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Hercules Capital, Inc. (HTGC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · ASSET MANAGEMENT · DATA UPDATED 2026-08-29

Hercules Capital, Inc. (HTGC) operates in the ASSET MANAGEMENT industry and is headquartered in San Mateo, United States with about 100 employees. Its market capitalization is roughly $3 billion. In the fiscal year ended 2025-12-31, HTGC reported $547M in revenue and $340M in net income.

Hercules Capital, Inc. is a business development company.

Interactive charts & full statements → Open the HTGC valuation workbench →

HTGC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$580M	$547M	$431M	$494M	$239M	$310M	$357M	$298M	$176M	$173M	$143M	$127M	$143M	$166M	$96M	$87M	$35M	$45M	$57M	$64M	$30M
Gross Profit	$521M	$477M	$354M	$426M	$185M	$255M	$298M	$244M	$136M	$136M	$111M	$96M	$115M	$136M	$76M	$74M	$27M	$35M	$44M	$60M	$25M
Gross Margin %	89.9%	87.2%	82.1%	86.3%	77.1%	82.4%	83.3%	81.7%	77.5%	78.2%	77.7%	75.6%	80.4%	81.7%	79.4%	84.8%	75.6%	79.0%	77.0%	93.1%	81.0%
Operating Income (EBIT)	$437M	$365M	$263M	$337M	$102M	$174M	$227M	$174M	$76M	$79M	$69M	$43M	$71M	$99M	$47M	$47M	$5M	$14M	$21M	$42M	$11M
Operating Margin %	75.3%	66.8%	61.0%	68.3%	42.6%	56.2%	63.6%	58.2%	43.6%	45.6%	47.9%	33.9%	49.8%	59.9%	48.6%	53.8%	14.2%	30.3%	36.8%	66.3%	37.4%
Net Income	$383M	$340M	$263M	$337M	$102M	$174M	$227M	$174M	$76M	$79M	$69M	$43M	$71M	$99M	$47M	$47M	$5M	$14M	$21M	$42M	$11M
Net Margin %	66.1%	62.1%	61.0%	68.3%	42.6%	56.2%	63.6%	58.2%	43.6%	45.6%	47.9%	33.9%	49.8%	59.9%	48.6%	53.8%	14.2%	30.3%	36.8%	66.3%	37.4%
EBITDA	$437M	$365M	$263M	$338M	$102M	$174M	$228M	$174M	$77M	$79M	$69M	$43M	$71M	$100M	$47M	$47M	$5M	$14M	$21M	$43M	$11M
Earnings Per Share (EPS)	$1.95	$1.74	$1.63	$2.33	$0.81	$1.50	$2.02	$1.71	$0.84	$0.96	$0.93	$0.62	$1.13	$1.65	$0.95	$1.08	$0.14	$0.39	$0.64	$1.49	$0.84
Shares Outstanding (M)	200M	195M	162M	145M	127M	116M	112M	102M	91M	83M	74M	70M	63M	60M	49M	43M	37M	35M	33M	28M	14M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HTGC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$157M	$96M	$158M	$169M	$128M	$92M	$102M	$111M
Gross Profit	$154M	$68M	$155M	$145M	$105M	$73M	$82M	$90M
Gross Margin %	98.0%	70.7%	98.1%	85.7%	82.0%	78.7%	80.4%	81.6%
Operating Income (EBIT)	$158M	$43M	$116M	$120M	$79M	$50M	$61M	$69M
Operating Margin %	101.0%	44.3%	73.7%	70.7%	61.8%	54.5%	60.1%	62.0%
Net Income	$130M	$43M	$91M	$120M	$79M	$50M	$61M	$69M
Net Margin %	83.0%	44.3%	57.6%	70.7%	61.8%	54.5%	60.1%	62.0%
EBITDA	$158M	$43M	$116M	$120M	$79M	$50M	$62M	$69M
Earnings Per Share (EPS)	$0.65	$0.22	$0.47	$0.62	$0.41	$0.29	$0.37	$0.43
Shares Outstanding (M)	200M	197M	195M	194M	191M	175M	166M	162M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HTGC Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$9M	($426M)	($118M)	$68M	($425M)	$129M	$208M	($241M)	($249M)	($18M)	($138M)	($114M)	($27M)	$104M	($194M)	($140M)	($93M)	$226M	($28M)	($201M)	($91M)
Capital Expenditures (CapEx)	$0M	$0M	$1M	$1M	$0M	$0M	$0M	$1M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$1M	$0M	$1M
Free Cash Flow (FCF)	$8M	($426M)	($119M)	$67M	($425M)	$129M	$208M	($241M)	($249M)	($19M)	($139M)	($115M)	($27M)	$103M	($194M)	($140M)	($93M)	$226M	($28M)	($201M)	($92M)
FCF Margin %	1.5%	-77.8%	-27.6%	13.6%	-177.5%	41.5%	58.1%	-80.9%	-142.1%	-10.8%	-96.7%	-90.5%	-18.7%	62.2%	-201.7%	-160.2%	-266.5%	504.6%	-49.3%	-314.8%	-302.7%
Dividends Paid	$337M	$326M	$303M	$274M	$245M	$176M	$152M	$132M	$113M	$101M	$91M	$85M	$77M	$64M	$46M	$37M	$27M	$32M	$42M	$30M	$14M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HTGC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$298M	($231M)	($56M)	($3M)	($145M)	($222M)	($29M)	$93M
Capital Expenditures (CapEx)	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M
Free Cash Flow (FCF)	$298M	($231M)	($56M)	($3M)	($145M)	($222M)	($29M)	$93M
FCF Margin %	190.0%	-240.4%	-35.3%	-1.9%	-113.5%	-240.5%	-28.6%	83.5%
Dividends Paid	$86M	$84M	$83M	$84M	$81M	$79M	$78M	$75M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HTGC Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$4.7B	$4.6B	$3.8B	$3.4B	$3.0B	$2.6B	$2.6B	$2.5B	$1.9B	$1.7B	$1.5B	$1.3B	$1.3B	$1.2B	$1.1B	$747M	$591M	$509M	$609M	$542M	$301M
Cash & Cash Equivalents	$48M	$57M	$113M	$99M	$16M	$133M	$198M	$64M	$34M	$91M	$13M	$95M	$227M	$268M	$183M	$64M	$107M	$125M	$17M	$8M	$16M
Total Liabilities	$2.4B	$2.4B	$1.8B	$1.6B	$1.6B	$1.3B	$1.3B	$1.3B	$990M	$814M	$676M	$618M	$640M	$572M	$608M	$316M	$179M	$142M	$226M	$141M	$46M
Total Debt (Short + Long-Term)	$676M	$16M	$3M	$105M	$1.6B	$379M	$28M	$1.3B	$964M	$1.0B	$655M	$640M	$1.2B	$557M	$596M	$316M	$170M	$131M	$217M	$134M	$41M
Total Shareholders' Equity	$2.3B	$2.2B	$2.0B	$1.8B	$1.4B	$1.3B	$1.3B	$1.1B	$955M	$841M	$788M	$717M	$659M	$650M	$516M	$431M	$413M	$367M	$382M	$401M	$255M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive HTGC viewer.

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