Revenue and margins are highly volatile post-merger, with net interest margin compressing from 1.6% in 2025Q4 to -0.7% in 2026Q3, while fee income constituted 100% of total revenue in 2026Q3.
Golub Capital BDC, Inc. (GBDC) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 |
|---|
| Net Interest Income | 327.34M | 552.6M | 497.29M | 441.4M | 293.5M | 234.7M | 220.14M | 125.91M | 107.76M | 98.92M | 94.06M | 91.63M | 84.1M | 66.39M | 45.55M | -6.55M | 0 | 0 |
| NII Growth % | 856.53% | 11.12% | 12.66% | 50.39% | 25.05% | 6.61% | 74.84% | 16.84% | 8.94% | 5.16% | 2.65% | 8.95% | 26.68% | 45.77% | 795.34% | - | - | - |
| Net Interest Margin % | 3.93% | 6.15% | 5.71% | 7.7% | 5.17% | 4.54% | 4.95% | 2.86% | 5.87% | 5.64% | 5.35% | 5.61% | 5.83% | 6.08% | 6.2% | -1.17% | 0% | 0% |
| Interest Income | 583.62M | 833.23M | 700.44M | 584.63M | 382.88M | 300.44M | 295M | 169.44M | 140.93M | 130.45M | 121.78M | 116.14M | 104.33M | 78.82M | 56.33M | 0 | 3.52M | 4.55M |
| Interest Expense | 256.28M | 280.62M | 203.16M | 143.23M | 89.38M | 65.74M | 74.86M | 43.53M | 33.17M | 31.53M | 27.72M | 24.51M | 20.23M | 12.43M | 10.78M | 6.55M | 3.52M | 4.55M |
| Loan Loss Provision | -73.14M | -119.45M | -90.81M | 1.64M | 1.32M | 0 | 0 | 0 | 0 | 0 | -27.72M | 0 | 0 | 0 | 0 | -761K | -197K | -1.7M |
| Non-Interest Income | 131.6M | 37.55M | -89.39M | -12.1M | -36.6M | 114.77M | -153.31M | -138.57M | -20.14M | -11.32M | 6.09M | -14.94M | -13.13M | -14.51M | -9.31M | 39.15M | 29.63M | 28.79M |
| Non-Interest Income % | 28.67% | 6.36% | -21.92% | -2.82% | -14.25% | 32.84% | -229.38% | 1094.7% | -22.98% | -12.92% | 6.08% | -19.47% | -18.5% | -27.97% | -25.68% | 120.09% | 100% | 100% |
| Total Net Revenue | 458.94M | 590.15M | 407.89M | 429.3M | 256.9M | 349.46M | 66.83M | -12.66M | 87.62M | 87.6M | 100.15M | 76.7M | 70.97M | 51.88M | 36.24M | 32.6M | 29.63M | 28.79M |
| Revenue Growth % | -15.95% | 44.68% | -4.99% | 67.11% | -26.49% | 422.89% | 628% | -114.45% | 0.03% | -12.53% | 30.58% | 8.07% | 36.8% | 43.16% | 11.16% | 10.04% | 2.9% | - |
| Non-Interest Expense | 135.38M | 22.19M | 16.3M | 1.65M | 11.41M | 8.64M | 11.96M | 5.92M | 5.65M | 5.29M | 34.83M | 5.91M | 5.58M | 5.36M | 4.48M | 4M | 6.46M | 5.01M |
| Efficiency Ratio | 29.5% | 3.76% | 4% | 0.38% | 4.44% | 2.47% | 17.9% | -46.78% | 6.45% | 6.04% | 34.78% | 7.7% | 7.87% | 10.33% | 12.36% | 12.25% | 21.79% | 17.4% |
| Operating Income | 396.7M | 687.42M | 482.4M | 426.01M | 244.16M | 340.82M | 54.87M | -18.58M | 81.97M | 82.31M | 93.04M | 70.79M | 65.39M | 46.52M | 31.76M | 22.82M | 23.37M | 25.48M |
| Operating Margin % | 86.44% | 116.48% | 118.27% | 99.23% | 95.04% | 97.53% | 82.1% | 146.78% | 93.55% | 93.96% | 92.9% | 92.3% | 92.13% | 89.67% | 87.64% | 69.99% | 78.88% | 88.49% |
| Operating Income Growth % | - | 42.5% | 13.24% | 74.48% | -28.36% | 521.12% | 395.34% | -122.67% | -0.41% | -11.54% | 31.42% | 8.26% | 40.56% | 46.47% | 39.2% | -2.36% | -8.29% | - |
