Hercules Capital, Inc. (HCXY) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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HCXY Revenue Growth
HCXY Revenue Analysis (2014–2025)
As of May 8, 2026, Hercules Capital, Inc. (HCXY) generated trailing twelve-month (TTM) revenue of $491.9 million, reflecting significant decline in growth of -19.0% year-over-year. The most recent quarter (Q4 2025) recorded $98.6 million in revenue, down 27.7% sequentially.
Looking at the longer-term picture, HCXY's 5-year compound annual growth rate (CAGR) stands at +11.4%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $491.9 million in 2025, representing a new all-time high.
When compared to Financial Services sector peers including ARCC, GBDC, and TPVG. Compare HCXY vs ARCC →
HCXY Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HCXYCurrent | $492M | -19.0% | +11.4% | 87.8% | |
 ARCC | $3.1B | - | - | 69.7% | |
 GBDC | $871M | - | - | 78.9% | |
 TPVG | $97M | - | - | 77.9% | |
 HTGC | $547M | - | - | 66.7% | |
 CGBD | $168M | - | - | 54.7% |
HCXY Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $491.9M | - | $480.2M | 97.6% | $432.1M | 87.8% |
| 2024 | $415.9M | - | $361.7M | 87.0% | $237.4M | 57.1% |
| 2023 | $460.7M | - | $460.7M | 100.0% | $387.6M | 84.1% |
| 2022 | $321.7M | - | $321.7M | 100.0% | $255.8M | 79.5% |
| 2021 | $281.0M | - | $281.0M | 100.0% | $221.0M | 78.7% |
| 2020 | $287.3M | - | $287.3M | 100.0% | $228.3M | 79.5% |
| 2019 | $267.9M | - | $267.9M | 100.0% | $207.2M | 77.3% |
| 2018 | $136.1M | - | $111.0M | 81.6% | $115.9M | 85.2% |
| 2017 | $135.6M | - | $111.0M | 81.9% | $67.8M | 50.0% |
| 2016 | $111.4M | - | $88.9M | 79.8% | $76.0M | 68.2% |
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Start ComparisonHCXY — Frequently Asked Questions
Quick answers to the most common questions about buying HCXY stock.
Is HCXY's revenue growth accelerating or slowing?
HCXY revenue declined -19.0% year-over-year, contrasting with the 5-year CAGR of +11.4%. TTM revenue fell to $492M. This reverses the prior growth trend.
What is HCXY's long-term revenue growth rate?
Hercules Capital, Inc.'s 5-year revenue CAGR of +11.4% reflects the variable expansion pattern. Current YoY growth of -19.0% is below this long-term average.
How is HCXY's revenue distributed by segment?
HCXY reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.