 | 2.78 | 3.03 | 0.25 | 0.20 | 1.40 | 7.81 | 7.59 | 6.65 |
| Equity / assets | 8.2% | 7.2% | 6.4% | 6.0% | 79.7% | 83.1% | 10.1% | 11.2% | 11.4% | 12.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.64B | $5.75B | $4.29B | $3.59B | $4.14B | $3.75B | $6.69B | $4.59B | $5.61B | $4.03B | $6.56B | $3.57B |
| Cash & equivalents | $4.59B | $5.16B | $4.24B | $3.54B | $4.09B | $3.70B | $4.70B | $4.49B | $5.26B | $3.58B | $4.15B | $3.55B |
| Short-term investments | $55.9M | $589.7M | $49.2M | $52.0M | $49.6M | $53.7M | $1.99B | $104.8M | $346.3M | $442.3M | $2.41B | $24.8M |
| Receivables | $21.13B | $1.53B | $1.56B | $1.69B | $1.70B | $1.55B | $1.55B | $1.54B | $1.74B | $1.66B | $1.75B | $1.87B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.63B | $0 | $0 | $4.15B | $5.60B |
| Other current assets | $379.4M | $0 | $177.3M | $193.1M | $163.8M | $173.5M | $173.9M | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $26.16B | $6.95B | $6.03B | $5.47B | $6.00B | $5.48B | $8.41B | $6.30B | $7.35B | $5.69B | $8.31B | $5.44B |
| Property, plant & equipment (net) | $123.4M | $121.5M | $122.2M | $119.3M | $117.8M | $117.4M | $119.4M | $123.0M | $126.4M | $127.4M | $129.5M | $132.6M |
| Goodwill & intangible assets | $117.1M | $59.2M | $60.0M | $121.5M | $61.6M | $62.5M | $63.5M | $64.9M | $66.1M | $67.5M | $68.7M | $127.7M |
| Long-term investments | $1.24B | $1.90B | $1.92B | $1.94B | $1.80B | $1.81B | $2.10B | $2.19B | $2.45B | $2.42B | $2.56B | $2.46B |
| Other non-current assets | $943.9M | $20.38B | $21.61B | $21.95B | $21.63B | $21.43B | $19.38B | $21.33B | $18.77B | $19.97B | $18.11B | $21.11B |
| Total assets | $28.58B | $29.41B | $29.75B | $29.61B | $29.60B | $28.90B | $30.07B | $30.01B | $28.77B | $28.28B | $29.17B | $29.27B |
| Liabilities | ||||||||||||
| Short-term debt | — | $498.9M | $498.4M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $19.89B | $498.9M | $21.56B | $20.01B | $20.48B | $20.07B | $21.07B | $21.45B | $20.74B | $20.90B | $21.65B | $21.55B |
| Long-term debt | $5.84B | $5.67B | $5.36B | $6.84B | $6.41B | $6.15B | $6.44B | $6.04B | $5.40B | $4.98B | $5.23B | $5.52B |
| Other long-term liabilities | $366.1M | $20.80B | $373.9M | $413.0M | $335.0M | $277.7M | $403.3M | $397.0M | $338.6M | $283.2M | $408.0M | $407.7M |
| Total liabilities | $26.10B | $26.97B | $27.29B | $27.26B | $27.23B | $26.50B | $27.91B | $27.88B | $26.49B | $26.16B | $27.29B | $27.47B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $89.1M | $89.1M | $88.7M | $88.6M | $88.6M | $88.6M | $88.1M | $88.1M | $88.1M | $88.0M | $87.6M | $87.6M |
| Retained earnings (deficit) | $5.04B | $5.01B | $4.73B | $4.53B | $4.43B | $4.39B | $4.11B | $4.03B | $4.11B | $3.88B | $3.62B | $3.49B |
| Accumulated other comprehensive income | −$43.8M | −$38.0M | −$40.1M | −$45.2M | −$60.8M | −$55.6M | −$65.9M | −$50.3M | −$78.8M | −$77.3M | −$75.1M | −$101.3M |
