Revenue performance remains highly unstable, fluctuating between negative $21.8 million and positive $8.1 million over the last ten quarters, while net margins have swung wildly to a negative 159.2% in 2025Q4.
Oxford Square Capital Corp. (OXSQ) annual income statement — 23-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 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Net Interest Income | 21.78M | 28.3M | 17.08T | 22.77M | 12.88M | 6.94M | 12.37M | 18.1M | 18.27M | 12.05M | 17.35M | 30.34M | 29.45M | 34.61M | 32.85M | 29.94M | 28.81M | 20.38M | 31.66M | 35.27M | 30.31M | 17.64M | 5.64M | 114.28K |
| NII Growth % | 309.26% | -100% | - | 76.76% | 85.47% | -43.88% | -31.64% | -0.96% | 51.71% | -30.55% | -42.83% | 3.02% | -14.92% | 5.37% | 9.7% | 3.94% | 41.37% | -35.63% | -10.23% | 16.37% | 71.83% | 212.58% | 4837.65% | - |
| Net Interest Margin % | 7.09% | 9.23% | 5699099.69% | 8.2% | 3.93% | 1.6% | 3.46% | 4.7% | 3.91% | 2.65% | 2.83% | 4.22% | 2.82% | 3.47% | 4.34% | 7.06% | 9.06% | 9.04% | 15.45% | 8.9% | 9.05% | 6.53% | 4.02% | 0.08% |
| Interest Income | 32.96M | 37.54M | 24.93T | 33.59M | 25.23M | 17.44M | 20.25M | 28M | 25.46M | 24.94M | 34.55M | 50.23M | 52.36M | 53.57M | 40.11M | 31.19M | 28.81M | 20.38M | 36.47M | 41.89M | 32.2M | 18.18M | 5.64M | 114.28K |
| Interest Expense | 11.18M | 9.24M | 7.85T | 10.83M | 12.35M | 10.5M | 7.88M | 9.9M | 7.18M | 12.9M | 19.96M | 20.94M | 22.91M | 18.96M | 7.26M | 1.24M | 0 | 0 | 4.81M | 6.62M | 1.9M | 546.52K | 0 | 0 |
| Loan Loss Provision | -805.39K | 0 | 7.85M | 0 | 0 | -10.5M | 0 | -9.9M | -7.18M | -12.9M | -19.96M | -20.94M | -22.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | -58.02M | -42.55M | -17.08T | -18.59K | -94.26M | 19.73M | -6.83M | 34.65M | 30.82M | 36.47M | 34.73M | 37.23M | 64.97M | 30.19M | 40.02M | -12.46M | 37.95M | 129.26K | 830.92K | 1.96M | 4.67M | 5.53M | 1.75M | 0 |
| Non-Interest Income % | 160.09% | 298.62% | -95901407.92% | -0.08% | 115.83% | 73.97% | -123.32% | 65.69% | 62.78% | 75.17% | 66.69% | 55.1% | 68.81% | 46.59% | 54.92% | -71.25% | 56.85% | 0.63% | 2.56% | 5.26% | 13.36% | 23.88% | 23.62% | 0% |
| Total Net Revenue | -36.24M | -14.25M | 17.81M | 22.75M | -81.38M | 26.68M | 5.54M | 52.75M | 49.1M | 48.52M | 52.08M | 67.57M | 94.42M | 64.8M | 72.87M | 17.49M | 66.76M | 20.51M | 32.49M | 37.22M | 34.98M | 23.17M | 7.39M | 114.28K |
| Revenue Growth % | -2099.17% | -179.99% | -21.7% | 127.95% | -405.04% | 381.52% | -89.5% | 7.44% | 1.19% | -6.83% | -22.93% | -28.43% | 45.71% | -11.07% | 316.72% | -73.81% | 225.55% | -36.88% | -12.71% | 6.41% | 50.95% | 213.65% | 6364.85% | - |
| Non-Interest Expense | -8.16M | 4.48M | 4.08M | 5.51M | 4.17M | 10.58M | 3.83M | 14.27M | 15.59M | 17.79M | 25.3M | 27.95M | 28.96M | 5.85M | 4.54M | 3.28M | 2.82M | -14.67M | 85.76M | 48.87M | 8.65M | 6.87M | 4.02M | 692.11K |
| Efficiency Ratio | 22.51% | -31.46% | 22.93% | 24.22% | -5.13% | 39.65% | 69.11% | 27.05% | 31.75% | 36.67% | 48.58% | 41.36% | 30.67% | 9.03% | 6.23% | 18.74% | 4.22% | -71.56% | 263.94% | 131.29% | 24.73% | 29.64% | 54.47% | 605.61% |
| Operating Income | -27.28M | -18.73M | 5.88M | 17.24M | -85.55M | 26.6M | 1.71M | 48.38M | 40.69M | 43.63M | 43.98M | 59.52M | 88.37M | 58.94M | 68.32M | 14.21M | 63.95M | 35.18M | -53.27M | -11.65M | 26.33M | 16.3M | 3.36M | -577.83K |
