Hercules Capital (HCXY) Operating Expenses (2021 - 2026)

Hercules Capital's Operating Expenses history runs 6 years deep, the most recent figure standing at $53.4 million for Q1 2026.

• In Q1 2026, Operating Expenses rose 17.84% year-over-year to $53.4 million; the TTM figure through Mar 2026 stood at $214.1 million (up 21.81% YoY), while the FY2025 annual figure was $206.0 million, up 22.81% from the prior year.
• Operating Expenses came in at $53.4 million for Q1 2026 at Hercules Capital, down from $54.9 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $54.9 million in Q4 2025 to a low of $30.8 million in Q1 2022.
• A 5-year average of $43.3 million and a median of $42.4 million in 2024 frame the typical range for Operating Expenses.
• Across the five-year window, Operating Expenses soared 44.02% in 2023 and retreated 11.0% in 2024, its largest moves.
• Hercules Capital's Operating Expenses stood at $31.7 million in 2022, then jumped by 44.02% to $45.7 million in 2023, then fell by 11.0% to $40.6 million in 2024, then jumped by 35.11% to $54.9 million in 2025, then declined by 2.69% to $53.4 million in 2026.
• According to Business Quant data, Operating Expenses over the past three periods registered $53.4 million, $54.9 million, and $53.6 million for Q1 2026, Q4 2025, and Q3 2025 respectively.

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