Golub Capital BDC, Inc. (GBDC) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GBDC SEC filings page.
This page shows Golub Capital BDC, Inc. (GBDC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The latest year paired higher net income with negative operating cash flow, while debt remained a major funding source.
Earnings and cash diverged: net income improved in FY2025 even as operating cash flow reversed from positive to negative, so reported profit did not translate into operating cash. Because liabilities rose while equity slipped slightly, balance-sheet expansion relied more on financing than on retained earnings.
Assets expanded from
Interest expense rose from
Financial Health Signals
Golub Capital BDC, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Golub Capital BDC, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, Golub Capital BDC, Inc. used $0.30 of operating cash (-$113.6M OCF vs $376.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Golub Capital BDC, Inc. reported $57.0M in net income in Q3 2026. This represents a decrease of 36.7% from the same quarter a year earlier. Against the prior quarter it is up 221.8%.
Golub Capital BDC, Inc. earned $0.22 per diluted share (EPS) in Q3 2026. This represents a decrease of 35.3% from the same quarter a year earlier. Against the prior quarter it is up 222.2%.
Not reported for Q3 2026.
Not reported for Q3 2026.
Cash & Balance Sheet
Golub Capital BDC, Inc. held $70.7M in cash against $4.5B in long-term debt as of Q3 2026.
Golub Capital BDC, Inc. paid $0.33 per share in dividends in Q3 2026. This represents a decrease of 15.4% from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q3 2026.
Margins & Returns
Golub Capital BDC, Inc.'s ROE was 1.5% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.8 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
Golub Capital BDC, Inc. spent $14.4M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 58.2% from the same quarter a year earlier. Against the prior quarter it is down 48.3%.
Not reported for Q3 2026.
Not reported for Q3 2026.
GBDC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $372K-21.7% | $375K-8.1% | $398K-29.1% | N/A | $475K+28.4% | $408K+6.3% | $561K+47.2% | N/A |
| Interest Expense | $61.0M-13.7% | $61.1M-12.6% | $66.3M-16.7% | N/A | $70.7M+17.6% | $69.9M+58.4% | $79.6M+91.6% | N/A |
| Net Income | $57.0M-36.7% | -$46.8M-159.2% | $65.2M-41.4% | N/A | $90.1M+873.4% | $79.0M-15.6% | $111.3M+46.9% | N/A |
| EPS (Basic) | $0.22-35.3% | -$0.18-160.0% | $0.25-40.5% | $0.370.0% | $0.34+580.0% | $0.30-45.5% | $0.42-6.7% | $0.37-38.3% |
| EPS (Diluted) | $0.22-35.3% | -$0.18-160.0% | $0.25-40.5% | $0.370.0% | $0.34+580.0% | $0.30 | $0.42 | $0.37-38.3% |
| Diluted Shares (Avg) | 260M-2.4% | 263M-1.4% | 264M-0.3% | N/A | 267M+33.4% | 266M | 264M | N/A |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.
GBDC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.3B-9.7% | $8.5B-4.7% | $8.9B-1.3% | $9.0B+3.2% | $9.2B+9.0% | $8.9B+50.6% | $9.0B+58.1% | $8.7B+51.8% |
| Cash & Equivalents | $70.7M-23.1% | $135.2M+31.1% | $160.5M+55.1% | $11.9M-90.3% | $91.9M-34.9% | $103.1M-64.8% | $103.5M+46.4% | $123.1M+87.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $4.6B-11.6% | $4.8B-2.5% | $5.0B-0.1% | $5.0B+6.5% | $5.2B+18.5% | $4.9B+46.5% | $5.0B+59.2% | $4.7B+47.2% |
| Long-Term Debt | $4.5B-11.5% | $4.7B-2.2% | $4.9B-0.2% | $4.9B+6.6% | $5.1B+18.8% | $4.8B+47.1% | $4.9B+59.5% | $4.6B+47.5% |
| Total Equity | $3.7B-7.3% | $3.7B-7.3% | $3.9B-2.7% | $4.0B-0.8% | $4.0B-1.4% | $4.0B+55.9% | $4.0B+56.7% | $4.0B+57.6% |
| Retained Earnings | -$248.4M-19.5% | -$219.6M-13.2% | -$86.3M+48.8% | -$48.8M+68.1% | -$207.9M-26.7% | -$194.0M-133.9% | -$168.5M-71.9% | -$153.0M-54.2% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.
