Hercules Capital 6.25% Notes due 2033 (HCXY) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Oct 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HCXY SEC filings page.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) reported $568.2M in revenue over the twelve months to Sep 30, 2026, up 9.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Reported profits are sizable, yet cash generation swings negative, making balance-sheet financing central to expansion.
Cash conversion is persistently weak: operating cash flow was negative in both FY2024 and FY2025, at-$118M and-$426M . Meanwhile, net income rose from$263M to$340M , so reported earnings and cash generation diverged as the balance sheet grew.
FY2025 assets expanded
Revenue grew
Financial Health Signals
We do not publish a peer-relative financial health score for Hercules Capital, Inc. 6.25% Notes due 2033, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Hercules Capital, Inc. 6.25% Notes due 2033 passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, Hercules Capital, Inc. 6.25% Notes due 2033 used $1.25 of operating cash (-$425.8M OCF vs $339.7M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Hercules Capital, Inc. 6.25% Notes due 2033 generated $140.1M in revenue in Q3 2026. This represents an increase of 1.5% from the same quarter a year earlier. Against the prior quarter it is down 6.0%.
Hercules Capital, Inc. 6.25% Notes due 2033 reported $93.6M in net income in Q3 2026. This represents a decrease of 21.8% from the same quarter a year earlier. Against the prior quarter it is down 28.1%.
Hercules Capital, Inc. 6.25% Notes due 2033 earned $0.48 per diluted share (EPS) in Q3 2026. This represents a decrease of 23.8% from the same quarter a year earlier. Against the prior quarter it is down 28.4%.
Not reported for Q3 2026.
Cash & Balance Sheet
Hercules Capital, Inc. 6.25% Notes due 2033 recorded an outflow of $165.6M in free cash flow in Q3 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 155.6%.
Hercules Capital, Inc. 6.25% Notes due 2033 held $48.3M in cash against $2.6B in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Hercules Capital, Inc. 6.25% Notes due 2033's net profit margin was 66.8% in Q3 2026, showing the share of revenue converted to profit. This is down 19.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 20.5 percentage points.
Hercules Capital, Inc. 6.25% Notes due 2033's quarterly ROE was 4.0% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.7 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
Hercules Capital, Inc. 6.25% Notes due 2033 spent $693K on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 28.9% from the same quarter a year earlier. Against the prior quarter it is down 15.4%.
Hercules Capital, Inc. 6.25% Notes due 2033 reported no capital expenditure in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q3 2026.
HCXY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $140.1M+1.5% | $149.1M+8.5% | $141.5M+18.4% | $137.4M+12.8% | $138.1M+10.3% | $137.5M+10.0% | $119.5M-1.7% | $121.8M-0.7% |
| SG&A Expenses | $5.0M+12.4% | $4.9M-4.5% | $4.8M-0.2% | $4.6M-16.3% | $4.5M-2.6% | $5.1M+13.9% | $4.8M-4.9% | $5.5M+14.7% |
| Interest Expense | $29.9M+23.5% | $28.1M+22.7% | $28.1M+42.9% | $25.4M+26.8% | $24.2M+18.7% | $22.9M+19.7% | $19.7M+11.8% | $20.0M+15.0% |
| Net Income | $93.6M-21.8% | $130.2M+65.0% | $42.5M-15.6% | $90.8M+47.8% | $119.7M+74.2% | $78.9M+88.5% | $50.3M-44.7% | $61.4M-48.9% |
| EPS (Basic) | $0.50-24.2% | $0.70+59.1% | $0.23-20.7% | $0.49+36.1% | $0.66+57.1% | $0.44+69.2% | $0.29-49.1% | $0.36-55.0% |
| EPS (Diluted) | $0.48-23.8% | $0.67+55.8% | $0.23-20.7% | $0.48+29.7% | $0.63+50.0% | $0.43+72.0% | $0.29-49.1% | $0.37-53.8% |
| Diluted Shares (Avg) | 200M+2.9% | 200M+4.6% | 197M+12.2% | N/A | 194M+20.3% | 191M+18.3% | 175M+11.1% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.
HCXY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.0B+12.3% | $4.7B+9.4% | $4.8B+19.7% | $4.6B+19.6% | $4.4B+20.6% | $4.3B+16.7% | $4.0B+9.1% | $3.8B+12.1% |
| Cash & Equivalents | $48.3M+64.4% | $48.2M-7.8% | $42.4M-17.2% | $57.0M+33.5% | $29.4M-24.2% | $52.2M+97.9% | $51.2M+3.2% | $42.7M-56.5% |
| Total Liabilities | $2.6B+18.4% | $2.4B+13.1% | $2.6B+28.0% | $2.4B+28.6% | $2.2B+23.0% | $2.1B+17.5% | $2.0B+12.2% | $1.8B+14.1% |
| Long-Term Debt | $2.6B+18.6% | $2.3B+13.1% | $2.5B+28.5% | $2.3B+29.3% | $2.2B+23.7% | $2.1B+18.1% | $2.0B+12.8% | $1.8B+13.8% |
| Total Equity | $2.3B+6.2% | $2.3B+5.7% | $2.2B+11.3% | $2.2B+11.4% | $2.2B+18.3% | $2.2B+15.9% | $2.0B+6.1% | $2.0B+10.4% |
| Retained Earnings | $104.8M+19.1% | $99.2M+84.7% | $56.9M-1.6% | $101.2M+13.8% | $88.0M-19.8% | $53.7M-54.9% | $57.9M-62.6% | $88.9M-36.5% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities.
