GOLUB CAPITAL BDC, Inc.
GBDC Nasdaq Financials FY2020–FY2025
Last close · Oct 23, 2026
$12.12
0.6%
Revenue
Total sales reported in the income statement.
$871M
20.2%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$377M
37.6%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$3.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
18.6x
On $0.65 EPS (TTM)
What GOLUB CAPITAL BDC, Inc. does
No business description yet.
- Legal name
- GOLUB CAPITAL BDC, Inc.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 18, 2025
- Accession · CIK
- 0001476765-25-000096
0001476765
Revenue and margins
GOLUB CAPITAL BDC, Inc. had $871M of revenue in fiscal 2025, up 20.2% on the year before.
FY20
Revenue $299M
FY21
Revenue $307M
FY22
Revenue $388M
FY23
Revenue $603M
FY24
Revenue $725M
FY25
Revenue $871M
Q4 '23
Revenue $165M
Q1 '24
Revenue $165M
Q2 '24
Revenue $164M
Q3 '24
Revenue $171M
Q4 '24
Revenue $224M
Q1 '25
Revenue $221M
Q2 '25
Revenue $214M
Q3 '25
Revenue $218M
Q4 '25
Revenue $218M
Q1 '26
Revenue $207M
Q2 '26
Revenue $188M
Q3 '26
Revenue $188M
FY20
Gross —
Operating —
Net 18.4%
FCF —
FY21
Gross —
Operating —
Net 110.8%
FCF —
FY22
Gross —
Operating —
Net 39.6%
FCF —
FY23
Gross —
Operating —
Net 42.9%
FCF —
FY24
Gross —
Operating —
Net 37.8%
FCF —
FY25
Gross —
Operating —
Net 43.3%
FCF —
Gross
Operating
Net
FCF
Q4 '23
Gross —
Operating —
Net 61.7%
FCF —
Q1 '24
Gross —
Operating —
Net 46.0%
FCF —
Q2 '24
Gross —
Operating —
Net 57.0%
FCF —
Q3 '24
Gross —
Operating —
Net 5.4%
FCF —
Q4 '24
Gross —
Operating —
Net 42.4%
FCF —
Q1 '25
Gross —
Operating —
Net 50.4%
FCF —
Q2 '25
Gross —
Operating —
Net 36.9%
FCF —
Q3 '25
Gross —
Operating —
Net 41.2%
FCF —
Q4 '25
Gross —
Operating —
Net 44.2%
FCF —
Q1 '26
Gross —
Operating —
Net 31.5%
FCF —
Q2 '26
Gross —
Operating —
Net −24.9%
FCF —
Q3 '26
Gross —
Operating —
Net 30.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2020 to 2025, diluted EPS grew 30.9% a year. Loss periods are shown in red.
FY20
Net income $54.9M
FY21
Net income $340M
FY22
Net income $153M
FY23
Net income $259M
FY24
Net income $274M
FY25
Net income $377M
Q4 '23
Net income $102M
Q1 '24
Net income $75.8M
Q2 '24
Net income $93.6M
Q3 '24
Net income $9.3M
Q4 '24
Net income $95.2M
Q1 '25
Net income $111M
Q2 '25
Net income $79.0M
Q3 '25
Net income $90.1M
Q4 '25
Net income $96.3M
Q1 '26
Net income $65.2M
Q2 '26
Net income −$46.8M
Q3 '26
Net income $57.0M
FY20
Diluted EPS $0.37
FY21
Diluted EPS $2.03
FY22
Diluted EPS $0.90
FY23
Diluted EPS $1.52
FY24
Diluted EPS $1.36
FY25
Diluted EPS $1.42
Q4 '23
Diluted EPS $0.60
Q1 '24
Diluted EPS $0.45
Q2 '24
Diluted EPS $0.55
Q3 '24
Diluted EPS $0.05
Q4 '24
Diluted EPS $0.31
Q1 '25
Diluted EPS $0.42
Q2 '25
Diluted EPS $0.30
Q3 '25
Diluted EPS $0.34
Q4 '25
Diluted EPS $0.36
Q1 '26
Diluted EPS $0.25
Q2 '26
Diluted EPS −$0.18
Q3 '26
Diluted EPS $0.22
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity 2.3%
Return on assets —
FY21
Return on capital —
Return on equity 13.7%
Return on assets 6.6%
FY22
Return on capital —
Return on equity 6.0%
Return on assets 2.8%
FY23
Return on capital —
Return on equity 10.2%
Return on assets 4.5%
FY24
Return on capital —
Return on equity 8.3%
Return on assets 3.8%
FY25
Return on capital —
Return on equity 9.4%
Return on assets 4.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY20
Cash from operations $188M
Capital spending —
FY21
Cash from operations −$306M
Capital spending —
FY22
Cash from operations −$416M
Capital spending —
FY23
Cash from operations $195M
Capital spending —
FY24
Cash from operations $344M
Capital spending —
FY25
Cash from operations −$114M
Capital spending —
Cash from operations
Capital spending
Q4 '23
Cash from operations $64.1M
Capital spending —
Q1 '24
Cash from operations $164M
Capital spending —
Q2 '24
Cash from operations $149M
Capital spending —
Q3 '24
Cash from operations $231M
Capital spending —
Q4 '24
Cash from operations −$200M
Capital spending —
Q1 '25
Cash from operations −$375M
Capital spending —
Q2 '25
Cash from operations $195M
Capital spending —
Q3 '25
Cash from operations −$200M
Capital spending —
Q4 '25
Cash from operations $266M
Capital spending —
Q1 '26
Cash from operations $212M
Capital spending —
Q2 '26
Cash from operations $249M
Capital spending —
Q3 '26
Cash from operations $193M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
GOLUB CAPITAL BDC, Inc. returned $409M to shareholders in fiscal 2025. The diluted share count rose 32.2%.
