WhiteHorse Finance, Inc. (WHF) Income Statement
WHF 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWHF revenue and net income
Where WHF's revenue goes
2025Each bar shows an amount and its share of revenue. WHF kept 37.8% of revenue as net income.
WHF profit margins
WHF growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +121.6% | −4.3% | +1.0% | +50.4% |
| Gross profit | +15.9% | −2.5% | −11.3% | — |
| Operating income | +219.3% | +31.8% | +3.3% | +6.3% |
| Net income | +32.1% | −2.9% | −14.7% | — |
| EPS (diluted) | −36.9% | −12.9% | −4.8% | −3.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WHF quarterly EPS vs estimates
WhiteHorse Finance beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 9, 2026 (estimate $0.25).
WHF income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.9M | $17.1M | $55.6M | $43.3M | $35.4M | $36.0M | $34.2M | $72.9M | $47.0M | $42.4M |
| Cost of revenue | $18.1M | $27.9M | $29.9M | $21.9M | $22.2M | $20.8M | $32.1M | $11.6M | $9.8M | $8.2M |
| Gross profit | $19.8M | $17.1M | $25.7M | $21.4M | $35.4M | $36.0M | $34.2M | $61.3M | $37.2M | $34.2M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $1 |
| Sales, general & admin | $5.4M | $5.1M | $4.3M | $4.6M | $4.3M | $3.6M | $3.0M | $3.3M | $2.7M | $2.9M |
| Total operating expenses | −$18.4M | $5.1M | $4.3M | $4.6M | $4.3M | $3.6M | $2.6M | $3.1M | $11.0M | $7.2M |
| Operating income | $38.2M | $12.0M | $21.4M | $16.7M | $31.1M | $32.4M | $31.7M | $58.2M | $26.2M | $27.0M |
| Interest income | $62.9M | $76.3M | $89.5M | $76.5M | $63.2M | $56.6M | $57.5M | $56.2M | $49.2M | $48.6M |
| Interest expense | $23.1M | $27.9M | $29.9M | $21.9M | $16.6M | $13.1M | $13.5M | $11.6M | $9.8M | $8.2M |
| Income before taxes | $14.3M | $10.9M | $21.4M | $16.7M | $31.1M | $32.4M | $31.7M | $58.2M | $34.4M | $31.3M |
| Income taxes | — | $1.1M | $965,000 | $1.0M | $1.0M | $742,000 | $813,000 | $942,000 | $44.3M | $39.5M |
| Net income | $14.3M | $10.9M | $20.4M | $15.7M | $30.1M | $31.7M | $30.8M | $57.3M | $34.4M | $31.3M |
| EBITDA | $38.8M | $21.5M | $21.4M | $16.7M | $38.7M | $32.4M | $31.7M | $58.7M | $27.0M | $27.9M |
| EPS (diluted) | $1.01 | $1.60 | $1.85 | $1.53 | $1.37 | $1.29 | $1.51 | $1.49 | $1.36 | $1.48 |
| Gross margin | 52.3% | 100.0% | 46.2% | 49.3% | 100.0% | 100.0% | 100.0% | 84.1% | 79.1% | 80.7% |
| Operating margin | 100.9% | 70.0% | 38.4% | 38.6% | 88.0% | 90.0% | 92.4% | 79.9% | 55.8% | 63.7% |
| Net margin | 37.8% | 63.5% | 36.7% | 36.2% | 85.1% | 88.0% | 90.1% | 78.6% | 73.3% | 73.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.4M | $11.2M | $14.9M | $6.7M | $10.0M | $11.7M | $12.0M | $1.5M | $16.6M | $14.8M | $12.2M | $14.3M |
| Cost of revenue | $3.5M | $3.9M | $5.0M | $5.8M | $6.1M | $6.2M | $6.5M | $6.9M | $7.1M | $7.3M | $7.5M | $7.6M |
| Gross profit | $10.8M | $7.2M | $9.8M | $952,000 | $3.9M | $5.5M | $5.5M | −$5.4M | $9.5M | $7.5M | $4.7M | $6.7M |
| Sales, general & admin | $1.3M | $1.4M | $1.5M | $1.3M | $1.5M | $1.1M | $1.3M | $1.2M | $1.4M | $1.2M | $996,000 | $945,000 |
| Total operating expenses | $1.3M | $2.9M | $1.3M | $1.3M | $1.5M | $1.1M | $1.3M | $1.2M | $1.4M | $1.2M | $996,000 | $945,000 |
