Get started

Financials · HTGC

Hercules Capital Inc. (HTGC) financials

For the twelve months ended Sep 30, 2026, Hercules Capital Inc. reported $568.20M of revenue and $357.08M of net income.

Revenue, TTM
$568.20M
Revenue growth, YoY
+9.9%
Net income, TTM
$357.08M
Net income growth, YoY
+15.1%
Net margin
62.8%
Free cash flow, TTM
-$154.01M
EPS, diluted, TTM
$1.88
EPS growth, YoY
+9.3%
Cash
$48.33M
Total debt
$2.55B
P/E
8.69
P/S
5.46
Market cap
$3.10B
Annual revenue$532.49M
FY2020FY2025
Annual net income$339.74M
FY2020FY2025
Annual free cash flow-$425.89M
FY2020FY2025

HTGC revenue and earnings growth

HTGC revenueQ3 2026$140.12M

Quarter YoY
+1.5%
QoQ
-6.0%
FY YoY
+7.9%
5Y CAGR
+13.1%

HTGC revenue was $140.12M in fiscal Q3 2026 (ended Sep 30, 2026), up 1.5% from a year earlier and down 6.0% from the prior quarter. For the full fiscal 2025 it was $532.49M, up 7.9% from fiscal 2024. Compound annual growth was +13.1% over 5 years. It rose in 4 of the last 5 fiscal years. Fiscal 2025 is the highest of the 6 fiscal years on file.

HTGC net incomeQ3 2026$93.57M

Quarter YoY
-21.8%
QoQ
-28.1%
FY YoY
+29.2%
5Y CAGR
+8.4%

HTGC net income was $93.57M in fiscal Q3 2026 (ended Sep 30, 2026), down 21.8% from a year earlier and down 28.1% from the prior quarter. For the full fiscal 2025 it was $339.74M, up 29.2% from fiscal 2024. Compound annual growth was +8.4% over 5 years. It rose in 2 of the last 5 fiscal years. Fiscal 2025 is the highest of the 6 fiscal years on file.

HTGC EPSQ3 2026$0.48

Quarter YoY
-23.8%
QoQ
-28.4%
FY YoY
+14.9%
5Y CAGR
-1.6%

HTGC diluted EPS was $0.48 in fiscal Q3 2026 (ended Sep 30, 2026), down 23.8% from a year earlier and down 28.4% from the prior quarter. For the full fiscal 2025 it was $1.85, up 14.9% from fiscal 2024. Compound annual growth was -1.6% over 5 years.

HTGC free cash flowQ3 2026-$165.64M

HTGC free cash flow was -$165.64M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$3.20M a year earlier. For the full fiscal 2025 it was -$425.89M, compared with -$118.79M in fiscal 2024.

Export CSV

Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Revenue$532.49M$493.59M$460.67M$321.69M$280.98M$287.26M
Selling, general and admin$19.03M$19.67M$18.70M$16.95M$16.11M$18.91M
Interest expense--$77.47M$62.35M$67.52M$66.87M
Net income$339.74M$262.97M$337.48M$102.08M$174.16M$227.26M
EPS, basic$1.90$1.61$2.32$0.80$1.50$2.02
EPS, diluted$1.85$1.61$2.31$0.79$1.49$2.01
Diluted shares188.9M161.6M144.8M126.7M116.0M112.3M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Cash and equivalents$56.99M$116.42M$98.09M$25.88M$136.26M$237.62M
Total assets$4.58B$3.83B$3.42B$3.03B$2.60B-
Total debt$2.29B$1.77B$1.55B$1.57B$1.24B-
Total liabilities$2.37B$1.84B$1.61B$1.63B$1.29B-
Shareholders' equity$2.22B$1.99B$1.80B$1.40B$1.31B$1.29B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Operating cash flow-$425.80M-$118.09M$68.28M-$424.80M$128.62M$207.80M
Capital expenditures$89.0K$705.0K$887.0K$114.0K$106.0K$137.0K
Free cash flow-$425.89M-$118.79M$67.39M-$424.91M$128.51M$207.66M
Investing cash flow-$89.0K-$705.0K-$887.0K-$114.0K-$106.0K-$137.0K
Financing cash flow$368.92M$119.20M$22.75M$314.52M-$229.87M-$85.04M
Dividends paid$325.99M$303.48M$273.68M$245.12M$175.50M$152.42M
Share repurchases$6.49M$3.43M$12.70M$4.53M$2.82M$1.84M
Stock-based compensation$14.79M$12.48M$11.93M$10.83M$10.38M$8.47M
Depreciation and amortization$337.0K$466.0K$190.0K$204.0K$317.0K$415.0K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Revenue growth, YoY7.9%7.1%43.2%14.5%-2.2%-
Net income growth, YoY29.2%-22.1%230.6%-41.4%-23.4%-
EPS growth, YoY14.9%-30.3%192.4%-47.0%-25.9%-
Net margin63.8%53.3%73.3%31.7%62.0%79.1%
Free cash flow margin-80.0%-24.1%14.6%-132.1%45.7%72.3%
Return on equity15.3%13.2%18.7%7.3%13.3%17.6%
Return on assets7.4%6.9%9.9%3.4%6.7%-
Debt to equity1.030.890.861.120.94-

Source: XBRL data Hercules Capital Inc. files with the SEC, latest filing dated Oct 29, 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.

HTGC peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
HTGC$568.20M+9.9%$357.08M62.8%$3.10B
BX$16.11B+17.2%$3.52B21.8%$89.94B
KKR$21.31B+31.1%$3.15B14.8%$88.24B
APO$30.82B+12.2%-$918.00M-3.0%$69.25B
AMP$20.14B+8.8%$4.16B20.7%$44.22B
ARES$5.99B+24.0%$636.35M10.6%$44.16B
TROW$7.70B+6.9%$2.19B28.4%$23.19B
TPG$5.17B+21.6%$268.72M5.2%$17.99B

HTGC FAQ

8 questions
  • What is HTGC revenue?
    Hercules Capital Inc. (HTGC) reported $568.20M of revenue for the twelve months ended Sep 30, 2026. That is up 9.9% from the year before. Revenue for fiscal 2025 was $532.49M.
  • Is HTGC profitable?
    Yes. Hercules Capital Inc. earned $357.08M in net income for the twelve months ended Sep 30, 2026, a net margin of 62.8%.
  • How much cash and debt does HTGC have?
    Hercules Capital Inc. reported $48.33M in cash and cash equivalents and $2.55B of debt on its most recent balance sheet in SEC filings.
  • How fast is HTGC revenue growing?
    Hercules Capital Inc.'s revenue changed +7.9% in fiscal 2025, to $532.49M. Its compound annual growth rate was +13.1% over 5 years.
  • What is HTGC free cash flow?
    Hercules Capital Inc. generated -$154.01M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$153.96M less capital expenditures.
  • What is HTGC earnings per share?
    Diluted earnings per share were $1.88 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did HTGC last report financial results?
    The latest statements here come from Hercules Capital Inc.'s 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.
  • Where does this HTGC financial data come from?
    Quantisnow builds these statements from the structured XBRL data Hercules Capital Inc. files with the SEC. It is provided for information only and is not investment advice.