SLM Corporation (SLM) Income Statement
SLM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSLM revenue and net income
Where SLM's revenue goes
2025Each bar shows an amount and its share of revenue. SLM kept 24.0% of revenue as net income.
SLM profit margins
SLM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.1% | +9.5% | +5.8% | +11.9% |
| Gross profit | +14.7% | +11.5% | −0.7% | +7.6% |
| Operating income | +24.3% | +16.3% | −3.0% | +8.5% |
| Net income | +22.4% | +16.7% | −3.3% | +10.5% |
| EPS (diluted) | +30.9% | +26.6% | +9.1% | +19.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SLM quarterly EPS vs estimates
SLM beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 22, 2026 (estimate $0.12).
SLM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.11B | $2.99B | $1.81B | $2.37B | $2.41B | $2.34B | $2.38B | $1.88B | $1.43B | $1.15B |
| Cost of revenue | $1.46B | $1.55B | $573.4M | $1.18B | $349.1M | $634.8M | $1.06B | $767.2M | $493.8M | $345.3M |
| Gross profit | $1.65B | $1.44B | $2.02B | $1.19B | $2.06B | $1.71B | $1.32B | $1.12B | $940.6M | $800.7M |
| Research & development | — | — | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $380.1M | $401.0M | $359.9M | $291.3M | $281.7M | $304.5M | $311.1M | $285.1M | $242.3M | $203.2M |
| Total operating expenses | $659.1M | $641.9M | $619.2M | $559.2M | $519.9M | $553.0M | $574.3M | $557.0M | $449.1M | $386.3M |
| Operating income | $992.6M | $798.6M | $1.40B | $630.7M | $1.54B | $1.15B | $743.7M | $559.3M | $491.5M | $414.4M |
| Interest income | $2.63B | $2.62B | $2.51B | $2.03B | $1.78B | $2.02B | $2.33B | $1.94B | $1.44B | $1.08B |
| Interest expense | $1.13B | $1.14B | $13.5M | $542.8M | $382.1M | $541.7M | $707.7M | $522.3M | $308.1M | $185.9M |
| Income before taxes | $992.6M | $798.6M | $778.3M | $630.7M | $1.54B | $1.15B | $743.7M | $559.3M | $491.5M | $414.4M |
| Income taxes | $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 | $563.7M | $469.0M | $1.16B | $880.7M | $578.3M | $487.5M | $288.9M | $250.3M |
| EBITDA | $1.01B | $816.3M | $1.40B | $655.8M | $1.56B | $1.17B | $758.4M | $573.2M | $502.6M | $424.9M |
| EPS (diluted) | $3.47 | $2.65 | $2.40 | $1.71 | $3.51 | $2.25 | $1.27 | $1.06 | $0.64 | $0.53 |
| Gross margin | 53.1% | 48.2% | 111.6% | 50.3% | 85.5% | 72.9% | 55.4% | 59.3% | 65.6% | 69.9% |
| Operating margin | 31.9% | 26.7% | 77.4% | 26.7% | 63.9% | 49.3% | 31.3% | 29.7% | 34.3% | 36.2% |
| Net margin | 24.0% | 20.4% | 31.2% | 19.8% | 48.2% | 37.6% | 24.3% | 25.9% | 20.1% | 21.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $670.3M | $833.9M | $733.9M | $830.3M | $683.5M | $862.1M | $689.2M | $677.2M | $783.3M | $837.7M | $725.7M | $676.5M |
| Cost of revenue | $394.9M | $262.4M | $261.0M | $464.1M | $428.7M | $304.4M | $407.4M | $564.7M | $286.1M | $288.6M | $298.3M | $465.6M |
| Gross profit | $275.4M | $571.5M | $472.9M | $366.2M | $254.9M | $557.7M | $281.8M | $112.5M | $497.1M | $549.1M | $427.4M | $210.8M |
| Sales, general & admin | $105.4M | $107.9M | $92.0M | $90.2M | $94.7M | $103.2M | $93.7M | $100.5M | $97.0M | $109.8M | $89.2M | $95.9M |