| Operating Margin % | 75.27% | 131.46% | 33.01% | 75.78% | 105.13% | 99.69% | 30.89% | 91.72% | 82.87% | 89.92% | 84.45% | 88.08% | 93.59% | 90.97% | 93.77% | 81.26% | 95.78% | 171.56% | -163.94% | -31.29% | 75.27% | 70.36% | 45.53% | -505.61% |
| Operating Income Growth % | - | -418.57% | -65.89% | 120.15% | -421.68% | 1454.15% | -96.46% | 18.91% | -6.74% | -0.81% | -26.1% | -32.65% | 49.91% | -13.73% | 380.85% | -77.78% | 81.76% | 166.05% | -357.27% | -144.24% | 61.5% | 384.73% | 682.1% | - |
| Pretax Income | -32.87M | -18.73M | 5.88M | 17.24M | -85.55M | 39.58M | 1.71M | -32.8M | -9.21M | 43.61M | 110.36M | -66.13M | -3.35M | 58.94M | 68.32M | 14.21M | 63.95M | 35.18M | -53.27M | -11.65M | 26.33M | 16.3M | 3.36M | -577.83K |
| Pretax Margin % | 90.69% | 131.46% | 33.01% | 75.78% | 105.13% | 148.37% | 30.89% | -62.18% | -18.77% | 89.88% | 211.92% | -97.87% | -3.55% | 90.97% | 93.77% | 81.26% | 95.78% | 171.56% | -163.94% | -31.29% | 75.27% | 70.36% | 45.53% | -505.61% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -32.87M | -18.73M | 5.88M | 17.24M | -85.55M | 39.58M | 1.71M | -32.8M | -9.21M | 43.61M | 110.36M | -66.13M | -3.35M | 58.94M | 68.32M | 14.21M | 63.95M | 35.18M | -53.27M | -11.65M | 26.33M | 16.3M | 3.36M | -577.83K |
| Net Margin % | 90.69% | 131.46% | 33.01% | 75.78% | 105.13% | 148.37% | 30.89% | -62.18% | -18.77% | 89.88% | 211.92% | -97.87% | -3.55% | 90.97% | 93.77% | 81.26% | 95.78% | 171.56% | -163.94% | -31.29% | 75.27% | 70.36% | 45.53% | -505.61% |
| Net Income Growth % | -1181.62% | -418.57% | -65.89% | 120.15% | -316.13% | 2213.15% | 105.22% | -255.98% | -121.13% | -60.48% | 266.88% | -1875.08% | -105.68% | -13.73% | 380.85% | -77.78% | 81.76% | 166.05% | -357.27% | -144.24% | 61.5% | 384.73% | 682.1% | - |
| Net Income (Continuing) | -32.87M | -18.73M | 5.88M | 17.24M | -85.55M | 39.58M | 1.71M | -32.8M | -9.21M | 43.61M | 110.36M | -66.13M | -3.35M | 58.94M | 68.32M | 14.21M | 63.95M | 35.18M | -53.27M | -11.65M | 26.33M | 16.3M | 3.36M | -577.83K |
| EPS (Diluted) | -0.30 | -0.25 | 0.09 | 0.32 | -1.72 | 0.80 | 0.03 | -0.69 | -0.19 | 0.83 | 1.90 | -1.11 | -0.06 | 0.96 | 0.92 | 0.44 | 2.35 | 1.32 | -2.19 | -0.56 | 1.35 | 1.21 | 0.33 | -0.06 |
| EPS Growth % | -1039.61% | -369.98% | -71.06% | 118.6% | -315% | 2212.14% | 105.01% | -263.16% | -122.89% | -56.32% | 271.17% | -1750% | -106.25% | 4.35% | 109.09% | -81.28% | 78.03% | 160.27% | -291.07% | -141.48% | 11.57% | 266.67% | 670.93% | - |
| EPS (Basic) | - | -0.25 | 0.09 | 0.32 | -1.72 | 0.80 | 0.03 | -0.69 | -0.19 | 0.85 | 2.13 | -1.11 | -0.06 | 1.15 | 0.98 | 0.44 | 2.35 | 1.32 | -2.19 | -0.56 | 1.35 | 1.21 | 0.33 | -0.06 |
| Diluted Shares Outstanding | 111.28M | 76.43M | 63.47M | 53.92M | 49.76M | 49.62M | 49.48M | 47.76M | 49.66M | 58.21M | 61.77M | 69.79M | 68.86M | 61.11M | 40.58M | 32.43M | 27.25M | 26.62M | 24.31M | 20.98M | 19.49M | 13.46M | 10.19M | 10M |
Quick answers to the most common questions about buying OXSQ stock.
For fiscal year 2025, Oxford Square Capital Corp. (OXSQ) reported total revenue of $-14.2M. This represents a 12567.4% decline compared to $0.1M in 2003.
Oxford Square Capital Corp. (OXSQ) reported a net loss of $18.7M for the fiscal year ending 2025.
