Q4 25 EPS
$0.32
MISS 7.35%
Est. $0.35
Q4 25 Revenue
$30.0M
MISS 4.96%
Est. $31.6M
vs S&P Since Q4 25
-35.6%
TRAILING MARKET
RWAY -22.1% vs S&P +13.5%
Full Year 2025 Results
FY 25 EPS
$1.55
FY 25 Revenue
$137.3M
Market Reaction
Did RWAY Beat Earnings? Q4 2025 Results
Runway Growth Finance delivered a disappointing fourth quarter, missing on both the top and bottom lines as a shrinking portfolio and lower interest income weighed heavily on results. The business development company posted net investment income of $… Read more Runway Growth Finance delivered a disappointing fourth quarter, missing on both the top and bottom lines as a shrinking portfolio and lower interest income weighed heavily on results. The business development company posted net investment income of $0.32 per share, falling 7.35% short of the $0.35 consensus estimate, while total investment income of $30.04 million trailed expectations by 4.96% and slid 27.0% from the year-ago period. The primary culprit was portfolio contraction, with net repayments significantly exceeding new fundings; the investment portfolio shrank to $927.40 million at fair value from $1.08 billion a year earlier, and interest income on non-control investments dropped to $25.66 million from $29.40 million. NAV per share declined to $13.42 from $13.79 at year-end 2024. With organic growth increasingly limited, management is leaning on its pending acquisition of SWK Holdings to broaden healthcare and life sciences exposure, while post-quarter debt refinancing at 7.25% should ease servicing costs as the company works to redeploy its roughly $395.20 million in available liquidity.
Key Takeaways
- • Dollar-weighted annualized yield on debt investments of 14.2%
- • 99.3% of loans are senior secured first-lien
- • Low cumulative credit loss ratio of 10 basis points gross and 7 basis points net since inception
- • Leveraged BC Partners Credit platform resources for origination volume
- • Disciplined focus on first-lien investments in economically resilient businesses
RWAY YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
RWAY Revenue by Segment
Business unit performance breakdown
“In 2025, Runway Growth leveraged the resources and scale of the BC Partners Credit platform to drive origination volume and optimize our portfolio. Despite ongoing macroeconomic volatility, our disciplined focus on first-lien investments in economically resilient businesses, has positioned us to perform. We are excited about the anticipated closing of our proposed acquisition of SWK holdings, which will expand our exposure and capabilities in healthcare and life sciences as we continue to diversify. Looking at the year ahead, we are encouraged by our pipeline and will continue to deploy capital thoughtfully as we utilize our enhanced origination channels.”
— David Spreng, Q4 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% |