Q3 25 EPS
$0.43
BEAT +10.40%
Est. $0.39
Q3 25 Revenue
$36.7M
BEAT +4.91%
Est. $35.0M
vs S&P Since Q3 25
-56.4%
TRAILING MARKET
RWAY -44.3% vs S&P +12.0%
Market Reaction
Did RWAY Beat Earnings? Q3 2025 Results
Runway Growth Finance delivered a convincing beat in Q3 2025, posting net investment income of $0.43 per share against a consensus estimate of $0.39, a 10.40% beat, while total investment income of $36.75 million edged past the $35.03 million estimat… Read more Runway Growth Finance delivered a convincing beat in Q3 2025, posting net investment income of $0.43 per share against a consensus estimate of $0.39, a 10.40% beat, while total investment income of $36.75 million edged past the $35.03 million estimate by 4.91%, even as revenue slipped 3.3% year over year. The standout driver was the portfolio's dollar-weighted annualized debt yield holding firm at 16.8%, underscoring the durability of Runway's lending economics despite a meaningful contraction in the portfolio to $945.96 million in fair value as $199.70 million in prepayments and amortization outpaced $128.30 million in new fundings. Net asset value per share dipped modestly to $13.55, weighed by net realized and unrealized losses, while core leverage declined to roughly 92% from 105%, leaving the company with approximately $371.90 million in available liquidity. Looking ahead, the proposed acquisition of SWK Holdings, announced October 9, is expected to deepen Runway's healthcare and life sciences exposure, with CEO David Spreng signaling that the benefits of the BC Partners integration are only beginning to surface in deal flow.
Key Takeaways
- • Dollar-weighted annualized yield on debt investments of 16.8%
- • 11 investments completed in new and existing portfolio companies representing $128.3 million in funded investments
- • 97.6% of loan portfolio in senior secured loans
- • Integration within BC Partners ecosystem enabling broader origination channels
- • Payment-in-kind interest income increased to $4.2 million from $2.8 million year-over-year
RWAY YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
RWAY Revenue by Segment
Business unit performance breakdown
“Runway Growth continues to make meaningful progress in executing our strategy to scale and optimize our portfolio. Our third quarter investment activity is only beginning to show the benefits of our integration within the BC Partners ecosystem, which enables us to source from a broader set of origination channels.”
— David Spreng, Q3 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% |