What is Oaktree Specialty's earnings per share (EPS)?

Oaktree Specialty (OCSL) reported diluted earnings per share of $0.39 for fiscal year 2025. This represents a -45.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Oaktree Specialty Financials

OCSL

FY2025 annual

Revenue Not reported for FY2025

Net Income $33.9M -41.4% YoY

EPS (Diluted) $0.39 -45.8% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE September

This page shows Oaktree Specialty (OCSL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).

Rhea AI OCSL FY2025 2026-08-29

Cash generation swings independently of reported earnings, while roughly one-for-one leverage and recurring distributions shape the financial model.

Operating cash flow and net income diverged sharply: in FY2025, operating cash flow was $228M against net income of $33.9M. That reverses FY2024, when operating cash flow was only $19.1M versus $57.9M of net income, making earnings an unreliable proxy for period-to-period cash production.

The interest burden remained large: interest expense was $115.8M in FY2025 while net income was only $33.9M. Financing cost therefore absorbed several times reported profit, even as leverage eased to 1.0x debt-to-equity.

From FY2023 to FY2025, assets fell about 7.0% while liabilities fell about 9.7%, indicating balance-sheet contraction alongside modest deleveraging. FY2025 operating cash flow exceeded dividends by $80M, yet dividends were more than four times net income, showing distributions were not mechanically tied to accounting earnings.

Financial Health Signals

Financial health score not available

Oaktree Specialty 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.

Piotroski F-Score Partial

4/6

Oaktree Specialty passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

6.73x

For every $1 of reported earnings, Oaktree Specialty generates $6.73 in operating cash flow ($228.4M OCF vs $33.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Net Income

$33.9M

YoY-41.4%

Oaktree Specialty reported $33.9M in net income in fiscal year 2025. This represents a decrease of 41.4% from the prior year.

EPS (Diluted)

$0.39

YoY-45.8%

Oaktree Specialty earned $0.39 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 45.8% from the prior year.

Revenue

Not reported for fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$79.6M

YoY+24.5%

Oaktree Specialty held $79.6M in cash against $1.5B in long-term debt as of fiscal year 2025.

Shares Outstanding

88M

YoY+7.1%

Oaktree Specialty had 88M shares outstanding in fiscal year 2025. This represents an increase of 7.1% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

2.3%

YoY-1.6pp

Oaktree Specialty's ROE was 2.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.6 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$10.7M

YoY+587.7%

Oaktree Specialty spent $10.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 587.7% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

OCSL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

OCSL quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21
SG&A Expenses	N/A	$3.6M+34.6%	$2.6M-25.0%	$3.5M+18.2%	$3.0M+9.6%	$2.7M
Interest Expense	N/A	$115.8M-9.9%	$128.6M+15.2%	$111.6M+137.9%	$46.9M+53.8%	$30.5M
Income Tax	N/A	$100K	N/A	N/A	$1.3M+85.7%	$700K
Net Income	N/A	$33.9M-41.4%	$57.9M-50.6%	$117.3M+301.5%	$29.2M-87.7%	$237.3M
EPS (Diluted)	$0.48	$0.39-45.8%	$0.72-55.8%	$1.63	$0.48	$4.39

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
SG&A Expenses	$641K-45.4%	$1.2M+39.7%	$841K	N/A	$997K+6.4%	$937K+1.2%	$926K	N/A
Interest Expense	$24.1M-5.8%	$25.6M-3.9%	$26.7M	N/A	$31.1M+10.2%	$28.2M-7.8%	$30.6M	N/A
Income Tax	$300K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$30.9M+263.8%	-$18.9M-436.8%	$5.6M	N/A	$38.4M+205.8%	-$36.2M-600.7%	$7.2M	N/A
EPS (Diluted)	$0.35+266.7%	-$0.21-450.0%	$0.06-78.6%	$0.28-36.4%	$0.44+204.8%	-$0.42-566.7%	$0.09-80.4%	$0.46

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

OCSL Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

OCSL quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$3.0B-6.1%	$3.2B-0.6%	$3.2B+21.6%	$2.6B	N/A
Cash & Equivalents	$79.6M+24.5%	$64.0M-53.1%	$136.4M+479.9%	$23.5M-19.8%	$29.3M
Total Liabilities	$1.5B-10.1%	$1.7B+0.5%	$1.7B+21.5%	$1.4B	N/A
Long-Term Debt	$1.5B-9.3%	$1.6B+2.4%	$1.6B+23.0%	$1.3B	N/A
Total Equity	$1.5B-1.5%	$1.5B-1.8%	$1.5B+21.7%	$1.2B-5.1%	$1.3B
Retained Earnings	-$885.1M-13.9%	-$777.5M-19.4%	-$651.3M-11.8%	-$582.8M	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$2.9B-1.3%	$2.9B-6.6%	$3.1B+3.2%	$3.0B+1.3%	$3.0B-3.7%	$3.1B-0.1%	$3.1B-3.6%	$3.2B
Cash & Equivalents	$39.9M-22.1%	$51.3M-36.6%	$80.8M+1.5%	$79.6M-0.2%	$79.8M-18.4%	$97.8M-13.4%	$112.9M+76.5%	$64.0M
Total Liabilities	$1.5B-2.5%	$1.5B-9.0%	$1.7B+8.1%	$1.5B+3.3%	$1.5B-7.3%	$1.6B-1.8%	$1.6B-4.5%	$1.7B
Long-Term Debt	$1.4B-2.9%	$1.5B-8.0%	$1.6B+8.3%	$1.5B+2.7%	$1.4B-0.1%	$1.4B-8.2%	$1.6B-3.7%	$1.6B
Total Equity	$1.4B+0.1%	$1.4B-3.8%	$1.4B-2.0%	$1.5B-0.7%	$1.5B+0.1%	$1.5B+1.7%	$1.4B-2.6%	$1.5B
Retained Earnings	-$967.9M+0.1%	-$968.9M-5.9%	-$914.8M-3.3%	-$885.1M+0.7%	-$891.7M+0.2%	-$893.1M-9.5%	-$815.5M-4.9%	-$777.5M

