Golub Capital BDC, Inc. (GBDC) Income Statement
GBDC FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsGBDC revenue and net income
Where GBDC's revenue goes
FY2025Each bar shows an amount and its share of revenue. GBDC kept 43.2% of revenue as net income.
GBDC profit margins
GBDC growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +42.5% | +71.5% | +67.1% | +27.5% |
| Gross profit | +42.3% | +60.2% | +60.4% | +24.9% |
| Operating income | +42.5% | +42.7% | +65.8% | +21.8% |
| Net income | +37.4% | +34.8% | +47.0% | +18.2% |
| EPS (diluted) | −21.5% | +8.9% | +7.0% | +1.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GBDC quarterly EPS vs estimates
Golub Capital BDC beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 17, 2026 (estimate $0.33).
GBDC income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $870.8M | $611.1M | $284.4M | $172.6M | $349.5M | $66.8M | $172.3M | $87.6M | $87.6M | $75.1M |
| Cost of revenue | $161.2M | $112.4M | −$313.4M | $96.9M | $68.3M | $79.1M | $185.0M | $70.5M | $62.9M | $57.0M |
| Gross profit | $709.6M | $498.7M | $597.8M | $172.6M | $349.5M | $66.8M | −$12.7M | $87.6M | $87.6M | $75.1M |
| Research & development | — | — | $0 | $0 | $1 | $0 | — | — | — | — |
| Sales, general & admin | $22.2M | $16.3M | $14.8M | $12.5M | $12.6M | $12.0M | $5.9M | $5.7M | $5.3M | $5.5M |
| Total operating expenses | $22.2M | $16.3M | $22.2M | $17.9M | $8.6M | $12.0M | $5.9M | $5.7M | $5.3M | $5.5M |
| Operating income | $687.4M | $482.4M | $292.8M | $236.7M | $340.8M | $54.9M | −$18.6M | $115.1M | $113.8M | $96.9M |
| Interest income | $833.2M | $700.4M | $584.6M | $382.9M | $300.4M | $295.0M | $169.4M | $140.9M | $130.4M | $121.8M |
| Interest expense | $280.6M | $203.2M | $143.2M | $82.0M | $65.8M | $74.9M | $43.5M | $33.2M | $31.5M | $27.7M |
| Income before taxes | $375.7M | $274.4M | $262.2M | $154.7M | $340.8M | $54.9M | −$18.6M | $82.0M | $82.3M | $69.5M |
| Income taxes | −$475,000 | $575,000 | $3.6M | $1.2M | $543,000 | $96.4M | $85.5M | $0 | $17,000 | $333,000 |
| Net income | $376.1M | $273.8M | $258.6M | $153.4M | $340.3M | $54.9M | −$18.6M | $82.0M | $82.3M | $69.2M |
| EBITDA | $687.4M | $478.0M | $292.8M | $284.5M | $351.0M | $58.4M | −$18.6M | $115.1M | $113.8M | $96.9M |
| EPS (diluted) | $1.50 | $1.91 | $1.80 | $1.16 | $1.14 | $1.07 | $1.33 | $1.27 | $1.28 | $1.25 |
| Gross margin | 81.5% | 81.6% | 210.2% | 100.0% | 100.0% | 100.0% | −7.3% | 100.0% | 100.0% | 100.0% |
| Operating margin | 78.9% | 78.9% | 102.9% | 137.1% | 97.5% | 82.1% | −10.8% | 131.4% | 129.9% | 129.1% |
| Net margin | 43.2% | 44.8% | 90.9% | 88.9% | 97.4% | 82.1% | −10.8% | 93.5% | 93.9% | 92.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $159.5M | $176.4M | $207.0M | $172.3M | $205.7M | $192.3M | $239.0M | $195.9M | $58.8M | $172.3M | $156.4M | $171.2M |
| Cost of revenue | $36.2M | $39.5M | $39.6M | $67.9M | $40.6M | $40.0M | $39.6M | $33.6M | $60.1M | $29.1M | $35.2M | $35.3M |
| Gross profit | $123.4M | $136.9M | $167.4M | $104.4M | $165.1M | $152.4M | $199.3M | $162.3M | −$1.3M | $143.1M | $121.1M | $135.9M |
| Sales, general & admin | $2.3M | $4.9M | $5.3M | $5.8M | $5.8M | $5.4M | $5.3M | $4.5M | $3.9M | $3.9M | $3.9M | $8.5M |
| Total operating expenses | $2.3M | $119.6M | $5.3M | $8.2M | $5.8M | $5.4M | $5.3M | $4.5M | −$10.5M | $3.9M | $3.9M | −$8.5M |
