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Gladstone Capital (GLAD) Financials

Gladstone Capital logo
$19.80 -0.02 (-0.10%)
Closing price 04:00 PM Eastern
Extended Trading
$19.70 -0.10 (-0.51%)
As of 07:56 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 Gladstone Capital

Annual Income Statements for Gladstone Capital

This table shows Gladstone Capital's income and expenses over time, based on annual financial 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
Net Income / (Loss) Attributable to Common Shareholders		 84 20 43 95 57
Consolidated Net Income / (Loss)		 84 20 43 95 58
Net Income / (Loss) Continuing Operations		 84 20 43 95 58
Total Pre-Tax Income 		84 20 43 95 58
Total Revenue		 100 38 67 124 82
Net Interest Income / (Expense)		 38 41 62 72 67
Total Interest Income		 50 54 83 93 87
Investment Securities Interest Income		 50 54 83 93 87
Total Interest Expense		 12 13 21 22 20
Long-Term Debt Interest Expense		 12 13 21 22 20
Total Non-Interest Income		 62 -3.20 5.05 52 15
Other Service Charges		 1.58 5.70 1.88 1.91 1.36
Net Realized & Unrealized Capital Gains on Investments		 58 -12 1.65 49 13
Other Non-Interest Income		 2.26 3.46 1.52 1.42 0.48
Total Non-Interest Expense		 16 18 25 29 24
Insurance Policy Acquisition Costs		 5.75 7.51 10 11 10
Other Operating Expenses		 9.07 9.22 13 16 11
Amortization Expense		 1.35 1.18 1.53 1.86 2.29
Preferred Stock Dividends Declared		 - 0.00 0.00 0.22 0.92
Weighted Average Basic Shares Outstanding		 33.23M 17.18M 18.66M 21.78M 22.36M
Weighted Average Diluted Shares Outstanding		 33.23M 17.18M 18.66M 21.78M 22.66M
Weighted Average Basic & Diluted Shares Outstanding		 - - 43.51M 22.33M 22.59M
Cash Dividends to Common per Share		 - $0.80 $1.89 $1.98 $2.48

Quarterly Income Statements for Gladstone Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 13 20 24 19 32 27 8.80 7.45 14 5.45 15
Consolidated Net Income / (Loss)		 13 20 24 19 32 27 8.87 7.69 14 5.92 17
Net Income / (Loss) Continuing Operations		 10 20 24 19 40 27 8.87 7.69 14 5.92 17
Total Pre-Tax Income 		8.43 20 24 19 40 27 8.87 7.69 14 5.92 17
Total Revenue		 17 26 31 27 47 33 14 14 21 13 25
Net Interest Income / (Expense)		 18 18 18 18 18 17 16 16 18 18 17
Total Interest Income		 23 23 24 23 23 21 21 21 24 24 23
Investment Securities Interest Income		 41 23 24 23 45 21 21 21 24 24 23
Total Interest Expense		 5.76 5.03 5.73 5.51 5.44 4.74 5.02 4.45 5.77 5.93 5.82
Long-Term Debt Interest Expense		 5.76 5.03 5.73 5.51 5.44 4.74 5.02 4.45 5.77 5.93 5.82
Total Non-Interest Income		 -0.43 8.29 13 9.24 29 17 -2.15 -2.80 3.01 -4.73 7.58
Other Service Charges		 0.49 0.04 0.28 1.44 0.15 0.64 0.08 0.44 0.08 0.62 0.89
Net Realized & Unrealized Capital Gains on Investments		 - 8.07 13 6.75 - 16 -2.26 -3.61 2.84 -5.34 4.78
Other Non-Interest Income		 - 0.19 0.00 1.05 - - 0.03 0.37 0.09 - 1.91
Total Non-Interest Expense		 7.01 6.26 7.49 7.79 7.32 5.99 5.31 5.91 6.72 7.32 8.34
Insurance Policy Acquisition Costs		 - 2.98 2.67 3.08 - 2.70 2.41 2.59 2.78 2.70 2.81
Other Operating Expenses		 3.90 2.84 4.38 4.26 4.10 2.77 2.37 2.71 3.30 3.89 4.83
Amortization Expense		 0.37 0.43 0.44 0.45 0.54 0.52 0.53 0.61 0.64 0.73 0.70
Preferred Stock Dividends Declared		 - 0.00 0.01 0.09 - 0.17 0.19 0.24 0.32 0.47 0.59
Weighted Average Basic Shares Outstanding		 18.66M 21.75M 21.75M 21.75M 21.78M 22.31M 22.33M 22.33M 22.36M 22.59M 22.59M
Weighted Average Diluted Shares Outstanding		 18.66M 21.75M 21.75M 21.75M 21.78M 22.31M 22.33M 22.33M 22.66M 28.36M 28.36M
Weighted Average Basic & Diluted Shares Outstanding		 43.51M 43.51M 21.75M 21.75M 22.33M 22.33M 22.33M 22.33M 22.59M 22.59M 22.59M

