Hercules Capital Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	339.74	262.97	337.48	102.08	174.16
Depreciation & Amortization	0.34	0.47	0.19	0.2	0.32
Other Amortization	9.5	6.96	6.98	5.67	7.04
Loss (Gain) From Sale of Assets	-7.17	-4.64	-6.94	-4.7	-3.84
Loss (Gain) From Sale of Investments	76.32	62.7	-33.45	82.3	-28.61
Stock-Based Compensation	14.79	12.49	11.93	10.83	10.39
Other Operating Activities	-865.22	-474.44	-230.75	-604.96	-44.22
Change in Accounts Receivable	-5.34	0.06	-1.05	-14.21	1.71
Change in Other Net Operating Assets	11.24	15.36	-16.12	-2.01	11.68
Operating Cash Flow	-425.8	-118.09	68.28	-424.8	128.62
Operating Cash Flow Growth	-	-	-	-	-38.10%
Capital Expenditures	-0.09	-0.71	-0.89	-0.11	-0.11
Investing Cash Flow	-0.09	-0.71	-0.89	-0.11	-0.11
Long-Term Debt Issued	1,996	1,332	659	1,274	1,737
Long-Term Debt Repaid	-1,485	-1,119	-683	-931.2	-1,787
Net Debt Issued (Repaid)	511.52	213.63	-24	343.04	-50.07
Issuance of Common Stock	206.79	220.88	344.35	232.09	10.83
Repurchase of Common Stock	-6.49	-3.43	-12.7	-4.53	-2.82
Common Dividends Paid	-276.06	-251.44	-226.83	-169.32	-145.38
Other Financing Activities	-16.91	-8.4	-11.22	-10.95	-12.32
Financing Cash Flow	368.92	119.2	22.75	314.52	-229.87
Net Cash Flow	-56.97	0.41	90.14	-110.39	-101.36
Free Cash Flow	-425.89	-118.79	67.39	-424.91	128.52
Free Cash Flow Growth	-	-	-	-	-38.11%
Free Cash Flow Margin	-79.98%	-24.07%	14.63%	-132.09%	45.74%
Free Cash Flow Per Share	-2.25	-0.73	0.47	-3.35	1.11
Cash Interest Paid	83.45	77.85	67.15	52.08	51.47
Cash Income Tax Paid	6.41	5.25	5.27	7.38	3.76
Levered Free Cash Flow	244.65	248.62	198.06	114.88	161.75
Unlevered Free Cash Flow	299.64	295.39	239.49	148.18	194.15
Change in Working Capital	5.9	15.42	-17.17	-16.23	13.4

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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