Gladstone Capital Corporation (GLAD) Income Statement
GLAD FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsGLAD revenue and net income
Where GLAD's revenue goes
FY2025Each bar shows an amount and its share of revenue. GLAD kept 40.1% of revenue as net income.
GLAD profit margins
GLAD growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.4% | +64.7% | +76.7% | +21.3% |
| Gross profit | +28.2% | +57.4% | +72.0% | +19.6% |
| Operating income | −15.1% | +34.7% | — | +20.6% |
| Net income | −38.7% | +42.9% | — | +21.2% |
| EPS (diluted) | +8.6% | +2.4% | +4.4% | +1.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GLAD quarterly EPS vs estimates
Gladstone Capital beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 16, 2026 (estimate $0.48).
GLAD income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $144.8M | $120.3M | $58.6M | $32.4M | $94.7M | $8.4M | $33.4M | $31.3M | $30.3M | $24.7M |
| Cost of revenue | $18.4M | $21.7M | $20.6M | $14.6M | $12.9M | $9.2M | $29.6M | $26.4M | $20.8M | $20.4M |
| Gross profit | $126.3M | $98.5M | $58.6M | $32.4M | $94.7M | $8.4M | $33.4M | $31.3M | $30.3M | $24.7M |
| Research & development | — | — | $0 | $0 | $1 | $0 | $1 | $1 | $0 | $0 |
| Sales, general & admin | $2.0M | $14.0M | $3.2M | $10.5M | $8.3M | $7.9M | $8.3M | $7.7M | $7.0M | $7.0M |
| Total operating expenses | $45.9M | $3.8M | −$16.0M | $1.6M | −$10.4M | −$10.3M | −$13.6M | −$6.8M | $1.1M | $3.6M |
| Operating income | $80.4M | $94.7M | $42.7M | $32.9M | $84.3M | −$1.9M | $19.9M | $24.5M | $20.3M | $14.3M |
| Interest income | $87.3M | $93.3M | $83.0M | $54.0M | $50.0M | $46.0M | $45.8M | $44.0M | $37.1M | $35.2M |
| Interest expense | $20.0M | $21.7M | $20.8M | $13.0M | $11.5M | $10.0M | $8.0M | $5.9M | $3.1M | $2.9M |
| Income before taxes | $58.1M | $94.7M | $42.7M | $19.9M | $84.3M | −$1.9M | $19.9M | $18.6M | $17.2M | $11.4M |
| Income taxes | — | — | $41.0M | $46.4M | $26.1M | $25.2M | $24.6M | −$161,141 | $25.5M | $19.5M |
| Net income | $58.1M | $94.7M | $42.7M | $19.9M | $84.3M | −$1.9M | $19.9M | $18.6M | $17.2M | $11.4M |
| EBITDA | $82.7M | $96.6M | $42.7M | $50.0M | $85.2M | −$1.9M | $19.9M | $24.5M | $20.3M | $14.3M |
| EPS (diluted) | $2.02 | $1.86 | $2.20 | $1.88 | $1.60 | $1.63 | $1.68 | $1.70 | $1.47 | $1.68 |
| Gross margin | 87.3% | 81.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 55.5% | 78.8% | 72.8% | 101.6% | 89.0% | −22.3% | 59.4% | 78.2% | 66.9% | 57.7% |
| Net margin | 40.1% | 78.8% | 72.8% | 61.5% | 89.0% | −22.3% | 59.4% | 59.5% | 56.8% | 46.0% |
| 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 | $20.8M | $25.4M | $12.6M | $20.4M | $12.1M | $13.5M | $31.6M | $38.5M | $25.9M | $30.8M | $25.1M | $20.0M |
| Cost of revenue | $6.5M | $6.7M | $5.9M | $5.8M | $4.5M | $5.0M | $4.7M | $5.4M | $5.5M | $5.7M | $5.0M | $5.8M |
| Gross profit | $14.3M | $18.8M | $6.6M | $14.7M | $7.7M | $8.4M | $26.9M | $33.1M | $20.4M | $25.0M | $20.0M | $14.2M |
| Sales, general & admin | $1.2M | $1.5M | $3.8M | $3.7M | $3.3M | $3.4M | $3.7M | $3.4M | $3.6M | $3.6M | $3.3M | $3.2M |
| Total operating expenses | $343,000 | −$3.8M | $711,000 | $367,000 | −$28,000 | −$543,000 | −$263,000 | $1.2M | $1.3M | $1.4M | $26,000 | $1.1M |