GBDC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $192.7M+196.2% | $248.8M+27.3% | $212.0M+156.6% | $266.1M+233.0% | -$200.4M-186.8% | $195.4M+30.8% | -$374.7M-329.0% | -$200.0M-411.9% |
| Financing Cash Flow | -$256.0M-292.9% | -$273.9M-61.0% | -$164.0M-168.9% | -$332.3M-454.7% | $132.7M+158.5% | -$170.1M-221.7% | $238.1M+282.0% | $93.7M+198.9% |
| Dividends Paid | $70.8M-15.0% | $72.3M-19.0% | $84.5M-22.0% | $87.2M-37.2% | $83.3M+10.2% | $89.3M+39.9% | $108.3M+81.3% | $139.0M+147.6% |
| Share Buybacks | $14.4M-58.2% | $27.8M+2360.3% | $35.9M | $5.2M+7.4% | $34.3M | $1.1M | $0 | $4.8M+6770.0% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow.
GBDC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 1.5%-0.7pp | -1.3%-3.2pp | 1.7%-1.1pp | N/A | 2.3%+2.0pp | 1.9%-1.7pp | 2.8%-0.2pp | N/A |
| Return on Assets | 0.7%-0.3pp | -0.5%-1.4pp | 0.7%-0.5pp | N/A | 1.0%+0.9pp | 0.9%-0.7pp | 1.2%-0.1pp | N/A |
| Debt-to-Equity | 1.22-0.1x | 1.25+0.1x | 1.250.0x | 1.23+0.1x | 1.28+0.2x | 1.19-0.1x | 1.220.0x | 1.15-0.1x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Golub Capital BDC, Inc. GBDC | FY2025 | N/A | $376.6M | N/A | $3.1B | — |
| FS KKR Capital Corp. FSK | FY2025 | N/A | $11.0M | N/A | $3.0B | — |
| AllianceBernstein Holding, L.P. AB | FY2025 | N/A | $299.8M | N/A | $3.2B | — |
| Federated Hermes, Inc. FHI | FY2025 | $1.8B | $403.3M | 22.4% | $4.2B | 81/100 |
Where Golub Capital BDC, Inc. Ranks
Frequently Asked Questions
Is Golub Capital BDC, Inc. profitable?
Yes, Golub Capital BDC, Inc. (GBDC) reported a net income of $376.6M in fiscal year 2025.
How much debt does Golub Capital BDC, Inc. have?
As of fiscal year 2025, Golub Capital BDC, Inc. (GBDC) had $11.9M in cash and equivalents against $4.9B in long-term debt.
Does Golub Capital BDC, Inc. pay dividends?
Yes, Golub Capital BDC, Inc. (GBDC) paid $1.65 per share in dividends during fiscal year 2025.
What is Golub Capital BDC, Inc.'s return on equity (ROE)?
Golub Capital BDC, Inc. (GBDC) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Golub Capital BDC, Inc.'s operating cash flow?
Golub Capital BDC, Inc. (GBDC) recorded an outflow of $113.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Golub Capital BDC, Inc.'s total assets?
Golub Capital BDC, Inc. (GBDC) had $9.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Golub Capital BDC, Inc.'s debt-to-equity ratio?
Golub Capital BDC, Inc. (GBDC) had a debt-to-equity ratio of 1.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Golub Capital BDC, Inc.'s return on assets (ROA)?
Golub Capital BDC, Inc. (GBDC) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Golub Capital BDC, Inc.'s P/E ratio?
Golub Capital BDC, Inc. (GBDC) trades at 8.3x earnings, its market capitalization divided by net income of $376.6M net income, FY2025. The market capitalization is $3.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Golub Capital BDC, Inc.'s price-to-sales ratio?
Golub Capital BDC, Inc. (GBDC) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $3.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Golub Capital BDC, Inc.'s Piotroski F-Score?
Golub Capital BDC, Inc. (GBDC) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Golub Capital BDC, Inc.'s earnings high quality?
For every $1 of reported earnings, Golub Capital BDC, Inc. (GBDC) used $0.30 of operating cash (-$113.6M OCF vs $376.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.