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US leveraged finance issuers grow revenue at half the S&P 500's pace, even as growth accelerates

S&P 500 companies grew revenue more than twice as fast as the median US leveraged finance issuer in Q1 2026, even as sub-investment grade growth kept accelerating.

Octus tracked earnings across the full US leveraged finance universe so you don’t have to piece it together yourself.

US Leveraged Finance Q1 2026 Earnings Recap

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  • Revenue growth vs. S&P 500: Sub-investment grade revenue growth kept accelerating in Q1 2026, but S&P 500 companies still grew their top line more than twice as fast.
  • Industry breadth: For the first time in three years, only one industry group posted negative revenue growth. Median telecom services issuers extended their decline to seven straight quarters.
  • EBITDA re-acceleration: EBITDA growth has been volatile over recent quarters. Q1 2026 shows early signs of turning back up.
  • Debt maturity wall: More than 45% of outstanding US sub-investment grade debt matures in 2031 or later.
  • Margin improvement: Median gross profit and core cash flow margins improved QoQ, YoY and versus two years ago.

Compare with previous Earnings Recaps

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US Leveraged Finance Earnings Recap Q4 2025

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US Leveraged Finance Earnings Recap Q3 2025

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US Leveraged Finance Earnings Recap Q2 2025

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