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Golub Capital BDC (GBDC) Financials

Golub Capital BDC logo
$12.89 0.00 (0.00%)
Closing price 05/22/2026 04:00 PM Eastern
Extended Trading
$12.90 +0.00 (+0.04%)
As of 05/22/2026 04:24 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Golub Capital BDC

Annual Income Statements for Golub Capital BDC

This table shows Golub Capital BDC's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 55 340 151 121 -30 176
Consolidated Net Income / (Loss)		 55 340 153 121 -30 176
Net Income / (Loss) Continuing Operations		 55 340 151 121 -30 176
Total Pre-Tax Income 		55 340 151 -169 -413 -221
Total Operating Income		 139 168 196 320 227 611
Total Gross Profit		 224 241 420 466 413 743
Total Revenue		 299 307 420 466 413 743
Operating Revenue		 299 307 420 461 406 734
Other Revenue		 - - - 5.42 7.29 8.34
Total Cost of Revenue		 75 66 0.00 0.00 0.00 0.00
Total Operating Expenses		 85 74 104 146 185 132
Selling, General & Admin Expense		 12 13 13 15 16 22
Other Operating Expenses / (Income)		 73 61 92 131 169 110
Total Other Income / (Expense), net		 -84 173 -164 -489 -641 -832
Interest Expense		 - - 89 151 212 291
Interest & Investment Income		 -62 161 -58 -355 -448 -546
Other Income / (Expense), net		 -22 11 -17 16 20 4.85
Income Tax Expense		 0.00 - 0.07 -0.31 -0.62 -0.56
Other Gains / (Losses), net		 - - - 289 382 397
Basic Earnings per Share		 $0.37 $2.03 $0.90 $1.52 $1.36 $1.42
Weighted Average Basic Shares Outstanding		 148.91M 167.99M 170.67M 170.32M 201.26M 266.00M
Diluted Earnings per Share		 $0.37 $2.03 $0.90 $1.52 $1.36 $1.42
Weighted Average Diluted Shares Outstanding		 148.91M 167.99M 170.67M 170.32M 201.26M 266.00M
Weighted Average Basic & Diluted Shares Outstanding		 - - 170.90M 169.59M 264.28M 263.47M
Cash Dividends to Common per Share		 $1.37 $1.16 $1.20 $1.40 $1.89 $1.65

Quarterly Income Statements for Golub Capital BDC

This table shows Golub Capital BDC's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2025 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 75 169 76 104 -90 187 -36 25 41 -19 -231
Consolidated Net Income / (Loss)		 73 171 76 104 -90 179 -36 25 41 -19 -231
Net Income / (Loss) Continuing Operations		 75 169 76 104 -90 187 -36 25 41 -19 -231
Total Pre-Tax Income 		75 304 76 18 -183 280 -131 -74 -60 -216 -316
Total Operating Income		 74 93 84 164 10 187 49 111 104 288 -139
Total Gross Profit		 110 224 159 176 75 333 121 165 162 162 24
Total Revenue		 149 184 159 176 75 289 121 165 162 162 24
Operating Revenue		 149 184 159 176 73 289 121 153 162 153 45
Other Revenue		 - - - - 1.25 - 0.00 12 0.00 - -21
Total Cost of Revenue		 39 -39 0.00 0.00 0.00 -44 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 41 -7.38 39 13 64 -7.78 72 54 58 -25 164
Selling, General & Admin Expense		 3.60 3.95 3.93 3.87 3.95 4.55 5.36 5.36 5.76 5.76 4.94
Other Operating Expenses / (Income)		 38 -11 35 8.64 60 -12 66 49 52 -30 159
Total Other Income / (Expense), net		 6.64 73 -44 -146 -193 -61 -180 -185 -164 -402 -177
Interest Expense		 - - 42 44 60 - 66 70 71 70 61
Interest & Investment Income		 0.08 206 -9.33 -96 -131 108 -115 -126 -117 -347 -113
Other Income / (Expense), net		 6.56 -52 7.28 -5.70 -2.50 -58 0.93 11 23 15 -3.04
Income Tax Expense		 0.00 3.97 0.50 -0.35 -0.19 0.32 0.00 -0.15 -0.21 0.27 0.00
Other Gains / (Losses), net		 - - - 87 93 - 96 99 101 - 86
Basic Earnings per Share		 $0.43 $0.60 $0.45 $0.55 $0.05 $0.31 $0.25 $0.30 $0.34 $0.36 ($0.18)
Weighted Average Basic Shares Outstanding		 169.98M 170.32M 169.65M 170.64M 199.97M 201.26M 263.68M 266.48M 266.84M 266.00M 262.68M
Diluted Earnings per Share		 $0.43 $0.60 $0.45 $0.55 $0.05 $0.31 $0.25 $0.30 $0.34 $0.36 ($0.18)
Weighted Average Diluted Shares Outstanding		 169.98M 170.32M 169.65M 170.64M 199.97M 201.26M 263.68M 266.48M 266.84M 266.00M 262.68M
Weighted Average Basic & Diluted Shares Outstanding		 169.59M 169.59M 170.59M 171.52M 264.61M 264.28M 263.23M 266.39M 266.38M 263.47M 260.50M
Cash Dividends to Common per Share		 $0.33 $0.41 $0.44 $0.46 $0.50 $0.49 $0.39 $0.39 $0.39 $0.39 $0.33

