Filing Flows › Hamilton Lane (HLNE) › Q1 FY27 › vs Q4 FY26
Hamilton Lane (HLNE) Q1 FY27 vs Q4 FY26 (quarter over quarter)
Hamilton Lane's revenue rose $81.8M (+42%) from $194M in Q4 FY26 to $275M in Q1 FY27. The biggest changes: Management and advisory fees +$76.4M (+90%); Total incentive fees +$5.3M (+5%). Operating margin 54.5% against 67.1% (-12.6 pts).
Hamilton Lane, Q1 FY27: revenue $275M (+56% year over year), operating margin 54.5%, net earnings $80.5M, operating cash flow $77.2M. The chart draws each line against Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Operating margin | 54.5% | 67.1% | -12.6 pts |
| Net margin | 29.2% | 34.2% | -5.0 pts |
| Free cash flow margin | 27.4% | 52.3% | -24.9 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Specialized funds | $109M | $103M | $5.5M | +5% |
| Specialized funds | $108M | $37.2M | $70.4M | +189% |
| Customized separate accounts | $34.7M | $35.1M | −$391K | -1% |
| Reporting, monitoring, data and analytics | $9.9M | $9.4M | $506K | +5% |
| Customized separate accounts | $6.4M | $1.2M | $5.2M | +421% |
| Advisory | $4.6M | $4.7M | −$191K | -4% |
| Fund reimbursement revenue | $3.1M | $2.4M | $712K | +29% |
| Distribution management | $257K | $288K | −$31K | -11% |
| Management and advisory fees | $162M | $85.3M | $76.4M | +90% |
| Total incentive fees | $114M | $108M | $5.3M | +5% |
| Revenue | $275M | $194M | $81.8M | +42% |
| Operating profit | $150M | $130M | $20.1M | +15% |
| Costs & expenses | $125M | $63.7M | $61.6M | +97% |
| Pre-tax earnings | $150M | $130M | $20.1M | +15% |
| Net earnings | $80.5M | $66.2M | $14.3M | +22% |
| Minority interests | $44.4M | $48.1M | −$3.7M | -8% |
| Income tax | $25.1M | $15.6M | $9.5M | +61% |
| Depreciation & amortization | $2.5M | $2.4M | $125K | +5% |
| Share-based compensation | $12.9M | $12.7M | $220K | +2% |
| Working capital & other | $18.7M | −$21.7M | $40.5M | — |
| Operating cash flow | $77.2M | $103M | −$25.8M | -25% |
| Free cash flow (OCF − capex) | $75.3M | $101M | −$25.9M | -26% |
| Capital expenditures | $1.8M | $1.7M | $55K | +3% |
Questions
How much did Hamilton Lane's revenue grow quarter over quarter in Q1 FY27?
Hamilton Lane's revenue rose $81.8M (+42%) from $194M in Q4 FY26 to $275M in Q1 FY27.
What drove Hamilton Lane's revenue change in Q1 FY27?
Management and advisory fees +$76.4M (+90%); Total incentive fees +$5.3M (+5%).