Q2 25 EPS
$0.50
BEAT +5.98%
Est. $0.47
Q2 25 Revenue
$137.5M
BEAT +6.17%
Est. $129.5M
vs S&P Since Q2 25
-28.6%
TRAILING MARKET
HTGC -7.3% vs S&P +21.3%
Market Reaction
Did HTGC Beat Earnings? Q2 2025 Results
Hercules Capital posted a standout second quarter, with net investment income reaching a record $0.50 per share and beating the $0.47 consensus estimate by 5.98%, while total investment income of $137.46 million cleared the $129.46 million consensus … Read more Hercules Capital posted a standout second quarter, with net investment income reaching a record $0.50 per share and beating the $0.47 consensus estimate by 5.98%, while total investment income of $137.46 million cleared the $129.46 million consensus by 6.17% and surged 62.7% year-over-year. The primary engine behind the outperformance was an exceptionally active origination quarter, with the business development company closing $1.00 billion in gross new debt and equity commitments, up 45.7% year-over-year, and delivering record gross fundings of $709.10 million. Credit quality also improved, with non-accrual loans falling to just 0.2% of the portfolio, while net asset value per share climbed 2.5% quarter-over-quarter to $11.84. The company reinforced its financial footing with $785.60 million in available liquidity and a freshly upsized $350.00 million unsecured notes offering. Looking ahead, Hercules noted $480.00 million in signed non-binding term sheets outstanding as of late July, with core yield expected to hold in the 12.0% to 12.5% range.
Key Takeaways
- • Record total investment income of $137.5 million, up 10.0% year-over-year driven by higher weighted average debt investment portfolio
- • Record gross fundings of $709.1 million, up 53.7% year-over-year
- • Total gross debt and equity commitments of $1.0 billion, up 45.7% year-over-year
- • Core investment income exceeded $100 million for nine consecutive quarters
- • GAAP effective yield of 13.9% boosted by $267.4 million in early loan repayments
- • Accretive ATM equity issuance of 8.4 million shares for $149.5 million net proceeds
- • 97.8% floating rate portfolio with floors provides interest rate sensitivity
HTGC YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
HTGC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our vibrant ecosystem and industry-leading investment team has provided a robust pipeline of high-quality investment opportunities that delivered over $1.0 billion of new debt and equity commitments for the second consecutive quarter and record fundings of over $709.0 million in Q2. In the first half of 2025, we achieved records for both gross originations and fundings of $2.02 billion and $1.25 billion, respectively. Our net investment income of $0.50 per share provided 125% coverage of our base distribution. Moreover, we have delivered core income in excess of $100.0 million for nine consecutive quarters, demonstrating the resilient and consistent earnings power of our platform.”
— Scott Bluestein, Q2 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |