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Hamilton Lane cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$22.8M in Q2 FY27 · $272M over twelve months

Operating cash flow$28.1M
Capital spending−$5.3M
Free cash flow+$22.8M
Cash / net income0.2×

Analysis

In Q2 FY27, Hamilton Lane generated $28.1M of operating cash flow and spent $5.3M on capital projects, leaving free cash flow of $22.8M. That is $95.0M less than in Q2 FY26 ($118M).

Over the twelve months to Sep 30, 2026, operating cash flow was $282M; the largest uses were other investing ($627M), dividends ($92.3M), net borrowing (+) / repaid (−) ($17.5M); besides operations, cash came from other financing ($480M), shares issued ($3.1M); the cash balance rose by $13.6M.

Operating cash flow was $28.1M against net income of $149M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: employee-related liabilities +$14.0M, stock-based pay +$13.7M, other liabilities −$13.5M.

Free cash flow

Hamilton Lane: free cash flow by quarterHamilton Lane: free cash flow by quarter$58.8MQ3 FY25$35.8MQ4 FY25$128MQ1 FY26$118MQ2 FY26$72.4MQ3 FY26$101MQ4 FY26$75.3MQ1 FY27$22.8MQ2 FY27
Operating cash flow less capital spending.
Hamilton Lane: operating cash flow against capital spendingHamilton Lane: operating cash flow against capital spendingOperating cash flowCapital spending$64.4M$5.6MQ3 FY25$39.3M$3.4MQ4 FY25$129M$1.3MQ1 FY26$119M$1.1MQ2 FY26$74.1M$1.7MQ3 FY26$103M$1.7MQ4 FY26$77.2M$1.8MQ1 FY27$28.1M$5.3MQ2 FY27
Latest (Q2 FY27): Operating cash flow $28.1M, Capital spending $5.3M.

Capital allocation, year by year

Hamilton Lane: where the cash came from (up) and went (down), by fiscal yearHamilton Lane: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $170MFY22: Net borrowing $8.1MFY22: Shares issued $75.7MFY22: Capital spending −$8.5MFY22: Acquisitions −$10.1MFY22: Buybacks −$1KFY22: Dividends −$49.6M$253MFY22FY23: Operating cash flow $227MFY23: Net borrowing $42.2MFY23: Shares issued $45.6MFY23: Capital spending −$4.7MFY23: Acquisitions −$1.5MFY23: Dividends −$72.4M$314MFY23FY24: Operating cash flow $121MFY24: Net borrowing −$17.5MFY24: Shares issued $204MFY24: Capital spending −$11.1MFY24: Buybacks −$2KFY24: Dividends −$65.4M$325MFY24FY25: Operating cash flow $301MFY25: Net borrowing −$3.8MFY25: Shares issued $251MFY25: Capital spending −$12.2MFY25: Buybacks −$2KFY25: Dividends −$76.0M$552MFY25FY26: Operating cash flow $425MFY26: Net borrowing −$12.5MFY26: Shares issued $58.6MFY26: Capital spending −$5.8MFY26: Dividends −$87.7M$484MFY26
Over these 5 years operating cash flow totalled $1.2B; the largest uses were dividends ($351M) and capital spending ($42.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$348M
Debt$269M
Net cash$79.2M
Due within a year$21.9M

Hamilton Lane funds itself: free cash flow was $272M over the last twelve months, and $348M of cash and investments stands against $269M of debt ($21.9M due within a year, 15.9× covered by cash).

Hamilton Lane: debt maturities by year (FY26)Hamilton Lane: debt maturities by year (FY26)$21.9MYear 1$32.5MYear 2$55.0MYear 3$159MYear 4$12.5MYear 5
Principal due in each year as disclosed in the annual report, against $348M of cash and investments now.

Where the cash came from and went

Hamilton Lane: sources (+) and uses (−) of cash, Q2 FY27Hamilton Lane: sources (+) and uses (−) of cash, Q2 FY27Other financing$224MOther investing−$218MOperating cash flow$28.1MDividends−$24.7MNet borrowing (+) / repaid (−)−$5.6MCapital spending−$5.3MCash drawn (+) / kept (−)$1.8MShares issued$757KTaxes on employees’ shares−$538KExchange rates−$271K
Hamilton Lane: sources (+) and uses (−) of cash, TTM to Q2 FY27Hamilton Lane: sources (+) and uses (−) of cash, 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 profit to cash

Hamilton Lane: net income to operating cash flow, Q2 FY27Hamilton Lane: net income to operating cash flow, Q2 FY27Net income$149MDepreciation & amortization$2.4MStock-based pay$13.7MPayables$3.8MEmployee-related liabilities$14.0MPrepaid and other assets−$3.6MOther liabilities−$13.5MOperating cash flow$28.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$28.1M−$5.3M−$24.7M−$5.6M$757K$1.8M$22.8M
Q1 FY27$77.2M−$1.8M−$22.5M−$4.4M$819K$22.2M$75.3M
Q4 FY26$103M−$1.7M−$22.6M−$1.2M$728K−$23.9M$101M
Q3 FY26$74.1M−$1.7M−$22.6M−$6.2M$824K−$13.6M$72.4M
Q2 FY26$119M−$1.1M−$22.3M−$3.1M$756K−$12.2M$118M
Q1 FY26$129M−$1.3M−$20.2M−$1.9M$816K−$38.5M$128M
Q4 FY25$39.3M−$3.4M−$19.5M−$1.9M$249M$43.7M$35.8M
Q3 FY25$64.4M−$5.6M−$19.5M−$625K$762K−$94.5M$58.8M

Hamilton Lane: income statement and cash flow

Hamilton Lane, Q2 FY27: revenue $204M (+7% year over year), operating margin 87.4%. The chart follows the revenue to costs, profit and cash.

Hamilton Lane: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.