Structural margin compression is evident as gross margins declined from 100% in 2024 to 66.5% by 2026Q4, reflecting increased financing costs within the CLO portfolio.
Oxford Lane Capital Corp. (OXLC) annual income statement — 14-year revenue, gross profit & net income history
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Net Interest Income | 409.59M | -25.47M | -17.55M | -24.55M | -18.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | 1708.21% | -45.16% | 28.54% | -35.45% | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | 22.38% | -0.9% | -1% | -1.84% | -1.29% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 464.06M | 12.99M | 15.31M | 7.25M | 3.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 54.48M | 38.46M | 32.86M | 31.81M | 22.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 69.91M | 0 | -32.86M | -31.81M | -22.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.68M | 4.02M |
| Non-Interest Income | -72.31M | 82.78M | 291.47M | 255.01M | 195.35M | 127.35M | 122.15M | 89.4M | 74.82M | 57.94M | 59.58M | 46.64M | 30.99M | 13.97M |
| Non-Interest Income % | -21.44% | 144.44% | 106.41% | 110.65% | 110.23% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 337.28M | 57.31M | 273.93M | 230.46M | 177.23M | 127.35M | 122.15M | 89.4M | 74.82M | 57.94M | 59.58M | 46.64M | 30.99M | 13.97M |
| Revenue Growth % | 488.55% | -79.08% | 18.86% | 30.04% | 39.17% | 4.25% | 36.64% | 19.49% | 29.12% | -2.74% | 27.74% | 50.51% | 121.78% | - |
| Non-Interest Expense | 797.99M | 8.85M | 81.7M | 68.97M | 57.43M | 34.65M | 33.73M | 25.26M | 21.06M | 16.09M | 16.74M | 14.71M | 0 | 0 |
| Efficiency Ratio | 236.59% | 15.44% | 29.82% | 29.93% | 32.41% | 27.21% | 27.62% | 28.26% | 28.15% | 27.77% | 28.09% | 31.53% | 0% | 0% |
| Operating Income | -530.62M | 48.46M | 225.09M | 193.3M | 141.87M | 92.69M | 88.42M | 64.14M | 53.75M | 41.85M | 42.84M | 31.93M | 22.66M | 24.31M |
| Operating Margin % | -157.32% | 84.56% | 82.17% | 83.88% | 80.05% | 72.79% | 72.38% | 71.74% | 71.85% | 72.23% | 71.91% | 68.47% | 73.13% | 174.02% |
| Operating Income Growth % | -1195.01% | -78.47% | 16.45% | 36.25% | 53.05% | 4.84% | 37.86% | 19.32% | 28.43% | -2.3% | 34.16% | 40.91% | -6.8% | - |
| Pretax Income | -585.09M | 48.46M | 240.82M | -171.29M | 125.88M | 289.93M | -291.13M | -20.98M | 38.01M | 105.2M | -85.78M | 3.33M | 22.66M | 24.31M |
| Pretax Margin % | -173.47% | 84.56% | 87.91% | -74.32% | 71.03% | 227.67% | -238.34% | -23.47% | 50.8% | 181.56% | -143.98% | 7.14% | 73.13% | 174.02% |
| Income Tax | 0 | 0 | 5.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 2.37% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -585.09M | 48.46M | 235.11M | -171.29M | 125.88M | 289.93M | -291.13M | -20.98M | 38.01M | 105.2M | -85.78M | 3.33M | 22.66M | 24.31M |
| Net Margin % | -173.47% | 84.56% | 85.83% | -74.32% | 71.03% | 227.67% | -238.34% | -23.47% | 50.8% | 181.56% | -143.98% | 7.14% | 73.13% | 174.02% |
| Net Income Growth % | -1307.43% | -79.39% | 237.26% | -236.08% | -56.58% | 199.59% | -1287.54% | -155.21% | -63.87% | 222.64% | -2674.91% | -85.3% | -6.8% | - |
| Net Income (Continuing) | -585.09M | 48.46M | 235.11M | -171.29M | 125.88M | 289.93M | -291.13M | -20.98M | 38.01M | 105.2M | -85.78M | 3.33M | 22.66M | 24.31M |
| EPS (Diluted) | -5.99 | 0.53 | 5.60 | -5.70 | 6.00 | 15.70 | -20.70 | -2.55 | 7.45 | 23.12 | -22.87 | 1.04 | 7.43 | 15.99 |
| EPS Growth % | -1230.19% | -90.54% | 198.25% | -195% | -61.78% | 175.85% | -711.76% | -134.23% | -67.78% | 201.09% | -2299.04% | -86% | -53.53% | - |
| EPS (Basic) | -5.99 | 0.53 | 5.60 | -5.70 | 6.00 | 15.70 | -20.70 | -2.55 | 7.45 | 23.12 | -22.87 | 1.04 | 7.43 | 15.99 |
| Diluted Shares Outstanding | 97.65M | 90.64M | 41.98M | 30.05M | 20.98M | 18.47M | 14.06M | 8.23M | 5.1M | 4.55M | 3.75M | 3.19M | 3.05M | 1.52M |
Quick answers to the most common questions about buying OXLC stock.
