Companies /Financial Services

Hercules Capital Inc

NYSE: HTGC Asset Management
$17.52
▼ $0.12 (−0.68%) today
Markets closed · 11:30pm ET

Q2 2026 Earnings

Reported Jul 30, 2026, 4:30pm ET · SEC source
$0.50
Beat +0.00%
EPS · est. $0.48
$149.1M
Beat +1.62%
Revenue · est. $146.7M
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0Jul 30Jul 31report 4:30pm ETearnings+0.5%+1.0%
−2%0Jul 30Jul 31earnings+0.5%+1.0%
HTGC +1.0%S&P 500 +0.5%
−2%0Jul 30Jul 31report 4:30pm ETearnings+0.2%+1.0%
−2%0Jul 30Jul 31earnings+0.2%+1.0%
HTGC +1.0%NASDAQ +0.2%
−3%0+3%+6%Jul 29Aug 7report 4:30pm ETearnings+4.2%+6.2%
−3%0+3%+6%Jul 29Aug 7earnings+4.2%+6.2%
HTGC +6.2%S&P 500 +4.2%
−4%0+4%Jul 29Aug 7report 4:30pm ETearnings+5.4%+6.2%
−4%0+4%Jul 29Aug 7earnings+5.4%+6.2%
HTGC +6.2%NASDAQ +5.4%
+3.01%
Day of report
+2.38%
Next session
+5.05%
One week

Did HTGC Beat Earnings? Q2 2026 Results

Hercules Capital, Inc. delivered a strong second quarter of 2026, posting earnings per share of $0.50 and total investment income of $149.11 million, a 22.4% increase year-over-year, as the venture lending giant rode a wave of accelerated loan repayments to beat analyst expectations. The single most consequential driver of the quarter was a 153.4% surge in early loan repayments to $572.10 million, which boosted the GAAP effective yield to 13.4% from 12.8% in the prior quarter through accelerated fee income, even as the net debt portfolio contracted by $170.20 million on a cost basis. Net investment income reached $92.92 million, up 4.7% year-over-year, providing 125% coverage of the base cash distribution, while NAV per share climbed 2.1% quarter-over-quarter to $12.15. New commitments of $927.30 million underscored continued deal momentum, and management indicated that Core Yield is expected to hold within the 12.0% to 12.5% range through year-end, with $149.30 million in new commitments already closed since the quarter concluded.

Key Takeaways
  • Higher weighted average debt investment portfolio drove total investment income growth of 8.5% YoY
  • Strong origination activity with $927.3 million in new commitments and $647.5 million in fundings in Q2
  • Early loan repayments of $572.1 million boosted GAAP effective yield to 13.4%
  • Net unrealized appreciation of $29.6 million supported NAV per share growth of 2.1% QoQ
  • 97.8% floating rate portfolio with interest rate floors provides asset sensitivity
  • 125% NII coverage of base cash distribution

“Following record-breaking originations in Q1 2026, the Hercules platform continued to see strong deal flow in Q2 and delivered new originations of $927.3 million and fundings of $647.5 million. We delivered record originations of $2.74 billion and record fundings of $1.35 billion for the first half of 2026, an increase of 35.6% and 8.5% year-over-year, respectively.”

Hercules Capital CEO, on the earnings call

Forward Guidance & Outlook

Hercules has pending commitments of $70.0 million in signed non-binding term sheets outstanding as of July 27, 2026. Since the close of Q2 2026 and as of July 27, 2026, the company has closed new debt and equity commitments of $149.3 million and funded $112.5 million. Management expressed confidence in the strength of the Hercules platform and its ability to generate strong operating results irrespective of market dynamics, with scale, balance sheet, and liquidity positioning the company well for the remainder of the year. Core Yield is expected to remain in the 12.0% to 12.5% range.

HTGC YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$50.0M$100.0M$150.0M$121.8M$149.1MRevenue$61.4M$130.2MNet Income$104.6M$92.9MOperating Income
$0$50.0M$100.0M$150.0MRevenueNet IncomeOperating Income

HTGC Revenue by Segment

Venture Growth Lending$149.1M+8.5%

Figures from SEC filings and company reports. Not investment advice.