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Hamilton Lane (HLNE) FY2026 results: revenue $759 million, up 6.5% on the year

Hamilton Lane Inc. (HLNE) reported revenue of $759 million for fiscal 2026, the year ended 31 March 2026, up 6.5% on the year before. Net income was $249 million, up 14.6%, and diluted earnings per share $5.92. The figures are the company's own, from the 10-K it filed with the SEC on 21 May 2026.

Revenue
$759 million
+6.5% on the year
FY2019FY2026
Operating margin
42.8%
44.4% a year earlier
FY2019FY2026
Net income
$249 million
+14.6% on the year
FY2019FY2026
Diluted EPS
$5.92
+9.4% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 raised, 1 new.

  • Revenue up 6% for the year: Total revenues were $759.0 million for fiscal 2026, up 6%, driven by management and advisory fees, which rose 14% to $584.2 million. Fourth-quarter revenues were $193.6 million, down 2%.
  • Net income attributable rose 31%: Net income attributable to Hamilton Lane Incorporated was $66.2 million in the quarter, up 31%, and $249.2 million for fiscal 2026, up 15%. Diluted EPS was $1.57 for the quarter and $5.92 for the year.
  • Fee Related Earnings up 25% for year: Fee Related Earnings was $89.9 million in the quarter, flat year on year, and $344.5 million for fiscal 2026, up 25%. The FRE margin was 50% for the quarter and for the year.
  • Specialized fund fees led growth: Specialized fund management fees were $103.3 million in the quarter, up 30%, and $374.4 million for fiscal 2026, up 19%, or 64% of management and advisory fees.
  • Incentive fees fell 45% in Q4: Incentive fees were $38.4 million in the quarter, down 45%, and $170.6 million for fiscal 2026, down 14%.
Read the Q4 FY2026 earnings call summary

From this 10-K

Hamilton Lane is a private markets investment firm, founded in 1991, that designs, builds and oversees portfolios of private markets funds and direct investments for its clients. At March 31, 2026 it had about $142 billion of discretionary assets under management (AUM) and about $905 billion of non-discretionary assets under advisement (AUA). It works across private equity, private credit, real estate, infrastructure, other real assets, growth equity, venture capital and impact, through primary investments in funds run by other managers, direct investments alongside those funds and purchases of secondary stakes in them.

Hamilton Lane Inc., the 10-K for 2026

Hamilton Lane is a private markets investment firm, founded in 1991, that designs, builds and oversees portfolios of private markets funds and direct investments for its clients. At March 31, 2026 it had about $142 billion of discretionary assets under management (AUM) and about $905 billion of non-discretionary assets under advisement (AUA). It works across private equity, private credit, real estate, infrastructure, other real assets, growth equity, venture capital and impact, through primary investments in funds run by other managers, direct investments alongside those funds and purchases of secondary stakes in them.

What it offers

Customized separate accounts are portfolios built to a single client's goals for return, risk, diversification and liquidity, over which it generally has discretion; they made up about $92 billion of AUM at March 31, 2026. Specialized funds are commingled primary, secondary, private credit, direct equity and multi-strategy funds, including drawdown and evergreen funds, and made up about $50 billion of AUM. Advisory services, which account for the AUA, help clients set asset allocation, plan their programs, screen and monitor investments and review managers. It also manages stock that private equity funds distribute to clients in kind, and offers reporting, monitoring, research and analytics, with its data and benchmarking models available on subscription through its Cobalt LP technology platform.

Clients

Its clients range from large global pension, sovereign wealth and U.S. state pension funds to smaller public and corporate pension plans, financial institutions, insurers, endowments, foundations, family offices and high-net-worth individuals, in the United States, Canada, Europe, the Middle East, Asia, Australia and Latin America. The company states that it believes it is a leading provider of private markets solutions to U.S. labor union pension plans. It reaches private wealth investors through intermediaries such as registered investment advisers, wirehouses and private banks, using both drawdown funds and semi-liquid evergreen funds.

Structure and control

Hamilton Lane Incorporated was incorporated in Delaware on December 31, 2007, went public in 2017, and is a holding company whose main asset is its interest in Hamilton Lane Advisors, L.L.C. (HLA), which it manages and controls. It uses an Up-C structure, and at March 31, 2026 it held the Class A units of HLA, entitling it to about 77.3% of HLA's distributions. Its Class A stock trades on Nasdaq under HLNE. Class B shares carry ten votes each until a sunset tied in part to the ownership and employment of Executive Co-Chairmen Hartley R. Rogers and Mario L. Giannini, and Class B holders held 73.0% of the combined voting power. Holders bound by a stockholders agreement vote as instructed by HLA Investments, LLC, the controlling stockholder.

People

It has about 785 employees, including about 265 investment professionals, working from 23 offices worldwide.

From Hamilton Lane's annual report on Form 10-K for the fiscal year ended 31 March 2026. The filing

Written from the 10-K filed 21 May 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue759713554+6.5%
Operating income325317246+2.7%
Operating margin42.8%44.4%44.4%
Pre-tax income463362282+27.8%
Income tax75.248.554.5+55.0%
Effective tax rate16.2%13.4%19.3%
Net income249217141+14.6%
Net margin32.8%30.5%25.4%
Diluted EPS$5.92$5.41$3.69+9.4%
$ million except per share.
Read moreFree 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow425301121+41.3%
Capital expenditure5.812.211.1-51.9%
Free cash flow419289110+45.2%
Free cash flow margin55.2%40.5%19.8%
Cash from investing-495-118-122
Cash from financing156-19.24.4
Depreciation and amortisation9.99.38.2+6.4%
Share-based compensation50.931.412.1+62.0%
Buybacksn/a0.00.0
Dividends paid87.776.065.4+15.4%
Diluted shares, weightedn/a40mn/a

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity915717525+27.6%
Non-controlling interest551207151+166.8%
Debt278290196-4.1%
Other liabilities560476399+17.6%
Total liabilities and equity2,3051,6901,271+36.4%
Fixed assets35.037.633.0-6.8%
Goodwill9.69.69.60.0%
Intangible assets1.42.94.6-50.8%
Cash and equivalents372284120+31.1%
Other assets1,8871,3571,104+39.1%
Total assets2,3051,6901,271+36.4%

10-K for the year ended 31 March 2026, filed 21 May 2026: the filing.