What is Sixth Street Specialty Lending, Inc.'s earnings per share (EPS)?

Sixth Street Specialty Lending, Inc. (TSLX) reported diluted earnings per share of $1.81 for fiscal year 2025. This represents a -10.8% 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.

Sixth Street Specialty Lending (TSLX) Financials

TSLX NYSE

Trailing 12 months to June 30, 2026

Revenue $408.9M -13.8% YoY

Net Income $89.0M -52.5% YoY

EPS (Diluted) $0.94 -53.2% YoY

Operating Cash Flow $103.5M -56.5% YoY

Market Cap $1.7B as of Oct 29, 2026

Price / Sales 4.1x on $408.9M revenue, trailing 12 months to June 30, 2026

Price / Earnings 18.9x on $89.0M net income, trailing 12 months to June 30, 2026

Price / Book 1.1x on $1.5B equity, Q2 FY2026

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 29, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TSLX SEC filings page.

Sixth Street Specialty Lending, Inc. (TSLX) reported $408.9M in revenue over the twelve months to Jun 30, 2026, down 13.8% from the prior twelve months. This page shows its 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).

Rhea AI TSLX FY2025 2026-10-24

The lender remains debt-funded, while FY2025 cash generation rebounded sharply even as earnings and returns softened.

The key earnings-quality signal is the disconnect between reported profit and cash: operating cash flow swung from -$45.5M in FY2024 to $401.6M in FY2025 even as net income fell 8.6%. That reversal points to cash timing or balance-sheet movements rather than improved underlying earnings.

FY2025’s balance sheet was modestly deleveraged: long-term debt fell 8.3% while equity was flat, reducing debt-to-equity to 1.1x. Yet liabilities still represented 53.0% of assets, so the lending model remains materially financed by obligations rather than equity.

Profitability weakened from FY2023 to FY2025, with return on equity falling 4.2 percentage points to 10.6%. Dividends of $170.3M nearly matched net income of $170.5M, leaving little of that year’s reported earnings to build retained capital.

Financial Health Signals

Financial health score not available

Sixth Street Specialty Lending, 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.

Piotroski F-Score Partial

4/7

Sixth Street Specialty Lending, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.

Earnings Quality Cash-Backed

2.36x

For every $1 of reported earnings, Sixth Street Specialty Lending, Inc. generates $2.36 in operating cash flow ($401.6M OCF vs $170.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$97.8M

YoY-14.9%

QoQ+4.8%

Sixth Street Specialty Lending, Inc. generated $97.8M in revenue in Q2 2026. This represents a decrease of 14.9% from the same quarter a year earlier. Against the prior quarter it is up 4.8%.

Net Income

$40.5M

YoY-31.3%

QoQn/m

5Y CAGR-7.0%

Sixth Street Specialty Lending, Inc. reported $40.5M in net income in Q2 2026. This represents a decrease of 31.3% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

EPS (Diluted)

$0.43

YoY-31.7%

QoQn/m

Sixth Street Specialty Lending, Inc. earned $0.43 per diluted share (EPS) in Q2 2026. This represents a decrease of 31.7% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$193.6M

YoY+394.2%

QoQ+563.4%

Sixth Street Specialty Lending, Inc. held $193.6M in cash against $1.9B in long-term debt as of Q2 2026.

Shares Outstanding

95M

YoY+1.2%

QoQ+0.3%

Sixth Street Specialty Lending, Inc. had 95M shares outstanding in Q2 2026. This represents an increase of 1.2% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin

41.4%

YoY-9.9pp

QoQ+69.3pp

Sixth Street Specialty Lending, Inc.'s net profit margin was 41.4% in Q2 2026, showing the share of revenue converted to profit. This is down 9.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 69.3 percentage points.

Return on Equity

2.6%

YoY-1.0pp

QoQ+4.3pp

5Y change-2.1pp

Sixth Street Specialty Lending, Inc.'s quarterly ROE was 2.6% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.3 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

TSLX 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.

