Hercules Capital annual operating expenses
2020
2021
2022
2023
2024
2025
Hercules Capital Operating Expenses Growth & History (HTGC)
Hercules Capital's operating expenses was $206.0M for fiscal 2025.
View full Hercules Capital company overviewHercules Capital annual operating expenses history
| Fiscal year | Period ended | Operating expenses | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $206.0M | $27.5M | +15.39% |
| 2024 | 2024-12-31 | $178.5M | $12.8M | +7.73% |
| 2023 | 2023-12-31 | $165.7M | $23.8M | +16.76% |
| 2022 | 2022-12-31 | $141.9M | $5.9M | +4.34% |
| 2021 | 2021-12-31 | $136.0M | $5.9M | +4.55% |
| 2020 | 2020-12-31 | $130.1M | — | — |
Hercules Capital quarterly operating expenses
Q3.21
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 | Operating expenses | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $61.1M | $8.9M | +17.11% |
| Q1 2026 | 2026-03-31 | $58.1M | $12.7M | +28.05% |
| Q4 2025 | 2025-12-31 | $54.9M | $11.4M | +26.29% |
| Q3 2025 | 2025-09-30 | $53.6M | $9.3M | +21.01% |
| Q2 2025 | 2025-06-30 | $52.2M | $6.7M | +14.67% |
| Q1 2025 | 2025-03-31 | $45.3M | $68,000 | +0.15% |
| Q4 2024 | 2024-12-31 | $43.5M | $5.3M | +13.95% |
| Q3 2024 | 2024-09-30 | $44.3M | $1.9M | +4.56% |
| Q2 2024 | 2024-06-30 | $45.5M | $2.6M | +5.95% |
| Q1 2024 | 2024-03-31 | $45.3M | $3.0M | +7.09% |
| Q4 2023 | 2023-12-31 | $38.2M | −$1.9M | −4.68% |
| Q3 2023 | 2023-09-30 | $42.4M | $6.3M | +17.39% |
| Q2 2023 | 2023-06-30 | $42.9M | $7.9M | +22.51% |
| Q1 2023 | 2023-03-31 | $42.3M | $11.5M | +37.37% |
| Q4 2022 | 2022-12-31 | $40.0M | — | — |
| Q3 2022 | 2022-09-30 | $36.1M | $2.6M | +7.92% |
| Q2 2022 | 2022-06-30 | $35.1M | — | — |
| Q1 2022 | 2022-03-31 | $30.8M | — | — |
| Q3 2021 | 2021-09-30 | $33.4M | — | — |
Hercules Capital operating expenses trends
Over the last five fiscal years, Hercules Capital's operating expenses increased from $130.1M to $206.0M, a change of $75.9M. The latest reported quarter, Q2 2026, shows $61.1M.
About the metric
What operating expenses mean
Operating expenses are the recurring costs of running a company’s business beyond the direct costs used to calculate gross profit. They commonly include selling, general and administrative expenses, research and development, and other operating costs.
Calculation and source
SEC-reported and calculated operating expenses
TickerStat uses operating expenses reported in company SEC filings when available. When a separate total is unavailable, it calculates operating expenses as aligned gross profit minus operating income for the same fiscal period. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Hercules Capital source filings ↗