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Hamilton Lane (HLNE) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 4, 2025
Hamilton Lane (HLNE) reported revenue of $191M for the second quarter fiscal 2026 (Q2 FY26), +27% from a year earlier and +8% from the quarter before. Operating margin was 61.6%, net earnings $70.9M (37.1% of revenue).
Hamilton Lane, Q2 FY26: revenue $191M (+27% year over year), operating margin 61.6%, net earnings $70.9M, operating cash flow $119M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $191M | +8% | +27% |
| Operating profit | $118M | +23% | +53% |
| Net earnings | $70.9M | +32% | +29% |
| Operating cash flow | $119M | -8% | +1% |
| Free cash flow | $118M | -8% | +2% |
What changed
Revenue was $190.9M in Q2 FY26, up 27% year over year and up 8% from the previous quarter. Specialized funds was the largest line at 47% of revenue. Specialized funds added $19.5M year over year (up 28%), 48% of the total change. Advisory declined 5%.
Operating profit was $117.6M, a 61.6% margin (up 10.2 points year over year). Of the extra revenue versus a year earlier, 99% reached operating profit, above the 51% margin then. Total costs grew 1% against revenue growth of 27%. Net earnings were $70.9M, up 29% year over year. The effective tax rate was 11.9%.
Operating cash flow was $118.9M (up 1% year over year), 115% of net income including minority interests. Non-cash charges added back $2.5M of depreciation and amortization and $12.4M of share-based compensation. Capital expenditures of $1.1M left free cash flow of $117.8M.
Questions
What was Hamilton Lane's revenue in the second quarter fiscal 2026?
Hamilton Lane (HLNE) reported revenue of $191M for the second quarter fiscal 2026 (Q2 FY26), +27% from a year earlier and +8% from the quarter before.
Was Hamilton Lane profitable in the second quarter fiscal 2026?
Operating profit was $118M (61.6% of revenue) and net earnings $70.9M.
Source: Hamilton Lane 10-Q on SEC EDGAR.