Annual Cash Flow Statements for Gladstone Capital

This table details how cash moves in and out of Gladstone Capital's business through operations, investing, and financing, using annual figures. 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
Net Change in Cash & Equivalents		 -1.62 1.26 -0.71 0.90 30
Net Cash From Operating Activities		 -14 -76 -11 3.24 -5.49
Net Cash From Continuing Operating Activities		 -14 -76 -11 3.24 -5.49
Net Income / (Loss) Continuing Operations		 84 20 43 95 57
Consolidated Net Income / (Loss)		 84 20 43 95 57
Depreciation Expense		 -55 18 11 -43 43
Amortization Expense		 2.22 0.73 1.64 2.03 1.45
Non-Cash Adjustments to Reconcile Net Income		 -42 -104 -63 -43 -100
Changes in Operating Assets and Liabilities, net		 -3.23 -10 -3.56 -7.21 -7.02
Net Cash From Investing Activities		 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
Net Cash From Financing Activities		 12 78 10 -2.34 36
Net Cash From Continuing Financing Activities		 12 78 10 -2.34 36
Issuance of Debt		 389 379 206 221 479
Issuance of Preferred Equity		 - 0.00 0.00 7.85 12
Issuance of Common Equity		 27 4.53 87 11 9.58
Repayment of Debt		 -374 -276 -243 -198 -403
Payment of Dividends		 -26 -27 -35 -43 -55
Other Financing Activities, Net		 -3.44 -2.04 -4.83 -0.84 -6.75
Cash Interest Paid		 11 12 20 22 20

Quarterly Cash Flow Statements for Gladstone Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -0.39 0.19 3.82 -4.17 1.06 -0.43 0.92 13 17 -28 -0.78
Net Cash From Operating Activities		 23 -26 -19 54 -5.69 24 47 20 -97 -34 17
Net Cash From Continuing Operating Activities		 23 -26 -19 54 -5.69 24 47 20 -97 -34 17
Net Income / (Loss) Continuing Operations		 13 20 24 19 32 27 8.80 7.45 14 5.45 15
Consolidated Net Income / (Loss)		 13 20 24 19 32 27 8.80 7.45 14 5.45 15
Depreciation Expense		 -2.40 -7.81 -11 -3.44 -21 42 9.96 -0.02 -9.10 5.64 -4.78
Amortization Expense		 0.29 0.47 0.73 0.57 0.26 0.35 0.39 0.07 0.63 1.55 0.58
Non-Cash Adjustments to Reconcile Net Income		 14 -36 -30 39 -16 -44 28 13 -97 -47 2.96
Changes in Operating Assets and Liabilities, net		 -2.02 -2.64 -2.97 -0.60 -1.00 -1.23 -0.38 -0.06 -5.35 0.28 2.35
Net Cash From Financing Activities		 -23 26 23 -58 6.75 -24 -46 -7.90 114 5.60 -17
Net Cash From Continuing Financing Activities		 -23 26 23 -58 6.75 -24 -46 -7.90 114 5.60 -17
Issuance of Debt		 83 70 64 45 42 88 61 64 267 234 50
Issuance of Preferred Equity		 - 0.00 1.58 4.02 2.25 2.25 1.63 2.79 4.87 9.85 6.77
Repayment of Debt		 -142 -33 -32 -97 -37 -97 -97 -61 -148 -228 -64
Repurchase of Preferred Equity		 - - - - - 0.00 - - - -0.09 -0.45
Payment of Dividends		 -11 -11 -11 -11 -11 -20 -11 -11 -13 -10 -10
Other Financing Activities, Net		 -2.70 -0.07 -0.08 -0.23 -0.46 -0.05 -0.01 -2.04 -4.65 -0.19 -0.09
Cash Interest Paid		 7.11 3.67 7.04 4.22 6.82 3.38 6.52 3.11 6.76 5.25 3.16

Annual Balance Sheets for Gladstone Capital

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

Metric 2022 2023 2024 2025
Period end date 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Total Assets		 661 719 812 908
Cash and Due from Banks		 2.01 1.31 2.17 0.60
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Customer and Other Receivables		 - - - 4.79
Deferred Acquisition Cost		 0.84 1.34 1.05 1.95
Other Assets		 677 744 10 899
Total Liabilities & Shareholders' Equity		 661 724 800 888
Total Liabilities		 345 311 334 406
Short-Term Debt		 - - - 0.00
Accrued Interest Payable		 2.52 2.96 2.92 3.14
Long-Term Debt		 198 253 254 398
Other Long-Term Liabilities		 148 59 72 8.71
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 315 409 471 482
Total Preferred & Common Equity		 315 409 471 482
Total Common Equity		 315 409 471 482
Common Stock		 396 482 492 502
Retained Earnings		 -80 -73 -21 -20

Quarterly Balance Sheets for Gladstone Capital

This table presents Gladstone Capital'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 Q1 2026 Q2 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026
Total Assets		 640 700 730 767 812 775 816 777 780 923 925
Cash and Due from Banks		 6.10 8.92 1.68 1.50 5.28 1.14 1.74 2.64 15 2.92 0.22
Trading Account Securities		 622 679 715 750 792 758 816 763 751 903 907
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 0.71 0.49 1.51 1.22 1.12 1.15 0.80 0.55 2.20 1.88 1.69
Other Assets		 6.95 5.79 7.14 9.58 11 9.03 10 8.78 9.59 11 9.82
Total Liabilities & Shareholders' Equity		 636 696 730 763 807 770 816 765 762 894 885
Total Liabilities		 315 358 372 349 380 330 325 287 291 416 407
Accrued Interest Payable		 4.07 2.78 4.31 4.32 3.01 4.30 4.28 2.78 4.13 3.82 6.48
Long-Term Debt		 198 198 198 253 254 254 254 255 255 193 193
Other Long-Term Liabilities		 110 154 167 87 118 67 70 27 29 216 202
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 324 342 358 418 431 439 480 478 474 477 483
Total Preferred & Common Equity		 324 342 358 418 431 439 480 478 474 477 483
Total Common Equity		 324 342 358 418 431 439 480 478 474 477 483
Common Stock		 406 420 433 482 482 482 495 495 495 502 502
Retained Earnings		 -82 -78 -75 -64 -51 -42 -14 -17 -20 -24 -19

