Middle Market Report - Featuring the Golub Capital Altman Index (Golub Capital)

Summary

• Middle market private companies in the Golub Capital Altman Index (GCAI) increased earnings by 6.9% year-over-year during the first two months of Q3 2026.p.1
• Aggregate GCAI revenue expanded by 3.5% year-over-year in the first two months of the third quarter of 2026.p.1
• Software sector companies achieved 8.3% year-over-year earnings growth alongside 2.7% revenue growth in Q3 2026.p.1
• Consumer sector companies recorded year-over-year revenue growth of 4.1% and earnings growth of 2.7% in Q3 2026.p.1
• The GCAI tracks median revenue and EBITDA performance across approximately 110–150 private middle market U.S. companies.p.2
• As of October 1, 2026, Golub Capital managed over $95 billion of capital under management with over 1,100 employees.p.3

Key insights

1. 1. Aggregate earnings growth for U.S. middle market companies reached 6.9% year-over-year in the first two months of Q3 2026.p.1
2. 2. Aggregate revenue growth for index constituents stood at 3.5% year-over-year in Q3 2026.p.1
3. 3. Median EBITDA growth exceeded median revenue growth by several percentage points for the first time since Q2 2025.p.1
4. 4. Enterprise software companies generated EBITDA growth of 8.3%, substantially outpacing revenue growth of 2.7%.p.1
5. 5. Consumer sector companies delivered 4.1% revenue growth despite consumer sentiment headwinds and energy price pressures.p.1
6. 6. Effective January 1, 2026, Golub Capital upgraded its data collection capabilities across an expanded sample of constituents.p.2
7. 7. The Healthcare sector index and comparisons against the S&P 500 and S&P 600 were discontinued effective Q1 2026.p.2