Companies /Financial Services

Runway Growth Finance Corp

NASDAQ: RWAY Asset Management
$6.56
â–² $0.03 (+0.46%) today
Markets open · 2:55pm ET

Q2 2026 Earnings

Reported Aug 6, 2026, 4:05pm ET · SEC source
$0.43
Beat +45.76%
EPS · est. $0.30 GAAP

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

$37.0M
Beat +14.08%
Revenue · est. $32.5M
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Aug 6Aug 7report 4:05pm ETearnings+0.5%+4.0%
−5%0+5%+10%Aug 6Aug 7earnings+0.5%+4.0%
RWAY +4.0%S&P 500 +0.5%
−5%0+5%+10%Aug 6Aug 7report 4:05pm ETearnings+1.0%+4.0%
−5%0+5%+10%Aug 6Aug 7earnings+1.0%+4.0%
RWAY +4.0%NASDAQ +1.0%
−6%0+6%+12%Aug 5Aug 14report 4:05pm ETearnings+1.1%+9.6%
−6%0+6%+12%Aug 5Aug 14earnings+1.1%+9.6%
RWAY +9.6%S&P 500 +1.1%
−6%0+6%+12%Aug 5Aug 14report 4:05pm ETearnings+2.3%+9.6%
−6%0+6%+12%Aug 5Aug 14earnings+2.3%+9.6%
RWAY +9.6%NASDAQ +2.3%
+14.38%
Day of report
−3.07%
Next session
+1.17%
One week

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 $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

“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.”

Runway Growth Finance CEO, on the earnings call

RWAY YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$20.0M$40.0M$30.5M$37.0MRevenue$16.8M$18.2MOperating Income$16.8M$27.2MNet Income
$0$20.0M$40.0MRevenueOperating IncomeNet Income

RWAY Revenue by Segment

Term Loans
Warrants and Equity-Related Investments

Figures from SEC filings and company reports. Not investment advice.