Business development company Oaktree Specialty Lending (NASDAQ: OCSL) met Wall Street’s revenue expectations in Q2 CY2026, but sales fell by 7.8% year on year to $69.43 million. Its non-GAAP profit of $0.34 per share was 4.7% below analysts’ consensus estimates.
Is now the time to buy Oaktree Specialty Lending? Find out by accessing our full research report, it’s free.
Oaktree Specialty Lending (OCSL) Q2 CY2026 Highlights:
- Assets Under Management: $2.74 billion
- Revenue: $69.43 million vs analyst estimates of $69.38 million (7.8% year-on-year decline, in line)
- Pre-tax Profit: $32.82 million (47.3% margin)
- Adjusted EPS: $0.34 vs analyst expectations of $0.36 (4.7% miss)
- Market Capitalization: $1.07 billion
Company Overview
Managed by Oaktree Capital Management, one of the world's premier alternative investment firms, Oaktree Specialty Lending (NASDAQ: OCSL) is a business development company that provides customized financing solutions to mid-market companies across various industries.
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Thankfully, Oaktree Specialty Lending’s 9.1% annualized revenue growth over the last five years was decent. Its growth was slightly above the average financials company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Oaktree Specialty Lending’s recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 13.3% over the last two years. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Oaktree Specialty Lending reported a rather uninspiring 7.8% year-on-year revenue decline to $69.43 million of revenue, in line with Wall Street’s estimates.
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Key Takeaways from Oaktree Specialty Lending’s Q2 Results
Revenue was in line and EPS missed. Overall, this quarter could have been better. The stock remained flat at $12.18 immediately after reporting.
Is Oaktree Specialty Lending an attractive investment opportunity at the current price? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