Annual Metrics And Ratios for Gladstone Capital

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

Metric 2021 2022 2023 2024 2025
Period end date 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
DEI Shares Outstanding		 - - - - 22,329,852.00
DEI Adjusted Shares Outstanding		 - - - - 22,329,852.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - 2.60
Growth Metrics		 - - - - -
Revenue Growth		 0.00% -62.35% 77.78% 83.79% -33.61%
EBITDA Growth		 0.00% 21.12% 44.90% -2.30% 89.25%
EBIT Growth		 0.00% -76.38% 114.26% 122.00% -38.65%
NOPAT Growth		 0.00% -76.38% 105.99% 130.91% -38.65%
Net Income Growth		 0.00% -76.38% 114.26% 122.00% -38.65%
EPS Growth		 0.00% -76.38% 114.26% -4.09% 0.00%
Operating Cash Flow Growth		 0.00% -443.32% 85.79% 129.83% -269.41%
Free Cash Flow Firm Growth		 0.00% 0.00% -1,108.90% 104.28% -555.94%
Invested Capital Growth		 0.00% 0.00% 905.47% 10.72% 22.73%
Revenue Q/Q Growth		 0.00% 0.00% 12.19% 32.39% -18.20%
EBITDA Q/Q Growth		 0.00% 0.00% 0.15% 27.15% -5.20%
EBIT Q/Q Growth		 0.00% 0.00% 13.17% 46.19% -23.30%
NOPAT Q/Q Growth		 0.00% 0.00% 8.80% 46.19% -23.30%
Net Income Q/Q Growth		 0.00% 0.00% 23.05% 24.82% -23.30%
EPS Q/Q Growth		 0.00% 0.00% 23.05% -39.37% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 88.13% -89.81% -106.42%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -63.30% -454.50%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 20.92%
Profitability Metrics		 - - - - -
EBITDA Margin		 31.38% 100.96% 82.29% 43.74% 124.69%
EBIT Margin		 83.91% 52.66% 63.46% 76.66% 70.83%
Profit (Net Income) Margin		 83.91% 52.66% 63.46% 76.66% 70.83%
Tax Burden Percent		 100.00% 100.00% 104.02% 100.00% 100.00%
Interest Burden Percent		 100.00% 100.00% 96.14% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 60.51% 11.28% 13.58% 7.12%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 60.51% 12.31% 13.58% 7.12%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 8,850,666,606.16% 9.61% 7.76% 5.07%
Return on Equity (ROE)		 0.00% 8,850,666,666.67% 20.88% 21.35% 12.20%
Cash Return on Invested Capital (CROIC)		 0.00% -139.49% -152.54% 3.41% -13.29%
Operating Return on Assets (OROA)		 0.00% 30.21% 10.87% 12.37% 6.76%
Return on Assets (ROA)		 0.00% 30.21% 10.87% 12.37% 6.76%
Return on Common Equity (ROCE)		 0.00% 8,850,666,666.67% 20.88% 21.16% 12.20%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 10.44% 20.12% 12.06%
Net Operating Profit after Tax (NOPAT)		 84 20 41 95 58
NOPAT Margin		 83.91% 52.66% 61.01% 76.66% 70.83%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% -1.03% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 16.09% 47.34% 36.54% 23.35% 29.17%
Earnings before Interest and Taxes (EBIT)		 84 20 43 95 58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 32 38 55 54 102
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.80 1.07 1.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.80 1.07 1.00
Price to Revenue (P/Rev)		 0.00 0.00 4.86 4.07 5.86
Price to Earnings (P/E)		 0.00 0.00 7.65 5.32 8.41
Dividend Yield		 9.29% 11.74% 11.14% 8.56% 11.52%
Earnings Yield		 0.00% 0.00% 13.07% 18.78% 11.89%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.87 1.04 0.94
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 8.60 6.17 10.33
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 10.45 14.11 8.29
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 13.55 8.05 14.59
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 14.10 8.05 14.59
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 235.42 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 32.08 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 222,222.22 0.62 0.53 0.83
Long-Term Debt to Equity		 0.00 0.00 0.62 0.53 0.83
Financial Leverage		 0.00 146,268,805.80 0.78 0.57 0.71
Leverage Ratio		 0.00 146,486,671.24 1.92 1.73 1.81
Compound Leverage Factor		 0.00 146,486,671.24 1.85 1.73 1.81
Debt to Total Capital		 0.00% 100.00% 38.25% 34.67% 45.22%
Short-Term Debt to Total Capital		 0.00% 100.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 38.25% 34.67% 45.22%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 1.07% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 61.75% 64.26% 54.78%
Debt to EBITDA		 0.00 0.00 4.57 4.70 3.89
Net Debt to EBITDA		 0.00 0.00 4.55 4.66 3.59
Long-Term Debt to EBITDA		 0.00 0.00 4.57 4.70 3.89
Debt to NOPAT		 0.00 0.01 6.17 2.68 6.85
Net Debt to NOPAT		 0.00 0.01 6.14 2.66 6.31
Long-Term Debt to NOPAT		 0.00 0.00 6.17 2.68 6.85
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.88% 0.00%
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -46 -555 24 -108
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -3.54 -26.62 1.10 -5.42
Operating Cash Flow to Interest Expense		 -1.22 -5.89 -0.52 0.15 -0.27
Operating Cash Flow Less CapEx to Interest Expense		 -1.22 -5.89 -0.52 0.15 -0.27
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.57 0.17 0.16 0.10
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 0.00 66 662 733 899
Invested Capital Turnover		 0.00 1.15 0.18 0.18 0.10
Increase / (Decrease) in Invested Capital		 0.00 66 596 71 167
Enterprise Value (EV)		 0.00 0.00 578 763 848
Market Capitalization		 0.00 0.00 326 503 481
Book Value per Share		 $0.00 $0.00 $10.59 $21.65 $21.59
Tangible Book Value per Share		 $0.00 $0.00 $10.59 $21.65 $21.59
Total Capital		 0.00 0.10 662 733 880
Total Debt		 0.00 0.10 253 254 398
Total Long-Term Debt		 0.00 0.00 253 254 398
Net Debt		 0.00 0.10 252 252 367
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 -1.65 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 66 253 254 417
Total Depreciation and Amortization (D&A)		 -53 18 13 -41 44
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $2.20 $2.11 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 18.66M 21.78M 22.36M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $2.20 $2.11 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 18.66M 21.78M 22.66M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 21.75M 22.33M 22.59M
Normalized Net Operating Profit after Tax (NOPAT)		 59 14 29 66 41
Normalized NOPAT Margin		 58.74% 36.86% 42.71% 53.66% 49.58%
Pre Tax Income Margin		 83.91% 52.66% 61.01% 76.66% 70.83%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 7.32 1.54 2.05 4.36 2.91
NOPAT to Interest Expense		 7.32 1.54 1.97 4.36 2.91
EBIT Less CapEx to Interest Expense		 7.32 1.54 2.05 4.36 2.91
NOPAT Less CapEx to Interest Expense		 7.32 1.54 1.97 4.36 2.91
Payout Ratios		 - - - - -
Dividend Payout Ratio		 30.81% 137.20% 82.98% 45.55% 95.47%
Augmented Payout Ratio		 30.81% 137.20% 82.98% 45.55% 95.47%

