Q2 26 EPS
$0.50
BEAT +3.26%
Est. $0.48
Q2 26 Revenue
$149.1M
BEAT +1.62%
Est. $146.7M
vs S&P Since Q2 26
-33.6%
TRAILING MARKET
HTGC -30.1% vs S&P +3.5%
Market Reaction
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 repaym… Read more 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
HTGC 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, source: SEC Filings
HTGC Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Scott Bluestein, Q2 2026 Earnings Press Release
HTGC Earnings Trends
HTGC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HTGC EPS Trend
Earnings per share: estimate vs actual
HTGC Revenue Trend
Quarterly revenue: estimate vs actual
HTGC Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.48 | $0.50 | +3.26% | $149.1M | +1.62% |
| Q1 26 BEAT | $0.47 | $0.48 | +1.35% | $141.5M | -0.48% |
| Q4 25 MISS FY | $0.49 | $0.48 | -2.52% | $137.4M | -2.92% |
| FY Full Year | $1.93 | $1.91 | -0.95% | $532.5M | -0.77% |
| Q3 25 BEAT | $0.48 | $0.49 | +1.32% | $138.1M | +0.87% |
| Q2 25 BEAT | $0.47 | $0.50 | +5.98% | $137.5M | +6.17% |
| Q1 25 MISS | $0.47 | $0.45 | -3.74% | $119.5M | -4.72% |