SLM Corporation (SLM) Cash Flow Statement
Where SLM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $575.5M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $575.5M 18.5% margin
- Returned to shareholders
- $1.07B 186% of free cash flow
- Change in cash
- $75.3M cash at year-end $466.8M
Cash from operations
$575.5M
Investments (net)
+$367.5M
Dividends
−$700.0M
Share buybacks (net)
−$368.7M
Net borrowing (repayment)
−$591.0M
Other financing
+$1.16B
Currency & other
−$367.5M
Change in cash
$75.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SLM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SLM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$200.9M2016 | $575.5M2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | −$200.9M2016 | $575.5M2025 | — | |
| Free cash flow margin | −17.5%2016 | 18.5%2025 | +36.0 pts | |
| Operating cash flow / net income | −0.802016 | 0.772025 | +1.58 | |
| Stock-based compensation | $22.9M2016 | $40.6M2025 | +6.5%/yr | |
| Dividends paid | $21.2M2016 | $700.0M2025 | +47.5%/yr | |
| Share buybacks (net) | $02016 | $368.7M2025 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SLM cash flow by activity
OperatingInvestingFinancingChange in cash
SLM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SLM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $744.8M | $608.3M | $581.4M | $469.0M | $1.16B | $880.7M | $578.3M | $487.5M | $288.9M | $250.3M |
| Depreciation & amortization | $16.2M | $17.7M | $84.2M | $25.1M | $16.0M | $15.1M | $14.7M | $13.8M | $11.2M | $10.5M |
| Stock-based compensation | $40.6M | $40.0M | $36.4M | $34.5M | $30.6M | $36.5M | $30.6M | $31.5M | $27.9M | $22.9M |
| Change in working capital | −$1.26B | −$1.16B | −$1.05B | −$848.7M | −$782.5M | −$1.09B | −$1.01B | −$942.3M | −$688.4M | −$567.9M |
| Other non-cash items | $1.03B | $160.7M | $204.0M | $325.1M | −$474.3M | −$23.3M | $374.9M | $306.8M | $193.5M | $83.2M |
| Cash from operating activities | $575.5M | −$329.4M | −$144.6M | $5.0M | −$49.5M | −$182.7M | −$15.6M | −$102.7M | −$166.9M | −$200.9M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$207.6M | $0 | $0 | −$2.33B | $0 | $0 | $0 | $0 |
| Investments (net) | $367.5M | $676.0M | −$872.0M | $79.2M | −$391.4M | −$1.43B | −$305.5M | $62.0M | −$38.3M | −$17.0M |
| Acquisitions & other investing | — | $0 | $1.07B | $998.2M | $3.00B | $4.71B | −$2.00B | −$3.32B | −$3.17B | −$3.31B |
| Cash from investing activities | — | $676.0M | −$12.5M | $1.08B | $2.60B | $947.3M | −$2.31B | −$3.25B | −$3.21B | −$3.33B |
| Financing activities | ||||||||||
| Dividends paid | −$700.0M | −$117.5M | −$118.9M | −$122.0M | −$65.2M | −$56.1M | −$68.0M | −$15.6M | −$15.7M | −$21.2M |
| Share repurchases & issuance (net) | −$368.7M | −$248.0M | −$350.3M | −$713.2M | −$1.53B | −$626.2M | −$167.2M | $0 | −$165.0M | $0 |
| Net borrowing (repayment) | −$591.0M | $1.20B | −$19.2M | −$415,000 | $287.8M | $203.1M | $289.2M | $1.00B | $195.9M | −$502.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.16B | −$609.0M | $172.2M | −$19.3M | −$1.31B | −$1.40B | $5.31B | $3.42B | $2.98B | $3.56B |
| Cash from financing activities | −$500.2M | $228.2M | −$316.2M | −$854.9M | −$2.62B | −$1.88B | $5.36B | $4.40B | $2.99B | $3.03B |
| Summary | ||||||||||
| Net change in cash | $75.3M | $574.8M | −$473.3M | $227.5M | −$64.4M | −$1.11B | $3.04B | $1.05B | −$384.5M | −$497.4M |
| Cash at end of period | $466.8M | $4.87B | $4.30B | $4.77B | $4.55B | $4.61B | $5.72B | $2.68B | $1.53B | $1.92B |
| Free cash flow | $575.5M | −$329.4M | −$144.6M | $5.0M | −$49.5M | $2.15B | −$15.6M | −$102.7M | −$166.9M | −$200.9M |
| Free cash flow margin | 18.5% | −11.0% | −8.0% | 0.2% | −2.1% | 91.7% | −0.7% | −5.5% | −11.6% | −17.5% |
| Capex / revenue | 0.0% | 0.0% | 11.5% | 0.0% | 0.0% | 99.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.77 | −0.54 | −0.25 | 0.01 | −0.04 | −0.21 | −0.03 | −0.21 | −0.58 | −0.80 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $58.5M | $304.4M | $233.2M | $135.8M | $71.3M | $304.5M | $111.6M | −$45.2M | $252.0M | $289.9M | $168.4M | $29.4M |