Quarterly Metrics And Ratios for Gladstone Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 22,329,852.00 22,329,852.00 22,329,852.00 22,593,069.00 22,593,069.00
DEI Adjusted Shares Outstanding		 - - - - - - 22,329,852.00 22,329,852.00 22,329,852.00 22,593,069.00 22,593,069.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.40 0.34 0.64 0.26 0.74
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 74.70% 79.04% 0.00% 54.09% 176.95% 26.22% -54.47% -49.50% -46.49% -60.04% 76.09%
EBITDA Growth		 1.05% -41.62% 28.13% 8.49% 145.08% 448.02% 40.52% -52.44% -49.08% -81.10% -35.42%
EBIT Growth		 97.24% 129.24% 97.23% 61.09% 297.13% 35.72% -62.49% -59.84% -55.26% -78.18% 87.40%
NOPAT Growth		 64.97% 129.24% 97.23% 61.09% 374.81% 35.72% -62.49% -59.84% -55.26% -78.18% 87.40%
Net Income Growth		 156.51% 251.02% 0.00% 61.09% 143.79% 35.72% -62.49% -59.84% -55.26% -78.18% 87.40%
EPS Growth		 156.51% 251.02% 0.00% -8.06% 108.57% -9.09% 0.00% 0.00% -57.53% 0.00% 0.00%
Operating Cash Flow Growth		 139.57% -175.81% 59.21% 353.15% -124.90% 191.66% 344.70% -62.36% -1,597.12% -240.92% -64.57%
Free Cash Flow Firm Growth		 0.00% 129.24% -5,625.96% 77.28% 94.73% -3,687.46% 59.69% 69.66% -290.30% 107.17% 200.53%
Invested Capital Growth		 905.47% 0.00% 0.00% 25.68% 10.72% 0.00% 8.50% 6.47% 22.73% -6.11% -4.45%
Revenue Q/Q Growth		 -2.24% 53.67% 18.56% -13.48% 75.71% -29.97% -57.23% -4.84% 54.44% -36.97% 88.48%
EBITDA Q/Q Growth		 -46.99% 59.17% 8.03% 19.03% 19.74% 255.92% -72.30% -59.97% -24.84% 125.31% -5.33%
EBIT Q/Q Growth		 -15.24% 98.56% 18.19% -19.02% 108.96% -32.14% -67.34% -14.45% 85.81% -58.55% 180.60%
NOPAT Q/Q Growth		 -29.11% 137.40% 18.19% -19.02% 108.96% -32.14% -67.34% -14.45% 85.81% -58.55% 180.60%
Net Income Q/Q Growth		 10.23% 52.68% 18.19% -19.02% 66.82% -15.00% -67.34% -14.45% 85.81% -58.55% 180.60%
EPS Q/Q Growth		 10.23% 52.68% 18.19% 128.00% 156.14% -65.75% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 206.80% -214.43% 27.00% 383.75% -110.50% 521.30% 94.88% -56.35% -573.56% 65.02% 148.99%
Free Cash Flow Firm Q/Q Growth		 -5,044.15% 103.40% -3,411.54% 81.34% -261.61% -2,219.17% 93.11% 24.03% -306.11% 133.78% -3.29%
Invested Capital Q/Q Growth		 0.00% -100.00% 0.00% 1.83% 0.00% 1.63% -0.05% -0.08% 20.92% -22.25% 1.72%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 46.56% 48.23% 43.94% 60.46% 41.20% 209.39% 135.63% 56.93% 27.71% 99.03% 49.74%
EBIT Margin		 58.95% 76.18% 75.94% 71.09% 84.54% 81.92% 62.57% 56.53% 68.01% 44.72% 66.59%
Profit (Net Income) Margin		 76.67% 76.18% 75.94% 71.09% 67.49% 81.92% 62.57% 56.53% 68.01% 44.72% 66.59%
Tax Burden Percent		 155.49% 100.00% 100.00% 100.00% 79.83% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 83.64% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 9.11% 0.00% 0.00% 11.49% 14.98% 28.70% 9.93% 7.86% 6.84% 3.85% 6.67%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.04% 0.00% 0.00% 11.49% 11.80% 28.70% 9.93% 7.86% 6.84% 3.85% 6.67%
Return on Net Nonoperating Assets (RNNOA)		 9.40% 0.00% 0.00% 6.47% 6.74% 14.88% 5.67% 4.47% 4.87% 1.89% 3.44%
Return on Equity (ROE)		 18.51% 0.00% 0.00% 17.96% 21.72% 43.58% 15.60% 12.34% 11.71% 5.74% 10.11%
Cash Return on Invested Capital (CROIC)		 -152.54% 0.00% -200.00% -11.40% 3.41% -172.64% 4.02% 4.24% -13.29% 11.41% 10.68%
Operating Return on Assets (OROA)		 10.09% 0.00% 0.00% 9.58% 13.64% 13.10% 8.94% 7.29% 6.49% 3.20% 5.71%
