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

Hercules Capital's Operating Margin history runs 6 years deep, the most recent figure standing at 62.25% for Q1 2026.

• In Q1 2026, Operating Margin fell 256.0% year-over-year to 62.25%; the TTM figure through Mar 2026 stood at 63.55% (down 239.0% YoY), while the FY2025 annual figure was 64.17%, down 184.0% from the prior year.
• Operating Margin came in at 62.25% for Q1 2026 at Hercules Capital, down from 63.29% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 70.18% in Q4 2023 to a low of 54.92% in Q1 2022.
• A 5-year average of 63.44% and a median of 64.55% in 2025 frame the typical range for Operating Margin.
• Across the five-year window, Operating Margin surged 948 bps in 2023 and plunged 355 bps in 2024, its largest moves.
• Hercules Capital's Operating Margin stood at 62.03% in 2022, then advanced by 13 bps to 70.18% in 2023, then retreated by 5 bps to 66.63% in 2024, then retreated by 5 bps to 63.29% in 2025, then dropped by 2 bps to 62.25% in 2026.
• According to Business Quant data, Operating Margin over the past three periods registered 62.25%, 63.29%, and 64.12% for Q1 2026, Q4 2025, and Q3 2025 respectively.

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