Revenue remains highly sensitive to investment exit timing, fluctuating between $12.1 million and $38.5 million, while operating margins have shown significant variance, peaking at 88.7% in 2026Q2 before dropping to 47.1% in 2026Q1.
Gladstone Capital Corporation (GLAD) annual income statement — 25-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 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 |
|---|
| Net Interest Income | 73.28M | 67.3M | 71.58M | 62.18M | 41.02M | 38.45M | 36.03M | 37.73M | 38.1M | 34M | 32.32M | 31.07M | 33.96M | 32.97M | 35.95M | 30.39M | 28.63M | 34.21M | 37.32M | 28.97M | 22.89M | 21.11M | 17.96M | 14.15M | 8.65M | 394.86K |
| NII Growth % | 36.8% | -5.99% | 15.11% | 51.58% | 6.7% | 6.71% | -4.51% | -0.97% | 12.06% | 5.2% | 4.03% | -8.51% | 2.99% | -8.28% | 18.28% | 6.15% | -16.31% | -8.33% | 28.82% | 26.57% | 8.42% | 17.52% | 26.92% | 63.6% | 2090.89% | - |
| Net Interest Margin % | 7.55% | 7.41% | 8.81% | 8.64% | 6.21% | 6.79% | 7.85% | 8.86% | 9.54% | 9.29% | 9.63% | 8.12% | 11.27% | 11.17% | 12.25% | 9.57% | 10.58% | 10.18% | 8.77% | 7.88% | 10.14% | 10.26% | 8.34% | 6.6% | 5% | 0.3% |
| Interest Income | 97.95M | 87.28M | 93.29M | 83.03M | 53.99M | 49.96M | 46.02M | 45.77M | 43.96M | 37.07M | 35.22M | 34.9M | 36.59M | 36.15M | 40.32M | 33.07M | 33.02M | 42.16M | 45.6M | 36.19M | 26.13M | 22.88M | 18.7M | 14.15M | 8.65M | 394.86K |
| Interest Expense | 24.67M | 19.99M | 21.71M | 20.85M | 12.97M | 11.51M | 9.99M | 8.04M | 5.86M | 3.07M | 2.9M | 3.83M | 2.63M | 3.18M | 4.37M | 2.68M | 4.39M | 7.95M | 8.28M | 7.23M | 3.24M | 1.77M | 741.62K | 0 | 0 | 0 |
| Loan Loss Provision | 154K | -1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | -18.74M | 57.48M | 26.97M | -17.2M | -20.96M | 47.59M | -37.92M | -13.45M | -15.2M | -12.65M | -14.43M | -17.02M | -16M | 3.87M | -37.91M | -47.7M | -6.75M | 459K | 122K | -6.82M | 7.9M | -730.29K | -1.03M | 780.07K | 1.8M | 0 |
| Non-Interest Income % | -34.36% | 46.07% | 27.37% | -38.24% | -104.49% | 55.32% | 2009.38% | -55.39% | -66.36% | -59.27% | -80.61% | -121.23% | -89.09% | 10.5% | 1934.08% | 275.63% | -30.88% | 1.32% | 0.33% | -30.77% | 25.67% | -3.58% | -6.09% | 5.22% | 17.26% | 0% |
| Total Net Revenue | 54.54M | 124.78M | 98.55M | 44.98M | 20.06M | 86.04M | -1.89M | 24.28M | 22.9M | 21.35M | 17.89M | 14.04M | 17.96M | 36.84M | -1.96M | -17.3M | 21.88M | 34.67M | 37.44M | 22.15M | 30.79M | 20.38M | 16.93M | 14.93M | 10.46M | 394.86K |
| Revenue Growth % | -28.33% | 26.62% | 119.09% | 124.23% | -76.68% | 4659.51% | -107.77% | 6.02% | 7.28% | 19.29% | 27.43% | -21.8% | -51.25% | 1979.59% | 88.67% | -179.1% | -36.9% | -7.4% | 69.02% | -28.06% | 51.09% | 20.36% | 13.39% | 42.82% | 2547.99% | - |
| Non-Interest Expense | -2.38M | 45.94M | 3.83M | 2.31M | 147K | 1.74M | -14K | 4.41M | 4.25M | 4.17M | 6.53M | 5.56M | 6.72M | 4.62M | 6.05M | 3.79M | 5.48M | 30.89M | 58.7M | 7.2M | 6.26M | 4.68M | 6.36M | 3.86M | 2.84M | 487.5K |
| Efficiency Ratio | -4.36% | 36.82% | 3.88% | 5.14% | 0.73% | 2.02% | 0.74% | 18.17% | 18.57% | 19.52% | 36.48% | 39.59% | 37.45% | 12.54% | -308.57% | -21.92% | 25.06% | 89.09% | 156.79% | 32.5% | 20.33% | 22.96% | 37.57% | 25.84% | 27.15% | 123.46% |