Return on Assets (ROA)		 13.13% 0.00% 0.00% 9.58% 10.89% 13.10% 8.94% 7.29% 6.49% 3.20% 5.71%
Return on Common Equity (ROCE)		 18.51% 0.00% 0.00% 17.84% 21.53% 42.68% 15.57% 12.26% 11.71% 5.68% 10.11%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 17.28% 0.00% 21.21% 18.22% 15.97% 0.00% 7.73% 9.25%
Net Operating Profit after Tax (NOPAT)		 8.43 20 24 19 40 27 8.87 7.69 14 5.92 17
NOPAT Margin		 49.31% 76.18% 75.94% 71.09% 84.54% 81.92% 62.57% 56.53% 68.01% 44.72% 66.59%
Net Nonoperating Expense Percent (NNEP)		 -2.93% 0.00% 0.00% 0.00% 3.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses 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		 41.05% 23.82% 24.06% 28.91% 15.46% 18.08% 37.43% 43.47% 31.99% 55.28% 33.41%
Earnings before Interest and Taxes (EBIT)		 10 20 24 19 40 27 8.87 7.69 14 5.92 17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7.96 13 14 16 19 69 19 7.74 5.82 13 12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.80 0.00 0.99 1.08 1.07 1.31 1.16 1.26 1.00 0.97 0.81
Price to Tangible Book Value (P/TBV)		 0.80 0.00 0.99 1.08 1.07 1.31 1.16 1.26 1.00 0.97 0.81
Price to Revenue (P/Rev)		 4.86 5.31 0.00 4.67 4.07 4.84 4.90 5.97 5.86 7.46 5.33
Price to Earnings (P/E)		 7.65 7.35 0.00 6.25 5.32 6.22 6.42 7.98 8.41 12.99 9.18
Dividend Yield		 11.14% 10.19% 10.21% 9.27% 8.56% 8.41% 7.94% 8.88% 11.52% 9.92% 10.98%
Earnings Yield		 13.07% 13.61% 0.00% 15.99% 18.78% 16.07% 15.57% 12.53% 11.89% 7.70% 10.89%
Enterprise Value to Invested Capital (EV/IC)		 0.87 0.00 0.99 1.05 1.04 1.20 1.09 1.13 0.94 0.93 0.82
Enterprise Value to Revenue (EV/Rev)		 8.60 0.00 0.00 7.22 6.17 6.85 7.12 8.36 10.33 10.51 7.98
Enterprise Value to EBITDA (EV/EBITDA)		 10.45 0.00 0.00 14.48 14.11 8.07 6.95 7.77 8.29 14.20 14.83
Enterprise Value to EBIT (EV/EBIT)		 13.55 0.00 0.00 10.05 8.05 8.78 9.28 11.07 14.59 17.71 13.03
Enterprise Value to NOPAT (EV/NOPAT)		 14.10 0.00 0.00 10.28 8.05 8.78 9.28 11.07 14.59 17.71 13.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 23.03 235.42 16.74 6.78 9.81 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 32.08 0.00 28.11 27.41 0.00 7.93 7.48
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.62 0.00 0.59 0.57 0.53 0.52 0.53 0.54 0.83 0.40 0.40
Long-Term Debt to Equity		 0.62 0.00 0.59 0.57 0.53 0.52 0.53 0.54 0.83 0.40 0.40
Financial Leverage		 0.78 0.00 0.33 0.56 0.57 0.52 0.57 0.57 0.71 0.49 0.52
Leverage Ratio		 1.92 0.00 1.95 1.88 1.73 1.66 1.75 1.69 1.81 1.80 1.77
Compound Leverage Factor		 1.61 0.00 1.95 1.88 1.73 1.66 1.75 1.69 1.81 1.80 1.77
Debt to Total Capital		 38.25% 0.00% 36.97% 36.34% 34.67% 34.14% 34.74% 34.94% 45.22% 28.76% 28.58%
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		 38.25% 0.00% 36.97% 36.34% 34.67% 34.14% 34.74% 34.94% 45.22% 28.76% 28.58%
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% 0.23% 0.80% 1.07% 1.36% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 61.75% 0.00% 62.80% 62.86% 64.26% 64.50% 65.26% 65.06% 54.78% 71.24% 71.42%
Debt to EBITDA		 4.57 0.00 0.00 5.02 4.70 2.30 2.19 2.36 3.89 4.19 4.93
Net Debt to EBITDA		 4.55 0.00 0.00 5.00 4.66 2.28 2.17 2.22 3.59 4.12 4.92
Long-Term Debt to EBITDA		 4.57 0.00 0.00 5.02 4.70 2.30 2.19 2.36 3.89 4.19 4.93
Debt to NOPAT		 6.17 0.00 0.00 3.57 2.68 2.50 2.92 3.36 6.85 5.22 4.33
Net Debt to NOPAT		 6.14 0.00 0.00 3.55 2.66 2.48 2.89 3.16 6.31 5.15 4.32
Long-Term Debt to NOPAT		 6.17 0.00 0.00 3.57 2.68 2.50 2.92 3.36 6.85 5.22 4.33