| Operating income | $9.5M | $4.3M | $8.6M | −$370,000 | $2.4M | $4.4M | $4.2M | −$6.6M | $8.1M | $6.3M | $3.7M | $5.8M |
| Interest income | $12.6M | $13.4M | $14.6M | $15.8M | $16.3M | $16.2M | $17.2M | $18.9M | $19.8M | $20.5M | $22.1M | $22.4M |
| Interest expense | $4.8M | $5.0M | $5.0M | $5.8M | $6.1M | $6.2M | $6.5M | $6.9M | $7.1M | $7.3M | $7.5M | $7.6M |
| Income before taxes | $10.5M | −$687,000 | $8.6M | −$370,000 | $2.4M | $4.4M | $4.2M | −$6.6M | $8.1M | $6.3M | $3.7M | $5.8M |
| Income taxes | $42,000 | — | $185,000 | $186,000 | $186,000 | $105,000 | $268,000 | $294,000 | $267,000 | $292,000 | $290,000 | $175,000 |
| Net income | $10.4M | −$687,000 | $8.4M | −$556,000 | $2.2M | $4.3M | $3.9M | −$6.9M | $7.8M | $6.0M | $3.4M | $5.6M |
| EBITDA | $15.6M | $4.3M | $8.9M | −$20,000 | $2.7M | $4.7M | $4.2M | −$6.6M | $8.1M | $6.3M | $3.7M | $5.8M |
| EPS (diluted) | $0.22 | $0.25 | $0.29 | $0.26 | $0.28 | $0.18 | $0.34 | $0.39 | $0.40 | $0.47 | $0.46 | $0.47 |
| Gross margin | 75.4% | 64.9% | 66.1% | 14.1% | 38.8% | 47.0% | 45.9% | −351.0% | 57.1% | 50.5% | 38.6% | 47.1% |
| Operating margin | 66.3% | 38.9% | 57.6% | −5.5% | 24.3% | 37.4% | 34.7% | −427.3% | 48.7% | 42.3% | 30.4% | 40.4% |
| Net margin | 72.4% | −6.2% | 56.4% | −8.3% | 22.4% | 36.5% | 32.5% | −446.5% | 47.1% | 40.3% | 28.1% | 39.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WHF's financial statements (latest annual report filed March 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WHF financial results
In fiscal year 2025 (ended December 31, 2025), WhiteHorse Finance reported revenue of $37.9 million, up 121.6% from the year before. It had net income of $14.3 million (up 32.1%), a net profit margin of 37.8%. Diluted earnings per share came to $1.01. Over five years revenue grew at an average rate of 1.0% a year.
See the WHF stock overview for the latest quote and news, or the WHF chart for price history and technical indicators.
WHF income statement FAQ
What is WhiteHorse Finance's annual revenue?
WhiteHorse Finance reported total revenue of $37.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 121.6% from $17.1 million the previous year.
Is WhiteHorse Finance profitable?
Yes. WhiteHorse Finance reported net income of $14.3 million in fiscal 2025, a net profit margin of 37.8%; its operating margin was 100.9%.
What is WhiteHorse Finance's gross margin?
WhiteHorse Finance's gross margin was 52.3% in fiscal 2025: for every $100 of revenue, WhiteHorse Finance kept $52 after the direct cost of its products and services.
How fast is WhiteHorse Finance growing?
Revenue grew 1.0% a year on average over the last five fiscal years, from $36.0 million to $37.9 million.
What are WhiteHorse Finance's earnings per share?
WhiteHorse Finance earned $1.01 per diluted share in fiscal 2025, compared with $1.60 a year earlier.
When will WhiteHorse Finance report its next earnings?
WhiteHorse Finance is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 before the market opens.
When does WhiteHorse Finance's fiscal year end?
WhiteHorse Finance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 6, 2026.