Q4 25 EPS
$0.52
BEAT +3.11%
Est. $0.50
Q4 25 Revenue
$23.9M
BEAT +5.34%
Est. $22.7M
vs S&P Since Q4 25
-8.5%
TRAILING MARKET
GLAD +3.8% vs S&P +12.3%
Full Year 2025 Results
FY 25 EPS
$2.02
BEAT +0.57%
Est. $2.01
FY 25 Revenue
$89.1M
BEAT +1.48%
Est. $87.8M
Market Reaction
Did GLAD Beat Earnings? Q4 2025 Results
Gladstone Capital delivered a split verdict in its fiscal fourth quarter, beating on the bottom line while falling well short of revenue expectations in a period defined by yield compression and aggressive portfolio repositioning. The business develo… Read more Gladstone Capital delivered a split verdict in its fiscal fourth quarter, beating on the bottom line while falling well short of revenue expectations in a period defined by yield compression and aggressive portfolio repositioning. The business development company posted net investment income of $0.52 per share, edging past the $0.50 consensus estimate by 4.00%, but total investment income of $23.94 million trailed analyst forecasts of $30.62 million by 21.83% and slid 37.9% from the year-ago period. The primary culprit was a steady erosion in portfolio yields, with the weighted average yield compressing to 12.5% from 13.9% a year earlier, even as the interest-bearing portfolio's principal balance expanded meaningfully to $752.00 million. The quarter's most significant development, however, may prove to be a balance sheet overhaul; the company issued $149.50 million in 5.88% Convertible Notes due 2030 and subsequently redeemed higher-cost 2026 and 2028 debt, a refinancing management believes positions the firm to sustain distributions and drive continued asset growth into fiscal 2026. The Board declared $0.45 per share in common distributions for the coming quarter.
Key Takeaways
- • Increase in weighted average principal balance of interest-bearing portfolio to $752 million from $647.2 million sequentially
- • 10.5% quarter-over-quarter increase in total investment income driven by interest income growth
- • Net unrealized appreciation of $9.1 million in Q4
- • $106.7 million invested in five new portfolio companies during Q4
- • Secured first lien assets maintained above 70% of debt investments at cost
GLAD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“FY25 closed on a high note as our lower middle market investment focus produced over $100 million of net originations, and we reset near term maturities and increased our floating rate funding via the debt refinancing concluded shortly after 9/30. These actions combined with our modest leverage have positioned us well to deliver continued asset growth and sustain our net interest income in support of future shareholder distributions.”
— Bob Marcotte, Q4 2025 Earnings Press Release
GLAD Earnings Trends
GLAD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GLAD EPS Trend
Earnings per share: estimate vs actual
GLAD Revenue Trend
Quarterly revenue: estimate vs actual
GLAD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.48 | $0.52 | +8.33% | $26.0M | +3.56% |
| Q1 26 BEAT | $0.48 | $0.50 | +3.46% | $24.5M | -0.80% |
| Q4 25 BEAT FY | $0.50 | $0.52 | +3.11% | $23.9M | +5.34% |
| FY Full Year | $2.01 | $2.02 | +0.57% | $89.1M | +1.48% |
| Q3 25 BEAT | $0.50 | $0.50 | +0.00% | $21.7M | -1.08% |
| Q2 25 MISS | $0.51 | $0.50 | -1.57% | $21.6M | -6.09% |