FY20
Dividends $136M
Buybacks $45.5M
FY21
Dividends $139M
Buybacks $0.0M
FY22
Dividends $155M
Buybacks $0.0M
FY23
Dividends $191M
Buybacks $16.9M
FY24
Dividends $338M
Buybacks $4.8M
FY25
Dividends $368M
Buybacks $40.6M
Dividends
Buybacks
Q4 '23
Dividends $56.2M
Buybacks $0.1M
Q1 '24
Dividends $59.7M
Buybacks —
Q2 '24
Dividends $63.8M
Buybacks —
Q3 '24
Dividends $75.6M
Buybacks $0.0M
Q4 '24
Dividends $139M
Buybacks $4.8M
Q1 '25
Dividends $108M
Buybacks $0.0M
Q2 '25
Dividends $89.3M
Buybacks $1.1M
Q3 '25
Dividends $83.3M
Buybacks $34.3M
Q4 '25
Dividends $87.2M
Buybacks $5.2M
Q1 '26
Dividends $84.5M
Buybacks $35.9M
Q2 '26
Dividends $72.3M
Buybacks $27.8M
Q3 '26
Dividends $70.8M
Buybacks $14.4M
Dividends
Buybacks
FY20
Diluted shares 0.15B
FY21
Diluted shares 0.17B
FY22
Diluted shares 0.17B
FY23
Diluted shares 0.17B
FY24
Diluted shares 0.20B
FY25
Diluted shares 0.27B
Balance sheet
Cash, debt and the ratios that show how comfortably GOLUB CAPITAL BDC, Inc. can carry it.
FY20
Cash $184M
Debt —
FY21
Cash $176M
Debt $2.6B
FY22
Cash $117M
Debt $3.1B
FY23
Cash $65.6M
Debt $3.1B
FY24
Cash $123M
Debt $4.6B
FY25
Cash $11.9M
Debt $4.9B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $176M | $117M | $65.6M | $123M | $11.9M |
| Debt incl. finance leases | $2.6B | $3.1B | $3.1B | $4.6B | $4.9B |
| Debt / equity | 1.0x | 1.2x | 1.2x | 1.1x | 1.2x |
| Total assets | $5.2B | $5.7B | $5.7B | $8.7B | $9.0B |
| Total liabilities | $2.6B | $3.1B | $3.2B | $4.7B | $5.0B |
| Shareholders' equity | $2.6B | $2.5B | $2.5B | $4.0B | $4.0B |
| Net debt (− = net cash) | $2.4B | $3.0B | $3.1B | $4.5B | $4.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 4 | 2 / 7 | 5 / 7 | 4 / 7 | 3 / 7 |
| Accruals ratio | — | 12.5% | 10.5% | 1.1% | −1.0% | 5.5% |
| Altman Z'' | — | — | — | — | — | — |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $299M | $307M | $388M | $603M | $725M | $871M |
| Interest expense | $74.9M | $65.7M | $89.4M | $151M | — | — |
| Net income | $54.9M | $340M | $153M | $259M | $274M | $377M |
| Diluted EPS | $0.37 | $2.03 | $0.90 | $1.52 | $1.36 | $1.42 |
| Diluted shares | 0.15B | 0.17B | 0.17B | 0.17B | 0.20B | 0.27B |
| Cash flow | ||||||
| Cash from operations | $188M | −$306M | −$416M | $195M | $344M | −$114M |
| Share buybacks | $45.5M | $0.0M | $0.0M | $16.9M | $4.8M | $40.6M |
| Dividends paid | $136M | $139M | $155M | $191M | $338M | $368M |
| Dividends and buybacks | $182M | $139M | $155M | $208M | $343M | $409M |
| Balance sheet | ||||||
| Cash and short-term investments | $184M | $176M | $117M | $65.6M | $123M | $11.9M |
| Total debt | — | $2.6B | $3.1B | $3.1B | $4.6B | $4.9B |
| Total assets | — | $5.2B | $5.7B | $5.7B | $8.7B | $9.0B |
| Total liabilities | — | $2.6B | $3.1B | $3.2B | $4.7B | $5.0B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $2.4B | $2.6B | $2.5B | $2.5B | $4.0B | $4.0B |
| Margins | ||||||
| Net margin | 18.4% | 110.8% | 39.6% | 42.9% | 37.8% | 43.3% |
| Returns | ||||||
| Return on equity | 2.3% | 13.7% | 6.0% | 10.2% | 8.3% | 9.4% |
| Return on assets | — | 6.6% | 2.8% | 4.5% | 3.8% | 4.3% |
| Return on tangible equity | 2.3% | 13.2% | 6.0% | 10.2% | 6.8% | 9.5% |
| Growth | ||||||
| Revenue growth | — | 2.7% | 26.3% | 55.5% | 20.2% | 20.2% |
| Net income growth | — | 520.1% | −54.9% | 68.6% | 5.9% | 37.6% |
| EPS growth | — | 448.6% | −55.7% | 68.9% | −10.5% | 4.4% |
| Share count change | — | 12.8% | 1.6% | −0.2% | 18.2% | 32.2% |
| Financial health | ||||||
| Debt / equity | — | 1.0x | 1.2x | 1.2x | 1.1x | 1.2x |
| Quality scores | ||||||
| Piotroski F-score | — | — | 2.0 | 5.0 | 4.0 | 3.0 |
| Accruals ratio | — | 12.5% | 10.5% | 1.1% | −1.0% | 5.5% |
Source: SEC EDGAR XBRL filings (CIK 0001476765). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.