secwatch.observer — SEC 8-K summary
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Issuer:     SLM Corp (SLM)
CIK:        0001032033
Form:       8-K
Filed at:   2026-10-22T20:32:31+00:00
Accession:  0001032033-26-000051
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Sallie Mae posts Q3 loss of $0.19/share on $214M provision; cuts FY2026 EPS guidance to $1.95-$2.05
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- GAAP net loss of $32M, or $0.19 per diluted share, versus net income of $136M ($0.63) a year ago; net interest income $339M vs $373M.
- Private Education Loan originations $3.4B, up 15% YoY and a record quarter; graduate loan originations up 119% after PLUS reform; average FICO 757, cosigner rate 92%.
- Provisions for credit losses $214M vs $179M; net charge-offs $90M vs $77.5M tied to misaligned third-party debt resolution practices; delinquencies 4.2% of loans in repayment.
- FY2026 EPS guidance cut to $1.95-$2.05 from $3.10-$3.20; net charge-off outlook raised to $400-$420M from $365-$385M; originations growth 12-14% and expenses $750-$780M unchanged.
- Repurchased 5.1M shares for $132.2M in Q3, $111M left on 2026 program; sold $143M of seasoned loans to a new global investment firm partner; cost of funds 4.21%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1032033/000103203326000051/0001032033-26-000051-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1032033/000103203326000051/slm-20261022.htm
  HTML page:      https://secwatch.observer/filing/0001032033-26-000051

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