Hercules Capital, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Operating expenses | $206.0M | $178.5M | $165.7M | $141.9M | $136.0M |
| Interest expense | — | — | $77.5M | $62.3M | $67.5M |
| Net income | $339.7M | $263.0M | $337.5M | $102.1M | $174.2M |
| Balance Sheet | |||||
| Cash and equivalents | $56.9M | $42.7M | $98.1M | $14.6M | $133.1M |
| Total assets | $4.6B | $3.8B | $3.4B | $3.0B | $2.6B |
| Total liabilities | $2.4B | $1.8B | $1.6B | $1.6B | $1.3B |
| Total debt | $2.3B | $1.8B | $1.6B | $1.6B | $1.3B |
| Stockholders' equity | $2.2B | $2.0B | $1.8B | $1.4B | $1.3B |
| Cash Flow Statement | |||||
| Cash from operations | -$425.8M | -$118.1M | $68.3M | -$424.8M | $128.6M |
| Depreciation and amortization | $337,000 | $466,000 | $190,000 | $204,000 | $317,000 |
| Stock-based compensation | $14.8M | $12.5M | $11.9M | $10.8M | $10.4M |
| Capital expenditure | $89,000 | $705,000 | $887,000 | $114,000 | $106,000 |
| Free cash flow | -$425.9M | -$118.8M | $67.4M | -$424.9M | $128.5M |
| Dividends paid | $326.0M | $303.5M | $273.7M | $245.1M | $175.5M |
| Share repurchases | $6.5M | $3.4M | $12.7M | $4.5M | $2.8M |
Shares outstanding 187.1M · Free float 92.8%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.