Filing Flows › Hamilton Lane (HLNE) › How it makes money
How Hamilton Lane (HLNE) makes money
Hamilton Lane (HLNE) made $204M of revenue in the second quarter fiscal 2027 (Q2 FY27), +10% from a year earlier. Management and advisory fees brought in $164M (80%); Customized separate accounts brought in $34.0M (17%); Fund reimbursement revenue brought in $4.4M (2%). Of every dollar of revenue, 87¢ was left as operating profit, 38¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 FY27
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Management and advisory fees | $164M | 80.4% | -31% | +11% |
| ↳ Specialized funds | $110M | 53.6% | +0.8% | +22% |
| ↳ Specialized funds | $32.0M | 15.7% | -70% | +2% |
| ↳ Reporting, monitoring, data and analytics | $9.7M | 4.7% | -2% | +12% |
| ↳ Customized separate accounts | $8.4M | 4.1% | +31% | -36% |
| ↳ Advisory | $4.5M | 2.2% | -1% | -17% |
| Customized separate accounts | $34.0M | 16.6% | -2% | -5% |
| Fund reimbursement revenue | $4.4M | 2.2% | +41% | +124% |
| Distribution management | $1.7M | 0.8% | +563% | +277% |
Where each dollar of revenue goes
| Line | Q2 FY27 | % of revenue |
|---|---|---|
| Revenue | $204M | 100.0% |
| Operating profit | $179M | 87.4% |
| Income tax | $29.7M | 14.5% |
| Net earnings | $77.5M | 37.9% |
| Operating cash flow | $28.1M | 13.7% |
| Free cash flow | $22.8M | 11.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 FY27 | $204M | +7% |
| Q1 FY27 | $275M | +56% |
| Q4 FY26 | $194M | -2% |
| Q3 FY26 | $199M | +18% |
| Q2 FY26 | $191M | +27% |
| Q1 FY26 | $176M | -11% |
| Q4 FY25 | $198M | +12% |
From Hamilton Lane's 10-Q filed Nov 3, 2026 (on EDGAR).
Questions
How does Hamilton Lane make money?
Hamilton Lane (HLNE) made $204M of revenue in the second quarter fiscal 2027 (Q2 FY27), +10% from a year earlier. Management and advisory fees brought in $164M (80%); Customized separate accounts brought in $34.0M (17%); Fund reimbursement revenue brought in $4.4M (2%). Of every dollar of revenue, 87¢ was left as operating profit, 38¢ was left as net earnings.
What is Hamilton Lane's biggest business?
Management and advisory fees: $164M in the second quarter fiscal 2027, 80% of revenue, +11% from a year earlier.
What is Hamilton Lane's profit margin?
Net earnings were $77.5M, 37.9% of revenue, in the second quarter fiscal 2027; the operating margin was 87.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.