Sixth Street Specialty Lending (TSLX) Financial Statements & Analysis

Sixth Street Specialty Lending (TSLX) Income Statement

Sixth Street Specialty Lending reported revenue of $360.21M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 0.1% from $359.74M a year earlier. Net income was $170.52M, down 8.6% year over year, a net margin of 47.3%. Gross margin was 72.8% and operating margin 53.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $119.01M, up 5.8% from the same quarter a year earlier.

Sixth Street Specialty Lending Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Sixth Street Specialty Lending, 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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	360.21	359.74	438.09	136.49	266.27	235.39	220.48	177.94	152.46
Cost of Revenue	97.82	106.77	96.40	50.66	40.41	37.04	40.07	36.56	23.61
Gross Profit	262.39	252.97	438.09	309.31	225.86	198.35	180.42	141.37	128.86
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	14.65	13.95	105.59	13.36	13.57	12.86	13.04	12.85	10.66
Operating Expenses	69.51	59.86	105.59	25.26	11.80	14.48	22.08	18.98	14.41
Operating Income	192.89	193.12	332.50	231.94	214.07	183.87	158.33	122.39	114.44
Other Income/Expense
Interest Income	429.02	452.31	418.78	297.64	266.66	245.68	237.14	249.93	200.73
Interest Expense	105.56	106.77	-133.56	50.66	40.41	37.04	40.07	36.56	23.61
Other Income/Expense	-16.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	176.26	193.12	223.83	111.24	214.07	183.87	158.33	122.39	114.44
Income Tax Expense	5.74	6.55	2.37	3.18	2.29	5.76	3.75	3.38	2.84
Net Income	170.52	186.57	222.02	108.05	211.78	178.11	154.58	119.02	111.61
Net Income - Continuous Operations	170.52	186.57	222.02	108.05	211.78	178.11	154.58	119.02	111.61
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	230.75	193.12	223.83	111.24	214.07	183.87	158.33	122.39	114.44
EBIT	344.87	378.11	332.50	231.94	181.57	-	-	-	-
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	2.00	2.00	3.00	1.00	3.00	3.00	2.00	2.00	2.00
Diluted EPS	2.00	2.00	3.00	1.00	3.00	3.00	2.00	2.00	2.00
Basic Shares Outstanding	94.71	92.04	85.13	78.20	72.17	67.21	66.07	64.03	60.00
Diluted Shares Outstanding	94.71	92.04	85.13	78.20	77.70	67.21	66.07	65.41	60.00

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

Frequently Asked Questions About Sixth Street Specialty Lending Financial Statements

What was Sixth Street Specialty Lending's revenue in fiscal 2025?

Sixth Street Specialty Lending reported revenue of $360.21M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 0.1% from $359.74M a year earlier.

Is Sixth Street Specialty Lending profitable?

Yes. Sixth Street Specialty Lending earned net income of $170.52M in fiscal 2025, a net margin of 47.3%. In fiscal 2024 it earned $186.57M.

What is Sixth Street Specialty Lending's operating margin?

Sixth Street Specialty Lending's operating income was $192.89M on revenue of $360.21M in fiscal 2025, an operating margin of 53.5%, compared with 53.7% 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