Hercules Capital, Inc. (HTGC) Operating Margin (2021 - 2026)

Hercules Capital has disclosed Operating Margin across 6 years of filings, most recently posting 62.31% for Q2 2026.

• In Q2 2026, Operating Margin fell 224.0% year-over-year to 62.31%; the TTM figure through Jun 2026 stood at 62.98% (down 260.0% YoY), while the FY2025 annual figure was 64.17%, down 184.0% from the prior year.
• Operating Margin came in at 62.31% for Q2 2026 at Hercules Capital, roughly flat from 62.25% 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.
• Average Operating Margin over 5 years is 63.38%, with a median of 64.34% recorded in 2025.
• Year-over-year, Operating Margin surged 948 bps in 2023 and plunged 355 bps in 2024.
• Over 5 years, Operating Margin stood at 62.03% in 2022, then gained by 13 bps to 70.18% in 2023, then fell by 5 bps to 66.63% in 2024, then fell by 5 bps to 63.29% in 2025, then retreated by 2 bps to 62.31% in 2026.
• Per Business Quant data, the three most recent Operating Margin figures were 62.31% in Q2 2026, 62.25% in Q1 2026, and 63.29% in Q4 2025.