SLM — what changed in the latest 10-Q
A section-by-section comparison of SLM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-23 vs the prior 10-Q · 2026-04-23
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −22 | ~51 | 94 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~6 | 10 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-23
Weighted average shares used to compute diluted earnings per common share190,384 213,220 194,109 214,098
Acquired intangible assets amortization expense1 1 — — 1 2 (1)(50)
•Net interest income decreased by $44 million in the current quarter compared with the year-ago quarter primarily due to a $1.4 billion decrease in our average Private Education Loans outstanding and an $866 million increase in the average balance of lower yielding cash and short-term investments co…
•Gains on sales of loans, net, were $15 million in the second quarter of 2026, as a result of the $420 million Private Education Loan sale to the strategic partner that occurred in the quarter. There were no gains on sales of loans, net, in the year-ago quarter, as no loans were sold in the second q…
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Text removed vs the prior filing · source: 10-Q · 2026-04-23
Net income attributable to SLM Corporation common stock$304,399 $300,584
Weighted average shares used to compute diluted earnings per common share197,875 214,986
Net interest income after provisions for credit losses387 352 35 10
Net income attributable to SLM Corporation common stock$304 $301 $3 1 %
•Net interest income was $375 million in both the current quarter and the year-ago quarter. Our net interest margin increased 2 basis points in the current quarter from the year-ago quarter primarily because the yields on our interest-earning assets decreased slightly less than our cost of funds dec…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice