Revenue mix is shifting as NII fell 31.8% YoY to $76.0M in Q2 2026, while non-interest income rose to $36.9M (24.7% of revenue), though NIM compressed to 1.3% from 2.2% a year earlier.
Main Street Capital Corporation (MAIN) annual income statement — 20-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 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Net Interest Income | 250.24M | 438.39M | 417.6M | 397.81M | 298.58M | 230.21M | 124.09M | 137.12M | 133.61M | 125.45M | 105.23M | 100.2M | 87.6M | 75.65M | 58.1M | 41.16M | 27.45M | 12.21M | 13.52M | 9.23M | 7.04M |
| NII Growth % | -167.29% | 4.98% | 4.97% | 33.23% | 29.7% | 85.52% | -9.51% | 2.63% | 6.5% | 19.22% | 5.02% | 14.39% | 15.8% | 30.19% | 41.16% | 49.95% | 124.78% | -9.66% | 46.47% | 31% | - |
| Net Interest Margin % | 4.14% | 7.67% | 8.15% | 8.95% | 7.04% | 6.24% | 4.48% | 5.06% | 5.23% | 5.54% | 5.08% | 5.33% | 5.17% | 5.56% | 5.61% | 5.58% | 6.11% | 6.22% | 7.92% | 5.28% | 7.88% |
| Interest Income | 391.68M | 566.39M | 541.03M | 500.38M | 376.86M | 289.05M | 173.68M | 187.38M | 177.1M | 161.93M | 138.86M | 132.32M | 111.19M | 95.89M | 73.74M | 54.68M | 36.51M | 16M | 17.3M | 12.47M | 9.76M |
| Interest Expense | 141.44M | 128M | 123.43M | 102.58M | 78.28M | 58.84M | 49.59M | 50.26M | 43.49M | 36.48M | 33.63M | 32.12M | 23.59M | 20.24M | 15.63M | 13.52M | 9.06M | 3.79M | 3.78M | 3.25M | 2.72M |
| Loan Loss Provision | -70.76M | -128M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.92M | 0 | 0 | 0 |
| Non-Interest Income | 307.82M | 78.11M | 183.65M | 112.07M | 19.6M | 180.96M | -73.09M | 30.68M | 75.57M | 102.53M | 62.29M | 21.82M | 52.01M | 34.43M | 66.81M | 14.2M | -2.88M | -126K | -3.57M | 1.03M | 8.98M |
| Non-Interest Income % | 55.16% | 15.12% | 30.55% | 21.98% | 6.16% | 44.01% | -143.32% | 18.28% | 36.13% | 44.97% | 37.18% | 17.89% | 37.25% | 31.28% | 53.48% | 25.65% | -11.72% | -1.04% | -35.89% | 10.06% | 56.03% |
| Total Net Revenue | 558.06M | 516.5M | 601.25M | 509.88M | 318.19M | 411.17M | 51M | 167.8M | 209.18M | 227.99M | 167.52M | 122.03M | 139.6M | 110.08M | 124.91M | 55.36M | 24.57M | 12.09M | 9.95M | 10.26M | 16.02M |
| Revenue Growth % | -10.41% | -14.09% | 17.92% | 60.24% | -22.61% | 706.25% | -69.61% | -19.78% | -8.25% | 36.09% | 37.28% | -12.59% | 26.83% | -11.88% | 125.63% | 125.32% | 103.29% | 21.49% | -3.05% | -35.95% | - |
| Non-Interest Expense | 143.8M | 124.3M | 62.54M | 58.79M | 53.26M | 47.55M | 35.16M | 36.99M | 34.82M | 32.9M | 29.85M | 26.28M | 32.57M | 13.26M | 9.65M | 41.98M | 17.71M | 2.86M | 2.2M | 1.21M | 11.12M |
| Efficiency Ratio | 25.77% | 24.07% | 10.4% | 11.53% | 16.74% | 11.56% | 68.94% | 22.04% | 16.65% | 14.43% | 17.82% | 21.54% | 23.33% | 12.04% | 7.72% | 75.82% | 72.1% | 23.7% | 22.07% | 11.77% | 69.38% |
| Operating Income | 485.02M | 520.2M | 538.71M | 451.09M | 264.93M | 363.63M | 15.84M | 130.81M | 174.37M | 195.09M | 137.67M | 95.75M | 107.03M | 96.82M | 115.26M | 39.28M | 19.26M | 9.22M | 10.31M | 6.52M | 4.91M |
| Operating Margin % | 86.91% | 100.72% | 89.6% | 88.47% | 83.26% | 88.44% | 31.06% | 77.96% | 83.35% | 85.57% | 82.18% | 78.46% | 76.67% | 87.96% | 92.28% | 70.95% | 78.39% | 76.3% | 103.69% | 63.56% | 30.62% |
