WhiteHorse Finance (WHF) Financial Statements & Analysis

WhiteHorse Finance (WHF) Income Statement

WhiteHorse Finance reported revenue of $72.67M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 21.7% from $92.82M a year earlier. Net income was $14.34M, up 32.1% year over year, a net margin of 19.7%. Gross margin was 27.3% and operating margin 52.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $14.37M, up 43.1% from the same quarter a year earlier.

WhiteHorse Finance Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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WhiteHorse Finance, 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	72.67	92.82	25.68	43.29	35.35	49.14	47.71	72.90	46.98
Cost of Revenue	18.07	0.00	29.92	21.94	16.59	13.13	13.47	11.60	9.81
Gross Profit	19.82	92.82	103.26	21.35	72.14	36.02	34.24	61.30	37.17
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	22.76	26.56	4.31	4.65	4.26	3.59	2.98	3.33	2.72
Operating Expenses	-18.41	26.56	4.31	4.65	4.26	3.59	2.59	3.06	10.96
Operating Income	38.23	66.26	73.59	16.71	46.39	32.43	31.65	58.24	26.21
Other Income/Expense
Interest Income	53.45	76.33	87.98	74.02	63.15	56.63	57.50	56.21	49.23
Interest Expense	23.14	-27.90	29.92	21.94	16.59	13.13	13.47	11.60	9.81
Other Income/Expense	-23.89	-1.12	0.00	0.00	0.00	0.00	0.00	0.00	8.24
Income
Income Before Tax	15.00	11.97	21.38	16.71	31.10	32.43	31.65	58.24	34.45
Income Tax Expense	0.66	1.12	0.97	1.02	1.00	0.74	0.81	0.94	0.00
Net Income	14.34	10.85	20.41	15.68	30.09	31.69	30.84	57.30	34.45
Net Income - Continuous Operations	14.34	10.85	20.41	15.68	30.09	31.69	30.84	57.30	34.45
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	37.48	21.54	21.38	16.71	31.10	32.43	31.65	58.68	26.21
EBIT	49.91	66.26	73.59	60.22	46.39	38.02	-	-	-
Depreciation & Amortization	0.00	9.57	0.00	0.00	0.00	0.00	0.00	0.43	0.00
Earnings Per Share
Basic EPS	1.00	-	1.00	1.00	1.00	2.00	2.00	3.00	2.00
Diluted EPS	1.00	-	1.00	1.00	1.00	2.00	2.00	3.00	2.00
Basic Shares Outstanding	23.17	23.24	23.24	23.23	21.15	20.55	20.55	20.54	19.43
Diluted Shares Outstanding	23.17	23.24	23.24	23.23	21.15	20.55	20.55	20.54	19.43

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

Frequently Asked Questions About WhiteHorse Finance Financial Statements

What was WhiteHorse Finance's revenue in fiscal 2025?

WhiteHorse Finance reported revenue of $72.67M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 21.7% from $92.82M a year earlier.

Is WhiteHorse Finance profitable?

Yes. WhiteHorse Finance earned net income of $14.34M in fiscal 2025, a net margin of 19.7%. In fiscal 2024 it earned $10.85M.

What is WhiteHorse Finance's operating margin?

WhiteHorse Finance's operating income was $38.23M on revenue of $72.67M in fiscal 2025, an operating margin of 52.6%, compared with 71.4% 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