Golub Capital BDC, Inc. (GBDC) Revenue History
Annual and quarterly revenue from 2009 to present
GBDC Revenue Over Time (2009–2025)
GBDC Revenue Growth History
12 of 16 years with positive growth- FY2009 revenue growth
- N/A
- FY2010 revenue growth
- -0.6%
- FY2011 revenue growth
- +18.1%
- FY2012 revenue growth
- +20.1%
- FY2013 revenue growth
- +36.8%
- FY2014 revenue growth
- +41.8%
- FY2015 revenue growth
- +11.0%
- FY2016 revenue growth
- +26.3%
- FY2017 revenue growth
- -6.8%
- FY2018 revenue growth
- +1.4%
- FY2019 revenue growth
- -74.4%
- FY2020 revenue growth
- +359.0%
- FY2021 revenue growth
- +193.0%
- FY2022 revenue growth
- -16.6%
- FY2023 revenue growth
- +65.3%
- FY2024 revenue growth
- +6.7%
- FY2025 revenue growth
- +42.5%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $176.4M | — |
| Q1 2026 | $207.0M | — |
| Q4 2025 | $172.3M | — |
| Q3 2025 | $205.7M | — |
| Q2 2025 | $192.3M | — |
| Q1 2025 | $239.0M | — |
| Q4 2024 | $195.9M | — |
| Q3 2024 | $86.5M | — |
Multi-year avg. share of annual revenue by fiscal quarter
GBDC Revenue Analysis (2009–2025)
Current Revenue & Growth
As of June 21, 2026, Golub Capital BDC, Inc. (GBDC) generated trailing twelve-month (TTM) revenue of $761.4 million, reflecting moderate decline in growth of -8.3% year-over-year. The most recent quarter (Q2 2026) recorded $176.4 million in revenue, down 14.8% sequentially.
Historical Growth Trajectory
GBDC's 5-year compound annual growth rate (CAGR) stands at +43.8%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +36.0% is below the 5-year average, signalling a growth deceleration in recent years. Golub Capital BDC, Inc.'s highest annual revenue of $870.8 million was recorded in 2025, an all-time high.
Peer Comparison
Compared to Financial Services sector peers — including ARCC, FSCO, and TPVG. Compare GBDC vs ARCC →
GBDC Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| GBDCCurrent | $761M | -8.3% | +43.8% | 78.9% | |
 ARCC | $3.1B | - | - | 69.7% | |
 FSCO | $206M | - | - | 74.5% | |
 TPVG | $97M | - | - | 77.9% | |
 CGBD | $198M | - | - | 86.2% | |
 OCSL | $300M | - | - | 50.4% |
GBDC Historical Revenue Data (2009–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $870.8M | - | $709.6M | 81.5% | $687.4M | 78.9% |
| 2024 | $611.1M | - | $498.7M | 81.6% | $482.4M | 78.9% |
| 2023 | $572.5M | - | $427.7M | 74.7% | $426.0M | 74.4% |
| 2022 | $346.3M | - | $255.6M | 73.8% | $244.2M | 70.5% |
| 2021 | $415.2M | - | $349.5M | 84.2% | $340.8M | 82.1% |
| 2020 | $141.7M | - | $66.8M | 47.2% | $54.9M | 38.7% |
| 2019 | $30.9M | - | $-12,658,000 | -41.0% | $-18,579,000 | -60.2% |
| 2018 | $120.8M | - | $87.6M | 72.5% | $82.0M | 67.9% |
| 2017 | $119.1M | - | $87.6M | 73.5% | $82.3M | 69.1% |
| 2016 | $127.9M | - | $127.9M | 100.0% | $93.0M | 72.8% |
| 2015 | $101.2M | - | $76.7M | 75.8% | $70.8M | 69.9% |
| 2014 | $91.2M | - | $71.0M | 77.8% | $65.4M | 71.7% |
| 2013 | $64.3M | - | $51.9M | 80.7% | $46.5M | 72.3% |
| 2012 | $47.0M | - | $36.2M | 77.1% | $31.8M | 67.5% |
| 2011 | $39.1M | - | $33.4M | 85.2% | $22.8M | 58.3% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
17+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
GBDC — Frequently Asked Questions
Quick answers to the most common questions about buying GBDC stock.
Is GBDC's revenue growth accelerating or slowing?
GBDC revenue is declining -8.3% year-over-year. TTM revenue fell to $761M, contrasting with the 5-year CAGR of +43.8%. The reversal reflects either macro headwinds or company-specific challenges.
What is GBDC's revenue history from 2009 to 2026?
Golub Capital BDC, Inc. (GBDC) revenue history spans 2009 to 2026. TTM revenue as of 2026 is $761M, growing at -8.3% YoY. The 5-year CAGR is +43.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is GBDC's long-term revenue growth rate (CAGR)?
Golub Capital BDC, Inc.'s 5-year revenue CAGR of +43.8% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -8.3% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for GBDC.
Why does GBDC's quarterly revenue fluctuate?
GBDC quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Golub Capital BDC, Inc.'s revenue data from 2009 to 2026 shows full historical quarterly detail on this page.
How is GBDC's revenue distributed by segment?
GBDC reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does GBDC's revenue compare to industry peers?
Golub Capital BDC, Inc. (GBDC) with TTM revenue of $761M and -8.3% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.