For fiscal year 2026, Oxford Lane Capital Corp. (OXLC) reported total revenue of $337.3M. This represents a 2314.0% increase compared to $14.0M in 2013.
Oxford Lane Capital Corp. (OXLC) reported a net loss of $585.1M for the fiscal year ending 2026.
Oxford Lane Capital Corp. (OXLC) reported an operating income of $-530.6M, resulting in an operating profit margin of -157.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Oxford Lane Capital Corp. (OXLC) generated $267.4M in gross profit for the year, representing a gross profit margin of 79.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
CLO equity valuation volatility
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Trends
According to historical income statements, OXLC's revenue trajectory exhibits extreme quarterly fluctuations, with figures ranging from $86.9M in 2022Q2 to a peak of $225.5M in 2026Q2, suggesting that reported top-line growth is heavily influenced by effective yield accounting rather than consistent operational expansion or organic asset growth.
The significant variance in revenue suggests that investors should be cautious about interpreting these figures as a proxy for cash-generating capacity. Because the fund relies on effective yield adjustments, the reported revenue may decouple from actual cash distributions, potentially masking periods of underlying asset stress or reinvestment cycles.
Structural Margin Compression Remains Evident
As reported in financial statements, OXLC's gross margin has experienced a notable contraction from 100% in 2024 to 66.5% by 2026Q4, indicating that the spread between investment income and direct financing costs is narrowing as the fund navigates a more challenging credit environment for junior CLO tranches.
This margin erosion suggests that the arbitrage spread—the core driver of the fund's profitability—is under pressure from rising debt costs or declining yields on the underlying loan pools. The shift away from 100% gross margins implies that financing costs are becoming a more significant drag on the fund's ability to retain income.
Net Income Distorted by Unrealized Losses
Based on OXLC's recent filings, the transition from a net income of $119.9M in 2024Q4 to a net loss of $606.0M in 2026Q4 highlights the high sensitivity of reported earnings to mark-to-market valuations of the underlying CLO equity portfolio, which often obscures the fund's actual cash-generating performance.
The extreme volatility in net income suggests that GAAP earnings are an unreliable metric for assessing the fund's dividend sustainability. Investors should focus on Core Net Investment Income to strip out these non-cash unrealized losses, which appear to be the primary driver of the recent negative net margin profile.
Sustainability of Dividend Policy Challenged
Data from recent quarterly reports indicates that the fund's operating margin has plummeted to -3.5% as of 2026Q4, raising significant questions regarding the long-term viability of current distribution levels if the underlying CLO equity tranches continue to face persistent valuation headwinds and potential credit defaults.
The negative operating margin suggests that the fund's administrative and financing costs are currently outpacing the income generated by its asset base. This trend warrants further investigation into whether the fund is relying on capital recycling or leverage to maintain its dividend, which could lead to long-term NAV erosion.