SLM (NASDAQ: SLM) authorizes new $500M buyback alongside 2024 plan

Rhea-AI Filing Summary

SLM Corporation reported that it has released its financial results for the quarter and year ended December 31, 2025, and posted a detailed earnings presentation and press release on its investor website. These materials are furnished as Exhibits 99.1 and 99.2.

The company also announced that its Board of Directors approved a new 2026 share repurchase program authorizing the repurchase of up to $500 million of outstanding common stock, beginning January 22, 2026 and expected to run through approximately February 4, 2028. This program will operate alongside the existing 2024 share repurchase program, which was authorized for $650 million of repurchases and remains open until February 6, 2026.

Repurchases under these programs may be executed through various methods, including tender offers, open market and block purchases, accelerated share repurchases, and trading plans under Rules 10b5-1 and 10b-18. Management retains full discretion over the timing and amount of any buybacks, and the company notes that authorization does not guarantee that repurchases will occur.

Positive

• New $500 million 2026 buyback program adds significant additional authorization for repurchasing common stock beginning January 22, 2026 and expected to run into early 2028.
• Existing $650 million 2024 repurchase program remains open through February 6, 2026, giving the company overlapping capacity to return capital via multiple buyback methods.

Negative

• None.

Insights

Equity Capital Markets Analyst

SLM adds a new $500M buyback alongside its existing $650M plan.

SLM Corporation has authorized a new 2026 share repurchase program for up to $500 million of common stock, beginning on January 22, 2026 and expected to be completed over roughly 24 months through February 4, 2028. This runs concurrently with the 2024 share repurchase program, which was authorized for $650 million and remains open until February 6, 2026.

The dual authorization increases the company’s flexibility to return capital through buybacks, but the actual impact depends on how much management decides to repurchase. The programs permit multiple transaction types, including tender offers, open market purchases, block trades, accelerated share repurchases, and trades under Rules 10b5-1 and 10b-18.

Because the timing, number, and value of shares repurchased are at management’s discretion and subject to factors such as stock price, market conditions, legal requirements, and debt covenants, future disclosures in earnings materials or periodic reports will clarify how actively these authorizations are being used.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 22, 2026

SLM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-13251

52-2013874

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

300 Continental Drive

Newark,

Delaware

19713

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (302) 451-0200

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, par value $.20 per share			SLM			The NASDAQ Global Select Market
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share			SLMBP			The NASDAQ Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On January 22, 2026, SLM Corporation (the "Company") reported its financial results for the quarter and year ended December 31, 2025. A copy of the Company’s press release and related earnings results were made available on www.SallieMae.com/investors, and are also furnished as Exhibit 99.1 hereto and incorporated by reference herein.

Additionally, the Company has posted to its website at SallieMae.com/Investors, and has also furnished as Exhibit 99.2 hereto and incorporated by reference herein, an earnings presentation for fourth quarter and full-year 2025 financial results.

ITEM 7.01    REGULATION FD DISCLOSURE

On January 22, 2026, the Company announced that its Board of Directors authorized a new stock repurchase program of up to $500 million of the Company's outstanding common stock (the "2026 Share Repurchase Program"), to commence on January 22, 2026. A copy of the Company’s press release and related earnings results were made available on www.SallieMae.com/investors, and are also furnished as Exhibit 99.1 hereto and incorporated by reference herein.

The information furnished in these Items 2.02 and 7.01, including Exhibits 99.1 and 99.2 attached hereto and incorporated by reference herein, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, such information, including such Exhibits, shall not be deemed incorporated by reference into any of the Company’s registration statements, reports or other filings with the Securities and Exchange Commission, except as expressly set forth by specific reference in such registration statement, report or other filing.

ITEM 8.01    OTHER EVENTS.

On January 22, 2026, the Company announced that its Board of Directors authorized a 2026 Share Repurchase Program (as defined above) allowing the Company to repurchase up to $500 million of its outstanding common stock, beginning on January 22, 2026. The 2026 Share Repurchase Program is expected to be completed over the next approximately 24 months ending February 4, 2028. The Company’s 2024 Share Repurchase Program (the “2024 Share Repurchase Program”) authorized on January 23, 2024, with a repurchase capacity of $650 million, remains open. Repurchases may be made under the 2024 Share Repurchase Program (collectively, with the 2026 Share Repurchase Program, referred to as the “Share Repurchase Programs”) until the 2024 Share Repurchase Program expires on February 6, 2026.

Under the Share Repurchase Programs, the Company may repurchase common stock in transactions including, but not limited to, tender offers, open market purchases, accelerated share repurchases, negotiated or block purchases, and/ or pursuant to trading plans in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act. The actual timing, number, and value of shares repurchased under the Share Repurchase Programs will be determined by management, in its discretion, and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions, applicable legal requirements, compliance with the terms of the Company’s outstanding indebtedness, and other conditions. The Company reserves the right to suspend or discontinue the Share Repurchase Programs at any time and for any reason. The Company’s authorization of share repurchases is not a guarantee that repurchases will take place.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number						Description
99.1*						Press Release, dated January 22, 2026
99.2*						Earnings Presentation for 4th Quarter and Full-Year 2025, dated January 22, 2026
104						Cover Page Interactive Data File (formatted as Inline XBRL)

* Furnished herewith.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                        

						SLM CORPORATION
Date: January 22, 2026			By:			/s/ PETER M. GRAHAM
						Peter M. Graham
						Executive Vice President and Chief Financial Officer

FAQ

What did SLM (SLM) disclose in this 8-K filing?

SLM reported that it released financial results for the quarter and year ended December 31, 2025 and posted an accompanying earnings presentation and press release on its investor website. It also disclosed a new share repurchase authorization.

How large is SLM's new 2026 share repurchase program?

The Board authorized a 2026 Share Repurchase Program allowing SLM to repurchase up to $500 million of its outstanding common stock, beginning on January 22, 2026 and expected to be completed by approximately February 4, 2028.

What is the status of SLM's 2024 share repurchase program?

The 2024 Share Repurchase Program, authorized on January 23, 2024 with a repurchase capacity of $650 million, remains open and may be used until it expires on February 6, 2026.

How can SLM repurchase shares under its share repurchase programs?

Under the share repurchase programs, SLM may repurchase common stock through methods including tender offers, open market purchases, accelerated share repurchases, negotiated or block purchases, and trading plans in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act.

Is SLM required to buy back the full amount authorized under its repurchase programs?

No. The company states that the timing, number, and value of shares repurchased will be determined by management in its discretion based on factors such as stock price, market and economic conditions, legal requirements, and debt terms, and that authorization is not a guarantee that repurchases will occur.

Where can investors find SLM's detailed Q4 and full-year 2025 results?

SLM has made its press release and earnings presentation for the quarter and year ended December 31, 2025 available on its investor website at SallieMae.com/investors, and they are also furnished as Exhibits 99.1 and 99.2.