US middle-market EBITDA grows 6.9% in first two months of Q3 2026, Golub Capital index shows
GBDC•Middle-market EBITDA grew 6.9% year over year in the first two months of Q3 2026, while revenue rose 3.5%, Golub Capital reported.
1. Earnings growth outpaces revenue
Golub Capital's October 13 report showed middle-market EBITDA grew 6.9% year over year in the first two months of Q3 2026, compared with 3.5% revenue growth. Median EBITDA growth exceeded median revenue growth by several percentage points for the first time since Q2 2025.
2. Sector trends
Enterprise software companies posted EBITDA growth well above revenue growth, reflecting a focus on profitability and margin discipline. Consumer companies maintained solid operating performance despite higher energy costs and affordability pressures on some households.
