Goldman Sachs BDC, Inc. (GSBD) Income Statement
GSBD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGSBD revenue and net income
Where GSBD's revenue goes
2025Each bar shows an amount and its share of revenue. GSBD kept 49.2% of revenue as net income.
GSBD profit margins
GSBD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +26.0% | +62.4% | +10.6% | +14.4% |
| Gross profit | +132.2% | +47.8% | +4.5% | +13.3% |
| Operating income | +248.9% | +19.7% | +6.1% | +17.6% |
| Net income | +89.7% | +29.4% | −7.5% | +9.8% |
| EPS (diluted) | −28.6% | −10.4% | −5.1% | −3.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GSBD quarterly EPS vs estimates
Goldman Sachs BDC beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.37).
GSBD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $242.5M | $192.4M | $454.9M | $56.6M | $170.1M | $146.6M | $43.3M | $88.3M | $75.7M | $62.1M |
| Cost of revenue | $59.7M | $113.7M | $82.9M | $36.3M | $41.7M | $15.7M | $63.8M | $26.2M | $19.6M | $14.3M |
| Gross profit | $182.8M | $78.7M | $454.9M | $56.6M | $170.1M | $146.6M | $43.3M | $62.1M | $56.1M | $47.8M |
| Research & development | — | — | $1 | $0 | $0 | $1 | $0 | $0 | $1 | $0 |
| Sales, general & admin | $7.9M | $10.4M | $91.5M | $8.7M | $7.6M | $6.0M | $5.9M | $6.1M | $5.0M | $6.1M |
| Total operating expenses | −$55.7M | $10.4M | $91.5M | −$3.1M | −$24.0M | −$31.0M | $5.5M | $6.1M | $5.0M | $6.1M |
| Operating income | $238.5M | $68.3M | $363.4M | $139.2M | $194.1M | $177.5M | $37.8M | $56.0M | $51.1M | $41.7M |
| Interest income | $327.5M | $378.1M | $409.6M | $330.9M | $342.1M | $170.4M | $141.1M | $133.9M | $122.5M | $112.1M |
| Interest expense | $111.6M | $113.7M | $111.3M | $79.5M | $59.0M | $39.9M | $36.3M | $26.2M | $19.6M | $14.3M |
| Income before taxes | $123.4M | $68.3M | $201.4M | $59.7M | $194.1M | $177.5M | $37.8M | $56.0M | $51.1M | $41.7M |
| Income taxes | $4.1M | $5.5M | $5.5M | $4.7M | $1.6M | $1.4M | $1.6M | $2.3M | $1.6M | $1.0M |
| Net income | $119.3M | $62.9M | $195.9M | $55.0M | $192.4M | $176.1M | $36.1M | $53.7M | $49.5M | $40.7M |
| EBITDA | $234.9M | $68.3M | $363.4M | $255.0M | $423.1M | $61.8M | $37.8M | $56.0M | $51.1M | $41.7M |
| EPS (diluted) | $1.57 | $2.20 | $2.27 | $2.18 | $2.24 | $2.04 | $1.97 | $2.07 | $2.07 | $2.09 |
| Gross margin | 75.4% | 40.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 70.3% | 74.1% | 77.0% |
| Operating margin | 98.4% | 35.5% | 79.9% | 245.7% | 114.1% | 121.1% | 87.3% | 63.4% | 67.5% | 67.1% |
| Net margin | 49.2% | 32.7% | 43.1% | 97.1% | 113.1% | 120.1% | 83.5% | 60.8% | 65.4% | 65.5% |
| 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 | $105.1M | $78.5M | $83.2M | $55.8M | $68.9M | $96.9M | $69.8M | $70.7M | $0 | $73.6M | $82.4M | $83.7M |
| Cost of revenue | $8.2M | $20.7M | $12.0M | $28.1M | $26.4M | $28.3M | $27.7M | $29.3M | $29.1M | $27.6M | $28.1M | $28.2M |
| Gross profit | $96.9M | $57.8M | $71.2M | $27.7M | $42.5M | $68.6M | $42.1M | $41.4M | −$50.7M | $45.9M | $54.3M | $55.5M |
| Sales, general & admin | $2.2M | $2.1M | $1.4M | $2.1M | $2.3M | $2.2M | $2.9M | $2.6M | $2.4M | $2.4M | $2.0M | $2.3M |
