Golub Capital Middle Market Report
Featuring the Golub Capital Altman Index
Q2 2026
U.S. Middle Market Showed Strength in Q2 2026
Resilient, private equity-backed middle market companies demonstrated steady growth in revenue and EBITDA year-over-year.
Middle market private companies in the Golub Capital Altman Index grew revenue by 3.1% year-over-year in the first two months of the second quarter of 2026. Earnings grew by 3.7% year-over-year during the same period.
The Golub Capital Altman Index can provide early insight into financial performance of public companies in advance of earnings season.
Golub Capital Altman Index Highlights
Q2 2026
Lawrence E. Golub, Co-CEO of Golub Capital, said:
Our early read on second quarter results is encouraging. Despite higher oil prices and uncertainty related to the Iran conflict, middle market companies in our sample delivered steady growth in both revenue and EBITDA. We were particularly encouraged by the continued strength of our enterprise software companies. Our data suggests that mission-critical software providers with strong market share and durable customer relationships continue to perform well. More broadly, these results are consistent with an economy that continues to demonstrate resilience.
Dr. Edward I. Altman said:
One notable finding from this quarter’s data is that earnings growth kept pace with revenue growth. This suggests that companies in our sample generally were able to maintain profit margins despite the inflationary pressures that emerged during April and May. We were also encouraged by the performance of Consumer companies. In last quarter’s report, we highlighted the possibility that higher gasoline prices could create a headwind for consumer spending. While we remain mindful of the risks associated with higher energy costs and geopolitical uncertainty, our Consumer-sector data suggests that those concerns had not yet materially affected operating performance during the period covered by this report.