OCSL

MKT CAP:$1B

Oaktree Specialty Lending Corporation

Market Cap

$1B

Financial Services·Financial - Credit Services·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$12.57-$0.15 (-1.14%)

Apr 23, 2026

Company Details

Oaktree Specialty Lending Corporation is a business development company specializing in investments in middle market, bridge financing, first and second lien debt financing, unsecured and mezzanine loan, mezzanine debt, senior and junior se...

CEO

Armen Panossian

IPO Date

Jun 12, 2008

Website

www.oaktreespecialtylending.com

Key Metrics TTM

Revenue

$216M

+22.9% YoY

Net Income

$32M

EPS (Diluted)

$0.36

Free Cash Flow

$79M

Revenue / Share

$2.45

Gross Margin

62.2%

Operating Margin

39.7%

Net Margin

14.9%

FCF Margin

36.7%

P/S

5.1x

P/E

33.8x

Earnings Reports

Q2 2026

May 5, 2026

PENDING

Q1 2026

Feb 3, 2026

$76M+127.0%EPS $0.06

FY 2025

Nov 17, 2025

$300M+60.9%EPS $0.39

Q4 2025

Nov 17, 2025

$84M+23.0%EPS $0.28

Q3 2025

Aug 4, 2025

$67M+113.5%EPS $0.44

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$26M	$16M	$14M
Q3 22	-$24M	-$36M	-$37M
Q4 22	$33M	$17M	$15M
Q1 23	$35M	$15M	$13M
Q2 23	$51M	$24M	$22M
Q3 23	$69M	$38M	$37M
Q4 23	$81M	$49M	$48M
Q1 24	$44M	$12M	$11M
Q2 24	$42M	$10M	$10M
Q3 24	$32M	-$922.0K	$1M
Q4 24	$69M	$36M	$36M
Q1 25	$34M	$3M	$8M
Q2 25	-$12M	-$40M	-$36M
Q3 25	$67M	$36M	$39M
Q4 25	$84M	$71M	$51M
Q1 26	$76M	$67M	$32M

Valuation

Quarter	P/S	P/E
Q2 22	7.3x	9.8x
Q3 22	11.8x	22.7x
Q4 22	12.9x	38.0x
Q1 23	22.3x	522.0x
Q2 23	15.2x	144.6x
Q3 23	8.0x	17.8x
Q4 23	6.4x	13.0x
Q1 24	6.8x	14.6x
Q2 24	6.5x	15.0x
Q3 24	7.5x	22.3x
Q4 24	7.2x	23.0x
Q1 25	7.1x	22.9x
Q2 25	10.4x	140.0x
Q3 25	7.4x	25.4x
Q4 25	6.6x	33.9x
Q1 26	5.2x	34.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$91M	-$91M
Q3 22	$24M	$24M
Q4 22	$66M	$66M
Q1 23	-$110M	-$110M
Q2 23	$46M	$46M
Q3 23	$49M	$49M
Q4 23	$244M	$244M
Q1 24	$1M	$1M
Q2 24	-$18M	-$18M
Q3 24	-$60M	-$60M
Q4 24	$96M	$96M
Q1 25	$144M	$144M
Q2 25	$62M	$62M
Q3 25	-$72M	-$72M
Q4 25	$48M	$48M
Q1 26	$42M	$42M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-73.8%	+28.2%
Q3 22	-140.4%	+27.2%
Q4 22	-31.6%	+61.3%
Q1 23	-31.3%	+102.8%
Q2 23	+100.7%	+167.3%
Q3 23	+387.1%	+140.9%
Q4 23	+147.8%	+89.6%
Q1 24	+24.4%	+46.8%
Q2 24	-18.1%	+9.3%
Q3 24	-54.0%	-5.2%
Q4 24	-15.8%	-3.3%
Q1 25	-23.5%	-21.8%
Q2 25	-128.5%	-26.4%
Q3 25	+113.5%	-4.9%
Q4 25	+23.0%	+3.4%
Q1 26	+127.0%	+69.6%

Stock-Based Compensation

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

OpEx Breakdown

Quarter	G&A
Q2 22	$2M
Q3 22	$2M
Q4 22	$3M
Q1 23	$3M
Q2 23	$4M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$3M
Q2 25	$3M
Q3 25	$3M
Q4 25	$2M
Q1 26	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$39M	$0	$39M
Q3 22	$34M	$0	$34M
Q4 22	$24M	$0	$24M
Q1 23	$17M	$0	$17M
Q2 23	$44M	$0	$44M
Q3 23	$60M	$0	$60M
Q4 23	$136M	$0	$136M
Q1 24	$112M	$0	$112M
Q2 24	$125M	$0	$125M
Q3 24	$96M	$0	$96M
Q4 24	$64M	$0	$64M
Q1 25	$113M	$0	$113M
Q2 25	$98M	$0	$98M
Q3 25	$80M	$0	$80M
Q4 25	$80M	$0	$80M
Q1 26	$81M	$0	$81M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	61M	+0.7%	+23.8%
Q3 22	61M	+1.0%	+1.7%
Q4 22	61M	+0.0%	+1.7%
Q1 23	61M	+0.0%	+1.7%
Q2 23	73M	+19.7%	+20.9%
Q3 23	77M	+5.3%	+26.1%
Q4 23	77M	+0.1%	+26.2%
Q1 24	78M	+0.9%	+27.3%
Q2 24	80M	+2.5%	+9.0%
Q3 24	82M	+2.6%	+6.2%
Q4 24	82M	+0.5%	+6.6%
Q1 25	82M	0.0%	+5.7%
Q2 25	86M	+4.5%	+7.7%
Q3 25	88M	+2.5%	+7.6%
Q4 25	88M	0.0%	+7.1%
Q1 26	88M	0.0%	+7.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$28.5K	900
Q3 22	-$26.6K	900
Q4 22	$36.5K	900
Q1 23	$39.3K	900
Q2 23	$57.1K	900
Q3 23	$76.3K	900
Q4 23	$90.4K	900
Q1 24	$48.9K	900
Q2 24	$46.8K	900
Q3 24	$35.1K	900
Q4 24	$76.1K	900
Q1 25	$37.4K	900
Q2 25	-$13.3K	900
Q3 25	$74.9K	900
Q4 25	$93.6K	900
Q1 26	$84.9K	900

Revenue / Employee