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.20% 0.70% 0.88% 2.06% 0.17% 0.61% 0.00% 1.04% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -588 20 -662 -124 -31 -718 -49 -37 -152 51 50
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		 -102.08 3.97 -115.55 -22.43 -5.69 -151.28 -9.86 -8.42 -26.37 8.67 8.55
Operating Cash Flow to Interest Expense		 3.97 -5.20 -3.33 9.84 -1.05 5.06 9.31 4.58 -16.74 -5.70 2.85
Operating Cash Flow Less CapEx to Interest Expense		 3.97 -5.20 -3.33 9.84 -1.05 5.06 9.31 4.58 -16.74 -5.70 2.85
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.17 0.00 0.00 0.13 0.16 0.16 0.14 0.13 0.10 0.07 0.09
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
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 662 0.00 686 699 733 745 744 744 899 699 711
Invested Capital Turnover		 0.18 0.00 0.00 0.16 0.18 0.35 0.16 0.14 0.10 0.09 0.10
Increase / (Decrease) in Invested Capital		 596 0.00 686 143 71 745 58 45 167 -45 -33
Enterprise Value (EV)		 578 0.00 677 732 763 894 808 838 848 653 582
Market Capitalization		 326 419 427 474 503 632 557 599 481 463 389
Book Value per Share		 $10.59 $0.00 $9.90 $20.18 $21.65 $21.51 $21.41 $21.25 $21.59 $21.13 $21.36
Tangible Book Value per Share		 $10.59 $0.00 $9.90 $20.18 $21.65 $21.51 $21.41 $21.25 $21.59 $21.13 $21.36
Total Capital		 662 0.00 686 699 733 745 733 729 880 670 676
Total Debt		 253 0.00 254 254 254 254 255 255 398 193 193
Total Long-Term Debt		 253 0.00 254 254 254 254 255 255 398 193 193
Net Debt		 252 0.00 248 253 252 252 252 240 367 190 193
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
Net Nonoperating Expense (NNE)		 -4.68 0.00 0.00 0.00 8.07 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 253 0.00 254 254 254 254 266 269 417 222 229
Total Depreciation and Amortization (D&A)		 -2.12 -7.34 -9.96 -2.86 -21 42 10 0.05 -8.47 7.19 -4.20
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.40 $0.54 $0.25 $0.57 $1.46 $0.50 $0.50 $0.00 $0.62 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 9.33M 21.75M 43.51M 21.75M 21.78M 22.31M 22.33M 22.33M 22.36M 22.59M 22.59M
Adjusted Diluted Earnings per Share		 $1.40 $0.54 $0.25 $0.57 $1.46 $0.50 $0.50 $0.00 $0.62 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 9.33M 21.75M 43.51M 21.75M 21.78M 22.31M 22.33M 22.33M 22.66M 28.36M 28.36M
Adjusted Basic & Diluted Earnings per Share		 $1.40 $0.00 $0.00 $0.00 $1.46 $0.00 $0.00 $0.00 $0.62 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.75M 21.75M 21.75M 21.75M 22.33M 22.33M 22.33M 22.33M 22.59M 22.59M 22.59M
Normalized Net Operating Profit after Tax (NOPAT)		 5.90 14 17 13 28 19 6.21 5.38 10 4.15 12
Normalized NOPAT Margin		 34.52% 53.32% 53.16% 49.76% 59.18% 57.34% 43.80% 39.57% 47.61% 31.31% 46.61%
Pre Tax Income Margin		 49.31% 76.18% 75.94% 71.09% 84.54% 81.92% 62.57% 56.53% 68.01% 44.72% 66.59%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.75 3.97 4.12 3.48 7.35 5.72 1.77 1.73 2.47 1.00 2.86
NOPAT to Interest Expense		 1.46 3.97 4.12 3.48 7.35 5.72 1.77 1.73 2.47 1.00 2.86
EBIT Less CapEx to Interest Expense		 1.75 3.97 4.12 3.48 7.35 5.72 1.77 1.73 2.47 1.00 2.86
NOPAT Less CapEx to Interest Expense		 1.46 3.97 4.12 3.48 7.35 5.72 1.77 1.73 2.47 1.00 2.86
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 82.98% 68.06% 0.00% 56.63% 45.55% 51.40% 60.44% 69.86% 95.47% 123.79% 100.31%
Augmented Payout Ratio		 82.98% 68.06% 0.00% 56.63% 45.55% 51.40% 60.44% 69.86% 95.47% 123.79% 100.31%

