Hercules Capital (HTGC) Financial statements
Hercules Capital reported revenue of $532M in fiscal 2025, up 13.1% a year over 5 years.
Key figures
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).
- Revenue, FY2025
- $532M+7.9% on 2024
- Net income
- $340M+29.2% on 2024
- Operating margin
- —
- Free cash flow
- -$426M+258.5% on 2024
Revenue and free cash flow
Fiscal years, from Hercules Capital's 10-K filings.
Hercules Capital revenue and free cash flow
FY2020–FY2025Margins
How much of each dollar of revenue is left after the cost of sales, after operating costs, and at the bottom line.
Hercules Capital margins
FY2020–FY2025Financial statements
Fiscal 2020–2025.
Hercules Capital income statement, fiscal 2020–2025
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $287M | $281M | $322M | $461M | $494M | $532M |
| 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 |
| Net margin | 79.1% | 62.0% | 31.7% | 73.3% | 53.3% | 63.8% |
Hercules Capital balance sheet, fiscal 2020–2025
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $198M | $133M | $15M | $98M | $43M | $57M |
| Total assets | — | $2.6B | $3.0B | $3.4B | $3.8B | $4.6B |
| Long-term debt | — | $1.2B | $1.6B | $1.6B | $1.8B | $2.3B |
| 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 | $1.1B | $1.6B | $1.5B | $1.7B | $2.2B |
Hercules Capital cash flow, fiscal 2020–2025
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| 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 |
| Free cash flow margin | 72.3% | 45.7% | -132.1% | 14.6% | -24.1% | -80.0% |
| Dividends per share | $1.36 | $1.51 | $1.94 | $1.89 | $1.88 | $1.73 |
How Hercules Capital compares
Hercules Capital's net margin is higher than 97% of Financial Services companies and 98% of the 3,396 companies with a net margin figure.
| Higher than | Financial Services | All stocks |
|---|---|---|
| Net margin | 97% | 98% |
| Revenue growth | 47% | 54% |
| ROE | 73% | 73% |
| P/E | 15% | 12% |
Questions about Hercules Capital
What was Hercules Capital's revenue in 2025?
$532M in fiscal 2025, from its 10-K filing.
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.