For fiscal 2025 (ended Dec 31, 2025), Equus Total Return Inc. reported $1.37M of revenue and -$14.16M of net income.
EQS revenue was $322.0K in fiscal Q4 2025 (ended Dec 31, 2025), down 1.2% from a year earlier and down 9.6% from the prior quarter. For the full fiscal 2025 it was $1.37M, up 7.8% from fiscal 2024. Compound annual growth was +34.0% over 5 years. Fiscal 2025 is the highest of the 6 fiscal years on file.
EQS net income was -$9.92M in fiscal Q4 2025 (ended Dec 31, 2025), compared with -$10.65M a year earlier. For the full fiscal 2025 it was -$14.16M, compared with -$18.78M in fiscal 2024.
EQS diluted EPS was -$0.68 in fiscal Q4 2025 (ended Dec 31, 2025). For the full fiscal 2025 it was -$1.03, compared with -$1.38 in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.37M | $1.27M | $249.0K | $0 | $0 | $318.0K |
| Selling, general and admin | $191.0K | $189.0K | $133.0K | $130.0K | $140.0K | $168.0K |
| Interest expense | $683.0K | $138.0K | $25.0K | $4.0K | $3.0K | $27.0K |
| Income tax | $24.0K | $36.0K | $13.0K | $15.0K | $25.0K | $22.0K |
| Net income | -$14.16M | -$18.78M | $12.95M | -$1.13M | $2.59M | -$12.29M |
| EPS, basic | -$1.03 | -$1.38 | $0.96 | $0.08 | - | - |
| EPS, diluted | -$1.03 | -$1.38 | $0.96 | -$0.08 | $0.19 | -$0.91 |
| Diluted shares | 13.7M | 13.6M | 13.5M | 13.5M | 13.5M | 13.5M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $133.0K | $262.0K | $6.53M | $19.28M | $23.46M | $23.64M |
| Short-term investments | - | - | - | $6.00M | $2.50M | - |
| Total assets | $21.34M | $29.94M | $93.55M | $41.66M | $39.72M | - |
| Total debt | $2.12M | $0 | - | - | - | - |
| Total liabilities | $4.77M | $426.0K | $45.26M | $6.43M | $3.35M | - |
| Shareholders' equity | $16.57M | $29.51M | $48.29M | $35.24M | $36.37M | $33.78M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$2.13M | $38.23M | -$51.36M | -$7.70M | $21.11M | $24.61M |
| Financing cash flow | $2.00M | -$44.95M | $39.06M | $3.50M | -$21.50M | -$4.99M |
| Stock-based compensation | $270.0K | $0 | $0 | $0 | $0 | $80.0K |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue growth, YoY | 7.8% | 411.6% | - | - | -100.0% | - |
| Net margin | -1031.6% | -1473.9% | 5200.4% | - | - | -3865.4% |
| Return on equity | -85.5% | -63.6% | 26.8% | -3.2% | 7.1% | -36.4% |
| Return on assets | -66.4% | -62.7% | 13.8% | -2.7% | 6.5% | - |
| Debt to equity | 0.13 | 0.00 | - | - | - | - |
| Line item | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $322.0K | $356.0K | $357.0K | $338.0K | $326.0K | $334.0K | $331.0K | $283.0K | - | - | - | $6.0K |
| Selling, general and admin | $42.0K | $42.0K | $59.0K | $48.0K | $53.0K | $40.0K | $63.0K | $33.0K | $32.0K | $31.0K | $35.0K | $35.0K |
| Interest expense | $191.0K | $412.0K | $51.0K | $29.0K | $9.0K | $63.0K | $34.0K | $32.0K | $11.0K | $12.0K | $1.0K | $1.0K |
| Income tax | $5.0K | $6.0K | $10.0K | $3.0K | $6.0K | $5.0K | $11.0K | $14.0K | $3.0K | $3.0K | $7.0K | $0 |
| Net income | -$9.92M | -$8.10M | -$86.0K | $3.94M | -$10.65M | -$9.63M | $3.90M | -$2.40M | $1.06M | $7.08M | $5.95M | -$1.13M |
| EPS, basic | -$0.73 | -$0.59 | -$0.01 | $0.30 | -$0.80 | -$0.70 | $0.29 | -$0.17 | - | - | $0.44 | - |
| EPS, diluted | -$0.68 | -$0.59 | -$0.01 | $0.25 | -$2.20 | $0.70 | $0.29 | -$0.17 | $0.08 | $0.52 | $0.44 | -$0.08 |
| Diluted shares | - | 13.7M | 13.6M | 15.5M | - | 13.6M | 13.6M | 13.6M | - | 13.5M | 13.5M | 13.5M |
| Line item | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $133.0K | $329.0K | $69.0K | $667.0K | $262.0K | $1.15M | $1.88M | $3.05M | $6.53M | $13.67M | $16.41M | $17.70M |
| Short-term investments | - | - | - | - | - | - | - | - | - | $17.99M | $12.99M | $9.99M |
| Total assets | $21.34M | $31.40M | $37.07M | $36.48M | $29.94M | $95.51M | $103.84M | $99.14M | $93.55M | $65.53M | $53.10M | $44.49M |
| Total debt | $2.12M | $1.93M | - | $1.59M | $0 | - | - | - | - | - | - | - |
| Total liabilities | $4.77M | $4.90M | $2.96M | $2.29M | $426.0K | $55.34M | $54.05M | $53.25M | $45.26M | $18.41M | $13.05M | $10.38M |
| Shareholders' equity | $16.57M | $26.50M | $34.11M | $34.20M | $29.51M | $40.16M | $49.79M | $45.89M | $48.29M | $47.13M | $40.05M | $34.11M |
| Line item | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$196.0K | $260.0K | -$598.0K | -$1.59M | $53.56M | -$1.77M | -$2.14M | -$11.42M | -$33.94M | -$7.68M | -$4.26M | -$5.48M |
| Financing cash flow | $0 | $0 | $0 | $2.00M | -$54.99M | $1.05M | $974.0K | $8.02M | $27.07M | $5.00M | $3.00M | $3.99M |
| Stock-based compensation | -$221.0K | -$512.0K | $433.0K | $570.0K | $0 | $429.0K | $477.0K | $428.0K | -$1.50M | $692.0K | $393.0K | $417.0K |
| Line item | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -1.2% | 6.6% | 7.9% | 19.4% | - | - | - | 4616.7% | - | - | - | - |
| Net income growth, YoY | - | - | - | - | - | - | -34.4% | - | - | - | - | - |
| EPS growth, YoY | - | - | - | - | - | 34.6% | -34.1% | - | - | - | - | - |
| Net margin | -3080.7% | -2275.6% | -24.1% | 1166.6% | -3268.4% | -2882.3% | 1178.2% | -846.3% | - | - | - | -18850.0% |
| Debt to equity | 0.13 | 0.07 | - | 0.05 | 0.00 | - | - | - | - | - | - | - |
Source: XBRL data Equus Total Return Inc. files with the SEC, latest filing dated Apr 20, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| EQS | $1.37M | +7.8% | -$14.16M | -1031.6% | $7.4M |
| MAIN | $577.75M | +2.9% | $444.75M | 77.0% | $5.34B |
| HASI | $474.29M | +22.6% | $149.37M | 31.5% | $5.03B |