Revenue volatility remains a primary concern, with quarterly figures reaching $166.3M in 2026Q4 while net margins plummeted to -3.6% due to non-operating mark-to-market valuation adjustments.
| 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 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 267.37M | 430.54M | 306.79M | 262.27M | 199.3M | 127.35M | 122.15M | 89.4M | 74.82M | 57.94M | 59.58M | 46.64M | 24.31M | 9.95M |
| Gross Margin % | 68.25% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 78.44% | 71.23% |
| Gross Profit Growth % | -37.9% | 40.34% | 16.98% | 31.59% | 56.51% | 4.25% | 36.64% | 19.49% | 29.12% | -2.74% | 27.74% | 91.87% | 144.25% | - |
| Operating Expenses | 797.99M | 118.67M | 81.7M | 68.97M | 57.43M | 34.65M | 33.73M | 25.26M | 21.06M | 16.09M | 16.74M | 14.71M | 0 | 0 |
| OpEx % of Revenue | 203.69% | 27.56% | 26.63% | 26.3% | 28.82% | 27.21% | 27.62% | 28.26% | 28.15% | 27.77% | 28.09% | 31.53% | - | - |
| Selling, General & Admin | 0 | 118.67M | 81.7M | 68.97M | 57.43M | 34.65M | 33.73M | 25.26M | 21.06M | 16.09M | 16.74M | 14.71M | 0 | 0 |
| SG&A % of Revenue | - | 27.56% | 26.63% | 26.3% | 28.82% | 27.21% | 27.62% | 28.26% | 28.15% | 27.77% | 28.09% | 31.53% | - | - |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -530.62M | 311.87M | 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 % | -135.44% | 72.44% | 73.37% | 73.7% | 71.18% | 72.79% | 72.38% | 71.74% | 71.85% | 72.23% | 71.91% | 68.47% | 73.13% | 174.02% |
| Operating Income Growth % | -270.14% | 38.55% | 16.45% | 36.25% | 53.05% | 4.84% | 37.86% | 19.32% | 28.43% | -2.3% | 34.16% | 40.91% | -6.8% | - |
| EBITDA | -530.62M | 311.87M | 225.09M | 193.3M | 141.87M | 92.69M | 88.42M | 64.14M | 53.75M | 41.85M | 42.84M | 31.93M | 22.66M | 24.31M |
| EBITDA Margin % | -135.44% | 72.44% | 73.37% | 73.7% | 71.18% | 72.79% | 72.38% | 71.74% | 71.85% | 72.23% | 71.91% | 68.47% | 73.13% | 174.02% |
| EBITDA Growth % | -270.14% | 38.55% | 16.45% | 36.25% | 53.05% | 4.84% | 37.86% | 19.32% | 28.43% | -2.3% | 34.16% | 40.91% | -6.8% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -530.62M | 311.87M | 225.09M | 185.34M | 141.87M | 92.69M | 88.42M | 64.14M | 53.75M | 41.85M | 42.84M | 31.93M | 22.66M | 24.31M |
| Net Interest Income | 409.59M | -25.47M | -17.55M | -24.55M | -18.13M | 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 |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -585.09M | 50.94M | 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 % | -149.35% | 11.83% | 78.5% | -65.31% | 63.16% | 227.67% | -238.34% | -23.47% | 50.8% | 181.56% | -143.98% | 7.14% | 73.13% | 174.02% |
| Income Tax | 0 | 2.48M | 5.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 4.88% | 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 % | -149.35% | 11.26% | 76.63% | -65.31% | 63.16% | 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 |
| Discontinued Operations | 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 |
| 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 |
| Basic 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 |
| Dividend Payout Ratio | - | 636.69% | 70.86% | - | 68.01% | 25.9% | - | - | 109.24% | 46.49% | - | 977.18% | 89.2% | 44.21% |
Portfolio Valuation Volatility
As reported in recent financial statements, Oxford Lane Capital Corp. has experienced significant revenue fluctuations, with quarterly figures reaching $166.3M in 2026Q4, reflecting the inherent sensitivity of CLO equity distributions to underlying credit market conditions and the broader performance of senior secured loan pools.
The revenue trajectory appears highly cyclical, driven by the excess spread generated within CLO structures rather than organic business expansion. Investors should monitor whether the recent revenue levels can be sustained if credit defaults in the underlying loan portfolios continue to rise.
Based on reported figures, the entity's net margin plummeted to -149.35% in recent periods, a trend that highlights the extreme impact of unrealized mark-to-market valuation adjustments on the income statement, which often obscures the underlying cash-generating capability of the CLO equity investment portfolio.
While gross margins remain relatively high, the divergence between operating income and net income suggests that non-cash valuation changes are the primary driver of bottom-line volatility. This structural reality implies that traditional margin analysis may be less relevant than evaluating the fund's distributable cash flow.
According to historical income statement data, SG&A expenses have scaled alongside investment activity, with costs reaching $71.0M in 2026Q2, suggesting that the fund's management and incentive fee structure creates a high fixed-cost base that limits operating leverage during periods of portfolio depreciation.
The management fee structure appears to prioritize AUM growth, which may not always align with the preservation of net asset value. Analysts should investigate whether the current expense discipline is sufficient to protect shareholder returns during prolonged periods of market stress.
As indicated by the wide variance in quarterly EPS, ranging from -6.23 to 6.55, the quality of reported net income is heavily compromised by non-operating mark-to-market fluctuations, necessitating a focus on core investment income rather than GAAP-based earnings to assess the true health of the fund.
The reliance on fair value accounting for illiquid CLO tranches introduces significant noise into the income statement that does not necessarily reflect immediate cash flow realities. Investors should be cautious of interpreting these GAAP figures as a proxy for the fund's ability to maintain its dividend distributions.
Based on the provided data, the recurring negative net income and significant EPS volatility suggest that the fund's distribution policy may be under pressure, as the underlying cash flows from CLO equity tranches are inherently vulnerable to credit spread widening and increased default rates.
Short-sellers would likely focus on the potential for NAV erosion if the fund continues to issue shares below net asset value to fund operations. The sustainability of the current yield warrants further investigation into the actual cash-on-cash returns versus the reported accounting income.
Quick answers to the most common questions about buying OXLCI stock.
Oxford Lane Capital Corp. (OXLCI) reported a net loss of $585.1M for the fiscal year ending 2026.
Oxford Lane Capital Corp. (OXLCI) 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. (OXLCI) 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.