Net interest income growth has re-accelerated to 7.1% quarter-over-quarter in 2026Q2, but net interest margin has compressed 50 basis points to 2.0% year-over-year, while non-interest income of $9.4 million masks significant quarterly volatility.
Fidus Investment Corporation (FDUS) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | 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 | Dec'09 |
|---|
| Net Interest Income | 115.69M | 111.82M | 112.05M | 98.84M | 67.98M | 60.43M | 60.76M | 56.14M | 56.27M | -9.89M | -10.59M | -9.43M | -7.51M | -7.08M | -6.42M | -5.49M | -4.96M | 0 |
| NII Growth % | 10.66% | -0.21% | 13.36% | 45.4% | 12.49% | -0.54% | 8.23% | -0.23% | 668.75% | 6.62% | -12.37% | -25.59% | -6.09% | -10.18% | -17.03% | -10.6% | - | - |
| Net Interest Margin % | 7.71% | 7.84% | 9.63% | 9.06% | 7.26% | 6.74% | 6.94% | 7.11% | 8.11% | -1.53% | -1.81% | -1.94% | -1.72% | -1.93% | -1.92% | -2.21% | -3.37% | 0% |
| Interest Income | 151.2M | 140.66M | 134.34M | 119.44M | 84.54M | 77.38M | 78.16M | 71.36M | 67.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.69M |
| Interest Expense | 35.5M | 28.84M | 22.29M | 20.6M | 16.56M | 16.95M | 17.41M | 15.22M | 11.29M | 9.89M | 10.59M | 9.43M | 7.51M | 7.08M | 6.42M | 5.49M | 4.96M | 3.69M |
| Loan Loss Provision | 3.49M | 14.78M | 0 | 0 | 0 | 0 | 0 | 0 | 76K | -105K | -2.34M | -1.88M | -1.61M | -1.81M | -2.19M | -1.88M | -817.02K | 396.43K |
| Non-Interest Income | -3.5M | 18.58M | -20.66M | -10.85M | -12.93M | 69.03M | -20.79M | -348K | -10.69M | 51.69M | 47.3M | 30.26M | 24.07M | 31.06M | 22.07M | 16.53M | 4.94M | 10.5M |
| Non-Interest Income % | -3.12% | 14.25% | -22.61% | -12.32% | -23.48% | 53.32% | -52.01% | -0.62% | -23.44% | 123.67% | 128.86% | 145.26% | 145.31% | 129.5% | 141.03% | 149.69% | -25259.39% | 100% |
| Total Net Revenue | 112.2M | 130.4M | 91.39M | 88M | 55.05M | 129.47M | 39.97M | 55.79M | 45.58M | 41.8M | 36.7M | 20.83M | 16.57M | 23.99M | 15.65M | 11.04M | -19.57K | 10.5M |
| Revenue Growth % | 20.65% | 42.69% | 3.85% | 59.83% | -57.48% | 223.91% | -28.36% | 22.4% | 9.05% | 13.87% | 76.19% | 25.74% | -30.93% | 53.24% | 41.74% | 56544.47% | -100.19% | - |
| Non-Interest Expense | 5.59M | -5.57M | 9.18M | 8.17M | 7.41M | 10.79M | 7.3M | 6.7M | -2.93M | 8M | 12.02M | -4.17M | -5.49M | 6.26M | 2.15M | 1.39M | -8.16M | 3M |
| Efficiency Ratio | 4.98% | -4.27% | 10.04% | 9.29% | 13.46% | 8.34% | 18.28% | 12.01% | -6.43% | 19.15% | 32.74% | -20.01% | -33.13% | 26.1% | 13.72% | 12.55% | 41718.29% | 28.62% |