TSLX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Revenue	$408.9M	$449.1M-6.9%	$482.5M+10.1%	$438.1M	N/A	N/A	N/A
Interest Expense	N/A	$101.0M-4.0%	$105.2M+10.1%	$95.5M+91.4%	$49.9M+25.7%	$39.7M+8.8%	$36.5M
Income Tax	N/A	N/A	$3.9M+66.8%	$2.4M-9.8%	$2.6M+582.8%	$384K-93.3%	$5.8M
Net Income	$89.0M	$170.5M-8.6%	$186.6M-16.0%	$222.0M+105.5%	$108.1M-49.0%	$211.8M+18.9%	$178.1M
EPS (Basic)	N/A	$1.81-10.8%	$2.03-22.2%	$2.61+89.1%	$1.38-52.9%	$2.93+10.6%	$2.65
EPS (Diluted)	$0.94	$1.81-10.8%	$2.03-22.2%	$2.61+89.1%	$1.38-50.5%	$2.79+5.3%	$2.65
Diluted Shares (Avg)	N/A	94M+2.2%	92M+8.1%	85M+8.9%	78M+0.6%	78M+15.6%	67M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$97.8M-14.9%	$93.4M-19.7%	$108.2M-12.5%	$109.4M-8.2%	$115.0M-5.6%	$116.3M-1.2%	$123.7M+3.5%	$119.2M+4.2%
Interest Expense	$24.5M-5.7%	$23.4M-12.6%	N/A	$23.4M-5.6%	$26.0M+1.5%	$26.8M+0.9%	N/A	$24.8M+0.1%
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$698K+51.4%
Net Income	$40.5M-31.3%	-$26.0M-170.4%	$30.0M-41.2%	$44.6M+9.7%	$59.0M+24.5%	$37.0M-22.2%	$51.0M-0.3%	$40.7M-37.3%
EPS (Basic)	$0.43-31.7%	-$0.27-169.2%	$0.31-43.6%	$0.47+6.8%	$0.63+23.5%	$0.39-26.4%	$0.55-5.2%	$0.44-40.5%
EPS (Diluted)	$0.43-31.7%	-$0.27-169.2%	$0.31-43.6%	$0.47+6.8%	$0.63+23.5%	$0.39-26.4%	$0.55-5.2%	$0.44-40.5%
Diluted Shares (Avg)	95M+1.1%	95M+1.1%	N/A	94M+1.3%	94M+1.3%	94M+5.2%	N/A	93M+6.6%

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

TSLX Balance Sheet

TSLX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Total Assets	$3.4B-4.5%	$3.6B+7.1%	$3.3B+17.9%	$2.8B+11.2%	$2.6B	N/A
Cash & Equivalents	$19.7M-28.1%	$27.3M+8.5%	$25.2M-1.8%	$25.6M+60.6%	$16.0M	N/A
Total Liabilities	$1.8B-8.1%	$2.0B+6.9%	$1.8B+23.5%	$1.5B+17.2%	$1.3B	N/A
Long-Term Debt	$1.7B-8.3%	$1.9B+6.8%	$1.8B+23.5%	$1.4B+21.6%	$1.2B	N/A
Total Equity	$1.6B0.0%	$1.6B+7.4%	$1.5B+11.5%	$1.3B+5.2%	$1.3B+9.9%	$1.2B
Retained Earnings	$81.6M-16.4%	$97.7M-3.0%	$100.8M+78.5%	$56.5M-37.3%	$90.1M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$3.5B+3.7%	$3.4B-3.0%	$3.4B-4.5%	$3.5B-0.6%	$3.4B+0.9%	$3.5B+1.3%	$3.6B+7.1%	$3.5B+11.2%
Cash & Equivalents	$193.6M+394.2%	$29.2M-38.3%	$19.7M-28.1%	$83.2M+179.7%	$39.2M+13.0%	$47.3M+31.7%	$27.3M+8.5%	$29.7M-0.5%
Total Liabilities	$2.0B+10.9%	$1.9B-2.5%	$1.8B-8.1%	$1.9B-2.2%	$1.8B+0.6%	$1.9B+1.5%	$2.0B+6.9%	$1.9B+14.5%
Long-Term Debt	$1.9B+11.5%	$1.8B-2.2%	$1.7B-8.3%	$1.8B-1.9%	$1.7B+0.8%	$1.8B+2.2%	$1.9B+6.8%	$1.9B+15.2%
Total Equity	$1.5B-4.3%	$1.5B-3.7%	$1.6B0.0%	$1.6B+1.4%	$1.6B+1.2%	$1.6B+1.2%	$1.6B+7.4%	$1.6B+7.5%
Retained Earnings	$11.7M-87.7%	$11.1M-86.9%	$81.6M-16.4%	$91.7M+1.3%	$95.2M-3.1%	$85.0M-14.1%	$97.7M-3.0%	$90.5M-3.9%