| Operating Income Growth % | - | -3.44% | 19.43% | 70.27% | -27.14% | 2195.32% | -87.89% | -24.98% | -10.62% | 41.71% | 43.78% | -10.54% | 10.55% | -16% | 193.46% | 103.92% | 108.86% | -10.6% | 58.16% | 32.97% | - |
| Pretax Income | 477.11M | 520.2M | 538.71M | 451.09M | 264.93M | 363.63M | 15.84M | 130.81M | 174.37M | 195.09M | 137.67M | 95.75M | 107.03M | 96.82M | 115.26M | 70.39M | 36.02M | 9.67M | 7.75M | 5.81M | 15.82M |
| Pretax Margin % | 85.49% | 100.72% | 89.6% | 88.47% | 83.26% | 88.44% | 31.06% | 77.96% | 83.35% | 85.57% | 82.18% | 78.46% | 76.67% | 87.96% | 92.28% | 127.16% | 146.6% | 79.98% | 77.93% | 56.59% | 98.76% |
| Income Tax | 32.35M | 26.8M | 30.63M | 22.64M | 23.32M | 32.86M | -13.54M | 1.24M | 6.15M | 24.47M | -1.23M | -8.69M | 6.29M | -35K | 10.82M | 6.29M | 940.63K | -2.29M | -3.18M | 3.26M | 0 |
| Effective Tax Rate % | 6.78% | 5.15% | 5.69% | 5.02% | 8.8% | 9.04% | -85.48% | 0.95% | 3.53% | 12.54% | -0.89% | -9.07% | 5.87% | -0.04% | 9.39% | 8.93% | 2.61% | -23.69% | -41.05% | 56.19% | 0% |
| Net Income | 444.75M | 493.4M | 508.08M | 428.45M | 241.61M | 330.76M | 29.38M | 129.57M | 168.21M | 170.62M | 138.9M | 104.44M | 100.75M | 96.86M | 104.39M | 62.97M | 33.85M | 11.96M | 10.93M | 2.54M | 15.82M |
| Net Margin % | 79.7% | 95.53% | 84.5% | 84.03% | 75.93% | 80.44% | 57.62% | 77.22% | 80.41% | 74.84% | 82.91% | 85.58% | 72.17% | 87.99% | 83.57% | 113.74% | 137.78% | 98.92% | 109.91% | 24.8% | 98.76% |
| Net Income Growth % | -17.1% | -2.89% | 18.59% | 77.33% | -26.95% | 1025.69% | -77.32% | -22.97% | -1.41% | 22.84% | 33% | 3.66% | 4.02% | -7.22% | 65.79% | 86% | 183.15% | 9.35% | 329.63% | -83.92% | - |
| Net Income (Continuing) | 444.75M | 493.4M | 508.08M | 428.45M | 241.61M | 330.76M | 29.38M | 129.57M | 168.21M | 170.62M | 138.9M | 104.44M | 100.75M | 96.86M | 104.44M | 64.11M | 39.97M | 11.96M | 10.93M | 2.54M | 15.82M |
| EPS (Diluted) | 4.74 | 5.52 | 5.85 | 5.23 | 3.24 | 4.80 | 0.45 | 2.06 | 2.80 | 3.01 | 2.67 | 2.13 | 2.31 | 2.65 | 3.53 | 2.76 | 2.38 | 1.19 | 1.20 | 0.30 | 1.86 |
| EPS Growth % | -19.9% | -5.64% | 11.85% | 61.42% | -32.5% | 966.67% | -78.16% | -26.43% | -6.98% | 12.73% | 25.35% | -7.79% | -12.83% | -24.93% | 27.9% | 15.97% | 100% | -0.83% | 300% | -83.87% | - |
| EPS (Basic) | - | 5.52 | 5.85 | 5.23 | 3.24 | 4.80 | 0.45 | 2.06 | 2.80 | 3.01 | 2.67 | 2.13 | 2.31 | 2.65 | 3.53 | 2.76 | 2.38 | 1.19 | 1.20 | 0.30 | 1.86 |
| Diluted Shares Outstanding | 93.76M | 89.36M | 88.56M | 81.92M | 74.48M | 68.96M | 65.71M | 62.96M | 60.18M | 56.69M | 52.02M | 49.07M | 43.52M | 36.62M | 29.54M | 22.85M | 16.29M | 10.04M | 9.1M | 8.59M | 8.53M |
Quick answers to the most common questions about buying MAIN stock.
For fiscal year 2025, Main Street Capital Corporation (MAIN) reported total revenue of $516.5M. This represents a 3123.9% increase compared to $16.0M in 2006.
Main Street Capital Corporation (MAIN) is profitable, generating $493.4M in net income for the fiscal year ending 2025 with a net profit margin of 95.5%.