| Depreciation & amortization | $4.8M | $5.1M | $1.4M | $4.9M | $4.9M | $5.0M | $329,000 | $5.4M | $6.0M | $5.9M | $63.4M | $7.1M |
| Stock-based compensation | $11.8M | $14.8M | −$31.5M | $8.9M | $9.3M | $13.3M | $8.3M | $8.4M | $9.6M | $13.8M | $8.1M | $8.5M |
| Change in working capital | $347.4M | −$347.4M | $300.7M | −$300.7M | −$401.7M | −$423.7M | −$35.1M | −$342.3M | −$410.3M | −$361.3M | −$95.5M | −$322.7M |
| Other non-cash items | −$557.4M | −$52.8M | $409.2M | $98.3M | $177.5M | −$45.1M | −$80.5M | $260.2M | −$2.2M | −$26.5M | −$171.5M | $218.5M |
| Cash from operating activities | −$134.8M | −$76.0M | $913.1M | −$52.8M | −$138.7M | −$146.1M | $4.5M | −$113.4M | −$145.0M | −$78.1M | −$27.1M | −$59.4M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.73B |
| Investments (net) | $216.3M | $18.5M | $29.9M | −$253.8M | −$35.0M | $496.9M | $268.7M | −$1.81B | $1.65B | $572.3M | $922.8M | −$1.70B |
| Acquisitions & other investing | $323.9M | $1.57B | −$240.5M | $2.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.73B |
| Cash from investing activities | $540.2M | $1.59B | −$210.6M | −$251.3M | −$35.0M | $496.9M | $268.7M | −$1.81B | $1.65B | $572.3M | $922.8M | −$1.70B |
| Financing activities | ||||||||||||
| Dividends paid | −$28.1M | −$29.2M | −$607.1M | −$30.4M | −$31.1M | −$31.4M | −$31.7M | −$28.2M | −$28.7M | −$28.9M | −$29.1M | −$29.5M |
| Share repurchases & issuance (net) | −$3.1M | −$290.7M | −$123.8M | −$143.5M | −$71.7M | −$29.7M | −$47.1M | −$114.4M | −$61.0M | −$25.5M | −$90.9M | $0 |
| Net borrowing (repayment) | −$327.6M | $306.0M | −$982.5M | $425.5M | $260.9M | −$295.0M | $400.8M | $630.9M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$636.0M | −$536.6M | $2.23B | −$472.3M | $403.3M | −$1.00B | −$381.5M | $695.2M | $257.2M | −$1.01B | −$199.3M | $1.48B |
| Cash from financing activities | −$994.9M | −$550.4M | $515.6M | −$220.6M | $561.4M | −$1.36B | −$59.5M | $1.18B | $167.5M | −$1.06B | −$319.4M | $1.45B |
| Summary | ||||||||||||
| Net change in cash | −$589.5M | $962.8M | $1.22B | −$525.0M | $387.7M | −$1.01B | $213.7M | −$744.2M | $1.67B | −$569.3M | $576.2M | −$303.1M |
| Cash at end of period | $4.79B | $5.38B | $4.95B | $3.73B | $4.26B | $3.87B | $4.87B | $4.66B | $5.41B | $3.74B | $4.30B | $3.72B |
| Free cash flow | −$134.8M | −$76.0M | $913.1M | −$52.8M | −$138.7M | −$146.1M | $4.5M | −$113.4M | −$145.0M | −$78.1M | −$27.1M | −$1.79B |
| Free cash flow margin | −20.1% | −9.1% | 124.4% | −6.4% | −20.3% | −16.9% | 0.7% | −16.7% | −18.5% | −9.3% | −3.7% | −265.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 256.5% |
| Operating cash flow / net income | −2.30 | −0.25 | 3.92 | −0.39 | −1.95 | −0.48 | 0.04 | — | −0.58 | −0.27 | −0.16 | −2.02 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SLM cash generation
In fiscal 2025 (ended December 31, 2025), SLM generated $575.5 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of $575.5 million, 18.5% of revenue. It returned $1.1 billion to shareholders through dividends ($700.0 million) and net share buybacks ($368.7 million). Cash and equivalents rose by $75.3 million over the year.
Related: SLM income statement, SLM balance sheet, SLM dividend history. See the SLM stock overview for the latest quote and news.
SLM cash flow FAQ
What is SLM's free cash flow?
SLM's free cash flow was $575.5 million in fiscal 2025: $575.5 million of operating cash flow minus $0 of capital expenditures It was -$329.4 million a year earlier..
How much cash does SLM generate from operations?
SLM generated $575.5 million of cash from operating activities in fiscal 2025, 0.77 times its net income of $744.8 million.
How much stock does SLM buy back?
SLM spent $368.7 million on net share repurchases in fiscal 2025.
How much does SLM pay in dividends?
SLM paid $700.0 million in dividends in fiscal 2025, 121.6% of free cash flow.