Revenue has experienced a persistent contraction, declining from $51.6 million in 2024Q3 to $43.9 million in 2025Q4, while net margins have compressed significantly from 61.8% in 2023Q4 to 19.3% in 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Net Interest Income | 109.85M | -61.29M | 0 | -30.67M | 0 | -14.74M | -13.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | 279.23% | - | 100% | - | 100% | -12.49% | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | 6.77% | -3.7% | 0% | -2.35% | 0% | -1.4% | -1.75% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 167.28M | 0 | - | 30.67M | 0 | 14.74M | 13.11M | 45.41M | 53.84M | 66.08M | 82.49M | 83.16M | 66.79M | 49.81T | 34.9T | 12.26M |
| Interest Expense | 57.44M | 61.29M | - | 0 | 0 | 15.48M | 13.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | -23.1M | -61.29M | 0 | 0 | 0 | -15.48M | -13.36M | 3.94M | 4.34M | 2.23M | 605.5K | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | -11.1M | 197.36M | 184.13M | 86.05M | 93.99M | 62.37M | 40.37M | -12.58M | -31.89M | -52.31M | -79.25M | 8.77M | 7.86M | 3.32T | 2.51T | 65.36K |
| Non-Interest Income % | -7.11% | 100% | 100% | 73.72% | 100% | 80.88% | 75.49% | -38.33% | -145.31% | -380% | -2449.67% | 9.54% | 10.53% | 6.24% | 6.7% | 0.53% |
| Total Revenue | 156.19M | 197.36M | 184.13M | 116.72M | 93.99M | 77.11M | 53.48M | 32.83M | 21.95M | 13.77M | 3.24M | 91.93M | 74.65M | 53.13T | 37.41T | 12.33M |
| Revenue Growth % | -20.86% | 7.18% | 57.76% | 24.19% | 21.88% | 44.2% | 62.9% | 49.57% | 59.44% | 325.5% | -96.48% | 23.15% | -100% | 42.01% | 99999900% | - |
| Non-Interest Expense | 2.92M | 44.01M | 41.54M | 24.95M | 24.34M | 11.21M | 8.29M | 16.8M | 8.14M | 407.1K | 4.13M | 4.83M | 3.27M | 2.11T | 1.91T | 940.38K |
| Efficiency Ratio | 1.87% | 22.3% | 22.56% | 21.38% | 25.9% | 14.53% | 15.51% | 51.16% | 37.07% | 2.96% | 127.68% | 5.26% | 4.37% | 3.96% | 5.1% | 7.63% |
| Operating Income | 118.93M | 153.35M | 142.59M | 91.76M | 69.64M | 65.91M | 45.18M | 26.3M | 15.24M | 9.12M | -1.5M | 87.09M | 71.39M | 51.02T | 35.5T | 11.39M |
| Operating Margin % | 76.15% | 77.7% | 77.44% | 78.62% | 74.1% | 85.47% | 84.49% | 80.11% | 69.42% | 66.22% | -46.4% | 94.74% | 95.63% | 96.04% | 94.9% | 92.37% |
| Operating Income Growth % | -22.44% | 7.55% | 55.39% | 31.77% | 5.67% | 45.86% | 71.8% | 72.62% | 67.12% | 707.35% | -101.72% | 22.01% | -100% | 43.71% | 99999900% | - |
| Pretax Income | 36.19M | 75.2M | 85.14M | 15.7M | 85.88M | 55.21M | 29.42M | 16.85M | 14.51M | 14.44M | -2.15M | 1.04M | 511K | 581.5B | 0 | 0 |
| Pretax Margin % | 23.17% | 38.1% | 46.24% | 13.45% | 91.38% | 71.6% | 55.01% | 51.34% | 66.12% | 104.89% | -66.59% | 1.13% | 0.68% | 1.09% | 0% | 0% |
| Income Tax | 1.68M | 1.55M | 1.31M | 155K | 2.25M | 541K | 139K | 16.85M | 14.51M | 14.44M | 800 | 1.04M | 511K | 581.5B | 0 | 0 |
| Effective Tax Rate % | 4.65% | 2.07% | 1.54% | 0.99% | 2.62% | 0.98% | 0.47% | 100% | 100% | 100% | -0.04% | 100% | 100% | 100% | - | - |
| Net Income | 34.51M | 73.65M | 83.84M | 15.54M | 83.63M | 54.67M | 29.28M | 8.32M | 9.3M | 11.77M | -2.16M | 0 | 0 | 0 | 0 | 0 |
| Net Margin % | 22.09% | 37.32% | 45.53% | 13.32% | 88.98% | 70.9% | 54.75% | 25.36% | 42.36% | 85.5% | -66.61% | 0% | 0% | 0% | 0% | 0% |
| Net Income Growth % | -53.14% | -12.15% | 439.35% | -81.41% | 52.97% | 86.73% | 251.75% | -10.48% | -21.01% | 646.17% | - | - | - | - | - | - |
| Net Income (Continuing) | 34.51M | 73.65M | 83.84M | 15.54M | 83.63M | 54.67M | 29.28M | 8.11M | 9.06M | 11.77M | -2.16M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.93 | 1.99 | 2.33 | 0.50 | 2.94 | 1.98 | 1.69 | 0.76 | 1.20 | 2.27 | -0.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | -53.27% | -14.59% | 366% | -82.99% | 48.48% | 17.16% | 122.37% | -36.67% | -47.14% | 2163.64% | - | - | - | - | - | - |
