Golub Capital BDC (GBDC) Financial Statements & Analysis

Golub Capital BDC (GBDC) Income Statement

Golub Capital BDC reported revenue of $407.83M in fiscal 2025 (fiscal year ended Sep 30, 2025), up 49.6% from $272.57M a year earlier. Net income was $376.65M, up 37.6% year over year, a net margin of 92.4%. Gross margin was 174.0% and operating margin 168.6%. In the most recent quarter, Q3 fiscal 2026 (ended Jun 30, 2026), revenue was $159.52M, up 66.9% from the same quarter a year earlier.

Golub Capital BDC Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Golub Capital BDC, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020	Sep 2019	Sep 2018	Sep 2017
Revenue & Gross Profit
Revenue	407.83	272.57	603.09	346.28	415.20	141.69	30.87	120.80	119.13
Cost of Revenue	161.17	112.35	144.87	90.70	65.74	74.86	43.53	33.17	31.53
Gross Profit	709.60	498.70	603.09	255.58	349.47	66.83	-12.66	87.62	87.60
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	22.18	16.30	159.71	11.42	12.64	11.96	5.92	5.65	5.29
Operating Expenses	32.23	-1.79	159.71	11.42	8.64	11.96	5.92	5.65	5.29
Operating Income	687.42	482.40	443.38	244.17	340.82	54.87	-18.58	81.97	82.31
Other Income/Expense
Interest Income	833.23	700.44	584.63	382.88	300.44	295.00	169.44	140.93	130.45
Interest Expense	280.62	203.16	-149.36	89.38	65.74	74.86	43.53	33.17	31.53
Other Income/Expense	-311.77	-208.04	-1.25	-88.52	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	375.61	274.36	262.31	155.64	340.82	54.87	-18.58	81.97	82.31
Income Tax Expense	-1.04	0.58	3.68	0.07	0.54	0.00	0.00	0.00	0.02
Net Income	376.65	273.79	258.63	155.57	340.28	54.87	-18.58	81.97	82.29
Net Income - Continuous Operations	376.65	273.79	258.63	155.57	340.28	54.87	-18.58	81.97	82.29
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	687.42	478.05	426.01	244.17	340.82	54.87	-18.58	81.97	82.31
EBIT	687.42	596.03	443.38	285.57	233.41	-	-	-	-
Depreciation & Amortization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Earnings Per Share
Basic EPS	1.00	1.00	2.00	1.00	2.00	-	-	1.00	1.00
Diluted EPS	1.00	1.00	2.00	1.00	2.00	-	-	1.00	1.00
Basic Shares Outstanding	266.00	201.26	170.32	170.67	167.99	148.91	65.49	61.74	56.91
Diluted Shares Outstanding	266.00	201.26	170.32	170.67	167.99	148.91	65.49	61.74	56.91

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Golub Capital BDC Financial Statements

What was Golub Capital BDC's revenue in fiscal 2025?

Golub Capital BDC reported revenue of $407.83M in fiscal 2025 (fiscal year ended Sep 30, 2025). That was up 49.6% from $272.57M a year earlier.

Is Golub Capital BDC profitable?

Yes. Golub Capital BDC earned net income of $376.65M in fiscal 2025, a net margin of 92.4%. In fiscal 2024 it earned $273.79M.

What is Golub Capital BDC's operating margin?

Golub Capital BDC's operating income was $687.42M on revenue of $407.83M in fiscal 2025, an operating margin of 168.6%, compared with 177.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition