Hercules Capital (HTGC) Total Expenses (2009 - 2026)
Hercules Capital's Operating Expenses came in at $57.49 million for Q3 2026, up 7.2% from $53.6 million a year earlier but down 5.9% from the prior quarter.
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Analysis
Hercules Capital (HTGC) Total Expenses (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Hercules Capital reported Operating Expenses of $231.55 million, up 19.0% 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 five-year range for quarterly Operating Expenses is $30.77 million (Q1 2022) to $61.1 million (Q2 2026).
- Year-over-year, Operating Expenses has increased for 11 consecutive quarters, with growth averaging 16.1% 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 $61.1 million (Q2 2026), $58.06 million (Q1 2026) and $54.9 million (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - |
| 3 | Orix | 38.66 Bn | 9.30 Bn | 13.83 Bn |
| 4 | Federal National Mortgage Association Fannie Mae | 26.46 Bn | -16,107.65 Bn | - |
| 5 | Synchrony Financial | 22.47 Bn | -45.15 Bn | - |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn |
| 8 | Ares Capital | 13.84 Bn | 11.59 Bn | - |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - |
| 10 | Hercules Capital | 3.01 Bn | 2.66 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 57.49 Mn |
| 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 |
API Access
Hercules Capital Total 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=total-expenses&ticker=HTGC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "total-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=total-expenses&ticker=HTGC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();