SLM Corporation filed its Form 10-Q with the SEC on October 22, 2026, covering the quarterly period ended September 30, 2026, disclosing a net loss for the third quarter alongside nine-month results for the student lending company listed on NASDAQ:SLM.

Key Highlights

  • Q3 2026 net loss: The company reported a net loss of $32,261 thousand for the three months ended September 30, 2026, compared to net income of $135,850 thousand in Q3 2025.
  • Nine-month net income: For the nine months ended September 30, 2026, net income was $334,218 thousand, compared to $511,662 thousand for the same period in 2025, as stated in the filing.
  • Provisions for credit losses: Provisions for credit losses in Q3 2026 were $213,675 thousand, compared to $179,462 thousand in Q3 2025, according to the consolidated statements of operations.
  • Gains on loan sales: Gains on sales of loans, net, were $3,650 thousand in Q3 2026, down from $135,958 thousand in Q3 2025, as reported in the filing.
  • Declared dividends per common share: The filing states declared dividends of $0.13 per common share for Q3 2026 and $0.39 per common share for the nine months ended September 30, 2026.
  • Total assets: Total assets were $29,840,996 thousand as of September 30, 2026, compared to $29,746,295 thousand at December 31, 2025.
  • Shares outstanding: As of September 30, 2026, there were 182,821,173 shares of common stock outstanding.

SLM Corporation Q3 2026 Financial Results: Loss Before Tax and Shifting Revenue Mix

SLM Corporation, a student lending institution incorporated in Delaware and headquartered in Newark, Delaware, reported a loss before income tax benefit of $58,910 thousand for the three months ended September 30, 2026, according to the filing. This compares to income before income tax expense of $185,813 thousand for the same quarter in 2025. An income tax benefit of $26,649 thousand partially offset the pre-tax loss, resulting in the reported Q3 2026 net loss of $32,261 thousand.

The filing attributes part of the quarterly revenue shift to a significant reduction in non-interest income. Total non-interest income for Q3 2026 was $36,145 thousand, compared to $172,702 thousand in Q3 2025. The filing shows gains on sales of loans, net, fell to $3,650 thousand from $135,958 thousand in the prior-year quarter. Concurrently, total interest income declined to $616,482 thousand in Q3 2026 from $657,587 thousand in Q3 2025, while net interest income came in at $339,322 thousand versus $372,977 thousand a year earlier.

On the expense side, the filing reports total operating expenses of $220,067 thousand for Q3 2026, up from $179,558 thousand in Q3 2025, with compensation and benefits rising to $98,443 thousand from $83,667 thousand and other operating expenses increasing to $116,169 thousand from $89,380 thousand. For the nine months ended September 30, 2026, the company reported basic earnings per common share of $1.70 and diluted earnings per common share of $1.68, compared to $2.39 and $2.35, respectively, for the nine months ended September 30, 2025. Total equity stood at $2,255,514 thousand as of September 30, 2026, down from $2,451,358 thousand at December 31, 2025, reflecting treasury stock repurchases and the period's comprehensive loss.

What Was Disclosed

SLM Corporation's 10-Q for the period ended September 30, 2026 disclosed a Q3 2026 net loss of $32,261 thousand, lower gains on loan sales, higher provisions for credit losses, and rising operating expenses compared to the prior-year quarter, alongside nine-month net income of $334,218 thousand.