NYSE · Financial Statements

Sixth Street Specialty Lending, Inc. (TSLX) Financial Statements

$17.09 NYSE: TSLX Market Cap $1.63B

Sixth Street Specialty Lending, Inc. most recently reported annual revenue of $360.0M, net profit of $171.0M. Revenue grew at an average annual rate of 8.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Sixth Street Specialty Lending, Inc.: Revenue rose from $175.0M in 2016 to $360.0M in 2025, a change of +105.7% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 79.5% to 53.5%, a shift of -26.0 percentage points; the most recent year shows net profit of $171.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$175.0M$152.0M$178.0M$220.0M$235.0M$266.0M$187.0M$370.0M$360.0M$360.0M
Operating Expenses$36.0M$38.0M$56.0M$62.0M$52.0M$52.0M$76.0M$146.0M$167.0M$167.0M
Operating Profit$139.0M$114.0M$122.0M$158.0M$184.0M$214.0M$111.0M$224.0M$193.0M$193.0M
Operating Margin79.5%75.1%68.8%71.8%78.1%80.4%59.4%60.5%53.7%53.5%
Other Income$0$0$0$0$0$0$0$0$0$-17.0M
Interest$21.0M$24.0M$37.0M$40.0M$37.0M$40.0M$51.0M$96.0M$107.0M$106.0M
Depreciation$0$0$0$0$0$0$0$0$0$0
Profit Before Tax$139.0M$114.0M$122.0M$158.0M$184.0M$214.0M$111.0M$224.0M$193.0M$176.0M
Tax$1.6M$2.5M$2.8M$2.4M$3.1M$1.1M$2.9M$810,000$3.4M$3.3M
Net Profit$137.0M$112.0M$119.0M$155.0M$178.0M$212.0M$108.0M$222.0M$187.0M$171.0M
EPS$2.34$1.86$1.86$2.34$2.65$2.79$1.38$2.61$2.03$1.81
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$104.0M$111.0M$90.0M$91.0M$84.0M$94.0M$74.0M$112.0M$81.0M$92.0M$52.0M$119.0M
Operating Expenses$38.0M$22.0M$42.0M$43.0M$42.0M$40.0M$36.0M$63.0M$35.0M$33.0M$59.0M$77.0M
Operating Profit$65.0M$89.0M$48.0M$49.0M$43.0M$53.0M$38.0M$49.0M$46.0M$59.0M$-7.0M$42.0M
Operating Margin63.0%79.9%53.6%53.3%50.7%56.8%51.5%43.8%57.1%64.0%-12.7%35.5%
Interest$25.0M$27.0M$27.0M$26.0M$25.0M$29.0M$27.0M$27.0M$24.0M$28.0M$26.0M$28.0M
Profit Before Tax$65.0M$51.0M$48.0M$49.0M$43.0M$53.0M$38.0M$60.0M$46.0M$31.0M$-25.0M$42.0M
Tax$710,000$60,000$1.8M$2.5M$5.0M$4.4M$3.5M$2.1M$3.7M$4.4M$-4.8M$4.0M
Net Profit$65.0M$51.0M$48.0M$47.0M$41.0M$51.0M$37.0M$59.0M$45.0M$30.0M$-26.0M$41.0M
EPS$0.74$0.58$0.53$0.51$0.44$0.54$0.39$0.63$0.47$0.32$-0.27$0.43

Over the 10 years reported for Sixth Street Specialty Lending, Inc., borrowings increased from $681.0M in 2016 to $1.7B in 2025, cash stood at $3.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 0.12 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$1.7B$1.7B$1.7B$2.3B$2.3B$2.6B$2.8B$3.3B$3.6B$3.4B
Current Assets$17.0M$23.0M$17.0M$26.0M$29.0M$5.0M$15.0M$9.0M$11.0M$3.0M
Cash$5.0M$4.0M$3.0M$5.0M$2.0M$2.0M$10.0M$1.0M$5.0M$3.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$10.0M$7.0M$9.0M$13.0M$9.0M$0$0$0$0$0
Fixed Assets$0$0$0$0$0$0$0$0$0$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$66.0M$136.0M$57.0M$48.0M$37.0M$0$0$0$0$0
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$723.0M$751.0M$667.0M$1.2B$1.2B$1.3B$1.5B$1.8B$2.0B$1.8B
Current Liabilities$23.0M$23.0M$25.0M$26.0M$28.0M$53.0M$25.0M$26.0M$29.0M$26.0M
Borrowings$681.0M$703.0M$608.0M$1.1B$1.1B$1.2B$1.4B$1.8B$1.9B$1.7B
Other Liabilities$43.0M$48.0M$59.0M$67.0M$67.0M$90.0M$54.0M$67.0M$74.0M$71.0M
Equity$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$952.0M$969.0M$1.1B$1.1B$1.2B$1.3B$1.3B$1.5B$1.6B$1.6B

For Sixth Street Specialty Lending, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $180.0M; free cash flow was positive in 10 of 10 years; financing activities used $7.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$83.0M$84.0M$133.0M$118.0M$136.0M$113.0M$72.0M$192.0M$187.0M$180.0M
Investing Cash Flow$-125.0M$-2.0M$-14.0M$-496.0M$9.0M$-110.0M$-296.0M$-429.0M$-233.0M$221.0M
Financing Cash Flow$-1.0M$0$0$0$-3.0M$0$-6.0M$0$0$-7.0M
Net Cash Flow$3.0M$1.0M$4.0M$4.0M$-1.0M$3.0M$10.0M$0$2.0M$-8.0M
Free Cash Flow$83.0M$84.0M$133.0M$118.0M$136.0M$113.0M$72.0M$192.0M$187.0M$180.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.36
EV / EBITDA23.03
FCF Yield9.11%
Quick Ratio0.80
Interest Coverage1.33
Return 1Y-25.51%
Return 3Y12.17%
Return 5Y17.47%

Sixth Street Specialty Lending, Inc. (TSLX) financials — frequently asked questions

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

Sixth Street Specialty Lending, Inc. (TSLX) reported annual revenue of $360.0M in its most recent fiscal year.

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

Sixth Street Specialty Lending, Inc. (TSLX) reported net profit of $171.0M in its most recent fiscal year.

What is TSLX EV/EBITDA?

Sixth Street Specialty Lending, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 23.03.

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