| Total operating expenses | $195.0M | $171.1M | $156.9M | $180.4M | $167.2M | $154.6M | $149.6M | $172.0M | $158.6M | $161.6M | $202.1M | $170.2M |
| Operating income | $80.5M | $400.4M | $316.0M | $185.8M | $87.6M | $403.1M | $132.2M | −$59.6M | $338.5M | $387.5M | $225.3M | $40.6M |
| Interest income | $602.1M | $649.3M | $656.8M | $657.6M | $656.8M | $656.1M | $661.4M | $652.6M | $641.5M | $663.6M | $668.5M | $652.2M |
| Interest expense | $269.2M | $273.9M | $279.8M | $284.6M | $279.9M | $281.1M | $299.2M | $293.2M | $269.3M | $276.5M | $282.7M | $267.6M |
| Income before taxes | $80.5M | $400.4M | $316.0M | $185.8M | $87.6M | $403.1M | $132.2M | −$59.6M | $338.5M | $387.5M | $225.3M | $40.6M |
| Income taxes | $21.9M | $92.4M | $82.8M | $50.0M | $16.4M | $98.6M | $20.6M | −$14.4M | $86.6M | $97.6M | $56.8M | $11.2M |
| Net income | $58.5M | $308.0M | $233.2M | $135.8M | $71.3M | $304.5M | $111.6M | −$45.2M | $252.0M | $289.9M | $168.4M | $29.4M |
| EBITDA | $85.2M | $405.4M | $317.4M | $190.7M | $92.5M | $408.1M | $132.5M | −$54.1M | $344.5M | $393.4M | $288.7M | $47.7M |
| EPS (diluted) | $0.29 | $1.54 | $1.12 | $0.63 | $0.32 | $1.40 | $0.50 | −$0.23 | $1.11 | $1.27 | $0.72 | $0.11 |
| Gross margin | 41.1% | 68.5% | 64.4% | 44.1% | 37.3% | 64.7% | 40.9% | 16.6% | 63.5% | 65.6% | 58.9% | 31.2% |
| Operating margin | 12.0% | 48.0% | 43.1% | 22.4% | 12.8% | 46.8% | 19.2% | −8.8% | 43.2% | 46.3% | 31.0% | 6.0% |
| Net margin | 8.7% | 36.9% | 31.8% | 16.4% | 10.4% | 35.3% | 16.2% | −6.7% | 32.2% | 34.6% | 23.2% | 4.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SLM's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SLM financial results
In fiscal year 2025 (ended December 31, 2025), SLM reported revenue of $3.1 billion, up 4.1% from the year before. It had net income of $744.8 million (up 22.4%), a net profit margin of 24.0%. Diluted earnings per share came to $3.47. Over five years revenue grew at an average rate of 5.8% a year.
See the SLM stock overview for the latest quote and news, or the SLM chart for price history and technical indicators.
SLM income statement FAQ
What is SLM's annual revenue?
SLM reported total revenue of $3.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 4.1% from $3.0 billion the previous year.
Is SLM profitable?
Yes. SLM reported net income of $744.8 million in fiscal 2025, a net profit margin of 24.0%; its operating margin was 31.9%.
What is SLM's gross margin?
SLM's gross margin was 53.1% in fiscal 2025: for every $100 of revenue, SLM kept $53 after the direct cost of its products and services.
How fast is SLM growing?
Revenue grew 5.8% a year on average over the last five fiscal years, from $2.3 billion to $3.1 billion.
What are SLM's earnings per share?
SLM earned $3.47 per diluted share in fiscal 2025, compared with $2.65 a year earlier.
When will SLM report its next earnings?
SLM is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 after the market closes.
When does SLM's fiscal year end?
SLM's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.