Hercules Capital annual free cash flow
2020
2021
2022
2023
2024
2025
Hercules Capital Free Cash Flow (FCF) History (HTGC)
Hercules Capital reported −$425.9M in free cash flow for fiscal 2025, a decrease of $307.1M from the previous fiscal year, with a free cash flow margin of −79.98%.
View full Hercules Capital company overviewHercules Capital free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | −$425.9M | −$307.1M | — | −79.98% |
| 2024 | 2024-12-31 | −$118.8M | −$186.2M | — | −24.07% |
| 2023 | 2023-12-31 | $67.4M | $492.3M | — | +14.63% |
| 2022 | 2022-12-31 | −$424.9M | −$553.4M | — | −132.09% |
| 2021 | 2021-12-31 | $128.5M | −$79.2M | −38.11% | +45.74% |
| 2020 | 2020-12-31 | $207.7M | — | — | +72.29% |
Hercules Capital quarterly free cash flow
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $297.9M | $442.8M | — | +199.79% |
| Q1 2026 | 2026-03-31 | −$230.7M | −$8.4M | — | −162.96% |
| Q4 2025 | 2025-12-31 | −$55.6M | −$26.4M | — | −40.49% |
| Q3 2025 | 2025-09-30 | −$3.2M | −$95.7M | — | −2.32% |
| Q2 2025 | 2025-06-30 | −$144.8M | −$204.0M | — | −105.37% |
| Q1 2025 | 2025-03-31 | −$222.2M | $19.0M | — | −185.93% |
| Q4 2024 | 2024-12-31 | −$29.2M | −$159.6M | — | −24.02% |
| Q3 2024 | 2024-09-30 | $92.5M | $207.9M | — | +73.87% |
| Q2 2024 | 2024-06-30 | $59.1M | −$74.2M | −55.67% | +47.29% |
| Q1 2024 | 2024-03-31 | −$241.2M | −$160.2M | — | −198.42% |
| Q4 2023 | 2023-12-31 | $130.4M | $195.3M | — | +106.34% |
| Q3 2023 | 2023-09-30 | −$115.4M | −$62.2M | — | −98.83% |
| Q2 2023 | 2023-06-30 | $133.4M | $251.5M | — | +114.73% |
| Q1 2023 | 2023-03-31 | −$81.0M | $107.7M | — | −77.05% |
| Q4 2022 | 2022-12-31 | −$64.9M | — | — | −64.82% |
| Q3 2022 | 2022-09-30 | −$53.2M | — | — | −63.14% |
| Q2 2022 | 2022-06-30 | −$118.1M | — | — | −163.78% |
| Q1 2022 | 2022-03-31 | −$188.7M | — | — | −289.57% |
Hercules Capital free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from $207.7M to −$425.9M, a net decrease of $633.6M. Hercules Capital's latest reported quarter, Q2 2026, generated $297.9M in free cash flow, an increase of $442.8M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Hercules Capital filings at SEC.gov ↗