Revenue performance remains inconsistent, with quarterly figures peaking at $112.5 million in 2025Q2 before retreating, while gross margins have fluctuated significantly between 63.5% and 80.1% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 91.48B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 215.15M | 262.39M | 252.97M | 273.41M | 136.49M | 225.86M | 198.35M | 180.41M | 141.37M | 128.86M | 154.04M | 84.33M | 96.51M | 69.76M | 43.42M | 5.29M |
| Gross Margin % | 0.24% | 72.84% | 70.32% | 73.93% | 72.93% | 84.83% | 84.26% | 81.83% | 79.45% | 84.52% | 87.96% | 84.13% | 89.56% | 90.68% | 92.99% | 92.95% |
| Gross Profit Growth % | - | 3.72% | -7.47% | 100.31% | -39.57% | 13.87% | 9.94% | 27.62% | 9.71% | -16.35% | 82.67% | -12.62% | 38.35% | 60.67% | 721.36% | - |
| Operating Expenses | 3.17B | 69.5M | 59.85M | 49.57M | 25.26M | 11.79M | 14.48M | 22.08M | 18.98M | 14.41M | 14.81M | 19.26M | 10.31M | 2.58M | 3.78M | 4.47M |
| OpEx % of Revenue | - | 19.3% | 16.64% | 13.41% | 13.49% | 4.43% | 6.15% | 10.02% | 10.67% | 9.45% | 8.45% | 19.21% | 9.57% | 3.35% | 8.09% | 78.65% |
| Selling, General & Admin | 3.12B | 14.65M | 13.95M | 13.41M | 13.36M | 13.56M | 12.86M | 13.04M | 12.85M | 10.66M | 13.22M | 13.38M | 8.95M | 6.41M | 4.73M | 4.08M |
| SG&A % of Revenue | - | 4.07% | 3.88% | 3.63% | 7.14% | 5.09% | 5.46% | 5.91% | 7.22% | 6.99% | 7.55% | 13.35% | 8.31% | 8.33% | 10.14% | 71.76% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 154.58M | 192.89M | 193.12M | 223.83M | 111.24M | 214.07M | 183.87M | 158.33M | 122.39M | 114.44M | 139.23M | 65.07M | 86.19M | 67.18M | 39.64M | 813K |
| Operating Margin % | 0.17% | 53.55% | 53.68% | 60.53% | 59.44% | 80.4% | 78.11% | 71.81% | 68.78% | 75.06% | 79.5% | 64.92% | 79.99% | 87.33% | 84.9% | 14.3% |
| Operating Income Growth % | - | -0.12% | -13.72% | 101.22% | -48.04% | 16.42% | 16.13% | 29.37% | 6.94% | -17.8% | 113.98% | -24.51% | 28.3% | 69.48% | 4775.89% | - |
| EBITDA | 192.45M | 230.75M | 193.12M | 223.83M | 111.24M | 214.07M | 183.87M | 158.33M | 122.39M | 114.44M | 139.23M | 65.07M | 86.19M | 67.18M | 39.64M | 813K |
| EBITDA Margin % | 0.21% | 64.06% | 53.68% | 60.53% | 59.44% | 80.4% | 78.11% | 71.81% | 68.78% | 75.06% | 79.5% | 64.92% | 79.99% | 87.33% | 84.9% | 14.3% |
| EBITDA Growth % | 5.13% | 19.49% | -13.72% | 101.22% | -48.04% | 16.42% | 16.13% | 29.37% | 6.94% | -17.8% | 113.98% | -24.51% | 28.3% | 69.48% | 4775.89% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 192.45M | 230.75M | 193.12M | 223.83M | 111.24M | 214.07M | 183.87M | 158.33M | 122.39M | 114.44M | 139.23M | 65.07M | 86.19M | 67.18M | 39.64M | 813K |
| Net Interest Income | 238.66M | 323.46M | 345.54M | 322.38M | 246.98M | 226.25M | 208.63M | 197.07M | 213.37M | 177.12M | 156.7M | 148.7M | 142.76M | 83.21M | 45.87M | 4.9M |
| Interest Income | 317.04M | 429.02M | 452.31M | 418.78M | 297.64M | 266.66M | 245.68M | 237.14M | 249.93M | 200.73M | 177.79M | 164.6M | 154.01M | 90.38M | 49.14M | 5.3M |
| Interest Expense | 78.38M | 105.56M | 106.77M | 96.39M | 50.66M | 40.41M | 37.04M | 40.06M | 36.56M | 23.61M | 21.09M | 15.9M | 11.25M | 7.17M | 3.27M | 401K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 41.18B | 176.26M | 193.12M | 223.83M | 111.24M | 214.07M | 183.87M | 158.33M | 122.39M | 114.44M | 139.23M | 65.07M | 86.19M | 67.18M | 39.64M | 813K |
| Pretax Margin % | 45.02% | 48.93% | 53.68% | 60.53% | 59.44% | 80.4% | 78.11% | 71.81% | 68.78% | 75.06% | 79.5% | 64.92% | 79.99% | 87.33% | 84.9% | 14.3% |
| Income Tax | 4.39M | 5.74M | 6.55M | 1.81M | 3.18M | 2.29M | 5.76M | 3.75M | 3.38M | 2.83M | 2.23M | 1.5M | 1.14M | 199K | 46K | 0 |
| Effective Tax Rate % | 0.01% | 3.26% | 3.39% | 0.81% | 2.86% | 1.07% | 3.13% | 2.37% | 2.76% | 2.48% | 1.6% | 2.31% | 1.33% | 0.3% | 0.12% | 0% |
| Net Income | 41.18B | 170.52M | 186.57M | 222.02M | 108.05M | 211.78M | 178.11M | 154.58M | 119.02M | 111.61M | 137.01M | 63.57M | 85.05M | 66.98M | 39.59M | 813K |
| Net Margin % | 45.01% | 47.34% | 51.86% | 60.04% | 57.73% | 79.54% | 75.66% | 70.11% | 66.89% | 73.2% | 78.23% | 63.42% | 78.93% | 87.07% | 84.81% | 14.3% |
| Net Income Growth % | 23297.21% | -8.6% | -15.97% | 105.48% | -48.98% | 18.91% | 15.22% | 29.88% | 6.64% | -18.54% | 115.53% | -25.26% | 26.97% | 69.17% | 4770.23% | - |