| Operating Income | 103.12M | 121.19M | 82.21M | 79.83M | 47.64M | 118.67M | 32.66M | 49.09M | 48.44M | 33.9M | 27.03M | 26.88M | 23.66M | 19.54M | 15.69M | 11.53M | 8.96M | 7.1M |
| Operating Margin % | 91.91% | 92.94% | 89.96% | 90.71% | 86.54% | 91.66% | 81.72% | 87.99% | 106.27% | 81.1% | 73.63% | 129.05% | 142.84% | 81.47% | 100.24% | 104.43% | -45794.21% | 67.61% |
| Operating Income Growth % | - | 47.42% | 2.99% | 67.55% | -59.85% | 263.29% | -33.45% | 1.34% | 42.89% | 25.42% | 0.53% | 13.6% | 21.09% | 24.54% | 36.05% | 28.72% | 26.27% | - |
| Pretax Income | 82.08M | 88.68M | 82.21M | 79.83M | 47.64M | 118.67M | 32.66M | 49.09M | 50.93M | 46.38M | 42.2M | 26.33M | 19.89M | 27.94M | 19.41M | 15.41M | 5.02M | 7.1M |
| Pretax Margin % | 73.16% | 68.01% | 89.96% | 90.71% | 86.54% | 91.66% | 81.72% | 87.99% | 111.74% | 110.96% | 114.97% | 126.38% | 120.03% | 116.49% | 124.03% | 139.54% | -25678.51% | 67.61% |
| Income Tax | 4.77M | 6.28M | 3.92M | 2.69M | 11.82M | 2.57M | 1.44M | 621K | 1.48M | 2.42M | 630K | 351K | 400K | 739K | 4K | 24K | 0 | 8.69M |
| Effective Tax Rate % | 5.82% | 7.08% | 4.77% | 3.37% | 24.81% | 2.16% | 4.41% | 1.27% | 2.9% | 5.23% | 1.49% | 1.33% | 2.01% | 2.64% | 0.02% | 0.16% | 0% | 122.44% |
| Net Income | 77.31M | 82.4M | 78.29M | 77.13M | 35.82M | 116.1M | 31.23M | 48.47M | 49.45M | 43.95M | 41.57M | 25.98M | 19.48M | 27.2M | 19.41M | 15.39M | 5.02M | -1.59M |
| Net Margin % | 68.9% | 63.19% | 85.67% | 87.65% | 65.07% | 89.68% | 78.12% | 86.87% | 108.49% | 105.16% | 113.26% | 124.7% | 117.61% | 113.41% | 124.01% | 139.32% | -25677.04% | -15.17% |
| Net Income Growth % | -2.16% | 5.25% | 1.5% | 115.32% | -69.15% | 271.82% | -35.57% | -1.99% | 12.52% | 5.73% | 60.03% | 33.32% | -28.37% | 40.14% | 26.16% | 206.26% | 415.53% | - |
| Net Income (Continuing) | 77.31M | 82.4M | 78.29M | 77.13M | 35.82M | 116.1M | 31.23M | 48.47M | 49.45M | 43.95M | 41.57M | 25.98M | 19.48M | 27.2M | 19.41M | 15.39M | 5.02M | -1.59M |
| EPS (Diluted) | 2.04 | 2.32 | 2.40 | 2.93 | 1.46 | 4.75 | 1.28 | 1.98 | 2.02 | 1.87 | 2.27 | 1.60 | 1.36 | 2.01 | 1.91 | 1.63 | 0.53 | -0.17 |
| EPS Growth % | -7.52% | -3.33% | -18.09% | 100.68% | -69.26% | 271.09% | -35.35% | -1.98% | 8.02% | -17.62% | 41.88% | 17.65% | -32.34% | 5.24% | 17.18% | 207.55% | 411.76% | - |
| EPS (Basic) | - | 2.32 | 2.40 | 2.93 | 1.46 | 4.75 | 1.28 | 1.98 | 2.02 | 1.87 | 2.27 | 1.60 | 1.36 | 2.01 | 1.91 | 1.63 | 0.53 | -0.17 |
| Diluted Shares Outstanding | 37.95M | 35.49M | 32.59M | 26.37M | 24.47M | 24.44M | 24.44M | 24.46M | 24.47M | 23.53M | 18.28M | 16.2M | 14.35M | 13.52M | 10.19M | 9.43M | 9.43M | 9.43M |
Quick answers to the most common questions about buying FDUS stock.
