Q2 26 EPS GAAP
$0.43
BEAT +45.76%
Est. $0.30
Includes net realized loss of $45.3 million and net unrealized gain of $54.3 million on investments; net investment income per share of $0.43 excludes these but the net increase in net assets per share of $0.65 includes them
Q2 26 Revenue
$37.0M
BEAT +14.08%
Est. $32.5M
Market Reaction
Did RWAY Beat Earnings? Q2 2026 Results
Runway Growth Finance Corp. Delivered a decisive beat in Q2 2026, silencing analyst expectations that had called for a year-over-year earnings decline. The business development company posted GAAP net investment income of $0.43 per share, topping the… Read more Runway Growth Finance Corp. Delivered a decisive beat in Q2 2026, silencing analyst expectations that had called for a year-over-year earnings decline. The business development company posted GAAP net investment income of $0.43 per share, topping the $0.29 consensus by 45.76%, while total investment income of $37.03 million cleared estimates of $32.46 million by 14.08% and rose 21.3% from the year-ago period. The quarter's defining catalyst was the closing of the SWK Holdings acquisition, which added roughly $239.60 million of investments to the portfolio and pushed total fair value to $1.19 billion across 79 companies, up from $886.35 million at the start of the period. Operating discipline also contributed, as total expenses fell to $18.84 million from $21.20 million a year ago, partly reflecting a near-zero incentive fee accrual versus a $3.52 million charge in Q2 2025. On a GAAP basis, results include a net realized loss of $45.26 million and a net unrealized gain of $54.26 million on investments, producing a net increase in net assets from operations of $0.65 per share. The board declared a Q3 2026 dividend of $0.33 per share, payable August 31.
Key Takeaways
- • Successful integration of SWK Holdings portfolio adding $239.6 million in acquired investments
- • Higher interest income from non-control/non-affiliate investments ($34.7 million vs $30.5 million YoY)
- • Lower total operating expenses of $18.8 million vs $21.2 million YoY, driven by negative incentive fee accrual
- • Dollar-weighted annualized yield on debt investments of 14.2%
- • Ten new investments completed totaling $101.7 million in fundings
RWAY YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
RWAY Revenue by Segment
Business unit performance breakdown
“During the second quarter, we made meaningful progress executing our strategy while further strengthening the foundation of the business. The successful integration of the SWK portfolio has enhanced our diversification, increased our earnings capacity and broadened our opportunity set. At the same time, we remain disciplined in our capital allocation, balancing new investments with opportunistic share repurchases. Complementing these efforts, our investment adviser and its affiliates recently announced their commitment to purchase up to 10% of our outstanding shares. Together, these actions reflect strong alignment with our shareholders and confidence in Runway's long-term value.”
— David Spreng, Q2 2026 Earnings Press Release
RWAY Earnings Trends
RWAY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RWAY EPS Trend
Earnings per share: estimate vs actual
RWAY Revenue Trend
Quarterly revenue: estimate vs actual
RWAY Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes net realized loss of $45.3 million and net unrealized gain of $54.3 million on investments; net investment income per share of $0.43 excludes these but the net increase in net assets per share of $0.65 includes them | $0.30 | $0.43 | +45.76% | $37.0M | +14.08% |
| Q1 26 MISS | $0.31 | $0.29 | -7.05% | $29.5M | -0.18% |
| Q4 25 MISS FY | $0.35 | $0.32 | -7.35% | $30.0M | -4.96% |
| FY Full Year | — | $1.55 | — | $137.3M | — |
| Q3 25 BEAT | $0.39 | $0.43 | +10.40% | $36.7M | +4.91% |
| Q2 25 MISS | $0.39 | $0.38 | -1.66% | $35.1M | +2.57% |
| Q1 25 BEAT | $0.37 | $0.42 | +13.61% | $35.4M | +5.63% |
| Q4 24 MISS FY | $0.42 | $0.39 | -6.70% | $33.8M | -6.42% |
| FY Full Year | $1.67 | $1.64 | -1.60% | $144.6M | -1.72% |
| Q3 24 MISS | $0.45 | $0.41 | -8.89% | $36.7M | -5.25% |
| Q2 24 MISS | $0.44 | $0.37 | -15.91% | $34.2M | -9.66% |
| Q1 24 BEAT | $0.45 | $0.46 | +2.22% | $40.0M | +0.00% |
| Q4 23 MISS FY | $0.49 | $0.45 | -8.16% | $39.2M | +0.00% |
| FY Full Year | — | $1.93 | — | $164.2M | — |
| Q3 23 BEAT | $0.47 | $0.54 | +14.89% | $43.8M | +8.44% |