2 unchanged sentences
As of January 31, 2026, there were 198,154,626 shares of our common stock outstanding and approximately 227 holders of record.
+Added: We paid quarterly cash dividends on our common stock of $0.13 per share for each quarter of 2025.
We paid quarterly cash dividends on our common stock of $0.11 per share for the first, second, and third quarters of 2024, respectively, and $0.13 per share for the fourth quarter of 2024.
−Removed: We paid quarterly cash dividends on our common stock of $0.11 per share for each quarter of 2023 and 2022.
Common stock dividend declarations are subject to determination by, and the discretion of, our Board of Directors.
1 unchanged sentence
“Risk Factors — GENERAL RISKS” for possible limitations on the payments of our dividends.
−Removed: The information contained in the definitive proxy statement on Schedule 14A for our 2025 annual meeting of shareholders (the “2025 Proxy Statement”), including information appearing in the section titled “Equity Plan Compensation Information”, is incorporated herein by reference.
+Added: The information contained in the definitive proxy statement on Schedule 14A for our 2026 annual meeting of stockholders (the “2026 Proxy Statement”), including information appearing in the section titled “Equity Plan Compensation Information”, is incorporated herein by reference.
Issuer Purchases of Equity Securities
20 unchanged sentences
(2) As of December 31, 2025, we had $33 million of capacity remaining under the 2024 Share Repurchase Program.
−Removed: The 2024 Share Repurchase Program was announced on January 24, 2024, with an effective date of January 26, 2024, and expires on February 6, 2026.
+Added: The 2024 Share Repurchase Program was announced on January 24, 2024, with an effective date of January 26, 2024, and expired on February 6, 2026.
See Notes to Consolidated Financial Statements, Note 13, “Stockholders’ Equity” in this Form 10-K for further discussion.
1 unchanged sentence
See Notes to Consolidated Financial Statements, Note 13, “Stockholders’ Equity” in this Form 10-K for further discussion.
−Removed: 2024 Form 10-K — SLM CORPORATION 42
The closing price of our common stock on Nasdaq on December 31, 2025 was $27.06.
5 unchanged sentences
In January 2024, we announced a new share repurchase program of up to $650 million of common stock (the “2024 Share Repurchase Program”).
−Removed: The program expires in February 2026.
We had $33 million of capacity remaining under the 2024 Share Repurchase Program as of December 31, 2025.
+Added: The 2024 Share Repurchase Program expired on February 6, 2026.
+Added: 44 SLM CORPORATION — 2025 Form 10-K
+Added: On January 22, 2026, we announced a new share repurchase program (the “2026 Share Repurchase Program”), which became effective on January 22, 2026 and is expected to be completed over the next approximately 24 months ending February 4, 2028.
+Added: The 2026 Share Repurchase Program permits us to repurchase shares of our common stock from time to time in various transaction formats 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 of the Exchange Act, up to an aggregate repurchase price not to exceed $500 million.
Under the above share repurchase programs, repurchases could occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions.
10 unchanged sentences
2025 Form 10-K — SLM CORPORATION 45
−Removed: 2024 Form 10-K — SLM CORPORATION 44
+Added: 46 SLM CORPORATION — 2025 Form 10-K
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.