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities.

TSLX Cash Flow Statement

TSLX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Operating Cash Flow	$103.5M	$401.6Mn/m	-$45.5Mn/m	-$236.8Mn/m	-$224.5M-9257.1%	$2.5M-98.3%	$145.1M
Financing Cash Flow	$50.9M	-$409.2M-959.3%	$47.6M-79.8%	$236.3M+0.9%	$234.2M+97083.4%	$241Kn/m	-$145.9M
Dividends Paid	$157.6M	$170.3M+1.0%	$168.7M+7.9%	$156.4M+8.1%	$144.7M-34.8%	$221.9M+70.1%	$130.4M
Share Buybacks	N/A	N/A	N/A	N/A	$6.2M	N/A	$2.9M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$68.3M-64.6%	-$23.4M-115.6%	$74.1Mn/m	-$15.6Mn/m	$193.2M+54.2%	$149.9Mn/m	-$30.7Mn/m	-$74.5M-303.2%
Financing Cash Flow	$96.0Mn/m	$32.9Mn/m	-$137.6M-585.7%	$59.6M-14.3%	-$201.3Mn/m	-$130.0M-270.5%	$28.3M-65.5%	$69.6Mn/m
Dividends Paid	$34.1M-20.0%	$39.0M-9.7%	$41.9M+3.2%	$42.5M+0.1%	$42.6M+1.0%	$43.2M-0.3%	$40.6M+0.1%	$42.5M+7.8%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Share Buybacks.

TSLX 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.

TSLX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Net Margin	38.0%-0.7pp	38.7%-12.0pp	50.7%	N/A	N/A	N/A
Return on Equity	10.6%-1.0pp	11.6%-3.2pp	14.8%+6.8pp	8.1%-8.6pp	16.6%+1.3pp	15.3%
Return on Assets	5.0%-0.2pp	5.2%-1.4pp	6.6%+2.8pp	3.8%-4.5pp	8.3%	N/A
Debt-to-Equity	1.08-0.1x	1.180.0x	1.19+0.1x	1.07+0.1x	0.93	N/A
Liabilities-to-Equity	1.13-0.1x	1.230.0x	1.23+0.1x	1.11+0.1x	1.00	N/A
Asset Turnover	0.130.0x	0.130.0x	0.13	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Net Margin	41.4%-9.9pp	-27.9%-59.6pp	27.7%-13.5pp	40.8%+6.6pp	51.3%+12.4pp	31.8%-8.6pp	41.2%-1.6pp	34.1%-22.5pp
Return on Equity	2.6%-1.0pp	-1.7%-4.0pp	1.9%-1.3pp	2.8%+0.2pp	3.6%+0.7pp	2.3%-0.7pp	3.2%-0.3pp	2.5%-1.8pp
Return on Assets	1.1%-0.6pp	-0.8%-1.8pp	0.9%-0.5pp	1.3%+0.1pp	1.7%+0.3pp	1.1%-0.3pp	1.4%-0.1pp	1.1%-0.9pp
Debt-to-Equity	1.24+0.2x	1.170.0x	1.08-0.1x	1.130.0x	1.070.0x	1.150.0x	1.180.0x	1.17+0.1x
Liabilities-to-Equity	1.29+0.2x	1.200.0x	1.13-0.1x	1.170.0x	1.110.0x	1.180.0x	1.230.0x	1.21+0.1x
Asset Turnover	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, 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
Sixth Street Specialty Lending, Inc. TSLX	FY2025	$449.1M	$170.5M	38.0%	$1.7B	—
GCM Grosvenor Inc. GCMG	FY2025	$557.6M	$45.4M	8.1%	$2.6B	67/100
Brookfield Business Corporation BBUC	FY2025	$27.5B	$387.0M	1.4%	$5.9B	30/100
Patria Investments Limited PAX	FY2025	$381.7M	$90.5M	23.7%	$1.5B	71/100

