Sallie Mae Swings to $0.19 Q3 Loss, Slashes Full-Year EPS Guidance to $1.95-$2.05
SLM sits 23% above its 52-week low of $17.77 on elevated volume (3.4× avg).
Summary
Sallie Mae lost $0.19 per share in Q3 on a $214 million credit provision and 22% higher expenses, and cut full-year EPS guidance to $1.95-$2.05 from $3.10-$3.20 even as originations hit a record $3.4 billion.
Key Events · Earnings and Guidance · SLM
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Q3 Swings to $0.19 Loss
GAAP net loss of $32.3 million, or $0.19 per diluted share, versus $136 million of net income and $0.63 per share a year ago.
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Full-Year EPS Guidance Cut
2026 diluted EPS guidance lowered to $1.95-$2.05 from $3.10-$3.20; net charge-off guidance raised to $400-$420 million from $365-$385 million.
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Record Originations, Higher Costs
Private Education Loan originations of $3.4 billion, up 15% year over year with graduate loans up 119%, while non-interest expenses rose 22% to $221 million.
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Credit Costs Rise
Provision for credit losses of $214 million versus $179 million a year ago; net charge-offs of $90 million tied to misaligned third-party debt resolution practices.
Analysis · SLM · Finance
Sallie Mae swung to a $32.3 million third-quarter loss, or $0.19 per share, from $136 million of net income a year ago, and cut full-year EPS guidance to $1.95-$2.05 from $3.10-$3.20. Driving the miss: a $214 million credit-loss provision, up from $179 million, and $221 million of non-interest expenses, up 22% year over year, as the company spent heavily to capture record peak-season volume after PLUS reform. Originations hit a record $3.4 billion, up 15%, with graduate loans up 119%, but net charge-offs rose to $90 million on previously discussed misaligned third-party debt resolution practices, and full-year charge-off guidance was raised to $400-$420 million. The growth is real, but the cost of buying it is coming straight out of earnings.
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At the time of this filing, SLM was trading at $21.82 on NASDAQ in the Finance sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $17.77 to $31.06. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.