Oxford Square Capital Corp. (OXSQ) reported an operating income of $-18.7M, resulting in an operating profit margin of 131.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Oxford Square Capital Corp. (OXSQ) generated $-14.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Portfolio Valuation Volatility
Metrics are mathematically derived from official filings.
Erratic Revenue Growth Patterns Observed
As evidenced by the quarterly income statement data, OXSQ's top-line performance remains highly inconsistent, with revenue fluctuating between negative $21.8 million and positive $8.1 million over the last ten quarters, suggesting that the firm's revenue recognition is heavily dependent on volatile mark-to-market adjustments on CLO equity.
The extreme variance in quarterly revenue indicates that the company's core business model is less about steady interest accrual and more about the unpredictable fair value changes of its underlying investment portfolio. Investors should monitor whether this volatility is a structural feature of the CLO equity strategy or a sign of deteriorating credit quality within the tech-heavy loan book.
Structural Margin Instability Remains Prevalent
According to the provided financial statements, OXSQ has experienced wild swings in net margins, ranging from a negative 159.2% in 2025Q4 to a positive 195.5% in 2023Q4, which highlights the extreme sensitivity of the firm's profitability to unrealized gains and losses on its specialized investment assets.
The lack of consistent margin stability suggests that the firm's operating model is currently unable to generate reliable net income, as portfolio devaluations frequently overwhelm interest income. This pattern implies that the company's profitability is largely decoupled from operational efficiency and instead tethered to the broader performance of the leveraged loan market.
Earnings Quality Obscured by Volatility
Based on the reported figures, the company's net income is frequently distorted by non-operating items, as evidenced by the 2026Q1 net loss of $25.5 million, which appears to be driven by significant portfolio markdowns rather than core operational expenses or management fee structures.
The disconnect between gross profit and net income suggests that the firm's reported earnings are not a reliable indicator of cash-generating capacity. Analysts should be wary of the high volatility in EPS, which appears to be a byproduct of the firm's aggressive focus on high-risk CLO equity tranches.
Sustainability of Distribution Model Questioned
As reported in recent filings, the persistent negative net margins and recurring quarterly losses suggest that the firm's ability to sustain its dividend distributions may be compromised, as the underlying capital base appears to be eroding rather than growing through organic investment income.
A short-seller perspective would likely focus on the potential for a 'return of capital' scenario, where distributions are funded by asset liquidation rather than sustainable earnings. This warrants further investigation into whether the current portfolio yield is sufficient to cover both the dividend and the inevitable credit losses inherent in the CLO equity strategy.