Annual Cash Flow Statements for Golub Capital BDC

This table details how cash moves in and out of Golub Capital BDC's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Net Change in Cash & Equivalents		 100 61 -63 -40 236 -245
Net Cash From Operating Activities		 188 -306 -416 195 344 -114
Net Cash From Continuing Operating Activities		 188 -304 -416 195 360 -114
Net Income / (Loss) Continuing Operations		 55 340 153 259 274 377
Consolidated Net Income / (Loss)		 55 340 153 259 274 377
Depreciation Expense		 62 -162 57 -14 32 -51
Amortization Expense		 28 22 0.01 -5.07 0.98 4.37
Non-Cash Adjustments To Reconcile Net Income		 70 -505 -628 -29 37 -452
Changes in Operating Assets and Liabilities, net		 -27 1.16 0.86 -15 16 8.20
Net Cash From Investing Activities		 0.00 0.00 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.00 0.00 0.00 0.00
Net Cash From Financing Activities		 -88 367 353 -236 -124 -132
Net Cash From Continuing Financing Activities		 -88 367 353 -236 -124 -132
Repayment of Debt		 -1,325 -2,838 -748 -633 -2,710 -4,525
Repurchase of Common Equity		 -46 0.00 0.00 -17 -4.81 -41
Payment of Dividends		 -136 -139 -155 -191 -338 -368
Issuance of Debt		 1,118 3,359 1,293 653 2,929 4,802
Issuance of Common Equity		 300 - - 0.00 0.00 37
Other Financing Activities, net		 - -15 -36 -47 - -37
Effect of Exchange Rate Changes		 - - -0.46 -0.17 -0.33 -1.93
Cash Interest Paid		 75 49 72 138 180 280

Quarterly Cash Flow Statements for Golub Capital BDC

This table details how cash moves in and out of Golub Capital BDC's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2025 3/31/2025 6/30/2025 9/30/2025
Net Change in Cash & Equivalents		 -28 33 -31 33 289 4.02 -106 48 25 -68 -66
Net Cash From Operating Activities		 30 49 64 164 149 231 -200 212 195 -200 266
Net Cash From Continuing Operating Activities		 30 49 64 164 149 226 -190 212 197 -200 266
Net Income / (Loss) Continuing Operations		 59 73 102 76 94 9.25 95 65 79 90 96
Consolidated Net Income / (Loss)		 59 73 102 76 94 9.25 95 65 79 90 96
Depreciation Expense		 - - - 9.30 -26 53 -3.56 29 4.72 13 -25
Amortization Expense		 -1.27 -1.18 -0.90 -1.52 -0.82 -0.52 3.84 -1.05 1.19 0.39 -0.15
Non-Cash Adjustments To Reconcile Net Income		 17 -30 10 81 76 203 -333 107 75 -314 213
Changes in Operating Assets and Liabilities, net		 -2.71 6.67 -33 -0.61 6.62 -38 48 11 37 10 -18
Net Cash From Financing Activities		 -58 -15 -95 -131 140 -227 94 -164 -170 133 -332
Net Cash From Continuing Financing Activities		 -58 -15 -95 -131 140 -227 94 -164 -170 133 -332
Repayment of Debt		 -227 -154 -164 -635 -378 -972 -725 -191 -458 484 -1,508
Repurchase of Common Equity		 - -7.14 -0.07 - - - -4.81 -36 - -34 -5.17
Payment of Dividends		 -44 -45 -56 -60 -64 -76 -139 -84 -89 -83 -87
Issuance of Debt		 235 202 139 564 582 821 962 165 341 -214 1,284
Other Financing Activities, net		 -13 -12 -13 - - - - -18 - - -17
Effect of Exchange Rate Changes		 - - - - - - - 0.13 - 0.13 -0.14
Cash Interest Paid		 36 35 40 38 34 39 69 53 64 67 80

Annual Balance Sheets for Golub Capital BDC

This table presents Golub Capital BDC's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Total Assets		 5,165 5,681 5,733 8,704 8,978
Total Current Assets		 5,132 5,673 5,727 8,695 8,898
Restricted Cash		 62 56 70 227 7.11
Short-Term Investments		 4,897 5,446 5,518 8,237 8,803
Accounts Receivable		 25 21 58 78 75
Other Current Assets		 0.09 32 15 29 12
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 7.20 8.04 7.87 11 21
Other Noncurrent Operating Assets		 7.20 8.04 7.87 11 21
Total Liabilities & Shareholders' Equity		 5,165 5,681 5,733 8,704 8,978
Total Liabilities		 2,582 3,137 3,186 4,689 4,996
Total Current Liabilities		 19 27 32 56 53
Accounts Payable		 19 27 32 56 48
Other Current Liabilities		 - - 0.00 0.00 5.02
Total Noncurrent Liabilities		 2,551 3,110 3,153 4,633 4,943
Long-Term Debt		 2,551 3,076 3,118 4,599 4,901
Other Noncurrent Operating Liabilities		 12 34 36 34 42
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,583 2,545 2,548 4,015 3,983
Total Preferred & Common Equity		 2,583 2,545 2,548 4,015 3,983
Preferred Stock		 - 0.00 0.00 0.00 0.00
Total Common Equity		 2,583 2,545 2,548 4,015 3,983
Common Stock		 2,664 2,677 2,647 4,168 4,031
Retained Earnings		 -82 -132 -99 -153 -49