| Operating Income | 56.77M | 80.39M | 94.72M | 42.67M | 19.91M | 84.3M | -1.87M | 19.87M | 18.65M | 17.18M | 11.37M | 8.48M | 11.23M | 32.22M | -8.01M | -21.1M | 16.39M | 3.78M | -21.26M | 14.95M | 24.53M | 15.7M | 10.57M | 11.07M | 7.62M | -92.64K |
| Operating Margin % | 104.08% | 64.43% | 96.12% | 94.86% | 99.27% | 97.98% | 99.26% | 81.83% | 81.43% | 80.48% | 63.52% | 60.41% | 62.55% | 87.46% | 408.57% | 121.92% | 74.94% | 10.91% | -56.79% | 67.5% | 79.67% | 77.04% | 62.43% | 74.16% | 72.85% | -23.46% |
| Operating Income Growth % | - | -15.13% | 122% | 114.26% | -76.38% | 4600.75% | -109.43% | 6.55% | 8.54% | 51.14% | 33.98% | -24.47% | -65.14% | 502.34% | 62.05% | -228.7% | 333.36% | 117.79% | -242.2% | -39.05% | 56.26% | 48.53% | -4.54% | 45.39% | 8321.36% | - |
| Pretax Income | 50.26M | 58.11M | 94.72M | 42.67M | 19.91M | 84.3M | -1.87M | 19.87M | 18.65M | 17.18M | 11.37M | 8.48M | 11.23M | 32.22M | -8.01M | -21.1M | 16.39M | 3.78M | -21.26M | 14.95M | 24.53M | 15.7M | 10.57M | 11.07M | 7.62M | -92.64K |
| Pretax Margin % | 92.14% | 46.57% | 96.12% | 94.86% | 99.27% | 97.98% | 99.26% | 81.83% | 81.43% | 80.48% | 63.52% | 60.41% | 62.55% | 87.46% | 408.57% | 121.92% | 74.94% | 10.91% | -56.79% | 67.5% | 79.67% | 77.04% | 62.43% | 74.16% | 72.85% | -23.46% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102K | 209.28K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.42% | 1.33% | 0% | 0% | 0% | 0% |
| Net Income | 50.26M | 58.11M | 94.72M | 42.67M | 19.91M | 84.3M | -1.87M | 19.87M | 18.65M | 17.18M | 11.37M | 8.48M | 11.23M | 32.22M | -8.01M | -21.1M | 16.39M | 3.78M | -21.26M | 14.95M | 24.43M | 15.49M | 10.57M | 11.07M | 7.62M | -92.64K |
| Net Margin % | 92.14% | 46.57% | 96.12% | 94.86% | 99.27% | 97.98% | 99.26% | 81.83% | 81.43% | 80.48% | 63.52% | 60.41% | 62.55% | 87.46% | 408.57% | 121.92% | 74.94% | 10.91% | -56.79% | 67.5% | 79.34% | 76.01% | 62.43% | 74.16% | 72.85% | -23.46% |
| Net Income Growth % | -33.66% | -38.65% | 122% | 114.26% | -76.38% | 4600.75% | -109.43% | 6.55% | 8.54% | 51.14% | 33.98% | -24.47% | -65.14% | 502.34% | 62.05% | -228.7% | 333.36% | 117.79% | -242.2% | -38.8% | 57.71% | 46.55% | -4.54% | 45.39% | 8321.36% | - |
| Net Income (Continuing) | 50.26M | 58.11M | 94.72M | 42.67M | 19.91M | 84.3M | -1.87M | 19.87M | 18.65M | 17.18M | 11.37M | 8.48M | 11.23M | 32.22M | -8.01M | -21.1M | 16.39M | 3.78M | -21.26M | 14.95M | 24.43M | 15.49M | 10.57M | 11.07M | 7.62M | -92.64K |
| EPS (Diluted) | 1.77 | 2.55 | 4.34 | 2.29 | 1.16 | 5.07 | -0.12 | 1.36 | 1.38 | 1.35 | 0.98 | 0.81 | 1.07 | 3.07 | -0.38 | -1.00 | 0.78 | 0.18 | -1.08 | 1.13 | 2.10 | 1.33 | 1.02 | 1.09 | 0.75 | -0.01 |
| EPS Growth % | -44.71% | -41.24% | 89.52% | 97.41% | -77.12% | 4325% | -108.82% | -1.45% | 2.22% | 37.76% | 20.99% | -24.3% | -65.15% | 907.89% | 62% | -228.21% | 333.33% | 116.67% | -195.58% | -46.19% | 57.89% | 30.39% | -6.42% | 45.33% | - | - |
| EPS (Basic) | - | 2.56 | 4.34 | 2.29 | 1.16 | 5.07 | -0.12 | 1.36 | 1.38 | 1.35 | 0.98 | 0.81 | 1.07 | 3.07 | -0.38 | -1.00 | 0.78 | 0.18 | -1.08 | 1.13 | 2.15 | 1.37 | 1.05 | 1.10 | 0.76 | -0.01 |
| Diluted Shares Outstanding | 28.36M | 22.66M | 21.78M | 18.66M | 17.18M | 16.62M | 15.52M | 14.63M | 13.55M | 12.75M | 11.6M | 10.53M | 10.5M | 10.5M | 21.01M | 21.04M | 21.06M | 21.09M | 19.7M | 13.17M | 11.62M | 11.65M | 10.36M | 10.19M | 10.17M | 9.97M |
Quick answers to the most common questions about buying GLAD stock.