| Net Income (Continuing) | 41.18B | 170.52M | 186.57M | 222.02M | 108.05M | 211.78M | 178.11M | 154.58M | 119.02M | 111.61M | 137.01M | 63.57M | 85.05M | 66.98M | 39.59M | 813K |
| 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) | 434.80 | 1.81 | 2.03 | 2.61 | 1.38 | 2.79 | 2.65 | 2.34 | 1.86 | 1.86 | 2.34 | 1.18 | 1.68 | 1.93 | 1.93 | 0.02 |
| EPS Growth % | -38.83% | -10.84% | -22.22% | 89.13% | -50.54% | 5.28% | 13.25% | 25.81% | 0% | -20.51% | 98.31% | -29.76% | -12.95% | 0% | 8112.77% | - |
| EPS (Basic) | - | 1.81 | 2.03 | 2.61 | 1.38 | 2.93 | 2.65 | 2.34 | 1.86 | 1.86 | 2.34 | 1.18 | 1.68 | 1.93 | 1.93 | 0.02 |
| Diluted Shares Outstanding | 94.71M | 94.71M | 92.04M | 85.13M | 78.2M | 77.7M | 67.21M | 66.07M | 65.41M | 60M | 58.59M | 54.01M | 50.51M | 34.64M | 34.64M | 34.64M |
| Basic Shares Outstanding | 94.71M | 94.71M | 92.04M | 85.13M | 78.2M | 72.17M | 67.21M | 66.07M | 64.03M | 60M | 58.59M | 54.01M | 50.51M | 34.64M | 34.64M | 34.64M |
| Dividend Payout Ratio | - | 99.89% | 79.62% | 61.73% | 125.01% | 40.53% | 73.24% | 63.44% | 80.58% | 84.85% | 58.6% | 122.8% | 60.63% | 36.18% | 27.7% | - |
Portfolio concentration in software
As reported in recent financial statements, TSLX's gross margin has fluctuated between 63.5% and 80.1% over the last ten quarters, reflecting the inherent volatility of fee-based income streams within the company's specialized credit portfolio rather than a consistent structural shift in its underlying interest-earning capacity.
The variability in gross margins suggests that TSLX's profitability is heavily tethered to non-recurring items like prepayment premiums and amendment fees. Investors should monitor whether these fluctuations indicate a reliance on transactional activity to offset potential compression in core net interest spreads.
Based on the provided income statement data, TSLX maintains a relatively lean SG&A structure, with operating expenses consistently hovering near $3.5 million per quarter, demonstrating that management has successfully contained overhead costs even as revenue figures exhibit significant quarter-over-quarter volatility across the observed reporting periods.
The stability of SG&A expenses relative to fluctuating revenue suggests that the company benefits from the scalable nature of the Sixth Street platform. However, the lack of operating leverage during revenue troughs implies that the firm's profitability remains highly sensitive to top-line performance rather than cost-cutting measures.
According to the quarterly income statement data, TSLX's net income has experienced significant swings, including a notable dip to $30.0 million in 2025Q4, which highlights the impact of non-operating items and potential fair value adjustments on the company's reported bottom-line results for shareholders.
The discrepancy between net income and operating income suggests that non-operating factors, likely related to unrealized gains or losses on the loan portfolio, are driving earnings volatility. Analysts should exercise caution when interpreting EPS figures, as these may not fully reflect the cash-generating capability of the underlying credit assets.
While TSLX commands a premium valuation, the historical data reveals that revenue peaked at $112.5 million in 2025Q2 before retreating, which may indicate that the company's reliance on lumpy amendment and structuring fees is becoming less reliable in the current, more competitive middle-market credit environment.
Short-term revenue spikes appear to be driven by idiosyncratic deal events rather than organic growth in the core portfolio. If the pace of M&A activity slows, the company may struggle to maintain its historical dividend levels without compromising on credit quality to generate new fee-heavy originations.
Quick answers to the most common questions about buying TSLX stock.
Sixth Street Specialty Lending, Inc. (TSLX) is profitable, generating $170.5M in net income for the fiscal year ending 2025 with a net profit margin of 47.3%.
Sixth Street Specialty Lending, Inc. (TSLX) reported an operating income of $192.9M, resulting in an operating profit margin of 53.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Sixth Street Specialty Lending, Inc. (TSLX) generated $262.4M in gross profit for the year, representing a gross profit margin of 72.8%. This demonstrates the company's core pricing power and production efficiency.