Quarterly Balance Sheets for Golub Capital BDC

This table presents Golub Capital BDC's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2025 3/31/2025 6/30/2025 3/31/2026
Total Assets		 5,666 5,672 5,737 5,700 5,943 8,477 8,894 8,950 9,237 8,530
Total Current Assets		 5,611 5,684 5,754 5,699 5,934 8,484 8,763 8,954 9,253 8,419
Restricted Cash		 63 50 79 97 160 316 32 129 79 23
Short-Term Investments		 5,453 5,511 5,550 5,468 5,419 7,902 8,641 8,656 8,996 8,320
Accounts Receivable		 29 31 30 54 62 102 79 66 76 67
Other Current Assets		 - 15 10 9.23 - 21 11 - 11 8.92
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 26 12 7.48 25 33 27 14 30 18 7.85
Other Noncurrent Operating Assets		 26 12 7.48 25 33 27 14 30 18 7.85
Total Liabilities & Shareholders' Equity		 5,666 5,672 5,737 5,700 5,943 8,477 8,894 8,950 9,237 8,530
Total Liabilities		 3,152 3,166 3,221 3,136 3,349 4,424 4,985 4,906 5,241 4,782
Total Current Liabilities		 33 31 31 35 53 93 65 58 73 42
Accounts Payable		 33 31 31 35 16 93 60 7.84 61 42
Other Current Liabilities		 - - - - - - 5.23 - 12 0.00
Total Noncurrent Liabilities		 3,120 3,134 3,190 3,101 3,296 4,330 4,919 4,848 5,168 4,740
Long-Term Debt		 3,084 3,098 3,152 3,065 3,267 4,315 4,879 4,807 5,127 4,702
Other Noncurrent Operating Liabilities		 35 37 38 35 29 15 40 41 41 37
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,514 2,506 2,516 2,564 2,594 4,054 3,909 4,043 3,995 3,748
Total Preferred & Common Equity		 2,514 2,506 2,516 2,564 2,594 4,054 3,909 4,043 3,995 3,748
Preferred Stock		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,514 2,506 2,516 2,564 2,594 4,054 3,909 4,043 3,995 3,748
Common Stock		 2,677 2,667 2,660 2,662 2,677 4,218 3,995 4,238 4,203 3,968
Retained Earnings		 -163 -161 -144 -98 -83 -164 -86 -194 -208 -220

