Gladstone Investment (GAINL) Q4 2025 Earnings Report

Gladstone Investment Corporation delivered a robust quarterly cash generation profile in QQ4 2025, with operating cash flow of $115.1 million and a substantial EBITDA of $17.87 million on revenue of $25.74 million. The company maintained a very high reported operating margin (≈69.4%) and gross margin (≈65.1%), reflecting a premium cash‑flow profile for its asset-management and private-debt portfolio. Net income of $17.87 million translated into an unusual EPS figure of -$1.29 per share, suggesting potential non‑GAAP adjustments or share-count effects that warrant closer reconciliation; the company’s ROE stood at approximately 3.6% based on year‑end equity of $499.1 million. QoQ revenue declined about 38.8%, while YoY revenue surged roughly 186%, underscoring a mix shift or one‑offs that boosted the prior-year base. Free cash flow matched operating cash flow at $115.1 million, highlighting strong cash generation capabilities even as the balance sheet reflects meaningful long‑term leverage (long‑term debt of $455.7 million; total debt of $455.7 million) and a conservative liquidity profile.