Hercules Capital (HTGC) Operating Expenses (2021 - 2026)
Hercules Capital's Operating Expenses came in at $61.1 million for Q2 2026, up 17.1% from $52.17 million a year earlier and up 5.2% from the prior quarter.
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Analysis
Hercules Capital (HTGC) Operating Expenses (2021 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Hercules Capital reported Operating Expenses of $227.66 million, up 22.9% year-over-year; for FY2025, it came in at $206.02 million, up 15.4% from FY2024.
- Operating Expenses has increased in each of the last five years, with a five-year compound annual growth rate of 9.6% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $178.54 million in FY2024 (+7.7%), $165.73 million in FY2023 (+16.8%), $141.94 million in FY2022 (+4.3%) and $136.04 million in FY2021 (+4.6%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q3 2021.
- Year-over-year, Operating Expenses has increased for ten consecutive quarters, with growth averaging 15.7% over the last eight quarters.
- The fastest year-over-year change in Operating Expenses over five years came in Q1 2023 (growth of 37.4%), and the weakest in Q4 2023 (a decline of 4.7%).
- Business Quant data shows HTGC's Operating Expenses at $58.06 million (Q1 2026), $54.9 million (Q4 2025) and $53.6 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 2.50 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Hercules Capital | 3.15 Bn | 2.97 Bn | - | 61.10 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 61.10 Mn |
| Mar 31, 2026 | 58.06 Mn |
| Dec 31, 2025 | 54.90 Mn |
| Sep 30, 2025 | 53.60 Mn |
| Jun 30, 2025 | 52.17 Mn |
| Mar 31, 2025 | 45.34 Mn |
| Dec 31, 2024 | 43.47 Mn |
| Sep 30, 2024 | 44.30 Mn |
| Jun 30, 2024 | 45.50 Mn |
| Mar 31, 2024 | 45.27 Mn |
| Dec 31, 2023 | 38.15 Mn |
| Sep 30, 2023 | 42.37 Mn |
| Jun 30, 2023 | 42.95 Mn |
| Mar 31, 2023 | 42.27 Mn |
| Dec 31, 2022 | 40.03 Mn |
| Sep 30, 2022 | 36.09 Mn |
| Jun 30, 2022 | 35.05 Mn |
| Mar 31, 2022 | 30.77 Mn |
| Dec 31, 2021 | 33.67 Mn |
| Sep 30, 2021 | 33.44 Mn |
API Access
Hercules Capital Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=HTGC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "HTGC", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=HTGC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();