Annual Metrics And Ratios for Golub Capital BDC

This table displays calculated financial ratios and metrics derived from Golub Capital BDC's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 2.69% 36.79% 39.45% 20.50% 79.93%
EBITDA Growth		 0.00% -81.24% 508.12% 4.22% 45.71% 103.16%
EBIT Growth		 0.00% 53.32% 0.15% 48.04% 22.64% 148.99%
NOPAT Growth		 0.00% 20.58% 16.95% 47.20% 32.32% 168.44%
Net Income Growth		 0.00% 520.13% -54.91% 68.56% 5.86% 680.32%
EPS Growth		 0.00% 448.65% -55.67% 68.89% -10.53% 4.41%
Operating Cash Flow Growth		 0.00% -263.07% -36.08% 146.91% 76.03% -133.03%
Free Cash Flow Firm Growth		 0.00% 0.00% 18.76% 40.33% 32.61% 207.44%
Invested Capital Growth		 0.00% 0.00% -53.03% 1,464.58% 117.74% -53.36%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 8.24% 17.34% -15.30%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -6.57% 54.19% 58.20%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -1.90% 37.76% 61.58%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 10.22% 34.36% -4.55%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 107.83% 3.15% -53.37%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 56.70% -17.58% 3.65%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% -32.67% -43.44% 80.41%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 67.04% -11.62%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 159.54% -34.16% 232.63%
Profitability Metrics		 - - - - - -
Gross Margin		 74.96% 78.59% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 69.22% 12.64% 56.21% 42.01% 50.80% 76.64%
Operating Margin		 46.52% 54.62% 46.72% 49.99% 54.36% 82.21%
EBIT Margin		 39.04% 58.29% 42.68% 45.31% 46.12% 82.87%
Profit (Net Income) Margin		 18.35% 110.84% 36.54% 44.16% 38.80% 23.74%
Tax Burden Percent		 100.00% 100.00% 101.28% 98.63% 99.57% -79.64%
Interest Burden Percent		 47.01% 190.15% 84.53% 98.82% 84.50% -35.98%
Effective Tax Rate		 0.00% 0.00% 0.05% 1.40% 0.43% 0.00%
Return on Invested Capital (ROIC)		 0.00% 18,978.16% 15,101.87% 4,178.62% 1,851.41% 2,061.94%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 18,964.78% 15,103.53% 4,179.80% 1,854.73% 2,068.25%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -18,951.80% -15,095.88% -4,168.46% -1,843.06% -2,057.53%
Return on Equity (ROE)		 0.00% 26.35% 5.99% 10.16% 8.34% 4.41%
Cash Return on Invested Capital (CROIC)		 0.00% 18,778.16% 15,174.03% 4,002.65% 1,777.30% 2,134.71%
Operating Return on Assets (OROA)		 0.00% 3.46% 3.31% 4.65% 4.51% 6.96%
Return on Assets (ROA)		 0.00% 6.59% 2.83% 4.53% 3.79% 2.00%
Return on Common Equity (ROCE)		 0.00% 26.35% 5.99% 10.16% 8.34% 4.41%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 13.18% 6.03% 10.15% 6.82% 0.00%
Net Operating Profit after Tax (NOPAT)		 139 168 196 289 382 427
NOPAT Margin		 46.52% 54.62% 46.70% 49.29% 54.13% 57.55%
Net Nonoperating Expense Percent (NNEP)		 0.00% 13.38% -1.66% -1.18% -3.32% -6.31%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.27% 3.49% 5.09% 4.43% 4.81%
Cost of Revenue to Revenue		 25.04% 21.41% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 4.00% 4.12% 2.98% 2.53% 2.31% 2.99%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 28.44% 24.01% 24.80% 27.27% 18.23% 17.79%
Earnings before Interest and Taxes (EBIT)		 117 179 179 265 325 616
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 207 39 236 246 358 569
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.82 0.94 0.92
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.82 0.94 0.92
Price to Revenue (P/Rev)		 0.00 0.00 0.00 3.55 5.35 4.91
Price to Earnings (P/E)		 0.00 0.00 0.00 8.05 13.80 20.68
Dividend Yield		 14.53% 10.54% 12.82% 11.41% 13.24% 12.05%
Earnings Yield		 0.00% 0.00% 0.00% 12.42% 7.25% 4.84%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 0.99 1.21 1.22 1.15 1.23
Long-Term Debt to Equity		 0.00 0.99 1.21 1.22 1.15 1.23
Financial Leverage		 0.00 -1.00 -1.00 -1.00 -0.99 -0.99
Leverage Ratio		 0.00 2.00 2.12 2.24 2.20 2.21
Compound Leverage Factor		 0.00 3.80 1.79 2.22 1.86 -0.80
Debt to Total Capital		 0.00% 49.70% 54.73% 55.03% 53.40% 55.17%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 49.70% 54.73% 55.03% 53.40% 55.17%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 50.31% 45.27% 44.97% 46.60% 44.83%
Debt to EBITDA		 0.00 65.73 13.03 12.67 12.83 8.61
Net Debt to EBITDA		 0.00 -66.55 -10.78 -10.31 -11.13 -7.03
Long-Term Debt to EBITDA		 0.00 65.73 13.03 12.67 12.83 8.61
Debt to NOPAT		 0.00 15.22 15.69 10.80 12.04 11.46
Net Debt to NOPAT		 0.00 -15.41 -12.97 -8.79 -10.44 -9.36
Long-Term Debt to NOPAT		 0.00 15.22 15.69 10.80 12.04 11.46
Altman Z-Score		 0.00 0.00 0.00 1.81 1.85 1.93
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.00 275.96 212.66 177.49 155.20 169.53
Quick Ratio		 0.00 274.13 209.34 174.84 150.61 167.63
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 166 197 277 367 443
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 2.20 1.84 1.73 1.52
Operating Cash Flow to Interest Expense		 0.00 0.00 -4.66 1.30 1.62 -0.39
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -4.66 1.30 1.62 -0.39
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.06 0.08 0.10 0.10 0.08
Accounts Receivable Turnover		 0.00 12.13 18.21 14.85 10.68 9.72
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 3.53 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 30.10 20.04 24.57 34.16 37.56
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 103.26 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 -73.16 20.04 24.57 34.16 37.56
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 1.77 0.83 13 28 13
Invested Capital Turnover		 0.00 347.47 323.40 84.77 34.20 35.83
Increase / (Decrease) in Invested Capital		 0.00 1.77 -0.94 12 15 -15
Enterprise Value (EV)		 0.00 0.00 0.00 -455 -210 -357
Market Capitalization		 0.00 0.00 0.00 2,082 3,778 3,647
Book Value per Share		 $0.00 $15.37 $14.91 $15.02 $15.17 $14.95
Tangible Book Value per Share		 $0.00 $15.37 $14.91 $15.02 $15.17 $14.95
Total Capital		 0.00 5,134 5,621 5,666 8,614 8,883
Total Debt		 0.00 2,551 3,076 3,118 4,599 4,901
Total Long-Term Debt		 0.00 2,551 3,076 3,118 4,599 4,901
Net Debt		 0.00 -2,583 -2,544 -2,536 -3,988 -4,003
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -21 26 41 48 34
Debt-free Net Working Capital (DFNWC)		 0.00 5,114 5,647 5,695 8,635 8,938
Net Working Capital (NWC)		 0.00 5,114 5,647 5,695 8,635 8,938
Net Nonoperating Expense (NNE)		 84 -173 43 30 108 251
Net Nonoperating Obligations (NNO)		 0.00 -2,581 -2,544 -2,535 -3,986 -3,969
Total Depreciation and Amortization (D&A)		 90 -140 57 -19 33 -46
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -6.84% 6.30% 6.95% 6.73% 4.63%
Debt-free Net Working Capital to Revenue		 0.00% 1,665.77% 1,344.62% 972.45% 1,223.67% 1,203.30%
Net Working Capital to Revenue		 0.00% 1,665.77% 1,344.62% 972.45% 1,223.67% 1,203.30%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.90 $1.52 $1.36 $1.42
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 170.67M 170.32M 201.26M 266.00M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.90 $1.52 $1.36 $1.42
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 170.67M 170.32M 201.26M 266.00M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 170.90M 169.59M 264.28M 263.47M
Normalized Net Operating Profit after Tax (NOPAT)		 97 117 196 289 382 427
Normalized NOPAT Margin		 32.56% 38.23% 46.70% 49.29% 54.13% 57.55%
Pre Tax Income Margin		 18.35% 110.84% 36.08% 44.78% 38.97% -29.81%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 0.00 0.00 2.01 1.76 1.53 2.12
NOPAT to Interest Expense		 0.00 0.00 2.19 1.92 1.80 1.47
EBIT Less CapEx to Interest Expense		 0.00 0.00 2.01 1.76 1.53 2.12
NOPAT Less CapEx to Interest Expense		 0.00 0.00 2.19 1.92 1.80 1.47
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 248.63% 40.88% 101.15% 74.03% 123.52% 208.76%
Augmented Payout Ratio		 331.61% 40.88% 101.15% 80.55% 125.28% 231.80%

