10-K · May 21, 2026
Hamilton Lane Incorporated reported a fiscal 2026 net income of $249.2 million, up from $217.4 million in the prior year, driven by increased management and advisory fees which totaled $584.2 million, up from $513.9…
Earnings analysis · 10-Q
HLNE earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Hamilton Lane delivered a strong June-quarter result, with revenue up 56% year over year to $275.331 million and diluted GAAP EPS up to $1.93 from $1.28, led by evergreen-related incentive fees and specialized-fund…
Read full summary
Hamilton Lane delivered a strong June-quarter result, with revenue up 56% year over year to $275.331 million and diluted GAAP EPS up to $1.93 from $1.28, led by evergreen-related incentive fees and specialized-fund management fees. Fee-earning AUM rose $2.180 billion sequentially to $83.692 billion, supporting recurring-fee growth, although operating margin declined to approximately 45.9% from approximately 54.8% due to elevated compensation and G&A. Liquidity remains substantial at $337.0 million of cash and $148.8 million of loan availability, but operating cash flow declined to $77.150 million and incentive-fee timing, market valuation sensitivity, and bridge-facility guarantees remain key risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.93
- Operating margin
- 45.9%
- Segment
- Single operating segment. Management and advisory fees: $161.367 million; incentive fees: $113.964 million.
What stood out
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Revenue surged 56% year over year
Revenue increased $99.373 million year over year to $275.331 million from $175.958 million, driven by management and advisory fees rising $27.671 million and incentive fees rising $71.702 million.
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EPS up 51%, though operating margin compressed
Diluted GAAP EPS increased to $1.93 from $1.28 and net income attributable to Hamilton Lane rose to $80.461 million from $53.745 million. Operating margin was approximately 45.9%, versus approximately 54.8% a year earlier, as expenses rose faster than revenue excluding other income.
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Specialized funds powered fee growth
Specialized-fund management fees rose $26.074 million to $108.819 million, led by $19.6 million more revenue from evergreen funds. Specialized-fund incentive fees increased $69.348 million to $107.557 million.
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Fee-earning AUM expanded sequentially
Fee-earning AUM rose $2.180 billion during the quarter to $83.692 billion: specialized funds increased $2.025 billion to $42.594 billion and customized separate accounts increased $155 million to $41.098 billion.
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Recurring earnings measures grew strongly
Fee Related Earnings increased to $124.453 million from $83.710 million, while Adjusted EBITDA increased to $154.165 million from $95.839 million.
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Capital return accelerated via buybacks
The company repurchased 558,591 Class A shares for approximately $50.0 million at a weighted-average price of $89.51, leaving approximately $30.0 million under the authorization.
What to watch
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Earnings remain highly incentive-fee dependent
Incentive fees were $113.964 million, up from $42.262 million a year ago; management states these fees are volatile and largely unpredictable in amount and timing, making the quarter’s $71.702 million increase potentially non-recurring.
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Cash conversion weakened and investment outflows rose
Operating cash flow fell to $77.150 million from $128.932 million, with management citing the timing of bonus payments, including partial payment of fiscal-2026 bonuses in May 2026. Net investing cash use increased to $146.926 million from $93.807 million.
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Leverage, fund-guarantee and NAV sensitivity
The company had $276.3 million of principal debt outstanding and separately guaranteed up to $250.0 million under a consolidated fund bridge facility, of which $145.0 million was outstanding at June 30, 2026. A 10% decline in NAV-based fee-earning assets would reduce management-fee revenue by an estimated $25.7 million over the next 12 months.
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Market valuations can pressure management fees
Management and advisory fees from NAV-based arrangements remain market-sensitive: the filing estimates a hypothetical 10% decline in the NAV-based fee base would cut next-twelve-month management-fee revenue by approximately $25.7 million.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Management states that interim-period results are not necessarily indicative of full-year results and intends to continue quarterly cash dividends, subject to board discretion and legally available funds.
Earlier filings 4
10-Q · February 3, 2026
Hamilton Lane reported Q3 revenue of $198,589,000, up $30,328,000 or ~18.0% versus $168,261,000 in the prior-year quarter, driven by higher management/advisory and incentive fees. Diluted EPS was $1.37 (vs. $1.32 prior…
10-K · May 30, 2025
Hamilton Lane positions itself as a leading global private markets solutions provider with $138 billion of AUM and $819 billion of AUA as of March 31, 2025, supported by a 12% AUM CAGR (2021–2025) and diversified…
10-Q · February 4, 2025
Hamilton Lane reported quarterly revenue of $168.261 million and diluted EPS of $1.32 for the three months ended December 31, 2024, driven primarily by a jump in incentive fees. Operating income increased to $75.722…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.