Net interest income has declined for eight consecutive quarters to $45.9M in 2026Q2, while the net interest margin has compressed 60 basis points to 1.4%, indicating persistent spread pressure and portfolio runoff.
Goldman Sachs BDC, Inc. (GSBD) annual income statement — 14-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 |
|---|
| Net Interest Income | 204.39M | 249.67M | 264.39M | 305.69M | 251.43M | 267.04M | 122.87M | 100.27M | 98.91M | 95.66M | 96.3M | 99M | 64.77M | 22.45M | 0 |
| NII Growth % | -60.37% | -5.57% | -13.51% | 21.58% | -5.85% | 117.33% | 22.54% | 1.38% | 3.4% | -0.66% | -2.73% | 52.84% | 188.58% | - | - |
| Net Interest Margin % | 6.22% | 7.38% | 7.34% | 8.68% | 7% | 7.52% | 3.71% | 6.8% | 7.08% | 7.37% | 8.09% | 8.74% | 6.69% | 3.56% | 0% |
| Interest Income | 321.37M | 361.23M | 378.11M | 417M | 330.89M | 326.03M | 162.77M | 136.59M | 125.14M | 115.26M | 110.59M | 109.7M | 69.45M | 22.81M | 0 |
| Interest Expense | 116.98M | 111.56M | 113.72M | 111.3M | 79.46M | 58.99M | 39.9M | 36.31M | 26.23M | 19.61M | 14.3M | 10.71M | 4.68M | 368K | 0 |
| Loan Loss Provision | -47.99M | -51.88M | 0 | -111.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 1.24M | -118.78M | -185.68M | 37.92M | -194.79M | -96.95M | 23.72M | -56.99M | -36.81M | -39.53M | -48.49M | -46.44M | -23.55M | -786K | 972K |
| Non-Interest Income % | 0.6% | -90.74% | -235.91% | 11.03% | -343.91% | -57% | 16.18% | -131.64% | -59.27% | -70.43% | -101.45% | -88.36% | -57.15% | -3.63% | 100% |
| Total Net Revenue | 205.63M | 130.89M | 78.71M | 343.61M | 56.64M | 170.09M | 146.59M | 43.29M | 62.1M | 56.13M | 47.8M | 52.56M | 41.22M | 21.66M | 972K |
| Revenue Growth % | 5.66% | 66.3% | -77.09% | 506.66% | -66.7% | 16.03% | 238.64% | -30.3% | 10.65% | 17.42% | -9.05% | 27.52% | 90.3% | 2128.29% | - |
| Non-Interest Expense | 104.79M | -55.69M | 10.36M | 91.53M | -3.06M | -23.97M | -30.96M | 5.49M | 6.12M | 5.03M | 6.11M | 5.41M | 4.17M | 2.6M | 4.2M |
| Efficiency Ratio | 50.96% | -42.55% | 13.16% | 26.64% | -5.39% | -14.09% | -21.12% | 12.69% | 9.86% | 8.95% | 12.78% | 10.3% | 10.13% | 12.03% | 432.1% |
| Operating Income | 148.83M | 238.47M | 68.35M | 363.38M | 59.7M | 194.07M | 177.55M | 37.79M | 55.98M | 51.1M | 41.69M | 47.15M | 37.04M | 19.05M | -1.1M |
| Operating Margin % | 72.38% | 182.19% | 86.84% | 105.75% | 105.39% | 114.09% | 121.12% | 87.31% | 90.14% | 91.05% | 87.22% | 89.7% | 89.87% | 87.97% | -113.58% |
| Operating Income Growth % | - | 248.9% | -81.19% | 508.74% | -69.24% | 9.3% | 369.77% | -32.49% | 9.55% | 22.57% | -11.57% | 27.28% | 94.4% | 1825.91% | - |
| Pretax Income | 62.11M | 123.37M | 68.35M | 201.35M | 59.7M | 194.07M | 177.55M | 37.79M | 55.98M | 51.1M | 41.69M | 47.15M | 37.04M | 19.05M | 5.17M |
| Pretax Margin % | 30.21% | 94.25% | 86.84% | 58.6% | 105.39% | 114.09% | 121.12% | 87.31% | 90.14% | 91.05% | 87.22% | 89.7% | 89.87% | 87.97% | 532.1% |
| Income Tax | 3.63M | 4.11M | 5.48M | 5.48M | 4.69M | 1.64M | 1.43M | 1.65M | 2.3M | 1.55M | 1.04M | 518K | 119K | 1.07M | 2.11M |
| Effective Tax Rate % | 5.85% | 3.33% | 8.02% | 2.72% | 7.86% | 0.84% | 0.81% | 4.36% | 4.12% | 3.04% | 2.49% | 1.1% | 0.32% | 5.62% | 40.72% |
| Net Income | 58.48M | 119.27M | 62.87M | 195.87M | 55M | 192.43M | 176.11M | 36.15M | 53.68M | 49.55M | 40.65M | 46.63M | 36.92M | 17.98M | 3.07M |
| Net Margin % | 28.44% | 91.12% | 79.87% | 57% | 97.11% | 113.13% | 120.14% | 83.51% | 86.43% | 88.28% | 85.05% | 88.72% | 89.58% | 83.03% | 315.43% |
| Net Income Growth % | -59.8% | 89.71% | -67.9% | 256.12% | -71.42% | 9.26% | 387.2% | -32.66% | 8.34% | 21.88% | -12.82% | 26.29% | 105.3% | 486.56% | - |
| Net Income (Continuing) | 58.48M | 119.27M | 62.87M | 195.87M | 55M | 192.43M | 176.11M | 36.15M | 53.68M | 49.55M | 40.65M | 46.63M | 36.92M | 17.98M | 3.07M |
| EPS (Diluted) | 0.52 | 1.03 | 0.55 | 1.81 | 0.54 | 1.89 | 3.26 | 0.90 | 1.34 | 1.28 | 1.12 | 1.34 | 1.24 | 0.60 | 1.56 |
| EPS Growth % | -59.2% | 87.27% | -69.61% | 235.19% | -71.43% | -42.02% | 262.22% | -32.84% | 4.69% | 14.29% | -16.42% | 8.06% | 106.67% | -61.54% | - |
| EPS (Basic) | - | 1.03 | 0.55 | 1.81 | 0.54 | 1.89 | 3.26 | 0.90 | 1.34 | 1.28 | 1.12 | 1.34 | 1.24 | 0.60 | 1.56 |
| Diluted Shares Outstanding | 112.57M | 115.58M | 114.67M | 108.31M | 102.26M | 101.69M | 53.94M | 40.31M | 40.18M | 38.63M | 36.32M | 34.78M | 29.74M | 29.74M | 1.97M |
Quick answers to the most common questions about buying GSBD stock.