Quarterly Metrics And Ratios for Golub Capital BDC

This table displays calculated financial ratios and metrics derived from Golub Capital BDC's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 263,228,181.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 263,228,181.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.88
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 38.79% 31.87% 32.29% 28.00% -40.13% 56.53% 52.54% 0.45% 116.44% 5,233.19% -85.28%
EBITDA Growth		 4.94% -56.71% 2.84% -37.23% -4.82% 229.59% -95.35% 11.61% 134.41% 2,987.09% -210.92%
EBIT Growth		 123.13% -11.33% 60.17% -7.21% -71.08% 221.57% -50.41% -11.32% 1,496.87% 3,157.61% -216.27%
NOPAT Growth		 116.99% 53.54% 185.06% 46.38% -76.18% 104.56% 15.62% -48.49% 892.33% 1,042.87% -225.31%
Net Income Growth		 664.93% 368.56% 398.42% 131.32% -202.09% 4.90% 46.90% -59.24% 145.77% 84.60% -1,024.44%
EPS Growth		 377.78% 1,100.00% 200.00% 61.76% -88.37% -48.33% -6.67% -45.45% 580.00% 16.13% -160.00%
Operating Cash Flow Growth		 126.05% -59.65% 209.21% 401.54% 375.71% -411.94% -329.02% 30.83% -186.79% 233.04% 0.00%
Free Cash Flow Firm Growth		 0.00% 0.00% 22.86% -59.67% -149.36% 116.62% 103.73% -18.20% 318.82% 690.83% -169.02%
Invested Capital Growth		 0.00% 1,464.58% 239.95% 623.32% 296.91% 117.74% -52.13% -4.77% -123.15% -53.36% -89.51%
Revenue Q/Q Growth		 13.35% 23.56% -13.76% 5.98% -46.99% 223.07% -15.96% -27.12% -8.53% -0.05% 0.00%
EBITDA Q/Q Growth		 -8.44% -50.27% 151.76% -45.23% 38.82% 72.20% -96.45% 3,067.62% -3.45% 97.41% 0.00%
EBIT Q/Q Growth		 -8.42% -49.89% 126.83% -10.85% -71.46% 457.12% -65.02% 209.06% -8.97% 137.72% 0.00%
NOPAT Q/Q Growth		 24.82% 24.02% -8.76% 3.64% -79.69% 964.87% -48.43% -11.01% -15.29% 176.96% 0.00%
Net Income Q/Q Growth		 80.45% 133.74% -55.58% 23.47% -179.64% 340.18% -37.80% -61.74% -3.54% -145.30% 0.00%
EPS Q/Q Growth		 26.47% 39.53% -25.00% 22.22% -90.91% 520.00% 35.48% -28.57% 13.33% 5.88% 0.00%
Operating Cash Flow Q/Q Growth		 62.98% 32.09% 155.18% -8.71% 54.59% -186.62% -87.34% 152.15% -202.55% 232.78% 0.00%
Free Cash Flow Firm Q/Q Growth		 39.43% -16.99% -34.38% -46.90% -270.66% 464.28% -38.28% -16.80% 42.38% 72.39% 0.00%
Invested Capital Q/Q Growth		 -130.91% 159.54% 41.10% 169.79% -13.12% -34.16% -68.98% 436.66% -121.12% 232.63% 0.00%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 73.55% 121.41% 100.00% 73.82% 100.00% 115.28% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 53.03% 21.34% 62.30% 32.20% 84.31% 44.94% 1.90% 82.50% 87.08% 171.99% -584.86%
Operating Margin		 49.43% 50.27% 52.83% 51.67% 28.10% 64.91% 39.61% 69.40% 64.28% 178.11% -572.34%
EBIT Margin		 53.82% 21.83% 57.41% 48.29% 26.00% 44.84% 18.67% 79.16% 78.78% 187.37% -584.86%
Profit (Net Income) Margin		 48.90% 92.50% 47.64% 55.50% -83.38% 61.99% 45.88% 24.09% 25.40% -11.51% -948.62%
Tax Burden Percent		 97.37% 56.05% 99.34% 108.68% 44.50% 63.91% 100.39% -75.76% -68.03% 8.63% 72.95%
Interest Burden Percent		 93.30% 756.04% 83.53% 105.75% -720.50% 216.32% 244.85% -40.16% -47.40% -71.23% 222.34%
Effective Tax Rate		 0.00% 1.31% 0.66% 0.66% 0.00% 0.11% -0.43% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 4,205.88% 12,533.39% 1,697.86% 1,119.33% 2,217.63% 2,317.70% 795.38% 2,391.23% 4,467.09% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 4,202.76% 12,533.70% 1,697.58% 1,122.14% 2,217.88% 2,317.25% 796.71% 2,392.02% 4,472.62% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -4,191.36% -12,520.79% -1,684.27% -1,118.53% -2,203.93% -2,307.71% -785.12% -2,382.21% -4,449.43% 0.00%
Return on Equity (ROE)		 4.95% 14.52% 12.61% 13.59% 0.80% 13.69% 9.99% 10.26% 9.02% 17.66% 0.00%
Cash Return on Invested Capital (CROIC)		 0.00% 4,002.65% 1,637.66% 557.53% 511.10% 1,777.30% 2,989.34% 739.05% 0.00% 2,134.71% 0.00%
Operating Return on Assets (OROA)		 5.08% 2.24% 6.31% 5.50% 2.20% 4.38% 2.00% 8.40% 7.80% 15.74% 0.00%
Return on Assets (ROA)		 4.61% 9.49% 5.23% 6.32% -7.06% 6.06% 4.92% 2.56% 2.52% -0.97% 0.00%
