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Lincoln International (LCLN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Lincoln International (LCLN) Q3 2026 earnings results →
Q3 2026 Revenue up 57% year over year to $294M · 3¢ of every $1 of revenue kept as net profit · operating margin 15.1%
Lincoln International made $294M in Q3 2026 (+57% Y/Y): Investment Banking Advisory $240M, Valuations and Opinions $53.8M. Operating margin 15.1%, net earnings $9.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $293.7M in Q3 2026, up 57% year over year and up 30% from the previous quarter. Investment Banking Advisory was the largest line at 82% of revenue. Investment Banking Advisory added $98.6M year over year (up 70%), 92% of the total change.
Operating profit was $44.3M, a 15.1% margin (down 12.4 points year over year). Operating profit fell $7.0M even though revenue rose $106.9M versus a year earlier, so costs grew faster than sales. Total costs grew 84% against revenue growth of 57%. Net earnings were $9.9M, down 80% year over year. The effective tax rate was 16.0%.
Operating cash flow was $122.0M (up 41% year over year), 322% of net income including minority interests. Non-cash charges added back $19.5M of depreciation and amortization and $5.5M of share-based compensation. Working capital and other items added $59.2M. Capital expenditures of $1.2M left free cash flow of $120.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $294M | +57% | 15.1% | $9.9M | $122M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $226M | +51% | -7.0% | −$22.9M | — |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Lincoln International
Lincoln International, Inc. (NYSE: LCLN) is a trusted investment banking advisor to business owners, private equity firms and their portfolio companies, and public and private companies worldwide. Our services include mergers and acquisitions advisory, private funds and capital markets advisory, and valuations and opinions. With more than 1,400 professionals in more than 30 offices across 14 countries, we combine perspective on the global private capital markets with deep industry expertise, market intelligence and strategic insights to deliver exceptional execution and build lasting client relationships. We periodically provide other information for investors on the Investor Relations section of our website at www.lcln.com. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
In its own words, from its 8-K, filed Aug 6, 2026.
Lincoln International against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +57% against the peers' median +6%. Operating margin: 15.1% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LCLN Lincoln International | Q3 2026 | $294M | +57% | 15.1% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Lincoln International 10-Q on SEC EDGAR · CIK 1925283 · Investment Advice
Guidance and outlook
13F: who owns LCLN and who is buying
More on LCLN
- How Lincoln International makes money: revenue by segment
- Lincoln International next earnings date and what analysts expect
- Lincoln International stock forecast, price target and fair value
- Who owns Lincoln International stock: holders, funds and Congress trades
- Lincoln International guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results