GOLUB CAPITAL BDC, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data GOLUB CAPITAL BDC, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
General and administrative	1.2	1.42	1.72	1.5	1.48	1.92
Interest expense	74.9	65.7	89.4	151
Net income	54.9	340	153	259	274	377
EPS, basic	0.37	2.03	0.90	1.52	1.36	1.42
EPS, diluted	0.37	2.03	0.90	1.52	1.36	1.42
Shares, basic (weighted)	149	168	171	170	201	266
Shares, diluted (weighted)	149	168	171	170	201	266
Dividend per share	1.37	1.16	1.20	1.40	1.89	1.65

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	184	176	117	65.6	123	11.9
Total assets		5,165	5,681	5,733	8,704	8,978
Total liabilities		2,582	3,137	3,186	4,689	4,996
Total debt		2,551	3,076	3,118	4,599	4,901
Paid-in capital		2,664	2,677	2,647	4,167	4,031
Retained earnings		-81.7	-132	-99.2	-153	-48.8
Shareholders' equity	2,396	2,583	2,545	2,548	4,015	3,983
Total equity	2,396	2,583	2,545	2,548	4,015	3,983
Total liabilities and equity		5,165	5,681	5,733	8,704	8,978
Shares outstanding	167	170	171	170	264	266

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	54.9	340	153	259	274	377
Change in payables	-22.5	1.79	0.51	1.23	-1.26	-0.54
Cash from operations	188	-306	-416	195	344	-114
Debt issued	1,054	3,359	1,293	653	2,929	4,802
Debt repaid	-1,255	-2,816	-741	-627	-2,691	-4,515
Stock issued	300	0	0	0	0	37.4
Share buybacks	-45.5	0	0	-16.9	-4.81	-40.6
Dividends paid	-136	-139	-155	-191	-338	-368
Cash from financing	-87.8	367	353	-236	-124	-132
Exchange rate effect	0.35	-0.89	-0.46	-0.17	-0.33	-1.93
Net change in cash	99.9	60.8	-63.3	-40.2	220	-245
Interest paid	74.9	48.8	72.5	138	180	280

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	4.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	37.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	34.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	47.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	16.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	30.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-133.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	-12.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	32.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	15.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	12.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	54.4%	Total debt / total assets.
Liabilities / assets	55.6%	Total liabilities / total assets.
Net debt	$4.47B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$3.70B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$3.53	Cash from operations / diluted weighted shares.
Book value per share	$14.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.25	Tangible book value / shares outstanding.
Cash per share	$0.27	(Cash + short-term investments) / shares outstanding.
Payout ratio	183.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.24B	Share price x shares outstanding.
Enterprise value	$7.70B	Market cap + total debt - cash - short-term investments.
P/E	18.8x	Market cap / net income. Only when net income is positive.
P/B	0.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.87x	Market cap / tangible book value, when positive.
P/OCF	3.52x	Market cap / cash from operations, when positive.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Dividend yield	9.7%	Dividends paid over the period / market cap.
Shareholder yield	12.3%	(Dividends paid + share buybacks) / market cap.
PEG	1.15x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was GOLUB CAPITAL BDC, Inc. profitable in fiscal 2025?

Yes. Net income was $376.6M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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