Return on Common Equity (ROCE)		 4.95% 14.52% 12.61% 13.59% 0.80% 13.69% 9.99% 10.26% 9.02% 17.66% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 4.95% 0.00% 14.03% 15.92% 6.55% 0.00% 7.70% 6.12% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 74 92 83 87 18 187 97 86 73 202 -97
NOPAT Margin		 49.43% 49.61% 52.49% 51.33% 19.67% 64.84% 39.78% 48.58% 44.99% 124.68% -400.64%
Net Nonoperating Expense Percent (NNEP)		 -0.06% 3.11% -0.30% 0.28% -2.81% -0.25% 0.45% -1.32% -0.79% -5.53% -3.44%
Return On Investment Capital (ROIC_SIMPLE)		 1.30% 1.62% 1.48% 1.48% 0.21% 2.17% 1.08% 0.97% 0.80% 2.27% -1.15%
Cost of Revenue to Revenue		 26.46% -21.41% 0.00% 26.18% 0.00% -15.28% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 2.41% 2.14% 2.47% 2.30% 4.42% 1.57% 2.19% 3.03% 3.56% 3.56% 20.32%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 27.77% -4.00% 24.63% 19.58% 71.90% -2.69% 18.52% 30.60% 35.72% -15.28% 672.34%
Earnings before Interest and Taxes (EBIT)		 80 40 91 81 23 129 45 140 127 303 -142
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 79 39 99 54 75 130 4.61 146 141 278 -142
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.74 0.82 0.86 0.97 0.61 0.94 0.97 0.99 0.95 0.92 0.89
Price to Tangible Book Value (P/TBV)		 0.74 0.82 0.86 0.97 0.61 0.94 0.97 0.99 0.95 0.92 0.89
Price to Revenue (P/Rev)		 3.45 3.55 3.54 3.81 4.10 5.35 4.95 5.09 4.33 4.91 0.00
Price to Earnings (P/E)		 12.25 8.05 6.14 6.22 9.65 13.80 12.63 16.25 10.04 20.68 0.00
Dividend Yield		 11.75% 11.41% 11.60% 11.11% 12.60% 13.24% 13.06% 12.29% 12.27% 12.05% 11.85%
Earnings Yield		 8.16% 12.42% 16.30% 16.08% 10.37% 7.25% 7.92% 6.16% 9.96% 4.84% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.25 1.22 1.20 1.26 1.06 1.15 1.22 1.19 1.28 1.23 1.25
Long-Term Debt to Equity		 1.25 1.22 1.20 1.26 1.06 1.15 1.22 1.19 1.28 1.23 1.25
Financial Leverage		 -1.01 -1.00 -1.00 -0.99 -1.00 -0.99 -1.00 -0.99 -1.00 -0.99 -0.99
Leverage Ratio		 2.28 2.24 2.24 2.28 2.16 2.20 2.23 2.24 2.20 2.21 2.24
Compound Leverage Factor		 2.13 16.95 1.87 2.41 -15.59 4.76 5.47 -0.90 -1.04 -1.57 4.99
Debt to Total Capital		 55.61% 55.03% 54.45% 55.74% 51.56% 53.40% 54.90% 54.31% 56.20% 55.17% 55.65%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 55.61% 55.03% 54.45% 55.74% 51.56% 53.40% 54.90% 54.31% 56.20% 55.17% 55.65%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 44.39% 44.97% 45.55% 44.26% 48.44% 46.60% 45.10% 45.69% 43.80% 44.83% 44.35%
Debt to EBITDA		 11.97 12.67 12.32 11.31 18.56 12.83 18.53 17.22 14.25 8.61 0.00
Net Debt to EBITDA		 -9.73 -10.31 -10.33 -9.02 -17.40 -11.13 -15.32 -14.62 -11.23 -7.03 0.00
Long-Term Debt to EBITDA		 11.97 12.67 12.32 11.31 18.56 12.83 18.53 17.22 14.25 8.61 0.00
Debt to NOPAT		 12.03 10.80 9.25 9.77 15.18 12.04 12.37 13.57 11.45 11.46 0.00
Net Debt to NOPAT		 -9.78 -8.79 -7.75 -7.79 -14.23 -10.44 -10.23 -11.52 -9.02 -9.36 0.00
Long-Term Debt to NOPAT		 12.03 10.80 9.25 9.77 15.18 12.04 12.37 13.57 11.45 11.46 0.00
Altman Z-Score		 1.65 1.69 1.75 1.78 1.57 1.78 1.74 1.79 1.74 1.82 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 184.31 177.49 161.89 112.84 90.97 155.20 146.11 153.55 126.93 169.53 200.82
Quick Ratio		 181.45 174.84 158.88 109.81 87.35 150.61 144.12 151.33 125.70 167.63 200.07
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 96 79 52 28 -47 172 106 88 126 217 -55
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 1.25 0.00 -0.78 0.00 1.33 1.26 1.78 3.08 -0.91
Operating Cash Flow to Interest Expense		 0.00 0.00 3.94 0.00 3.84 0.00 -4.71 2.80 -2.83 3.78 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 3.94 0.00 3.84 0.00 -4.71 2.80 -2.83 3.78 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.09 0.10 0.11 0.11 0.08 0.10 0.11 0.11 0.10 0.08 0.00
Accounts Receivable Turnover		 18.07 14.85 14.99 14.17 9.08 10.68 12.35 12.36 9.85 9.72 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.08 0.00 0.00 1.87 0.07 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 20.19 24.57 24.34 25.75 40.18 34.16 29.55 29.53 37.05 37.56 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 4,796.16 0.00 0.00 195.25 4,898.11 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 -4,775.96 24.57 24.34 -169.50 -4,857.93 34.16 29.55 29.53 37.05 37.56 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -22 13 18 49 43 28 8.77 47 -9.94 13 4.94