| Operating income | $121.1M | $17.3M | $162.1M | $96.1M | $159.3M | $147.0M | $194.0M | $157.7M | $9.2M | $139.3M | $117.2M | $144.4M |
| Interest income | $182.7M | $181.0M | $198.3M | $208.0M | $209.3M | $204.3M | $211.6M | $216.2M | $164.9M | $159.4M | $160.0M | $160.0M |
| Interest expense | $61.0M | $61.1M | $66.3M | $67.9M | $70.7M | $69.9M | $79.6M | $66.6M | $60.1M | $44.1M | $41.6M | $35.0M |
| Income before taxes | $31.9M | −$46.8M | $65.3M | $96.1M | $89.8M | $78.8M | $110.8M | $95.1M | $9.2M | $93.8M | $76.3M | $152.8M |
| Income taxes | — | — | — | −$154,000 | −$211,000 | −$146,000 | −$527,000 | −$103,000 | −$65,000 | $220,000 | $523,000 | $3.5M |
| Net income | $31.9M | −$46.8M | $65.3M | $96.3M | $90.1M | $79.0M | $111.3M | $95.2M | $9.3M | $93.6M | $75.8M | $149.3M |
| EBITDA | $123.8M | $14.3M | $162.1M | $96.1M | $158.1M | $145.2M | $197.6M | $153.8M | $9.2M | $140.6M | $116.5M | $178.7M |
| EPS (diluted) | $0.34 | $0.33 | $0.37 | $0.38 | $0.38 | $0.37 | $0.37 | $0.45 | $0.46 | $0.51 | $0.49 | $0.60 |
| Gross margin | 77.3% | 77.6% | 80.9% | 60.6% | 80.2% | 79.2% | 83.4% | 82.8% | −2.2% | 83.1% | 77.5% | 79.4% |
| Operating margin | 75.9% | 9.8% | 78.3% | 55.8% | 77.4% | 76.4% | 81.2% | 80.5% | 15.6% | 80.8% | 74.9% | 84.4% |
| Net margin | 20.0% | −26.5% | 31.5% | 55.9% | 43.8% | 41.1% | 46.6% | 48.6% | 15.7% | 54.3% | 48.5% | 87.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GBDC's financial statements (latest annual report filed November 18, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GBDC financial results
In fiscal year 2025 (ended September 30, 2025), Golub Capital BDC reported revenue of $870.8 million, up 42.5% from the year before. It had net income of $376.1 million (up 37.4%), a net profit margin of 43.2%. Diluted earnings per share came to $1.50. Over five years revenue grew at an average rate of 67.1% a year.
See the GBDC stock overview for the latest quote and news, or the GBDC chart for price history and technical indicators.
GBDC income statement FAQ
What is Golub Capital BDC's annual revenue?
Golub Capital BDC reported total revenue of $870.8 million for fiscal year 2025, which ended on September 30, 2025. That was up 42.5% from $611.1 million the previous year.
Is Golub Capital BDC profitable?
Yes. Golub Capital BDC reported net income of $376.1 million in fiscal 2025, a net profit margin of 43.2%; its operating margin was 78.9%.
What is Golub Capital BDC's gross margin?
Golub Capital BDC's gross margin was 81.5% in fiscal 2025: for every $100 of revenue, Golub Capital BDC kept $81 after the direct cost of its products and services.
How fast is Golub Capital BDC growing?
Revenue grew 67.1% a year on average over the last five fiscal years, from $66.8 million to $870.8 million.
What are Golub Capital BDC's earnings per share?
Golub Capital BDC earned $1.50 per diluted share in fiscal 2025, compared with $1.91 a year earlier.
When will Golub Capital BDC report its next earnings?
Golub Capital BDC is expected to report results for the quarter ending September 30, 2026 on November 17, 2026 after the market closes.
When does Golub Capital BDC's fiscal year end?
Golub Capital BDC's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 18, 2025.