GBDC

MKT CAP:$3B

Golub Capital BDC, Inc.

Market Cap

$3B

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$13.29-$0.28 (-2.06%)

Apr 24, 2026

Company Details

Golub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies t...

CEO

David Golub

IPO Date

Apr 15, 2010

Website

www.golubcapitalbdc.com

Key Metrics TTM

Revenue

$630M

+14.5% YoY

Net Income

$331M

EPS (Diluted)

$1.25

Free Cash Flow

$473M

Revenue / Share

$2.39

Gross Margin

57.5%

Operating Margin

52.4%

Net Margin

52.5%

FCF Margin

75.2%

P/S

5.6x

P/E

10.6x

Earnings Reports

Q2 2026

May 4, 2026

PENDING

Q1 2026

Feb 4, 2026

$137M-30.1%EPS $0.25

FY 2025

Nov 18, 2025

$688M+44.7%EPS $1.42

Q4 2025

Nov 18, 2025

$172M+8.7%EPS $0.36

Q3 2025

Aug 4, 2025

$166M+182.6%EPS $0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$87M	$68M	$67M
Q3 22	$43M	$19M	$16M
Q4 22	$120M	$120M	$83M
Q1 23	$65M	$33M	$28M
Q2 23	$99M	$62M	$59M
Q3 23	$116M	$77M	$73M
Q4 23	$148M	$109M	$103M
Q1 24	$122M	$82M	$76M
Q2 24	$137M	$92M	$94M
Q3 24	$59M	$947.0K	$9M
Q4 24	$158M	$94M	$95M
Q1 25	$196M	$119M	$111M
Q2 25	$154M	$87M	$79M
Q3 25	$166M	$98M	$90M
Q4 25	$172M	$104M	$96M
Q1 26	$137M	$73M	$65M

Valuation

Quarter	P/S	P/E
Q2 22	9.6x	12.3x
Q3 22	11.5x	16.1x
Q4 22	10.5x	22.8x
Q1 23	11.1x	30.1x
Q2 23	10.7x	32.5x
Q3 23	8.7x	21.2x
Q4 23	8.2x	13.5x
Q1 24	7.2x	11.3x
Q2 24	6.7x	10.2x
Q3 24	7.5x	12.5x
Q4 24	7.3x	12.8x
Q1 25	6.4x	11.3x
Q2 25	6.2x	11.9x
Q3 25	5.2x	9.3x
Q4 25	5.1x	9.3x
Q1 26	5.6x	10.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$207M	-$207M
Q3 22	-$186M	-$186M
Q4 22	$159M	$159M
Q1 23	$53M	$53M
Q2 23	$30M	$30M
Q3 23	$49M	$49M
Q4 23	$64M	$64M
Q1 24	$164M	$164M
Q2 24	$149M	$149M
Q3 24	$231M	$231M
Q4 24	-$200M	-$200M
Q1 25	-$375M	-$375M
Q2 25	$195M	$195M
Q3 25	-$200M	-$200M
Q4 25	$266M	$266M
Q1 26	$212M	$212M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-21.7%	+1.4%
Q3 22	-57.9%	+45.4%
Q4 22	+32.2%	+100.1%
Q1 23	-22.5%	+81.6%
Q2 23	+13.1%	+97.9%
Q3 23	+171.9%	+61.0%
Q4 23	+23.4%	+21.7%
Q1 24	+86.0%	+19.9%
Q2 24	+38.6%	+7.5%
Q3 24	-49.3%	+15.3%
Q4 24	+7.3%	+42.2%
Q1 25	+60.7%	+86.8%
Q2 25	+12.8%	+75.7%
Q3 25	+182.6%	+54.0%
Q4 25	+8.7%	+20.1%
Q1 26	-30.1%	-15.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 22	$3M
Q3 22	$3M
Q4 22	$37M
Q1 23	$4M
Q2 23	$4M
Q3 23	$4M
Q4 23	$4M
Q1 24	$4M
Q2 24	$4M
Q3 24	$4M
Q4 24	$5M
Q1 25	$5M
Q2 25	$5M
Q3 25	$6M
Q4 25	$6M
Q1 26	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$136M	$0	$136M
Q3 22	$85M	$0	$85M
Q4 22	$124M	$0	$124M
Q1 23	$103M	$0	$103M
Q2 23	$87M	$0	$87M
Q3 23	$92M	$0	$92M
Q4 23	$70M	$0	$70M
Q1 24	$77M	$0	$77M
Q2 24	$301M	$0	$301M
Q3 24	$148M	$0	$148M
Q4 24	$131M	$0	$131M
Q1 25	$110M	$0	$110M
Q2 25	$117M	$0	$117M
Q3 25	$100M	$0	$100M
Q4 25	$24M	$0	$24M
Q1 26	$58M	$0	$58M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	171M	+0.5%	+2.1%
Q3 22	171M	+0.0%	+1.6%
Q4 22	171M	0.0%	+1.0%
Q1 23	171M	0.0%	+0.5%
Q2 23	171M	-0.0%	-0.0%
Q3 23	170M	-0.5%	-0.5%
Q4 23	170M	+0.2%	-0.3%
Q1 24	170M	-0.4%	-0.7%
Q2 24	171M	+0.6%	-0.1%
Q3 24	200M	+17.2%	+17.6%
Q4 24	264M	+32.2%	+55.3%
Q1 25	264M	-0.0%	+55.8%
Q2 25	266M	+0.8%	+56.2%
Q3 25	267M	+0.1%	+33.4%
Q4 25	266M	-0.2%	+0.7%
Q1 26	264M	-1.0%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$44M	2
Q3 22	$21M	2
Q4 22	$239.3K	500
Q1 23	$131.0K	500
Q2 23	$197.1K	500
Q3 23	$232.0K	500
Q4 23	$295.3K	500
Q1 24	$243.6K	500
Q2 24	$273.2K	500
Q3 24	$117.7K	500
Q4 24	$316.9K	500
Q1 25	$391.6K	500
Q2 25	$308.2K	500
Q3 25	$332.6K	500
Q4 25	$344.5K	500
Q1 26	$273.8K	500

Revenue / Employee