Hercules Capital, Inc. (HTGC) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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HTGC Revenue Growth
HTGC Revenue Analysis (2014–2025)
As of May 8, 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.
Looking at the longer-term picture, HTGC's 5-year compound annual growth rate (CAGR) stands at +8.9%, indicating steady revenue expansion. The company achieved its highest annual revenue of $547.1 million in 2025, representing a new all-time high.
When 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 (2014–2025)
| 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% |
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Start ComparisonHTGC — Frequently Asked Questions
Quick answers to the most common questions about buying HTGC stock.
Is HTGC's revenue growth accelerating or slowing?
HTGC revenue is accelerating at +33.6% year-over-year, exceeding the 5-year CAGR of +8.9%. TTM revenue reached $578M. Growth momentum has increased versus prior periods.
What is HTGC's long-term revenue growth rate?
Hercules Capital, Inc.'s 5-year revenue CAGR of +8.9% reflects the sustained expansion pattern. Current YoY growth of +33.6% is above this long-term average.
How is HTGC's revenue distributed by segment?
HTGC 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.