Financials Breakdown Chart

Key Financial Trends

Gladstone Capital (NASDAQ: GLAD) showed a mixed but generally stable operating picture in Q2 2026, with solid net interest income and positive net income, but cash flow and balance sheet trends suggest the business still relies heavily on financing activity and leverage.

  • Q2 2026 net income remained solid at $15.5 million, essentially unchanged from the $15.5 million attributable to common shareholders, indicating the company remained profitable.
  • Net interest income improved to $17.4 million in Q2 2026 from $17.0 million in Q4 2025 and $16.0 million in Q3 2025, showing the core spread business held up well.
  • Total revenue increased to $25.0 million in Q2 2026, up from $21.0 million in Q4 2025 and $13.2 million in Q1 2026, helped by stronger non-interest income and investment gains.
  • Non-interest income recovered sharply in Q2 2026 to $7.6 million, after a negative $4.7 million in Q1 2026, driven by $4.8 million in realized and unrealized capital gains.
  • Operating cash flow was positive at $16.6 million in Q2 2026, a meaningful improvement from the prior quarter’s negative operating cash flow.
  • Total assets rose to $925.1 million from $922.8 million in Q1 2026, while equity also increased modestly to $482.6 million.
  • Interest income has been fairly steady around the low-$20 million range per quarter over the last year, which suggests a relatively predictable earning base.
  • Preferred dividends remain a recurring drag on earnings available to common shareholders, though the amount is modest relative to total earnings.
  • Cash on the balance sheet is very small at just $216,000 in Q2 2026, so liquidity management appears to depend more on portfolio cash generation and financing than on idle cash.
  • Long-term debt was $193.1 million at quarter-end, slightly above Q1 2026, keeping leverage an important factor for investors to watch.
  • Other long-term liabilities were still large at $202.3 million, though lower than Q1 2026, reflecting a balance sheet with significant obligations beyond funded debt.
  • Net cash from financing activities was negative $17.3 million in Q2 2026, reflecting ongoing repayments and dividend payments that exceeded new financing inflows.
  • Cash and equivalents fell by $775,000 in Q2 2026, showing that operating profits did not fully translate into higher cash on hand.
  • Q1 2026 operating cash flow was negative $33.8 million, highlighting how volatile cash generation can be from quarter to quarter.
  • Retained earnings remained negative at $19.1 million in Q2 2026, indicating the company still has not fully built up cumulative accounting profits.
  • The company’s income can be influenced by investment gains and losses, as seen in the swing from negative realized/unrealized gains in Q1 2026 to positive gains in Q2 2026.
  • Historical cash flow has been lumpy, with some periods showing strong operating cash generation and others showing sizable outflows, which adds uncertainty for income-focused investors.

Bottom line: Gladstone Capital continues to produce profits and healthy net interest income, but the stock’s financial profile still reflects a leveraged business model with uneven cash flow and reliance on financing. For retail investors, the key question is whether recent improvement in operating cash flow and earnings can be sustained without increasing balance sheet strain.

07/14/26 06:03 PM ETAI Generated. May Contain Errors.

Gladstone Capital Financials - Frequently Asked Questions

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

Gladstone Capital's net income appears to be on an upward trend, with a most recent value of $58.11 million in 2025, falling from $84.30 million in 2021. The previous period was $94.72 million in 2024. Check out Gladstone Capital's forecast to explore projected trends and price targets.

Over the last 4 years, Gladstone Capital's total revenue changed from $100.46 million in 2021 to $82.04 million in 2025, a change of -18.3%.

Gladstone Capital's total liabilities were at $406.18 million at the end of 2025, a 21.7% increase from 2024, and a 17.6% increase since 2022.

In the past 3 years, Gladstone Capital's cash and equivalents has ranged from $596 thousand in 2025 to $2.17 million in 2024, and is currently $596 thousand as of their latest financial filing in 2025.

Over the last 4 years, Gladstone Capital's book value per share changed from 0.00 in 2021 to 21.59 in 2025, a change of 2,158.7%.


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Financial statements for NASDAQ:GLAD last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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