Filing Flows

Filing Flows › Financials › Hamilton Lane (HLNE)

Hamilton Lane (HLNE) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 3, 2026 · Hamilton Lane (HLNE) Q2 FY27 earnings results →

Q2 FY27 Revenue up 7% year over year to $204M · 38¢ of every $1 of revenue kept as net profit · operating margin 87.4%

Hamilton Lane made $204M in Q2 FY27 (+7% Y/Y): Management and advisory fees $164M, Customized separate accounts $34.0M, Fund reimbursement revenue $4.4M. Operating margin 87.4%, net earnings $77.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$204M
Year over year+7%
Operating margin87.4%
Net earnings$77.5M
Operating cash flow$28.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $204.4M in Q2 FY27, up 7% year over year and down 26% from the previous quarter. Specialized funds was the largest line at 54% of revenue. Specialized funds added $19.8M year over year (up 22%), 146% of the total change. Customized separate accounts declined 36%.

Operating profit was $178.6M, a 87.4% margin (up 25.8 points year over year). Of the extra revenue versus Q2 FY26, 450% reached operating profit, above the 62% margin then. Total costs fell 65% while revenue rose 7%. Net earnings were $77.5M, up 9% year over year. The effective tax rate was 16.6%.

Operating cash flow was $28.1M (down 76% year over year), 19% of net income including minority interests. Non-cash charges added back $2.4M of depreciation and amortization and $13.7M of share-based compensation. Working capital and other items used $137.0M. Capital expenditures of $5.3M left free cash flow of $22.8M.

Quarterly history

Hamilton Lane revenue by quarterHamilton Lane revenue by quarter$198MQ4 FY25$176MQ1 FY26$191MQ2 FY26$199MQ3 FY26$194MQ4 FY26$275MQ1 FY27$204MQ2 FY27
Hamilton Lane net earnings by quarterHamilton Lane net earnings by quarter$50.5MQ4 FY25$53.7MQ1 FY26$70.9MQ2 FY26$58.4MQ3 FY26$66.2MQ4 FY26$80.5MQ1 FY27$77.5MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 3, 2026$204M+7%87.4%$77.5M$28.1M
Q1 FY2710-QAug 4, 2026$275M+56%54.5%$80.5M$77.2M
Q4 FY2610-KMay 21, 2026$194M-2%67.1%$66.2M$103M
Q3 FY2610-QFeb 3, 2026$199M+18%60.5%$58.4M$74.1M
Q2 FY2610-QNov 4, 2025$191M+27%61.6%$70.9M$119M
Q1 FY2610-QAug 5, 2025$176M-11%54.2%$53.7M$129M
Q4 FY2510-KMay 30, 2025$198M+12%44.6%$50.5M$39.3M

Charts

Hamilton Lane: revenue growth, year over year and quarter over quarterHamilton Lane: revenue growth, year over year and quarter over quarterY/YQ/Q+12%Q4 FY25-11%-11%Q1 FY26+27%+8%Q2 FY26+18%+4%Q3 FY26-2%-3%Q4 FY26+56%+42%Q1 FY27+7%-26%Q2 FY27
Latest (Q2 FY27): Y/Y +7%, Q/Q -26%.
Hamilton Lane: where the cash came from (+) and went (−), TTM to Q2 FY27Hamilton Lane: where the cash came from (+) and went (−), TTM to Q2 FY27Other investing−$627MOther financing$480MOperating cash flow$282MDividends−$92.3MNet borrowing (+) / repaid (−)−$17.5MCash drawn (+) / kept (−)−$13.6MCapital spending−$10.5MTaxes on employees’ shares−$4.9MShares issued$3.1MExchange rates$840K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Hamilton Lane: profit against cash, quarter by quarterHamilton Lane: profit against cash, quarter by quarterNet incomeOperating cash flow$77.5M$64.4MQ3 FY25$73.3M$39.3MQ4 FY25$77.1M$129MQ1 FY26$104M$119MQ2 FY26$92.8M$74.1MQ3 FY26$114M$103MQ4 FY26$125M$77.2MQ1 FY27$149M$28.1MQ2 FY27
Latest (Q2 FY27): Net income $149M, Operating cash flow $28.1M.
Hamilton Lane: long-term debt falling due (FY26)Hamilton Lane: long-term debt falling due (FY26)$21.9M2027$32.5M2028$55.0M2029$159M2030$12.5M2031
Cash $372M, short-term investments —, long-term debt $278M at 2026-03-31.
Hamilton Lane in its industry: growth against margin (43 companies, SIC 6282)Hamilton Lane in its industry: growth against margin (43 companies, SIC 6282)revenue growth, year over year →↑ operating marginmedian +8%median 21%KKRAMPAPOBXBENTROWIVZBAMARESAlliancebernstein L.P.TPGEVRLAZOWLSTEPHLIMORNAMGFHIVCTRPJTCGAPAMLCLNVRTSAAMICNSGCMGOAK-PARPCABXALTIPSRILYSAMGWHGHKHCMLCIHNNAVALUILLRGROWHLNE (+7%, 87%)
Investment Advice; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About Hamilton Lane

We are a global private markets investment solutions provider dedicated to private markets investing. Since our founding in 1991, we have partnered with clients to design, implement and oversee portfolios of private markets funds and direct investments to help them access a diversified set of investment opportunities worldwide. As of March 31, 2026, we had approximately $142 billion of discretionary assets under management (“AUM”), and approximately $905 billion of non-discretionary assets under advisement (“AUA”). Our clients include a broad range of investors from large global institutional investors to private wealth clients. Our clients rely on us for our private markets expertise, industry relationships, differentiated investment access, risk management capabilities, proprietary data advantages and analytical tools to navigate the complexity of private markets investing.

In its own words, from its 10-K, filed May 21, 2026.

Hamilton Lane against its Investment Advice peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +6%. Operating margin: 87.4% against the peers' median 28.9%.

CompanyQuarterRevenueY/YOp. margin
HLNE Hamilton LaneQ2 FY27$204M+7%87.4%
KKR KKRQ2 2026$5.7B+12%24.0%
AMP Ameriprise FinancialQ3 2026$5.2B+6%28.9%
APO Apollo Global ManagementQ3 2026$4.7B-52%-30.9%
BX BlackstoneQ3 2026$3.1B-0.8%46.9%
BEN Franklin TempletonQ4 FY26$2.4B+4%14.6%
TROW Price T Rowe GroupQ3 2026$2.0B+6%38.4%
IVZ InvescoQ3 2026$1.9B+14%23.3%
BAM Brookfield Asset ManagementQ2 2026$1.8B+61%62.4%

Source: Hamilton Lane 10-Q on SEC EDGAR · CIK 1433642 · Investment Advice

Guidance and outlook

Hamilton Lane: what its forward-looking statements are about (10-Q filed 2026-11-03)Hamilton Lane: what its forward-looking statements are about (10-Q filed 2026-11-03)Other9Costs2Financing2Buybacks & dividends2Capital spending1Demand1Products1
18 statements; tone +0.33 (−1 all cautious, +1 all confident); 7 hedged.
Hamilton Lane: outlook statements against the filing beforeHamilton Lane: outlook statements against the filing beforeConfident7Cautious1

13F: who owns HLNE and who is buying

Largest holders of HLNE (13F)Largest holders of HLNE (13F)Vanguard Group$497MBlackRock$338MKayne Anderson Rudnick Investment…$241MVanguard Portfolio Management LLC$142MVanguard Capital Management LLC$141MWasatch Advisors LP$126MState Street$108MCitadel Advisors LLC$94.8MJanus Henderson Group$90.0MGeode Capital Management, LLC$82.7M
Funds' net buying of HLNE by quarter (13F)Funds' net buying of HLNE by quarter (13F)$59.2M2024-09−$104M2024-12$610M2025-03−$339M2025-06$63.1M2025-09−$94.7M2025-12$87.2M2026-03$126M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HLNE

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

Compare HLNE with

中文版：Hamilton Lane（HLNE）财报

Español · Français