Where Sixth Street Specialty Lending, Inc. Ranks

Frequently Asked Questions

What is Sixth Street Specialty Lending, Inc.'s annual revenue?

Sixth Street Specialty Lending, Inc. (TSLX) reported $449.1M in total revenue for fiscal year 2025. This represents a -6.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sixth Street Specialty Lending, Inc.'s revenue growing?

Sixth Street Specialty Lending, Inc. (TSLX) revenue declined by 6.9% year-over-year, from $482.5M to $449.1M in fiscal year 2025.

Is Sixth Street Specialty Lending, Inc. profitable?

Yes, Sixth Street Specialty Lending, Inc. (TSLX) reported a net income of $89.0M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $170.5M, with a net profit margin of 38.0%.

How much debt does Sixth Street Specialty Lending, Inc. have?

As of fiscal year 2025, Sixth Street Specialty Lending, Inc. (TSLX) had $19.7M in cash and equivalents against $1.7B in long-term debt.

What is Sixth Street Specialty Lending, Inc.'s net profit margin?

Sixth Street Specialty Lending, Inc. (TSLX) had a net profit margin of 38.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Sixth Street Specialty Lending, Inc.'s return on equity (ROE)?

Sixth Street Specialty Lending, Inc. (TSLX) has a return on equity of 10.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Sixth Street Specialty Lending, Inc.'s operating cash flow?

Sixth Street Specialty Lending, Inc. (TSLX) generated $401.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Sixth Street Specialty Lending, Inc.'s total assets?

Sixth Street Specialty Lending, Inc. (TSLX) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Sixth Street Specialty Lending, Inc. have outstanding?

Sixth Street Specialty Lending, Inc. (TSLX) had 95M shares outstanding as of fiscal year 2025.

What is Sixth Street Specialty Lending, Inc.'s debt-to-equity ratio?

Sixth Street Specialty Lending, Inc. (TSLX) had a debt-to-equity ratio of 1.08 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Sixth Street Specialty Lending, Inc.'s liabilities-to-equity ratio?

Sixth Street Specialty Lending, Inc. (TSLX) had a liabilities-to-equity ratio of 1.13 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is Sixth Street Specialty Lending, Inc.'s return on assets (ROA)?

Sixth Street Specialty Lending, Inc. (TSLX) had a return on assets of 5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Sixth Street Specialty Lending, Inc.'s P/E ratio?

Sixth Street Specialty Lending, Inc. (TSLX) trades at 18.9x earnings, its market capitalization divided by $89.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.7B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Sixth Street Specialty Lending, Inc.'s price-to-sales ratio?

Sixth Street Specialty Lending, Inc. (TSLX) trades at 4.1x sales, its market capitalization divided by $408.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.7B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Sixth Street Specialty Lending, Inc.'s Piotroski F-Score?

Sixth Street Specialty Lending, Inc. (TSLX) has a Piotroski F-Score of 4 out of 7 computable signals; 2 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 Sixth Street Specialty Lending, Inc.'s earnings high quality?

Sixth Street Specialty Lending, Inc. (TSLX) has an earnings quality ratio of 2.36x, 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.