| EPS (Basic) | 0.93 | 1.99 | 2.33 | 0.50 | 2.94 | 1.98 | 1.69 | 0.76 | 1.20 | 2.27 | -0.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 37.04M | 37.06M | 35.93M | 30.89M | 28.48M | 27.68M | 17.34M | 10.72M | 7.56M | 5.19M | 19.09M | 33.91M | 30.29M | 21.85M | 20.17M | 19.76M |
Portfolio yield compression risk
Based on the provided income statement data, FCRX has experienced a consistent decline in quarterly revenue, falling from $51.6M in 2024Q3 to $43.9M by 2025Q4, which suggests a significant reduction in the firm's active interest-earning asset base within the competitive middle-market lending landscape.
The downward trajectory in top-line figures appears to reflect either a strategic deleveraging or an inability to replace maturing loans with new originations at comparable yields. Investors should monitor whether this contraction is a deliberate pivot toward higher-quality assets or a symptom of losing market share to larger, more capitalized BDC competitors.
As reported in recent financial filings, FCRX's net margin has fluctuated significantly, dropping from a peak of 61.8% in 2023Q4 to 19.3% in 2025Q4, indicating that the firm's profitability is increasingly sensitive to non-operating items and potential valuation adjustments within its loan portfolio.
While the operating margin remains relatively stable, the widening gap between operating income and net income suggests that interest expenses and incentive fee structures are exerting meaningful pressure on the bottom line. This volatility warrants further investigation into the underlying credit quality of the portfolio and the impact of non-cash valuation marks on reported earnings.
According to the historical income statement data, FCRX maintains an operating margin consistently hovering around 75-78%, suggesting that the firm has successfully managed its fixed overhead costs despite the ongoing contraction in its total revenue base over the last ten quarters.
The ability to maintain stable operating margins during a period of revenue decline implies a disciplined approach to SG&A expenses, which have remained relatively flat. However, this efficiency may be insufficient to offset the broader earnings pressure if the portfolio's yield continues to compress.
Based on the provided figures, the sharp decline in EPS from $0.83 in 2023Q4 to $0.23 in 2025Q4 highlights a deterioration in earnings quality, likely driven by the interplay between lower interest income and the inherent volatility of Level 3 asset valuations.
The significant quarterly swings in net income suggest that reported earnings are heavily influenced by non-cash unrealized gains or losses rather than pure cash-based interest income. Analysts should be cautious in relying on these EPS figures as a proxy for dividend-paying capacity, as they may not fully reflect the underlying cash flow generation of the loan book.
Quick answers to the most common questions about buying FCRX stock.
Crescent Capital BDC, Inc. (FCRX) is profitable, generating $34.5M in net income for the fiscal year ending 2025 with a net profit margin of 22.1%.
Crescent Capital BDC, Inc. (FCRX) reported an operating income of $118.9M, resulting in an operating profit margin of 76.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Crescent Capital BDC, Inc. (FCRX) generated $121.9M in gross profit for the year, representing a gross profit margin of 78.0%. This demonstrates the company's core pricing power and production efficiency.