Golub Capital Middle Market Report
Featuring the Golub Capital Altman Index
Q3 2026
U.S. Middle Market Earnings Grew 7% in Q3 2026
Private equity-backed middle market companies demonstrated continued resilience, with solid growth in revenue and earnings year-over-year.
Middle market private companies in the Golub Capital Altman Index grew earnings by 6.9% year-over-year in the first two months of the third quarter of 2026. Revenue grew by 3.5% 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
Q3 2026
Lawrence E. Golub, Co-CEO of Golub Capital, said:
Our data suggests that the U.S. economy continues to show resilient growth despite higher oil prices, rising interest rates and ongoing uncertainty related to the Iran conflict. Notably, median EBITDA growth outpaced median revenue growth by several percentage points for the first time since Q2 2025. Our sample of mission-critical enterprise software companies posted EBITDA growth well in excess of revenue growth, demonstrating a focus on profitability and margin discipline in this challenging environment. Overall, the resilience and adaptability of the U.S. economy continues to exceed expectations.
Dr. Edward I. Altman said:
The solid operating performance of Consumer companies in our sample is notable given the pressure household budgets have faced from higher energy prices. Although consumer sentiment has been weak and consumers in some income segments have been facing affordability headwinds, those pressures have not translated into a pullback in consumer spending in the broader economy or into weaker performance within our sample of Consumer companies. We believe this highlights the importance of distinguishing carefully between measures of economic sentiment and measures of economic activity.