Hercules Capital (HTGC) Financial Statements & Analysis

Hercules Capital (HTGC) Income Statement

Hercules Capital reported revenue of $547.10M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 54.7% from $353.75M a year earlier. Net income was $339.74M, up 29.2% year over year, a net margin of 62.1%. Gross margin was 87.2% and operating margin 66.7%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $158.25M, up 15.1% from the same quarter a year earlier.

Hercules Capital Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Hercules Capital, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	547.10	353.75	494.12	321.69	280.98	357.38	298.20	175.52	173.43
Cost of Revenue	69.84	77.15	67.62	54.75	54.45	59.61	54.60	39.44	37.86
Gross Profit	477.25	493.59	426.50	321.69	280.98	297.77	243.60	136.09	135.58
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	19.03	19.67	18.70	65.86	59.98	18.91	19.18	14.52	15.67
Operating Expenses	112.09	90.78	89.01	71.27	67.90	70.51	70.01	59.59	56.58
Operating Income	365.16	411.79	337.48	250.42	213.07	227.26	173.60	76.50	79.00
Other Income/Expense
Interest Income	507.89	467.20	434.43	307.26	253.36	263.38	247.51	190.64	172.20
Interest Expense	92.18	77.15	67.62	-62.35	-63.10	59.61	54.60	39.44	37.86
Other Income/Expense	-25.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	339.74	262.97	337.48	102.08	174.16	227.26	173.60	76.50	79.00
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	49.06
Net Income	339.74	262.97	337.48	102.08	174.16	227.26	173.60	76.50	79.00
Net Income - Continuous Operations	339.74	262.97	337.48	102.08	174.16	227.26	173.60	76.50	79.00
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	365.43	412.26	337.67	250.62	213.39	227.68	173.86	76.70	79.20
EBIT	444.91	411.79	381.50	250.42	213.07	-	-	-	-
Depreciation & Amortization	0.34	0.47	0.19	0.20	0.32	0.42	0.26	0.20	0.20
Earnings Per Share
Basic EPS	2.00	2.00	2.00	1.00	2.00	2.00	2.00	1.00	1.00
Diluted EPS	2.00	2.00	2.00	1.00	1.00	2.00	2.00	1.00	1.00
Basic Shares Outstanding	180.77	161.08	144.09	125.19	114.74	111.99	101.13	90.93	82.52
Diluted Shares Outstanding	194.79	161.60	144.83	126.66	115.96	112.27	101.57	91.06	82.64

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Hercules Capital Financial Statements

What was Hercules Capital's revenue in fiscal 2025?

Hercules Capital reported revenue of $547.10M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 54.7% from $353.75M a year earlier.

Is Hercules Capital profitable?

Yes. Hercules Capital earned net income of $339.74M in fiscal 2025, a net margin of 62.1%. In fiscal 2024 it earned $262.97M.

What is Hercules Capital's operating margin?

Hercules Capital's operating income was $365.16M on revenue of $547.10M in fiscal 2025, an operating margin of 66.7%, compared with 116.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition