Hamilton Lane (HLNE) FY2025 results: revenue $713 million, up 28.7% on the year

Hamilton Lane Inc. (HLNE) reported revenue of $713 million for fiscal 2025, the year ended 31 March 2025, up 28.7% on the year before. Net income was $217 million, up 54.4%, and diluted earnings per share $5.41. The figures are the company's own, from the 10-K it filed with the SEC on 30 May 2025.

Revenue

$713 million

+28.7% on the year

FY2018FY2025

Operating margin

44.4%

44.4% a year earlier

FY2018FY2025

Net income

$217 million

+54.4% on the year

FY2018FY2025

Diluted EPS

$5.41

+46.6% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	713	554	529	+28.7%
Operating income	317	246	240	+28.8%
Operating margin	44.4%	44.4%	45.4%
Pre-tax income	362	282	243	+28.6%
Income tax	48.5	54.5	55.4	-10.9%
Effective tax rate	13.4%	19.3%	22.8%
Net income	217	141	109	+54.4%
Net margin	30.5%	25.4%	20.6%
Diluted EPS	$5.41	$3.69	$3.01	+46.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	301	121	227	+148.9%
Capital expenditure	12.2	11.1	4.7	+9.8%
Free cash flow	289	110	222	+163.0%
Free cash flow margin	40.5%	19.8%	42.0%
Cash from investing	-118	-122	178
Cash from financing	-19.2	4.4	-364
Depreciation and amortisation	9.3	8.2	7.4	+13.4%
Share-based compensation	31.4	12.1	9.9	+158.9%
Buybacks	0.0	0.0	0.0	0.0%
Dividends paid	76.0	65.4	72.4	+16.2%
Diluted shares, weighted	40m	n/a	n/a

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	717	525	415	+36.6%
Non-controlling interest	207	151	159	+37.0%
Redeemable equity	n/a	n/a	0.0
Debt	290	196	214	+48.0%
Other liabilities	476	399	353	+19.3%
Total liabilities and equity	1,690	1,271	1,141	+33.0%
Fixed assets	37.6	33.0	28.4	+13.9%
Goodwill	9.6	9.6	9.6	0.0%
Intangible assets	2.9	4.6	6.3	-37.1%
Cash and equivalents	284	120	117	+137.1%
Other assets	1,357	1,104	980	+22.8%
Total assets	1,690	1,271	1,141	+33.0%

10-K for the year ended 31 March 2025, filed 30 May 2025: the filing.