Invested Capital Turnover		 -49.61 84.77 238.79 33.08 56.91 34.20 58.26 16.37 53.15 35.83 0.00
Increase / (Decrease) in Invested Capital		 -22 12 31 59 65 15 -9.55 -2.36 -53 -15 -42
Enterprise Value (EV)		 -696 -455 -363 -86 -1,581 -210 -137 -62 -240 -357 -307
Market Capitalization		 1,867 2,082 2,208 2,518 2,464 3,778 3,907 4,020 3,799 3,647 3,332
Book Value per Share		 $14.80 $15.02 $15.11 $15.20 $23.63 $15.17 $15.20 $15.23 $15.00 $14.95 $14.24
Tangible Book Value per Share		 $14.80 $15.02 $15.11 $15.20 $23.63 $15.17 $15.20 $15.23 $15.00 $14.95 $14.24
Total Capital		 5,668 5,666 5,629 5,861 8,369 8,614 8,908 8,850 9,122 8,883 8,451
Total Debt		 3,152 3,118 3,065 3,267 4,315 4,599 4,891 4,807 5,127 4,901 4,702
Total Long-Term Debt		 3,152 3,118 3,065 3,267 4,315 4,599 4,891 4,807 5,127 4,901 4,702
Net Debt		 -2,563 -2,536 -2,570 -2,605 -4,045 -3,988 -4,044 -4,082 -4,040 -4,003 -3,640
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 8.72 41 29 9.50 31 48 24 7.43 13 34 34
Debt-free Net Working Capital (DFNWC)		 5,723 5,695 5,664 5,881 8,391 8,635 8,958 8,896 9,180 8,938 8,377
Net Working Capital (NWC)		 5,723 5,695 5,664 5,881 8,391 8,635 8,958 8,896 9,180 8,938 8,377
Net Nonoperating Expense (NNE)		 0.80 -79 7.71 -7.03 92 8.21 -15 43 32 220 133
Net Nonoperating Obligations (NNO)		 -2,538 -2,535 -2,546 -2,544 -4,011 -3,986 -4,009 -3,996 -4,005 -3,969 -3,743
Total Depreciation and Amortization (D&A)		 -1.18 -0.90 7.78 -27 52 0.28 -41 5.90 13 -25 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 1.61% 6.95% 4.57% 1.44% 5.09% 6.73% 3.05% 0.94% 1.53% 4.63% 0.00%
Debt-free Net Working Capital to Revenue		 1,057.79% 972.45% 907.09% 889.36% 1,395.17% 1,223.67% 1,135.04% 1,126.03% 1,046.75% 1,203.30% 0.00%
Net Working Capital to Revenue		 1,057.79% 972.45% 907.09% 889.36% 1,395.17% 1,223.67% 1,135.04% 1,126.03% 1,046.75% 1,203.30% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.43 $0.60 $0.45 $0.55 $0.05 $0.31 $0.42 $0.30 $0.34 $0.36 ($0.18)
Adjusted Weighted Average Basic Shares Outstanding		 169.98M 170.32M 169.65M 170.64M 199.97M 201.26M 264.34M 266.48M 266.84M 266.00M 262.68M
Adjusted Diluted Earnings per Share		 $0.43 $0.60 $0.45 $0.55 $0.05 $0.31 $0.42 $0.30 $0.34 $0.36 ($0.18)
Adjusted Weighted Average Diluted Shares Outstanding		 169.98M 170.32M 169.65M 170.64M 199.97M 201.26M 264.34M 266.48M 266.84M 266.00M 262.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 169.59M 169.59M 170.59M 171.52M 264.61M 264.28M 265.50M 266.39M 266.38M 263.47M 260.50M
Normalized Net Operating Profit after Tax (NOPAT)		 52 92 83 87 18 187 67 86 73 202 -97
Normalized NOPAT Margin		 34.60% 49.61% 52.49% 51.33% 19.67% 64.84% 27.73% 48.58% 44.99% 124.68% -400.64%
Pre Tax Income Margin		 50.22% 165.03% 47.96% 51.07% -187.36% 97.00% 45.70% -31.79% -37.34% -133.47% -1,300.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 2.20 0.00 0.39 0.00 0.57 2.00 1.80 4.30 -2.33
NOPAT to Interest Expense		 0.00 0.00 2.01 0.00 0.29 0.00 1.21 1.23 1.03 2.86 -1.60
EBIT Less CapEx to Interest Expense		 0.00 0.00 2.20 0.00 0.39 0.00 0.57 2.00 1.80 4.30 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 2.01 0.00 0.29 0.00 1.21 1.23 1.03 2.86 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 141.05% 74.03% 56.69% 54.31% 96.20% 123.52% 125.03% 166.61% 111.02% 208.76% 0.00%
Augmented Payout Ratio		 154.55% 80.55% 56.69% 56.06% 96.22% 125.28% 125.03% 169.01% 121.67% 231.80% 0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven read on Golub Capital BDC (NASDAQ: GBDC) using the quarterly income statements, cash flow statements, and balance sheets from the past four years. The bullets highlight notable trends a retail investor might consider when assessing the stock's risk and income potential.

