Revenue growth remains robust, scaling to $166.3 million in 2026Q4, yet GAAP net margins are severely distorted by valuation adjustments, resulting in a -3.6% net margin for the same period.
Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) annual income statement — 16-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 | Mar'12 | Mar'11 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 267.37M | 57.31M | 213.15M | 176.25M | 146.18M | 26.14M | 84.37M | 62.88M | 56.06M | 37.73M | 20.46M | 42.71M | 24.31M | 9.95M | 3.37M | 350.4K |
| Gross Margin % | 68.25% | 59.84% | 73.34% | 72.88% | 72.86% | 44.86% | 72.73% | 72.69% | 74.31% | 72.12% | 57.55% | 76.55% | 78.44% | 71.23% | 67.24% | 67.87% |
| Gross Profit Growth % | 366.56% | -73.11% | 20.94% | 20.57% | 459.28% | -69.02% | 34.18% | 12.16% | 48.59% | 84.37% | -52.09% | 75.71% | 144.25% | 195.28% | 861.87% | - |
| Operating Expenses | 797.99M | 8.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| OpEx % of Revenue | 203.69% | 9.24% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 0 | 5.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 5.95% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -530.62M | 48.46M | 267.96M | -139.48M | 147.96M | 306.21M | -275.65M | -20.98M | 39.72M | 105.2M | -85.78M | 3.33M | 22.66M | 24.31M | 4.42M | 81.65K |
| Operating Margin % | -135.44% | 50.6% | 92.2% | -57.67% | 73.75% | 525.6% | -237.64% | -24.26% | 52.64% | 201.1% | -241.24% | 5.97% | 73.13% | 174.02% | 88.14% | 15.81% |
| Operating Income Growth % | -1195% | -81.92% | 292.11% | -194.27% | -51.68% | 211.09% | -1213.76% | -152.83% | -62.25% | 222.64% | -2674.91% | -85.3% | -6.8% | 450.39% | 5310.59% | - |
| EBITDA | -530.62M | 48.46M | 267.96M | -139.48M | 147.96M | 306.21M | -275.65M | -20.98M | 39.72M | 105.2M | -85.78M | 3.33M | 22.66M | 24.31M | 4.42M | 81.65K |
| EBITDA Margin % | -135.44% | 50.6% | 92.2% | -57.67% | 73.75% | 525.6% | -237.64% | -24.26% | 52.64% | 201.1% | -241.24% | 5.97% | 73.13% | 174.02% | 88.14% | 15.81% |
| EBITDA Growth % | -1195% | -81.92% | 292.11% | -194.27% | -51.68% | 211.09% | -1213.76% | -152.83% | -62.25% | 222.64% | -2674.91% | -85.3% | -6.8% | 450.39% | 5310.59% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -530.62M | 48.46M | 267.96M | -139.48M | 147.96M | 306.21M | -275.65M | -20.98M | 39.72M | 105.2M | -85.78M | 3.33M | 22.66M | 24.31M | 4.42M | 81.65K |
| Net Interest Income | 409.59M | -25.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 464.06M | 12.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 54.48M | 38.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax 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 | 4.42M | 81.65K |
| Pretax Margin % | -149.35% | 50.6% | 80.89% | -70.83% | 62.74% | 497.66% | -250.98% | -24.26% | 50.38% | 201.1% | -241.24% | 5.97% | 73.13% | 174.02% | 88.14% | 15.81% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 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 | 4.42M | 81.65K |
| Net Margin % | -149.35% | 50.6% | 80.89% | -70.83% | 62.74% | 497.66% | -250.98% | -24.26% | 50.38% | 201.1% | -241.24% | 5.97% | 73.13% | 174.02% | 88.14% | 15.81% |
| 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% | 450.39% | 5310.59% | - |
| 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 | 4.42M | 81.65K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.99 | 0.11 | 1.12 | -1.14 | 1.20 | 3.14 | -4.14 | -0.51 | 1.49 | 4.62 | -4.57 | 0.21 | 1.49 | 3.20 | 1.80 | 0.04 |
| EPS Growth % | -5703.37% | -90.46% | 198.25% | -195% | -61.78% | 175.85% | -711.76% | -134.23% | -67.78% | 201.08% | -2292.95% | -85.97% | -53.51% | 77.84% | 3996.58% | - |
| EPS (Basic) | -5.99 | 0.11 | 1.12 | -1.14 | 1.20 | 3.14 | -4.14 | -0.51 | 1.49 | 4.62 | -4.57 | 0.21 | 1.49 | 3.20 | 1.80 | 0.04 |
| Diluted Shares Outstanding | 97.65M | 453.18M | 209.92M | 150.25M | 104.9M | 92.34M | 70.32M | 41.14M | 25.51M | 22.75M | 18.75M | 14.48M | 15.24M | 15.7M | 15.7M | 15.7M |
