Q2 25 EPS
$0.38
MISS 1.66%
Est. $0.39
Q2 25 Revenue
$35.1M
BEAT +2.57%
Est. $34.3M
vs S&P Since Q2 25
-66.1%
TRAILING MARKET
RWAY -48.2% vs S&P +18.0%
Market Reaction
Did RWAY Beat Earnings? Q2 2025 Results
Runway Growth Finance delivered a mixed second quarter for 2025, posting earnings per share of $0.38 against a consensus estimate of $0.39, a miss of 1.66%, while revenue of $35.15 million edged past the $34.27 million estimate by 2.57% and surged 73… Read more Runway Growth Finance delivered a mixed second quarter for 2025, posting earnings per share of $0.38 against a consensus estimate of $0.39, a miss of 1.66%, while revenue of $35.15 million edged past the $34.27 million estimate by 2.57% and surged 73.2% year over year. The bottom-line shortfall reflected a rising expense burden, as operating costs climbed to $21.20 million from $19.60 million a year earlier on higher debt financing costs and administrative fees, compressing net investment income slightly to $13.95 million. The more compelling story, however, was a sharp swing in portfolio valuation, with net unrealized gains turning positive at $4.36 million compared to a $6.30 million loss in Q2 2024, lifting net asset value per share to $13.66. New originations moderated to $38.72 million as management prioritized portfolio diversification over volume, a posture that appears set to continue; CEO David Spreng signaled ongoing loan-size diversification and disciplined risk mitigation as the company's forward priorities heading into the second half.
Key Takeaways
- • Dollar-weighted annualized yield on debt investments of 15.40%
- • Net unrealized gain on investments of $4.4 million vs. unrealized loss of $6.3 million in Q2 2024
- • 97.8% senior secured loan portfolio providing downside protection
- • Higher payment-in-kind interest income of $4.0 million vs. $2.3 million year-over-year
RWAY YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
RWAY Revenue by Segment
Business unit performance breakdown
“Runway Growth demonstrated our consistent earnings power, expanded origination channels, and enhanced solutions set in the second quarter. Our investment activity delivers on the strategy we set forth at the beginning of 2025, optimizing Runway Growth's portfolio through diversification of loan size, expanding the financing solutions we offer through new products for borrowers, and maximizing our existing commitments through diligent risk mitigation. Looking ahead, Runway Growth is positioned to deliver superior risk-adjusted returns for our shareholders and will continue to apply a critical lens to evaluating opportunities that support our strategic imperatives.”
— David Spreng, Q2 2025 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 |
|---|---|---|---|---|---|
| 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% |
| Q2 23 BEAT | $0.45 | $0.49 | +8.89% | $41.9M | +99,650.00% |