HERCULES CAPITAL, INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating Activities | ||||||
| Net Income | $339.7M | $263.0M | $337.5M | $102.1M | $174.2M | $227.3M |
| Depreciation & Amortization | $337.0K | $466.0K | $190.0K | $204.0K | $317.0K | $415.0K |
| Depreciation | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — |
| Stock-Based Compensation | $14.8M | $12.5M | $11.9M | $10.8M | $10.4M | $8.5M |
| Net Cash from Operating Activities | $-425.8M | $-118.1M | $68.3M | $-424.8M | $128.6M | $207.8M |
| Investing Activities | ||||||
| Capital Expenditures | $89.0K | $705.0K | $887.0K | $114.0K | $106.0K | $137.0K |
| Business Acquisitions | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-89.0K | $-705.0K | $-887.0K | $-114.0K | $-106.0K | $-137.0K |
| Financing Activities | ||||||
| Dividends Paid | $326.0M | $303.5M | $273.7M | $245.1M | $175.5M | $152.4M |
| Stock Repurchases | $6.5M | $3.4M | $12.7M | $4.5M | $2.8M | $1.8M |
| Net Cash from Financing Activities | $368.9M | $119.2M | $22.7M | $314.5M | $-229.9M | $-85.0M |
| Net Change in Cash | $-57.0M | $408.0K | $90.1M | $-110.4M | $-101.4M | $122.6M |
| Free Cash Flow | $-425.9M | $-118.8M | $67.4M | $-424.9M | $128.5M | $207.7M |