Q4 25 EPS
$0.48
MISS 2.52%
Est. $0.49
Q4 25 Revenue
$137.4M
MISS 2.92%
Est. $141.6M
vs S&P Since Q4 25
-11.1%
TRAILING MARKET
HTGC -1.0% vs S&P +10.1%
Full Year 2025 Results
FY 25 EPS
$1.91
MISS 0.95%
Est. $1.93
FY 25 Revenue
$532.5M
MISS 0.77%
Est. $536.6M
Market Reaction
Did HTGC Beat Earnings? Q4 2025 Results
Hercules Capital fell short of Wall Street expectations in Q4 2025, posting earnings per share of $0.48 against a consensus estimate of $0.49, a miss of 2.20%, while revenue of $137.43 million trailed estimates by 6.69%, even as that figure represent… Read more Hercules Capital fell short of Wall Street expectations in Q4 2025, posting earnings per share of $0.48 against a consensus estimate of $0.49, a miss of 2.20%, while revenue of $137.43 million trailed estimates by 6.69%, even as that figure represented a robust 34.4% increase year-over-year. The primary culprit behind the softer quarter was a 42.9% decline in early loan repayments to $149.70 million, which compressed GAAP effective yield to 12.9% from 13.5% sequentially and weighed on fee income. Yet the broader narrative for Hercules remained one of record-breaking scale, with full-year gross commitments surging 45.7% to $3.92 billion and total investment income climbing 7.9% to $532.49 million. Credit quality improved materially, with non-accruals falling to a single loan at just 0.2% of the portfolio. Looking ahead, management entered 2026 with $1.48 billion in closed and pending commitments already in hand and a new $0.28 per share supplemental distribution program signaling continued confidence, though some observers note the stock appears undervalued relative to intrinsic estimates near $21.22.
Key Takeaways
- • Record full-year 2025 total gross debt and equity commitments of $3.92 billion, up 45.7% YoY
- • Record full-year 2025 total gross fundings of $2.28 billion, up 25.9% YoY
- • Higher weighted average debt investment portfolio driving total investment income growth
- • Core yield of 12.5% remained within expected annual range of 12.0% to 12.5%
- • 97.9% floating rate portfolio with interest rate floors providing asset sensitivity
- • 89.3% first lien senior secured debt positioning
- • Improved credit quality with weighted average portfolio grade improving to 2.20 from 2.27
- • Non-accruals decreased to 1 loan (0.2% of portfolio at cost) from 2 loans (1.2%) in Q3
HTGC YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
HTGC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our record-breaking performance in 2025 - which included achieving all-time highs in new debt and equity commitments, gross fundings, net debt portfolio growth, and investment income - reflects our differentiated approach to investing, the strength of the Hercules platform and our unrivaled standing in the venture lending market. Reaching $3.92 billion in new commitments and $2.28 billion in gross fundings, up 45.7% and 25.9% year-over-year, respectively, demonstrates our ability to scale and support the world's most innovative companies while maintaining the disciplined underwriting that is the hallmark of our Company.”
— Scott Bluestein, Q4 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% |