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

Hercules Capital has disclosed Operating Margin across 6 years of filings, most recently posting 62.25% for Q1 2026.

• Operating Margin for Q1 2026 came in at 62.25%, down 256.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 63.55% (down 239.0% YoY), and the FY2025 annual result 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.
• The 5-year median for Operating Margin is 64.55% (2025), against an average of 63.44%.
• Across the five-year window, Operating Margin jumped 948 bps in 2023 and sank 355 bps in 2024, its largest moves.
• Hercules Capital's 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 slipped by 2 bps to 62.25% in 2026.
• The last three Operating Margin figures came in at 62.25% (Q1 2026), 63.29% (Q4 2025), and 64.12% (Q3 2025), per Business Quant data.