| Basic Shares Outstanding | 97.65M | 453.18M | 209.92M | 150.25M | 104.9M | 92.34M | 70.32M | 41.14M | 25.51M | 22.75M | 18.75M | 14.48M | 15.24M | 15.7M | 15.7M | 15.7M |
| Dividend Payout Ratio | - | 636.69% | 70.86% | - | 68.01% | 25.9% | - | - | 109.24% | 46.49% | - | 977.18% | 89.2% | 44.21% | 116.57% | - |
Quick answers to the most common questions about buying OXLCG stock.
For fiscal year 2026, Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) reported total revenue of $1.0M. This represents a 93.7% increase compared to $0.5M in 2011.
Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) reported a net loss of $585.1M for the fiscal year ending 2026.
Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) reported an operating income of $-530.6M, resulting in an operating profit margin of -135.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) generated $267.4M in gross profit for the year, representing a gross profit margin of 68.2%. 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 Expansion Amidst Portfolio Scaling
According to the provided quarterly income statements, OXLCG has demonstrated significant top-line growth, with revenue reaching $166.3 million in 2026Q4, reflecting a substantial increase from the $88.4 million reported in 2022Q2 as the fund aggressively expanded its investment portfolio through capital raises and reinvestment strategies.
The revenue trajectory appears to be driven by the scaling of the underlying CLO equity portfolio rather than organic yield expansion. Investors should monitor whether this growth in assets under management can be sustained without diluting the effective yield per share, as the fund relies heavily on continuous capital deployment.
Structural Gross Margin Resilience Observed
Based on historical financial data, the fund maintains a relatively stable gross margin profile, consistently hovering between 66% and 75% over the last ten quarters, which suggests that the underlying CLO equity tranches continue to generate significant interest income despite broader market volatility and credit cycle fluctuations.
The consistency in gross margins indicates that the fund's core arbitrage strategy remains intact at the asset level. However, the disconnect between these healthy gross margins and the deeply negative net margins suggests that non-operating valuation adjustments are the primary driver of bottom-line volatility.
GAAP Distortions Obscure Operational Reality
As reported in financial statements, the company's net income has experienced extreme swings, including a $606.0 million loss in 2026Q4, which highlights the significant impact of mark-to-market accounting requirements on the fund's reported earnings compared to its actual cash-generating capacity from CLO distributions.
The reported net income figures appear to be heavily influenced by non-cash unrealized losses on the investment portfolio, which may not reflect the actual cash distributions received from the underlying CLO vehicles. Analysts should exercise caution when using GAAP net income as a proxy for the fund's ability to service its preferred obligations like the 2032 notes.
NAV Erosion Risks Sustainability Narrative
Data from recent periods indicates that the fund's reliance on aggressive capital structures and potential return-of-capital distributions may mask underlying principal erosion, as evidenced by the persistent volatility in net income and the recurring need for external financing to support the fund's ongoing investment activities.
Short-term revenue growth may be masking a long-term trend of NAV degradation, which warrants further investigation into the sustainability of the current distribution policy. If the fund is effectively liquidating principal to maintain payouts, the long-term coverage for fixed-income instruments like the 2032 notes could be compromised.