  • Dividend stability: Golub Capital BDC has paid a stable quarterly cash dividend per share in the roughly $0.39–$0.48 range, which provides reliable income for shareholders.
  • Ongoing profitability in many quarters: Net income attributable to common shareholders has been positive in multiple quarters across 2024–2025 (with a near-term dip in Q4 2025), indicating an overall earnings-generating capability.
  • Solid operating cash flow in several periods: Net cash from continuing operating activities was robust in quarters like Q4 2025 (+$266.12M) and Q2 2025 (+$196.65M), supporting distributions and portfolio activity.
  • Strong liquidity on the balance sheet: A large pool of short-term investments (around $8–9 billion in 2025) plus a cash cushion provides liquidity to weather market volatility and fund investments.
  • Healthy equity base: Total common equity has remained substantial (approximately $3.9–4.0 billion in 2025 quarters), signaling a solid capital base to back portfolio investments and distributions.
  • Financing activity varies quarter to quarter: debt issuance and repayments create uneven net cash from financing activities, reflecting active capital management rather than a fixed pattern.
  • Revenue can be volatile from quarter to quarter: operating revenue and total revenue show fluctuations across quarters, indicating sensitivity to portfolio activity and market conditions rather than a steady growth path.
  • High leverage risk: Long-term debt remains sizable across periods, which increases interest costs and balance-sheet risk for the company.
  • Q4 2025 net income negative: Net income attributable to common shareholders turned negative in Q4 2025, signaling a near-term earnings setback.
  • Negative retained earnings trend: Retained earnings are negative across several 2025 quarters, indicating cumulative deficits that reduce the equity cushion.
05/25/26 11:01 PM ETAI Generated. May Contain Errors.

Golub Capital BDC Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Golub Capital BDC's fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

Golub Capital BDC's net income appears to be on a downward trend, with a most recent value of $176.38 million in 2025, rising from $54.87 million in 2020. The previous period was -$30.39 million in 2024. Check out Golub Capital BDC's forecast to explore projected trends and price targets.

Golub Capital BDC's total operating income in 2025 was $610.70 million, based on the following breakdown:
  • Total Gross Profit: $742.83 million
  • Total Operating Expenses: $132.12 million

Over the last 5 years, Golub Capital BDC's total revenue changed from $298.95 million in 2020 to $742.83 million in 2025, a change of 148.5%.

Golub Capital BDC's total liabilities were at $5.00 billion at the end of 2025, a 6.5% increase from 2024, and a 93.5% increase since 2021.

Over the last 5 years, Golub Capital BDC's book value per share changed from 0.00 in 2020 to 14.95 in 2025, a change of 1,495.1%.


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Financial statements for NASDAQ:GBDC last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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