Q1 26 EPS
$0.48
BEAT +1.35%
Est. $0.47
Q1 26 Revenue
$141.5M
MISS 0.48%
Est. $142.2M
vs S&P Since Q1 26
-36.0%
TRAILING MARKET
HTGC -30.6% vs S&P +5.4%
Market Reaction
Did HTGC Beat Earnings? Q1 2026 Results
Hercules Capital, Inc. Delivered a strong first quarter of 2026, reporting earnings per share of $0.48 on record total investment income of $141.54 million, up 16.2% year-over-year, as a surge in new debt and equity commitments drove the headline res… Read more Hercules Capital, Inc. Delivered a strong first quarter of 2026, reporting earnings per share of $0.48 on record total investment income of $141.54 million, up 16.2% year-over-year, as a surge in new debt and equity commitments drove the headline results. The primary engine behind the quarter's performance was record origination activity, with new commitments reaching $1.81 billion, up 77.8% year-over-year, and total fundings of $706.40 million climbing 31.0% from the same period a year ago, fueling net debt portfolio growth of $298.00 million. Net investment income of $88.11 million provided 120% coverage of the base cash distribution, and the board declared a total quarterly payout of $0.47 per share. The strong operational picture was tempered somewhat by $45.01 million in net unrealized depreciation that pressured NAV per share down 1.9% to $11.90, and ongoing securities class action litigation has added a layer of scrutiny to portfolio valuation practices. With $350.10 million in pending commitments and management expecting core yield to hold within the 12.0% to 12.5% range, Hercules enters the remainder of 2026 from a position of considerable balance sheet and liquidity strength.
Key Takeaways
- • Record new debt and equity commitments of $1.81 billion, up 77.8% year-over-year
- • Higher weighted average debt investment portfolio driving total investment income growth
- • Total fundings of $706.4 million, up 31.0% year-over-year
- • Net debt portfolio growth of $298.0 million during Q1 2026
- • 98.0% floating rate portfolio with interest rate floors providing asset sensitivity
- • 88.6% first lien senior secured portfolio composition
HTGC YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
HTGC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Following record-breaking new originations in 2025, Hercules reached an all-time high in new debt and equity commitments of $1.81 billion in Q1 2026. Our equally strong funding activity led to net debt portfolio growth of $298.0 million, driving our total investment income to a record $141.5 million. Our capital deployments continue to be thoughtfully balanced between our Life Sciences and Technology sectors as we carefully navigate through our robust pipeline of opportunities amidst a dynamic market environment.”
— Scott Bluestein, Q1 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% |