For fiscal year 2025, Fidus Investment Corporation (FDUS) reported total revenue of $130.4M. This represents a 1142.4% increase compared to $10.5M in 2009.
Fidus Investment Corporation (FDUS) is profitable, generating $82.4M in net income for the fiscal year ending 2025 with a net profit margin of 63.2%.
Fidus Investment Corporation (FDUS) reported an operating income of $121.2M, resulting in an operating profit margin of 92.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Fidus Investment Corporation (FDUS) generated $115.6M in gross profit for the year, representing a gross profit margin of 88.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Portfolio realization and equity volatility risk
Metrics are mathematically derived from official filings.
NII Growth Accelerates on Rising Rates
Net interest income has re-accelerated, growing 7.1% quarter-over-quarter to $30.4M in 2026Q2, as the floating-rate loan portfolio continues to reprice upward while the company's fixed-rate debt remains stable. This marks a significant improvement from the -0.6% growth seen in 2025Q4.
The acceleration in NII growth appears to be driven by the structural benefit of a higher-rate environment on FDUS's floating-rate assets. The sequential increase from $28.8M to $30.4M suggests the lag between asset repricing and liability repricing is fully working in the company's favor. This momentum, however, appears dependent on the persistence of the current rate level; any material rate cuts would likely compress this spread and slow NII growth.
NIM Compression Amidst Record NII
Despite record net interest income, the net interest margin has steadily compressed from 2.5% in 2024Q3 to 2.0% in 2026Q2, suggesting that asset yields are not keeping pace with the growth in the earning asset base required to generate the higher absolute NII.
The compression in NIM from 2.5% to 2.0% over the past ten quarters is a critical trend to monitor. It implies that to grow NII, FDUS has been deploying capital at yields that are lower than its existing portfolio average, or that funding costs have risen more than asset yields in certain vintages. This dynamic, if sustained, indicates that future NII growth will become increasingly dependent on volume growth rather than spread expansion.
Volatile Non-Interest Income Drives Earnings Swings
Non-interest income has been the primary source of earnings volatility, swinging from a loss of $9.8M in 2024Q3 to a gain of $9.4M in 2026Q2, highlighting the significant impact of net realized and unrealized gains/losses from the equity co-investment portfolio on quarterly results.
The $9.4M non-interest income in 2026Q2, a stark reversal from the $3.3M loss in Q1, likely represents realized gains from equity exits or positive fair value marks on the portfolio. This pattern confirms that FDUS's total revenue and net income are heavily influenced by the success and timing of these realizations. Investors should view this income stream as lumpy and unpredictable, contrasting sharply with the relative stability of the core NII.
Provision Expense Emerges After Multi-Quarter Lull
After eight consecutive quarters with zero provision expense, FDUS recorded a $1.7M provision in both 2026Q1 and 2026Q2, which may signal a turn in the credit cycle for its lower-middle market borrowers and warrants close monitoring of non-accrual trends.
The reappearance of provision expense is a notable shift in the company's income statement profile. While the $1.7M amount is modest relative to NII, its recurrence suggests management is proactively building reserves against potential credit deterioration in the portfolio. This could be an early indicator of increased stress among FDUS's niche manufacturing and services borrowers, potentially due to input cost pressures or softer demand.
Earnings Quality Masked by Unrealized Gains
The 51.75% net margin may overstate recurring profitability, as it is likely inflated by non-cash unrealized gains on illiquid Level 3 equity assets, which do not represent realized cash returns and are susceptible to significant volatility under market stress.
A substantial portion of the reported net income, and thus the high net margin, could be derived from fair value adjustments on private equity holdings rather than from core lending activities. This is evidenced by the wild swings in non-interest income quarter-to-quarter. In a downturn, these unrealized gains could rapidly reverse into losses, compressing net income and potentially jeopardizing dividend coverage, a risk not fully captured by headline earnings metrics.