| Total operating expenses | $43.1M | $42.4M | $17.2M | $2.1M | $2.3M | $46.0M | $2.9M | $2.6M | $2.4M | $2.4M | $2.0M | $2.3M |
| Operating income | $53.8M | $15.4M | $54.0M | $25.7M | $40.2M | $22.6M | $39.2M | $38.8M | −$53.2M | $43.6M | $52.3M | $53.2M |
| Interest income | $74.0M | $70.1M | $77.1M | $82.6M | $82.3M | $85.6M | $86.2M | $99.1M | $95.2M | $97.6M | $106.2M | $109.7M |
| Interest expense | $30.1M | $30.0M | $28.8M | $28.1M | $26.4M | $28.3M | $27.7M | $29.3M | $29.1M | $27.6M | $28.1M | $28.2M |
| Income before taxes | $24.5M | −$12.6M | $24.6M | $25.7M | $40.2M | $32.9M | $39.2M | $38.8M | −$53.2M | $43.6M | $52.3M | $53.2M |
| Income taxes | $828,000 | $1.0M | $850,000 | $956,000 | $906,000 | $1.4M | $1.6M | $1.7M | $1.0M | $1.1M | $1.7M | $1.6M |
| Net income | $23.7M | −$13.6M | $23.7M | $24.7M | $39.3M | $31.6M | $37.5M | $37.1M | −$54.2M | $42.5M | $50.6M | $51.6M |
| EBITDA | $54.6M | $17.4M | $55.6M | $25.7M | $40.2M | $63.4M | $39.2M | $38.8M | −$53.2M | $43.6M | $52.3M | $53.2M |
| EPS (diluted) | $0.37 | −$0.12 | $0.37 | $0.40 | $0.38 | $0.42 | $0.48 | $0.58 | $0.59 | $0.55 | $0.55 | $0.67 |
| Gross margin | 92.2% | 73.6% | 85.6% | 49.7% | 61.6% | 70.8% | 60.3% | 58.6% | — | 62.5% | 65.9% | 66.3% |
| Operating margin | 51.2% | 19.6% | 64.9% | 46.0% | 58.4% | 23.3% | 56.1% | 54.9% | — | 59.2% | 63.4% | 63.5% |
| Net margin | 22.5% | −17.4% | 28.5% | 44.3% | 57.0% | 32.5% | 53.8% | 52.5% | — | 57.7% | 61.4% | 61.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GSBD's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GSBD financial results
In fiscal year 2025 (ended December 31, 2025), Goldman Sachs BDC reported revenue of $242.5 million, up 26.0% from the year before. It had net income of $119.3 million (up 89.7%), a net profit margin of 49.2%. Diluted earnings per share came to $1.57. Over five years revenue grew at an average rate of 10.6% a year.
See the GSBD stock overview for the latest quote and news, or the GSBD chart for price history and technical indicators.
GSBD income statement FAQ
What is Goldman Sachs BDC's annual revenue?
Goldman Sachs BDC reported total revenue of $242.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 26.0% from $192.4 million the previous year.
Is Goldman Sachs BDC profitable?
Yes. Goldman Sachs BDC reported net income of $119.3 million in fiscal 2025, a net profit margin of 49.2%; its operating margin was 98.4%.
What is Goldman Sachs BDC's gross margin?
Goldman Sachs BDC's gross margin was 75.4% in fiscal 2025: for every $100 of revenue, Goldman Sachs BDC kept $75 after the direct cost of its products and services.
How fast is Goldman Sachs BDC growing?
Revenue grew 10.6% a year on average over the last five fiscal years, from $146.6 million to $242.5 million.
What are Goldman Sachs BDC's earnings per share?
Goldman Sachs BDC earned $1.57 per diluted share in fiscal 2025, compared with $2.20 a year earlier.
When will Goldman Sachs BDC report its next earnings?
Goldman Sachs BDC is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Goldman Sachs BDC's fiscal year end?
Goldman Sachs BDC's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.