| Pretax Income | 146.56M | 375.65M | 274.36M | 275.4M | 155.64M | 340.82M | 54.87M | -18.58M | 81.97M | 82.31M | 69.54M | 70.79M | 65.39M | 46.52M | 31.76M | 21.34M | 23.37M | 25.48M |
| Pretax Margin % | 31.93% | 63.65% | 67.26% | 64.15% | 60.58% | 97.53% | 82.1% | 146.78% | 93.55% | 93.96% | 69.43% | 92.3% | 92.13% | 89.67% | 87.64% | 65.46% | 78.88% | 88.49% |
| Income Tax | -154K | -475K | 575K | 3.37M | 72K | 543K | 0 | 0 | 0 | 17K | 333K | 0 | 0 | 0 | 0 | 0 | -2.88M | 5.46M |
| Effective Tax Rate % | -0.11% | -0.13% | 0.21% | 1.22% | 0.05% | 0.16% | 0% | 0% | 0% | 0.02% | 0.48% | 0% | 0% | 0% | 0% | 0% | -12.33% | 21.43% |
| Net Income | 146.71M | 376.13M | 273.79M | 272.03M | 155.57M | 340.28M | 54.87M | -18.58M | 81.97M | 82.29M | 69.2M | 70.79M | 65.39M | 46.52M | 31.76M | 21.34M | 26.25M | 20.02M |
| Net Margin % | 31.97% | 63.73% | 67.12% | 63.37% | 60.56% | 97.37% | 82.1% | 146.78% | 93.55% | 93.94% | 69.1% | 92.3% | 92.13% | 89.67% | 87.64% | 65.46% | 88.6% | 69.53% |
| Net Income Growth % | -60.94% | 37.38% | 0.64% | 74.86% | -54.28% | 520.13% | 395.34% | -122.67% | -0.39% | 18.91% | -2.24% | 8.26% | 40.56% | 46.47% | 48.84% | -18.7% | 31.13% | - |
| Net Income (Continuing) | 146.71M | 376.13M | 273.79M | 272.03M | 155.57M | 340.28M | 54.87M | -18.58M | 81.97M | 82.29M | 69.2M | 70.79M | 65.39M | 46.52M | 31.76M | 21.34M | 26.25M | 20.02M |
| EPS (Diluted) | 0.56 | 1.42 | 1.36 | 1.52 | 0.90 | 2.03 | 0.37 | -0.28 | 1.33 | 1.45 | 1.33 | 1.44 | 1.44 | 1.35 | 1.31 | 1.03 | 1.40 | 1.09 |
| EPS Growth % | -61.27% | 4.41% | -10.53% | 68.89% | -55.66% | 448.65% | 232.14% | -121.05% | -8.28% | 9.02% | -7.64% | 0% | 6.67% | 3.05% | 27.18% | -26.43% | 28.44% | - |
| EPS (Basic) | - | 1.42 | 1.36 | 1.52 | 0.90 | 2.03 | 0.37 | -0.28 | 1.33 | 1.45 | 1.33 | 1.44 | 1.44 | 1.35 | 1.31 | 1.03 | 1.40 | 1.09 |
| Diluted Shares Outstanding | 260.45M | 266M | 201.26M | 170.32M | 170.67M | 167.99M | 148.91M | 65.49M | 61.74M | 56.91M | 54.8M | 49.02M | 45.28M | 34.47M | 24.27M | 20.71M | 18.68M | 18.36M |
Quick answers to the most common questions about buying GBDC stock.
For fiscal year 2025, Golub Capital BDC, Inc. (GBDC) reported total revenue of $590.2M. This represents a 1949.8% increase compared to $28.8M in 2009.
Golub Capital BDC, Inc. (GBDC) is profitable, generating $376.1M in net income for the fiscal year ending 2025 with a net profit margin of 43.2%.
Golub Capital BDC, Inc. (GBDC) reported an operating income of $687.4M, resulting in an operating profit margin of 78.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Golub Capital BDC, Inc. (GBDC) generated $709.6M in gross profit for the year, representing a gross profit margin of 81.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
EPS miss and credit deterioration
Metrics are mathematically derived from official filings.