For fiscal year 2025, Gladstone Capital Corporation (GLAD) reported total revenue of $124.8M. This represents a 31501.0% increase compared to $0.4M in 2001.
Gladstone Capital Corporation (GLAD) is profitable, generating $58.1M in net income for the fiscal year ending 2025 with a net profit margin of 40.1%.
Gladstone Capital Corporation (GLAD) reported an operating income of $80.4M, resulting in an operating profit margin of 55.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Gladstone Capital Corporation (GLAD) generated $126.3M in gross profit for the year, representing a gross profit margin of 87.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Portfolio Valuation Subjectivity
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Trends
As indicated by the quarterly income statement data, Gladstone Capital’s revenue has experienced significant fluctuations, ranging from a low of $12.1 million in 2025Q3 to a peak of $38.5 million in 2024Q4, suggesting that the firm's growth trajectory is highly sensitive to the timing of investment exits.
The erratic revenue pattern implies that the company relies heavily on non-recurring capital gains or lumpy equity realizations rather than a steady, predictable interest income stream. Investors should monitor whether this volatility reflects a strategic shift toward more aggressive equity participation or simply the inherent lumpiness of the lower middle market exit environment.
Gross Margin Sensitivity to Yields
Based on the provided financial statements, Gladstone Capital’s gross margin has fluctuated between 52.8% and 85.9% over the last ten quarters, reflecting the variable nature of interest income and the impact of potential credit impairments on the firm's core lending profitability.
The compression observed in 2026Q1 to 52.8% suggests that the firm may be facing increased pressure on its net interest spread or higher-than-expected non-accruals. This variability warrants further investigation into whether the firm is maintaining its pricing power or if competitive pressures in the lower middle market are forcing a reduction in yield.
Operating Efficiency Amidst Fee Structures
According to the reported figures, operating margins have shown significant variance, peaking at 88.7% in 2026Q2 while dipping to 47.1% in 2026Q1, which appears to be driven by the external management fee structure that links expenses directly to the firm's net investment income performance.
The high operating margins in certain periods suggest that the firm benefits from a lean internal cost structure, yet the volatility indicates that incentive fees may be creating significant quarter-over-quarter expense spikes. This structure may lead to earnings distortion, making it difficult for investors to gauge the true underlying operational efficiency of the management platform.
Earnings Quality Impacted by Volatility
As reported in the income statement, net income has fluctuated wildly from $5.9 million to $31.9 million over the past ten quarters, suggesting that the quality of earnings is heavily influenced by non-operating items and the fair value adjustments of the underlying Level 3 investment portfolio.
The sharp decline in EPS during 2026Q2 to 0.00, despite strong revenue, suggests that non-cash fair value adjustments or significant incentive fee accruals may be masking the true cash-generating capability of the firm. Investors should be cautious of relying on headline net income as a proxy for dividend sustainability without adjusting for these accounting-driven fluctuations.
Sustainability of Current Dividend Coverage
Based on the provided data, the significant drop in EPS from 1.47 in 2024Q4 to 0.00 in 2026Q2 raises concerns regarding the sustainability of the firm's dividend policy, as the earnings volatility appears to be outpacing the stability required for consistent retail-friendly distributions.
Short-sellers might focus on the potential for NAV erosion if the firm is forced to realize losses on its equity kickers to support dividend payments. The lack of consistent earnings growth suggests that the current valuation may be overly optimistic regarding the firm's ability to navigate a tightening credit environment without further diluting shareholders.