Q1 26 EPS
$0.29
MISS 7.05%
Est. $0.31
Q1 26 Revenue
$29.5M
MISS 0.18%
Est. $29.5M
vs S&P Since Q1 26
-81.1%
TRAILING MARKET
RWAY -78.9% vs S&P +2.2%
Market Reaction
Did RWAY Beat Earnings? Q1 2026 Results
Runway Growth Finance Corp. Delivered a mixed first-quarter 2026 report, missing on both the top and bottom lines as the weight of a transitional period pressed on results. The company posted net investment income of $0.29 per share, falling short of… Read more Runway Growth Finance Corp. Delivered a mixed first-quarter 2026 report, missing on both the top and bottom lines as the weight of a transitional period pressed on results. The company posted net investment income of $0.29 per share, falling short of the $0.31 consensus estimate by 7.05%, while revenue of $29.45 million came in just $0.05 million below expectations, a 0.18% miss, despite surging 114.5% year-over-year. The most significant drag on the quarter was a $46.69 million net change in unrealized losses on investments, more than double the prior-year figure, which pulled the company to a net decrease in net assets from operations of $34.82 million. Net asset value per share slipped to $12.13, down from $13.42 at year-end 2025. The quarter was defined largely by the company's strategic shift toward acquisition-driven growth, and with the SWK Holdings deal now closed, management is focused on deploying capital into healthcare and life sciences lending, backed by $372.30 million in available liquidity and $44.40 million already funded post-quarter.
Key Takeaways
- • Dollar-weighted annualized yield on debt investments of 14.2%
- • Lower total investment income driven by reduced interest income from smaller portfolio
- • Significant unrealized losses of $46.7 million on investments during the quarter
- • Net portfolio contraction with $17.5 million in new funded investments offset by $19.4 million in prepayments and amortizations
RWAY Forward Guidance & Outlook
Management indicated that with the SWK Holdings acquisition now complete, Runway Growth is positioned to selectively deploy capital and expand exposure to healthcare and life sciences companies. The new $15 million share repurchase program signals management's belief that shares trade at a significant discount to intrinsic value. Post-quarter, the company funded $44.4 million in existing commitments, suggesting an acceleration in deployment activity.
RWAY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
RWAY Revenue by Segment
Business unit performance breakdown
“In the first quarter, Runway Growth focused on the close and integration of the SWK Holdings acquisition, while navigating a volatile macroeconomic backdrop. With the transaction now complete, we are well positioned to selectively capitalize on opportunities and expand our exposure to leading healthcare and life sciences companies. Today, we also announced a new $15 million share repurchase authorization, which we expect to utilize as we believe our shares present an extremely compelling value relative to the outlook of the business.”
— David Spreng, Q1 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 |
|---|---|---|---|---|---|
| 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% |