NII Volatility Masks Underlying Trends
Net interest income swung from -$79.6M in 2025Q1 to $129.5M in 2026Q1, reflecting the impact of the GBDC 3 merger and rate dynamics, as per reported financials.
The negative NII figures in early 2025 appear to be an artifact of the merger accounting, with the combined entity showing positive NII in 2026. However, the trajectory is not smooth: 2026Q2 saw a slight decline to $118.7M, and 2026Q3 turned sharply negative at -$61.0M, suggesting potential integration issues or asset quality problems. Investors should monitor whether the negative NII in 2026Q3 is a one-time event or a trend.
NIM Compression Signals Asset Yield Pressure
Net interest margin fell from 1.6% in 2025Q4 to -0.7% in 2026Q3, indicating that funding costs are rising faster than asset yields, based on quarterly data.
The negative NIM in 2026Q3 is alarming, as it suggests that the cost of GBDC's borrowings exceeds the yield on its loan portfolio. This could be due to a lag in repricing floating-rate assets or an increase in non-accruals reducing interest income. The positive NIM in 2026Q1 and Q2 (1.5% and 1.4%) may reflect the benefit of the merger, but the subsequent decline warrants close attention to the sustainability of the margin.
Efficiency Ratio Distorted by Merger
Efficiency ratio spiked to 67.8% in 2026Q2 from 2.6% in 2026Q1, indicating a temporary surge in non-interest expenses relative to revenue, as per financial statements.
The extremely low efficiency ratios in most quarters (1-5%) are unusual for a BDC and may reflect the treatment of incentive fees or one-time items. The 67.8% in 2026Q2 suggests that operating expenses absorbed a significant portion of revenue, possibly due to merger-related costs or a decline in fee income. The negative efficiency ratio in 2024Q3 (-17.8%) is likely due to negative revenue, making the metric not meaningful. Investors should focus on the underlying expense structure post-merger.
Provision Reversals Boost Earnings
Provisions were negative in most quarters, including -$24.8M in 2026Q3, indicating loan loss reserve releases that inflated net income, as reported in quarterly filings.
Negative provisions suggest that GBDC is releasing reserves, which may be a positive sign if credit quality is improving, but could also indicate that prior reserves were excessive. The lack of provisions in 2025Q4 and 2024Q3 is notable, but the consistent negative provisions in other quarters may be masking underlying credit deterioration. The recent EPS miss of $0.22 vs. consensus $0.33 suggests that credit costs may be rising, and the negative provisions may not continue.
Fee Income Concentration Raises Concerns
Non-interest income constituted 100% of total revenue in several quarters, including 2026Q3, indicating a heavy reliance on fee-based income, as per income statement data.
The fee percentage of 100% in many quarters suggests that interest income is being offset by other items, possibly due to the accounting treatment of the merger. The negative non-interest income in 2025Q4 and 2024Q3 (-$35.7M and -$106.0M) indicates that fee income can be volatile and may include realized gains or losses. This reliance on transactional fees, such as structuring and capital markets fees, introduces earnings variability and may not be sustainable.
Merger Integration Creates Earnings Dislocation
The merger with Golub Capital BDC 3 has caused significant quarterly earnings swings, with net income ranging from -$46.8M in 2026Q2 to $96.3M in 2025Q4, based on reported figures.
The integration of GBDC 3 appears to have disrupted the income statement, with negative NII and net losses in some quarters. The 2026Q2 net loss of -$46.8M and the 2026Q3 EPS of $0.12 (down from $0.36 in 2025Q4) suggest that the combined portfolio may be experiencing credit stress or that merger-related costs are weighing on earnings. The lack of forward guidance following the EPS miss adds uncertainty, and investors should monitor the portfolio's performance closely as integration completes.
Earnings Quality Under Scrutiny
The recent EPS miss of $0.22 versus consensus $0.33, combined with negative NII in 2026Q3, raises questions about the sustainability of reported earnings, as per latest quarterly data.
The divergence between strong revenue growth (42.5% YoY TTM) and weak EPS suggests that the growth may be driven by lower-quality or non-recurring items. The reliance on negative provisions and fee income, along with the merger-related distortions, may be masking underlying credit deterioration. Investors should scrutinize the sustainability of earnings, particularly the ability to maintain the dividend, given the elevated leverage ratio of 1.23 and the potential for lagged credit stress as portfolio companies face higher interest costs.