| Operating income | $14.0M | $22.6M | $5.9M | $14.3M | $7.7M | $9.0M | $27.1M | $31.9M | $19.1M | $23.6M | $20.0M | $13.1M |
| Interest income | $24.3M | $23.2M | $23.9M | $23.8M | $20.9M | $21.3M | $21.3M | $23.4M | $23.2M | $23.7M | $23.0M | $23.3M |
| Interest expense | $6.5M | $6.5M | $5.9M | $5.8M | $4.5M | $5.0M | $4.7M | $5.4M | $5.5M | $5.7M | $5.0M | $5.8M |
| Income before taxes | $14.0M | $16.0M | $5.9M | $14.3M | $7.7M | $9.0M | $27.1M | $31.9M | $19.1M | $23.6M | $20.0M | $13.1M |
| Income taxes | — | — | — | — | — | — | — | — | $701,000 | $16.9M | $17.0M | $11.0M |
| Net income | $14.0M | $16.0M | $5.9M | $14.3M | $7.7M | $9.0M | $27.1M | $31.9M | $19.1M | $23.6M | $20.0M | $13.1M |
| EBITDA | $14.0M | $22.6M | $5.9M | $14.3M | $7.7M | $9.5M | $27.7M | $32.5M | $19.6M | $23.6M | $20.4M | $13.1M |
| EPS (diluted) | $0.49 | $0.52 | $0.50 | $0.52 | $0.50 | $0.50 | $0.50 | $0.50 | $0.57 | $0.25 | $0.54 | $0.56 |
| Gross margin | 68.9% | 73.8% | 52.8% | 71.7% | 63.3% | 62.7% | 85.0% | 85.9% | 78.7% | 81.4% | 79.9% | 71.2% |
| Operating margin | 67.3% | 88.7% | 47.1% | 69.9% | 63.5% | 66.8% | 85.8% | 82.8% | 73.9% | 76.9% | 79.8% | 65.6% |
| Net margin | 67.3% | 63.1% | 47.1% | 69.9% | 63.5% | 66.8% | 85.8% | 82.8% | 73.9% | 76.9% | 79.8% | 65.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GLAD's financial statements (latest annual report filed November 17, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GLAD financial results
In fiscal year 2025 (ended September 30, 2025), Gladstone Capital reported revenue of $144.8 million, up 20.4% from the year before. It had net income of $58.1 million (down 38.7%), a net profit margin of 40.1%. Diluted earnings per share came to $2.02. Over five years revenue grew at an average rate of 76.7% a year.
See the GLAD stock overview for the latest quote and news, or the GLAD chart for price history and technical indicators.
GLAD income statement FAQ
What is Gladstone Capital's annual revenue?
Gladstone Capital reported total revenue of $144.8 million for fiscal year 2025, which ended on September 30, 2025. That was up 20.4% from $120.3 million the previous year.
Is Gladstone Capital profitable?
Yes. Gladstone Capital reported net income of $58.1 million in fiscal 2025, a net profit margin of 40.1%; its operating margin was 55.5%.
What is Gladstone Capital's gross margin?
Gladstone Capital's gross margin was 87.3% in fiscal 2025: for every $100 of revenue, Gladstone Capital kept $87 after the direct cost of its products and services.
How fast is Gladstone Capital growing?
Revenue grew 76.7% a year on average over the last five fiscal years, from $8.4 million to $144.8 million.
What are Gladstone Capital's earnings per share?
Gladstone Capital earned $2.02 per diluted share in fiscal 2025, compared with $1.86 a year earlier.
When will Gladstone Capital report its next earnings?
Gladstone Capital is expected to report results for the quarter ending September 30, 2026 on November 16, 2026 after the market closes.
When does Gladstone Capital's fiscal year end?
Gladstone Capital's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 17, 2025.