SLM Corp Q2 2026 Earnings Miss and Guidance
SLM Corporation (NASDAQ:SLM), a student‑loan provider, announced its second‑quarter 2026 financial results, which fell short of analyst expectations. Adjusted earnings per share were $0.29, missing the consensus estimate of $0.45 by $0.16. Quarterly revenue amounted to $401 million, below the $414.98 million forecast. Net income for the quarter was $58.5 million, or $0.29 per diluted share, compared with $71.3 million, or $0.32 per diluted share, in the same quarter a year earlier, reflecting a year‑over‑year decline. Revenue declined 6 % YoY from $403 million in Q2 2025.
The company’s loan portfolio contracted to $19.5 billion as of 30 June 2026, down from $20.3 billion at the end of 2025. Net interest income decreased to $332.8 million from $376.8 million in the prior‑year period. Provisions for credit losses were $125.7 million, lower than $148.7 million a year earlier. Non‑interest income rose sharply to $68.3 million from $26.8 million in Q2 2025, driven by gains on loan sales of $14.9 million and gains on securities of $8.0 million. Operating expenses increased to $194.3 million from $166.3 million year‑over‑year, with compensation and benefits climbing to $100.3 million from $84.9 million.
In the six months ended 30 June 2026, SLM repurchased $293.1 million of common stock and paid $50.1 million in common‑stock dividends. Following the release, the shares fell 5.3 % in after‑hours trading on Thursday. For the full year 2026, the company provided earnings‑per‑share guidance of $3.10 to $3.20, with a midpoint of $3.15, which is marginally above the analyst consensus of $3.14.