Main Street Capital Corporation (MAIN) reported an operating income of $520.2M, resulting in an operating profit margin of 100.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Main Street Capital Corporation (MAIN) generated $644.5M in gross profit for the year, representing a gross profit margin of 124.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue decline and credit risk
Metrics are mathematically derived from official filings.
NII Contraction Amidst Portfolio Shift
Net interest income fell 31.8% year-over-year in Q2 2026 to $76.0M, according to recent financial statements, suggesting a strategic pivot toward non-interest income sources.
The sharp decline in NII from $111.5M in Q2 2025 to $76.0M in Q2 2026, despite a stable NIM around 2%, indicates a reduction in interest-earning assets or a shift in portfolio composition. This may reflect management's deliberate move toward equity-oriented investments, which generate less current interest income but offer potential for capital appreciation. Investors should monitor whether this trend stabilizes or accelerates, as it could impact the sustainability of the dividend.
NIM Stability Masks Yield Compression
Net interest margin has remained steady at approximately 2.0% over the past year, as reported in quarterly filings, but this stability may be masking underlying yield compression.
While NIM has held at 2.0-2.1% for the last five quarters, the significant drop in NII suggests that the margin is being maintained on a smaller asset base. This could indicate that the firm is redeploying capital from lower-yielding loans into higher-yielding equity investments, which do not contribute to NIM. The stability of NIM is therefore less reassuring than it appears, and investors should assess the overall return on equity, which management cited at 18.9% annualized for Q2 2026.
Efficiency Ratio Volatility Signals Operating Leverage
The efficiency ratio swung from 9.4% in Q1 2025 to 32.7% in Q4 2025, based on reported figures, indicating that non-interest expenses are not scaling proportionally with revenue.
The efficiency ratio's volatility, particularly the spike to 32.7% in Q4 2025, suggests that operating expenses are relatively fixed, leading to significant operating leverage. In quarters with high non-interest income, such as Q4 2025, the ratio improves, but when revenue dips, as in Q2 2026, the ratio worsens. This pattern implies that the firm's cost base is not easily adjustable, and any sustained revenue decline could pressure net income. However, the Q2 2026 ratio of 12.8% remains low, indicating strong cost control in the most recent quarter.
Provision Reversal Distorts Earnings Quality
In Q4 2025, Main Street recorded a negative provision of $31.8M, as per financial statements, which boosted net income but may not reflect underlying credit trends.
The negative provision in Q4 2025 is unusual and likely represents a release of reserves due to improved credit quality or portfolio changes. This non-cash benefit inflated net income to $131.1M, but it is not a recurring source of earnings. In other quarters, provision was zero, suggesting that the firm is not building reserves for potential losses. This could indicate confidence in the portfolio, but it also means that any future credit deterioration would directly hit earnings without a cushion. Investors should monitor non-accrual rates and portfolio performance for signs of stress.
Fee Income Volatility Adds Uncertainty
Non-interest income as a percentage of total revenue ranged from 16.7% to 36.5% over the past ten quarters, according to reported data, highlighting the lumpy nature of fee income.
The wide fluctuation in fee income, from $26.5M in Q2 2024 to $80.8M in Q4 2024, suggests that a significant portion comes from transaction-based activities such as realized gains on equity investments. This makes earnings less predictable and more dependent on market conditions and successful exits. While the firm's internal management structure reduces advisory fees, the reliance on volatile fee income could lead to earnings surprises. Investors should assess the sustainability of fee income by examining the recurring components, such as management fees from external funds.
Q2 2026: A Turning Point in Revenue Mix
Q2 2026 marked a significant inflection with net interest income dropping to $76.0M and non-interest income rising to $36.9M, as per the latest earnings release, signaling a strategic shift.
The quarter's revenue mix, with NII at its lowest level in the series and non-interest income relatively high, suggests that Main Street is increasingly relying on non-interest sources to drive earnings. This could be a deliberate move to capitalize on equity appreciation in its LMM portfolio, but it also introduces greater volatility. The EPS beat of $0.97 versus consensus, coupled with an 18.9% ROE, indicates that the strategy is currently working, but the sustainability of this mix is uncertain. Investors should watch for continued growth in non-interest income to offset the NII decline.
What Could Invalidate the Base Case
The reported 0.82 debt-to-equity ratio appears unusually low for a BDC, as per the latest data, potentially indicating a data error or untapped leverage capacity.
If the debt-to-equity ratio is accurate, it suggests Main Street has significant borrowing capacity that could be used for future acquisitions, but it also raises questions about capital deployment efficiency. Alternatively, if the figure is a reporting error, it could mask higher leverage and associated risks. Additionally, the persistent revenue decline of -11.1% year-over-year, despite EPS growth, may indicate reliance on non-recurring gains or higher-yielding investments, which could pressure future dividend coverage. Investors should verify these figures against the latest 10-Q and monitor the sustainability of earnings quality.