| Total shareholders' equity | $2.47B | $2.44B | $2.45B | $2.34B | $2.37B | $2.40B | $2.16B | $2.13B | $2.28B | $2.11B | $1.88B | $1.80B |
| Key figures | ||||||||||||
| Total debt | $5.84B | $6.17B | $5.86B | $6.84B | $6.41B | $6.15B | $6.44B | $6.04B | $5.40B | $4.98B | $5.23B | $5.52B |
| Net cash (debt) | −$1.20B | −$422.0M | −$1.57B | −$3.25B | −$2.27B | −$2.40B | $246.5M | −$1.44B | $205.7M | −$950.5M | $1.33B | −$1.94B |
| Working capital | $6.26B | $6.45B | −$15.53B | −$14.54B | −$14.48B | −$14.60B | −$12.66B | −$15.14B | −$13.39B | −$15.21B | −$13.35B | −$16.11B |
| Tangible book value | $2.36B | $2.38B | $2.39B | $2.22B | $2.31B | $2.34B | $2.10B | $2.07B | $2.22B | $2.05B | $1.81B | $1.67B |
| Book value per share | $13.12 | $12.32 | $11.83 | $11.30 | $11.35 | $11.17 | $9.99 | $9.93 | $10.26 | $9.44 | $8.30 | $7.96 |
| Shares outstanding | 188.6M | 197.9M | 207.2M | 207.1M | 209.3M | 215.0M | 216.2M | 214.9M | 222.5M | 223.8M | 226.6M | 226.1M |
| Current ratio | 1.31 | 13.93 | 0.28 | 0.27 | 0.29 | 0.27 | 0.40 | 0.29 | 0.35 | 0.27 | 0.38 | 0.25 |
| Quick ratio | 1.30 | 14.59 | 0.27 | 0.26 | 0.29 | 0.26 | 0.39 | 0.29 | 0.35 | 0.27 | 0.38 | 0.25 |
| Debt / equity | 2.36 | 2.53 | 2.39 | 2.92 | 2.70 | 2.56 | 2.98 | 2.83 | 2.37 | 2.35 | 2.78 | 3.07 |
| Equity / assets | 8.7% | 8.3% | 8.2% | 7.9% | 8.0% | 8.3% | 7.2% | 7.1% | 7.9% | 7.5% | 6.4% | 6.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
SLM financial position
At the end of fiscal 2025 (December 31, 2025), SLM had total assets of $29.7 billion (down 1.1% from a year earlier), total liabilities of $27.3 billion and shareholders' equity of $2.5 billion. It held $4.3 billion in cash and short-term investments against $5.9 billion of debt, net debt of $1.6 billion. Its current ratio was 0.28. In the latest quarter (ended June 30, 2026) total assets were $28.6 billion and equity $2.5 billion.
Related: SLM income statement, SLM cash flow statement, SLM key metrics. See the SLM stock overview for the latest quote and news.
SLM balance sheet FAQ
What are SLM's total assets?
SLM reported total assets of $29.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $30.1 billion a year earlier.
How much debt does SLM have?
SLM had $5.9 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.39.
How much cash does SLM have?
SLM held $4.3 billion in cash and short-term investments at the end of fiscal 2025; with $5.9 billion of debt that is net debt of $1.6 billion.
What is SLM's book value?
SLM's shareholders' equity (book value) was $2.5 billion at the end of fiscal 2025, or $11.83 per share.
What is SLM's current ratio?
SLM had current assets of $6.0 billion and current liabilities of $21.6 billion, a current ratio of 0.28 (current liabilities exceed current assets).
How much goodwill does SLM have?
SLM carried $60.0 million of goodwill and intangible assets, 0.2% of total assets, at the end of fiscal 2025.