For fiscal year 2025, Goldman Sachs BDC, Inc. (GSBD) reported total revenue of $130.9M. This represents a 13366.5% increase compared to $1.0M in 2012.
Goldman Sachs BDC, Inc. (GSBD) is profitable, generating $119.3M in net income for the fiscal year ending 2025 with a net profit margin of 91.1%.
Goldman Sachs BDC, Inc. (GSBD) reported an operating income of $238.5M, resulting in an operating profit margin of 182.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Goldman Sachs BDC, Inc. (GSBD) generated $182.8M in gross profit for the year, representing a gross profit margin of 139.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage amid credit stress
Metrics are mathematically derived from official filings.
Net Interest Income Under Persistent Pressure
Net interest income has declined for eight consecutive quarters, falling 17.8% year-over-year to $45.9M in 2026Q2, suggesting the portfolio is experiencing either meaningful paydowns, a shift toward lower-yielding assets, or rising funding costs that are compressing the spread on existing holdings.
The sustained erosion in NII from a peak of $70.0M in 2024Q1 to the current $45.9M represents a 34% contraction over two years, which appears inconsistent with the reported 66.3% TTM revenue growth and suggests that non-interest income sources are masking underlying portfolio weakness. This trajectory warrants close monitoring, as it may indicate that the GSAM deal-sourcing advantage is not translating into sufficient new originations to offset run-off, or that the floating-rate benefit from higher base rates has been fully offset by rising borrowing costs on the BDC's own debt.
Net Interest Margin Compression Signals Spread Tightening
The net interest margin has contracted from 2.0% in early 2024 to 1.4% in the most recent two quarters, a 60 basis point decline that suggests the spread between asset yields and funding costs is narrowing, potentially due to competitive pressure on new originations or rising costs on the BDC's credit facilities.
This NIM compression is particularly concerning when viewed alongside the declining NII trajectory, as it indicates the problem is not merely a shrinking balance sheet but a fundamental deterioration in the profitability of each dollar deployed. For a BDC that relies on the Goldman Sachs platform for deal flow, this margin erosion may suggest that the most attractive risk-adjusted opportunities are being allocated to Goldman's private credit funds rather than the publicly traded vehicle, a conflict of interest that investors should monitor closely.
Provision Expense Emerges as Material Earnings Drag
After eight quarters of zero provision expense, GSBD recorded $9.3M in 2026Q1 and $21.9M in 2026Q2, totaling $31.2M in credit costs that appear to be driven by deteriorating conditions in the middle-market loan portfolio and potential non-accrual situations.
The sudden emergence of significant provision expense after a prolonged period of clean credit results suggests the portfolio may be entering a stress phase, particularly concerning given the elevated 1.32x leverage ratio that leaves limited cushion for absorbing losses. The $21.9M provision in 2026Q2 alone represents nearly half of that quarter's NII, indicating that credit costs are consuming a substantial portion of the income available to cover dividends and maintain NAV stability.
2026Q2 Marks Potential Credit Cycle Turning Point
The combination of a $21.9M provision expense, a 38.2% EPS decline to $0.21, and an efficiency ratio spike to 57.5% in 2026Q2 suggests this quarter may represent the inflection point where the benefits of the high-rate environment are being overtaken by credit deterioration in the middle-market portfolio.
This quarter's results appear to mark a fundamental shift in the earnings profile, as the BDC transitions from a period of strong origination-driven growth to one where credit selection and loss mitigation become the primary determinants of value creation. The absence of forward guidance from management, combined with the significant EPS miss versus the $0.35 estimate, may indicate that the advisor is uncertain about the trajectory of non-accruals and realized losses in coming quarters, which could pressure dividend coverage if the trend continues.
Leverage and Credit Quality Create Asymmetric Risk
The 1.32x debt-to-equity ratio, combined with the sudden $31.2M in provisions over two quarters and the 1.4% NIM, suggests GSBD may be operating with insufficient loss-absorption capacity if middle-market credit conditions continue to deteriorate.
The strongest analytical challenge to GSBD's earnings quality centers on the interaction between elevated leverage and emerging credit stress, as the BDC appears to have limited flexibility to absorb further portfolio losses without either cutting dividends or issuing dilutive equity. The negative non-interest income in several recent quarters, including -$26.8M in 2025Q3 and -$116.8M in 2024Q2, indicates significant unrealized losses on the investment portfolio that may not be fully reflected in the provision expense, creating potential for additional write-downs that could further erode NAV per share.