Hercules Capital (HCXY) financial statements
Net income was $340M.
Free cash flow was -$426M, and the company returned $326M in dividends and $6M in net buybacks.
The diluted share count rose 68% over the period (dilution).
Income statement
Fiscal years, from Hercules Capital's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Selling, general and admin | $19M | $16M | $17M | $19M | $20M | $19M |
| Interest expense | $60M | $54M | $55M | $68M | $77M | $92M |
| Net income | $227M | $174M | $102M | $337M | $263M | $340M |
| EPS (diluted) | $2.01 | $1.49 | $0.79 | $2.31 | $1.61 | $1.85 |
| Diluted shares | 112M | 116M | 127M | 145M | 162M | 189M |
Balance sheet
Fiscal years, from Hercules Capital's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $198M | $133M | $15M | $98M | $43M | $57M |
| Total assets | — | $2.6B | $3.0B | $3.4B | $3.8B | $4.6B |
| Total liabilities | — | $1.3B | $1.6B | $1.6B | $1.8B | $2.4B |
| Shareholders' equity | $1.3B | $1.3B | $1.4B | $1.8B | $2.0B | $2.2B |
| Net debt | -$198M | -$133M | -$15M | -$98M | -$43M | -$57M |
Cash flow
Fiscal years, from Hercules Capital's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $208M | $129M | -$425M | $68M | -$118M | -$426M |
| Capital spending | $137,000 | $106,000 | $114,000 | $887,000 | $705,000 | $89,000 |
| Free cash flow | $208M | $129M | -$425M | $67M | -$119M | -$426M |
| Stock-based compensation | $8M | $10M | $11M | $12M | $12M | $15M |
| Dividends paid | $152M | $176M | $245M | $274M | $303M | $326M |
| Share buybacks (net) | -$2M | -$3M | -$5M | -$13M | -$3M | -$6M |
| Net borrowing | -$3M | -$50M | $343M | -$24M | $214M | $512M |
| Dividends per share | $1.36 | $1.51 | $1.94 | $1.89 | $1.88 | $1.73 |
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How much free cash flow does Hercules Capital generate?
-$426M in fiscal 2025 (operating cash flow minus capital spending).
From Hercules Capital's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.