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.

OCSL Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

OCSL quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$106.1M	$228.4M+1097.2%	$19.1M-91.7%	$228.8M+921.5%	$22.4M+109.7%	-$230.5M
Financing Cash Flow	-$144.7M	-$229.3M-164.3%	-$86.8M+21.4%	-$110.4M-311.8%	-$26.8M-112.0%	$224.2M
Dividends Paid	$131.1M	$148.2M-16.2%	$176.8M-1.8%	$180.0M+56.2%	$115.2M+44.3%	$79.8M
Share Buybacks	$4.5M	$10.7M+587.7%	$1.6M-35.9%	$2.4M+30.2%	$1.9M-14.4%	$2.2M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$57.6M-56.0%	$130.7M+256.6%	-$83.5M-6351.1%	$1.3M-93.7%	$21.1M-66.0%	$62.0M-56.9%	$144.0M+50.7%	$95.5M
Financing Cash Flow	-$68.9M+57.0%	-$160.3M-289.1%	$84.8M+36324.8%	-$234K+99.5%	-$51.8M+36.8%	-$82.0M+13.9%	-$95.3M+23.9%	-$125.2M
Dividends Paid	$28.9M-15.3%	$34.1M0.0%	$34.1M+0.1%	$34.1M+2.5%	$33.2M-10.4%	$37.1M-15.2%	$43.8M+0.2%	$43.7M
Share Buybacks	$1.1M-5.1%	$1.1M+0.3%	$1.1M-2.9%	$1.2M-68.8%	$3.8M-12.5%	$4.3M+194.8%	$1.5M-6.2%	$1.6M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow.

OCSL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

OCSL quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21
Return on Equity	2.3%-1.6pp	3.9%-3.9pp	7.7%+5.4pp	2.4%-15.7pp	18.1%
Return on Assets	1.1%-0.7pp	1.8%-1.8pp	3.6%+2.5pp	1.1%	N/A
Debt-to-Equity	1.01-0.1x	1.100.0x	1.060.0x	1.04	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Return on Equity	2.2%+3.6pp	-1.4%-1.8pp	0.4%	N/A	2.6%+5.1pp	-2.5%-3.0pp	0.5%	N/A
Return on Assets	1.1%+1.7pp	-0.7%-0.8pp	0.2%	N/A	1.3%+2.5pp	-1.2%-1.4pp	0.2%	N/A
Debt-to-Equity	1.040.0x	1.070.0x	1.12+0.1x	1.010.0x	0.980.0x	0.98-0.1x	1.090.0x	1.10

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.

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Where Oaktree Specialty Ranks

Frequently Asked Questions

Is Oaktree Specialty profitable?

Yes, Oaktree Specialty (OCSL) reported a net income of $33.9M in fiscal year 2025.

How much debt does Oaktree Specialty have?

As of fiscal year 2025, Oaktree Specialty (OCSL) had $79.6M in cash and equivalents against $1.5B in long-term debt.

What is Oaktree Specialty's return on equity (ROE)?

Oaktree Specialty (OCSL) has a return on equity of 2.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Oaktree Specialty's operating cash flow?

Oaktree Specialty (OCSL) generated $228.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Oaktree Specialty's total assets?

Oaktree Specialty (OCSL) had $3.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Oaktree Specialty buy back shares?

Yes, Oaktree Specialty (OCSL) spent $10.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Oaktree Specialty have outstanding?

Oaktree Specialty (OCSL) had 88M shares outstanding as of fiscal year 2025.

What is Oaktree Specialty's debt-to-equity ratio?

Oaktree Specialty (OCSL) had a debt-to-equity ratio of 1.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Oaktree Specialty's return on assets (ROA)?

Oaktree Specialty (OCSL) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Oaktree Specialty's Piotroski F-Score?

Oaktree Specialty (OCSL) has a Piotroski F-Score of 4 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 Oaktree Specialty's earnings high quality?

Oaktree Specialty (OCSL) has an earnings quality ratio of 6.73x, considered cash-backed (high quality). 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.