HCXY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$165.6Mn/m | $297.9Mn/m | -$230.6Mn/m | -$55.6Mn/m | -$3.2M-103.4% | -$144.8M-343.4% | -$222.2Mn/m | -$29.2M-122.3% |
| Depreciation & Amortization | $82K-2.4% | $84K+3.7% | $85K-4.5% | $83K-10.8% | $84K-7.7% | $81K-15.6% | $89K-52.2% | $93K+304.3% |
| Stock-Based Compensation | $4.0M+8.1% | $3.9M+5.4% | $4.2M+15.1% | N/A | $3.7M+15.6% | $3.7M+12.1% | $3.6M+29.3% | N/A |
| Capital Expenditures | $0-100.0% | $0-100.0% | $19K+137.5% | $33K+560.0% | $29K-3.3% | $19K-95.0% | $8K-97.3% | $5K-99.0% |
| Free Cash Flow | -$165.6Mn/m | $297.9Mn/m | -$230.7Mn/m | -$55.6Mn/m | -$3.2M-103.5% | -$144.8M-345.0% | -$222.2Mn/m | -$29.2M-122.4% |
| Investing Cash Flow | $0n/m | $0n/m | -$19Kn/m | -$33Kn/m | -$29Kn/m | -$19Kn/m | -$8Kn/m | -$5Kn/m |
| Financing Cash Flow | $165.8M+41656.2% | -$292.4M-303.3% | $216.1M+35.0% | $64.6M-36.4% | $397Kn/m | $143.8Mn/m | $160.1M-13.7% | $101.7Mn/m |
| Dividends Paid | $85.8M+2.5% | $86.0M+6.7% | $84.4M+7.0% | $82.9M+6.5% | $83.6M+10.8% | $80.5M+6.2% | $78.9M+6.2% | $77.9M+8.3% |
| Share Buybacks | $693K-28.9% | $819K-20.2% | $3.4M-3.0% | $1.0M-1.4% | $974K-10.6% | $1.0M | $3.5M+28.4% | $1.0M+79.4% |
HCXY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 66.8%-19.9pp | 87.3%+29.9pp | 30.0%-12.1pp | 66.1%+15.6pp | 86.7%+31.8pp | 57.4%+23.9pp | 42.1%-32.7pp | 50.4%-47.6pp |
| Return on Equity | 4.0%-1.4pp | 5.7%+2.0pp | 1.9%-0.6pp | 4.1%+1.0pp | 5.5%+1.8pp | 3.7%+1.4pp | 2.5%-2.3pp | 3.1%-3.6pp |
| Return on Assets | 1.9%-0.8pp | 2.8%+0.9pp | 0.9%-0.4pp | 2.0%+0.4pp | 2.7%+0.8pp | 1.8%+0.7pp | 1.3%-1.2pp | 1.6%-1.9pp |
| Debt-to-Equity | 1.10+0.1x | 1.03+0.1x | 1.14+0.2x | 1.03+0.1x | 0.980.0x | 0.960.0x | 0.99+0.1x | 0.890.0x |
| Liabilities-to-Equity | 1.13+0.1x | 1.06+0.1x | 1.17+0.2x | 1.07+0.1x | 1.010.0x | 0.990.0x | 1.02+0.1x | 0.930.0x |
| Asset Turnover | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x |
| FCF Margin | -118.2% | 199.8% | -163.0% | -40.5%-16.5pp | -2.3%-76.2pp | -105.4% | -185.9% | -24.0% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
Where Hercules Capital, Inc. 6.25% Notes due 2033 Ranks
Frequently Asked Questions
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) reported $532.5M in total revenue for fiscal year 2025. This represents a 7.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) revenue grew by 7.9% year-over-year, from $493.6M to $532.5M in fiscal year 2025.
Yes, Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) reported a net income of $357.1M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $339.7M, with a net profit margin of 63.8%.
As of fiscal year 2025, Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had $57.0M in cash and equivalents against $2.3B in long-term debt.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had a net profit margin of 63.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) has a return on equity of 15.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) recorded an outflow of $425.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) recorded an outflow of $425.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had $4.6B in total assets as of fiscal year 2025, including both current and long-term assets.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) invested $89K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had a debt-to-equity ratio of 1.03 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had a liabilities-to-equity ratio of 1.07 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had a return on assets of 7.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
For every $1 of reported earnings, Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) used $1.25 of operating cash (-$425.8M OCF vs $339.7M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.