US Leveraged Finance Q4 2025 Earnings Recap
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- Revenue growth vs. S&P 500: Median sub-investment grade issuers grew at roughly half the pace of large-cap peers, with Telecom Services posting negative growth for six consecutive quarters
- EBITDA margin pressure: Median margins fell to 19.96% in Q4, the first YoY decline in over two years, driven primarily by increased cost of revenue
- Margin breakdown by line item: Gross profit, PF EBITDA, cash EBITDA, unlevered free cash flow, and core cash flow, with YoY, QoQ, and two-year variance
- LL vs. HY universe comparison: How fundamentals diverge across the capital structure
- Ratings and downgrades: Full coverage of US leveraged loan ratings trends and the issuers driving Q4’s downgrade activity
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