Hercules Capital, Inc. (HTGC) Revenue History
Annual and quarterly revenue from 2004 to present
HTGC Revenue Over Time (2004–2025)
HTGC Revenue Growth History
12 of 20 years with positive growth- FY2004 revenue growth
- N/A
- FY2005 revenue growth
- N/A
- FY2006 revenue growth
- +164.4%
- FY2007 revenue growth
- +110.3%
- FY2008 revenue growth
- -10.8%
- FY2009 revenue growth
- -21.6%
- FY2010 revenue growth
- -21.6%
- FY2011 revenue growth
- +148.6%
- FY2012 revenue growth
- +10.3%
- FY2013 revenue growth
- +72.7%
- FY2014 revenue growth
- -13.8%
- FY2015 revenue growth
- -11.6%
- FY2016 revenue growth
- +13.3%
- FY2017 revenue growth
- +20.9%
- FY2018 revenue growth
- +1.2%
- FY2019 revenue growth
- +69.9%
- FY2020 revenue growth
- +19.8%
- FY2021 revenue growth
- -13.4%
- FY2022 revenue growth
- -22.7%
- FY2023 revenue growth
- +106.4%
- FY2024 revenue growth
- -12.8%
- FY2025 revenue growth
- +27.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $123.5M | — |
| Q4 2025 | $157.7M | — |
| Q3 2025 | $169.3M | — |
| Q2 2025 | $127.6M | — |
| Q1 2025 | $92.4M | — |
| Q4 2024 | $102.2M | — |
| Q3 2024 | $110.8M | — |
| Q2 2024 | $84.5M | — |
Multi-year avg. share of annual revenue by fiscal quarter
HTGC Revenue Analysis (2004–2025)
Current Revenue & Growth
As of June 23, 2026, Hercules Capital, Inc. (HTGC) generated trailing twelve-month (TTM) revenue of $578.2 million, reflecting explosive growth of +33.6% year-over-year. The most recent quarter (Q1 2026) recorded $123.5 million in revenue, down 21.7% sequentially.
Historical Growth Trajectory
HTGC's 5-year compound annual growth rate (CAGR) stands at +8.9%, indicating steady revenue expansion. The 3-year CAGR of +31.7% exceeds the 5-year average, indicating an acceleration in the most recent period. Hercules Capital, Inc.'s highest annual revenue of $547.1 million was recorded in 2025, an all-time high.
Peer Comparison
Compared to Financial Services sector peers — including ARCC, GBDC, and OBDC. Compare HTGC vs ARCC →
HTGC Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HTGCCurrent | $578M | +33.6% | +8.9% | 66.7% | |
 ARCC | $3.1B | - | - | 69.7% | |
 GBDC | $871M | - | - | 78.9% | |
 OBDC | $1.7B | - | - | 73.2% | |
 TPVG | $97M | - | - | 77.9% | |
 GSBD | $242M | - | - | 98.4% |
HTGC Historical Revenue Data (2004–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $547.1M | - | $477.3M | 87.2% | $365.2M | 66.7% |
| 2024 | $430.9M | - | $353.7M | 82.1% | $263.0M | 61.0% |
| 2023 | $494.1M | - | $426.5M | 86.3% | $337.5M | 68.3% |
| 2022 | $239.4M | - | $184.6M | 77.1% | $102.1M | 42.6% |
| 2021 | $309.6M | - | $255.1M | 82.4% | $174.2M | 56.3% |
| 2020 | $357.4M | - | $297.8M | 83.3% | $227.3M | 63.6% |
| 2019 | $298.2M | - | $243.6M | 81.7% | $173.6M | 58.2% |
| 2018 | $175.5M | - | $136.1M | 77.5% | $76.5M | 43.6% |
| 2017 | $173.4M | - | $135.6M | 78.2% | $79.0M | 45.5% |
| 2016 | $143.4M | - | $111.4M | 77.7% | $68.7M | 47.9% |
| 2015 | $126.5M | - | $95.7M | 75.6% | $42.9M | 33.9% |
| 2014 | $143.1M | - | $115.1M | 80.4% | $71.2M | 49.7% |
| 2013 | $166.1M | - | $135.8M | 81.7% | $99.4M | 59.9% |
| 2012 | $96.2M | - | $76.3M | 79.4% | $46.8M | 48.6% |
| 2011 | $87.2M | - | $74.0M | 84.8% | $46.9M | 53.8% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
22+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
HTGC — Frequently Asked Questions
Quick answers to the most common questions about buying HTGC stock.
Is HTGC's revenue growth accelerating or slowing?
HTGC revenue growth is accelerating. TTM revenue reached $578M, up +33.6% year-over-year — ahead of the 5-year CAGR of +8.9%. This indicates the business is expanding faster than its historical baseline.
What is HTGC's revenue history from 2004 to 2026?
Hercules Capital, Inc. (HTGC) revenue history spans 2004 to 2026. TTM revenue as of 2026 is $578M, growing at +33.6% YoY. The 5-year CAGR is +8.9%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is HTGC's long-term revenue growth rate (CAGR)?
Hercules Capital, Inc.'s 5-year revenue CAGR of +8.9% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +33.6% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for HTGC.
Why does HTGC's quarterly revenue fluctuate?
HTGC quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Hercules Capital, Inc.'s revenue data from 2004 to 2026 shows full historical quarterly detail on this page.
How is HTGC's revenue distributed by segment?
HTGC reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does HTGC's revenue compare to industry peers?
Hercules Capital, Inc. (HTGC) with TTM revenue of $578M and +33.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.