US Leveraged Finance Q2 2026 Earnings Recap
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- Revenue growth vs. S&P 500: Large public company revenue growth within the S&P 500 has been rapidly increasing over the last several quarters, while sub-investment grade issuer growth increases have been more gradual.
- Industry breadth: Semiconductors staged the sharpest turnaround in quarterly revenue growth, swinging from -13.8% in Q2’23 to 23.2% in Q2’26, as AI data center capex surged and chip supply stayed tight.
- EBITDA convergence: Bond issuers’ EBITDA growth caught up to loan issuers for the first time in the represented timeframe, as both medians converged at 4.6% in Q2’26. The smallest companies (LTM revenue $0-500M) have lost ground for three straight quarters, falling to the weakest PF EBITDA growth of any revenue cohort.
- Debt maturity wall: Approximately 50% of debt maturing in 2026 and 2027 is held by Communication Services, Consumer Discretionary and Industrials.
- Cash conversion: Despite compressing gross profit and EBITDA margins, the median company improved cash conversion QoQ and YoY in Q2’26.
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